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ThornTree Capital Partners Portfolio holdings

AUM $564M
1-Year Est. Return 36.37%
This Fund
S&P 500
This Quarter Est. Return
-28.53%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$255M
AUM Growth
-$201M
Cap. Flow
-$87.7M
Cap. Flow %
-34.35%
Top 10 Hldgs %
85.99%
Holding
22
New
1
Increased
6
Reduced
7
Closed
7

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$16.1M
2
TCOM icon
Trip.com Group
TCOM
+$12.8M
3
MELI icon
Mercado Libre
MELI
+$8.35M
4
SMAR
Smartsheet Inc.
SMAR
+$8.2M
5
PENN icon
PENN Entertainment
PENN
+$6.06M

Top Sells

Rank Stock Value
1
ABNB icon
Airbnb
ABNB
+$25.9M
2
AMZN icon
Amazon
AMZN
+$23.7M
3
DOCU
DocuSign
DOCU
+$21.5M
4
MASI
Masimo
MASI
+$16.9M
5
SPOT icon
Spotify
SPOT
+$13.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 34.25%
2 Communication Services 30.35%
3 Technology 27.87%
4 Financials 7.54%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.64T
$39.8M 15.59%
246,919
+83,284
+51% +$16.1M
Z icon
2
Zillow
Z
$7.76B
$32.7M 12.8%
1,029,544
-96,774
-9% -$3.89M
PENN icon
3
PENN Entertainment
PENN
$2.75B
$23.2M 9.07%
761,474
+179,564
+31% +$6.06M
WSM icon
4
Williams-Sonoma
WSM
$26.9B
$19.3M 7.55%
347,458
+22,034
+7% +$1.43M
FIVN icon
5
FIVE9
FIVN
$1.96B
$18.6M 7.28%
203,905
-26,436
-11% -$2.67M
SMAR
6
DELISTED
Smartsheet Inc.
SMAR
$18.1M 7.1%
577,007
+197,878
+52% +$8.2M
MELI icon
7
Mercado Libre
MELI
$92B
$17.8M 6.98%
27,979
+9,584
+52% +$8.35M
DUOL icon
8
Duolingo
DUOL
$6.24B
$17.7M 6.92%
201,773
-109,234
-35% -$9.65M
PLTR icon
9
Palantir
PLTR
$317B
$16.8M 6.58%
1,852,543
+600,204
+48% +$5.93M
TCOM icon
10
Trip.com Group
TCOM
$26.7B
$15.7M 6.16%
+572,817
New +$12.8M
XP icon
11
XP
XP
$8.61B
$11.4M 4.46%
634,322
-109,364
-15% -$2.52M
AFRM icon
12
Affirm
AFRM
$25.5B
$7.87M 3.08%
435,560
-14,013
-3% -$381K
ACVA icon
13
ACV Auctions
ACVA
$1.3B
$5.98M 2.34%
914,678
-264,820
-22% -$2.73M
ONON icon
14
On Holding
ONON
$12.4B
$5.52M 2.16%
311,956
-277,681
-47% -$6.01M
DIBS icon
15
1stdibs.com
DIBS
$162M
$5.02M 1.96%
881,640
– –
ABNB icon
16
Airbnb
ABNB
$86.6B
– –
-151,006
Closed -$25.9M
AMZN icon
17
Amazon
AMZN
$2.66T
– –
-145,500
Closed -$23.7M
COOK icon
18
Traeger
COOK
$192M
– –
-26,483
Closed -$9.85M
DOCU
19
DocuSign
DOCU
$10.1B
– –
-200,928
Closed -$21.5M
MASI
20
DELISTED
Masimo
MASI
– –
-115,949
Closed -$16.9M
RENT
21
Rent the Runway
RENT
$106M
– –
-51,519
Closed -$7.1M
SPOT icon
22
Spotify
SPOT
$98.3B
– –
-90,859
Closed -$13.7M

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PSC
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KF
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AHSW
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AAS
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KBG
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LC
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AMCA
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GWAG
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ThornTree Capital Partners's Q2 2022 Portfolio in Review

As of Q2 2022, ThornTree Capital Partners held 22 positions worth $255M, down 44% from $456M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

ThornTree Capital Partners withdrew a net $87.7M in Q2 2022, closing 7 positions and reducing 7 holdings. Its most notable exit was Airbnb, an estimated $25.9M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, down from 37% a quarter earlier, followed by Communication Services and Technology.

Against the trend, ThornTree Capital Partners opened a new position in Trip.com Group worth $15.7M.

  • ThornTree Capital Partners's largest Q2 2022 buy was Trip.com Group: 572,817 shares worth $15.7M.
  • ThornTree Capital Partners added most to Meta Platforms (Facebook) in Q2 2022, an estimated $16.1M increase.
  • ThornTree Capital Partners's biggest Q2 2022 reduction was Duolingo, cutting an estimated $9.65M.
  • ThornTree Capital Partners fully exited Airbnb in Q2 2022, selling an estimated $25.9M.
  • ThornTree Capital Partners's ten largest holdings make up 86% of its $255M portfolio in Q2 2022.
  • ThornTree Capital Partners opened 1 new position and closed 7 in Q2 2022.
  • ThornTree Capital Partners's portfolio value fell 44% quarter-over-quarter to $255M.

Based on ThornTree Capital Partners's 13F filing for Q2 2022, filed 15 Aug 2022.