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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
+14.48%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$609M
AUM Growth
+$226M
Cap. Flow
+$160M
Cap. Flow %
26.36%
Top 10 Hldgs %
62.46%
Holding
28
New
10
Increased
8
Reduced
5
Closed
3

Top Buys

Rank Stock Value
1
AKAM icon
Akamai
AKAM
+$23.3M
2
PYPL icon
PayPal
PYPL
+$22.9M
3
SGRY icon
Surgery Partners
SGRY
+$18.8M
4
FIVN icon
FIVE9
FIVN
+$17.2M
5
TNL icon
Travel + Leisure Co
TNL
+$13.8M

Top Sells

Rank Stock Value
1
SPLK
Splunk Inc
SPLK
+$40.8M
2
SIX
Six Flags Entertainment Corp.
SIX
+$10.7M
3
BFAM icon
Bright Horizons
BFAM
+$10.3M
4
FERG icon
Ferguson
FERG
+$7.07M
5
BC icon
Brunswick
BC
+$1.67M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 19.6%
2 Technology 19.38%
3 Communication Services 19.11%
4 Financials 14.62%
5 Industrials 5.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$466B
$62.2M 10.23%
+152,000
New +$57.7M
PYPL icon
2
PayPal
PYPL
$49.9B
$53.5M 8.79%
871,211
+399,205
+85% +$22.9M
META icon
3
Meta Platforms (Facebook)
META
$1.64T
$48.7M 8%
137,504
+3,546
+3% +$1.15M
INTU icon
4
Intuit
INTU
$79.6B
$38.1M 6.26%
60,943
+7,422
+14% +$4.09M
NU icon
5
Nu Holdings
NU
$65.6B
$35.5M 5.83%
4,263,728
-104,975
-2% -$848K
MELI icon
6
Mercado Libre
MELI
$92B
$34.9M 5.74%
22,227
+2,745
+14% +$3.89M
FERG icon
7
Ferguson
FERG
$45B
$32.6M 5.36%
168,967
-41,899
-20% -$7.07M
FWONK icon
8
Liberty Media Series C
FWONK
$25.6B
$28.2M 4.64%
447,186
+52,523
+13% +$3.44M
AKAM icon
9
Akamai
AKAM
$17.5B
$24.8M 4.07%
+209,248
New +$23.3M
TCOM icon
10
Trip.com Group
TCOM
$26.7B
$21.6M 3.55%
600,695
+24,194
+4% +$825K
SGRY icon
11
Surgery Partners
SGRY
$2.09B
$20.7M 3.4%
+647,367
New +$18.8M
AD
12
Array Digital Infrastructure
AD
$3.03B
$19.6M 3.22%
472,202
+112,912
+31% +$4.78M
FIVN icon
13
FIVE9
FIVN
$1.96B
$19.4M 3.19%
+246,839
New +$17.2M
DUOL icon
14
Duolingo
DUOL
$6.24B
$19.4M 3.19%
85,532
-6,770
-7% -$1.32M
DUOL icon
15
PUT
Duolingo
DUOL
$6.24B
$19.3M 3.17%
+85,000
New +$16.5M
NFLX icon
16
Netflix
NFLX
$290B
$19.2M 3.15%
393,340
– –
ONON icon
17
On Holding
ONON
$12.4B
$17.8M 2.93%
661,060
+193,499
+41% +$5.27M
DOCU
18
DocuSign
DOCU
$10.1B
$16.3M 2.67%
+273,808
New +$12.6M
ACVA icon
19
ACV Auctions
ACVA
$1.3B
$15.6M 2.56%
1,029,854
-85,419
-8% -$1.25M
TNL icon
20
Travel + Leisure Co
TNL
$4.57B
$14.8M 2.44%
+379,428
New +$13.8M
BC icon
21
Brunswick
BC
$5.23B
$14.5M 2.38%
149,941
-21,080
-12% -$1.67M
MELI icon
22
PUT
Mercado Libre
MELI
$92B
$11.8M 1.94%
+7,500
New +$10.6M
NFLX icon
23
PUT
Netflix
NFLX
$290B
$9.74M 1.6%
+200,000
New +$8.73M
META icon
24
PUT
Meta Platforms (Facebook)
META
$1.64T
$9.73M 1.6%
+27,500
New +$8.96M
LLYVK icon
25
Liberty Live Group Series C
LLYVK
$9.45B
$632K 0.1%
16,891
– –
1
2

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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 Q4 2023 Portfolio in Review

As of Q4 2023, ThornTree Capital Partners held 28 positions worth $609M, up 59% from $382M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

ThornTree Capital Partners deployed $160M of net new capital in Q4 2023, opening 10 new positions and adding to 8 existing holdings. Its largest new stake was Akamai: 209,248 shares worth $24.8M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 26% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Ferguson, an estimated $7.07M trimmed.

  • ThornTree Capital Partners's largest Q4 2023 buy was Akamai: 209,248 shares worth $24.8M.
  • ThornTree Capital Partners added most to PayPal in Q4 2023, an estimated $22.9M increase.
  • ThornTree Capital Partners's biggest Q4 2023 reduction was Ferguson, cutting an estimated $7.07M.
  • ThornTree Capital Partners fully exited Splunk Inc in Q4 2023, selling an estimated $40.8M.
  • ThornTree Capital Partners's ten largest holdings make up 62% of its $609M portfolio in Q4 2023.
  • ThornTree Capital Partners opened 10 new positions and closed 3 in Q4 2023.
  • ThornTree Capital Partners's portfolio value rose 59% quarter-over-quarter to $609M.

Based on ThornTree Capital Partners's 13F filing for Q4 2023, filed 14 Feb 2024.