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ThornTree Capital Partners Portfolio holdings

AUM $731M
1-Year Est. Return 30.12%
This Fund
S&P 500
This Quarter Est. Return
+12.71%
1 Year Est. Return
+30.12%
3 Year Est. Return
+216.66%
5 Year Est. Return
+151.14%
10 Year Est. Return
–
AUM
$770M
AUM Growth
+$169M
Cap. Flow
+$69.8M
Cap. Flow %
9.07%
Top 10 Hldgs %
57.14%
Holding
31
New
7
Increased
7
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
CSGP icon
CoStar Group
CSGP
+$35M
2
KMX icon
CarMax
KMX
+$34.2M
3
WBD icon
Warner Bros
WBD
+$19.3M
4
FERG icon
Ferguson
FERG
+$18.1M
5
BIRK icon
Birkenstock
BIRK
+$17.5M

Top Sells

Rank Stock Value
1
PYPL icon
PayPal
PYPL
+$29.2M
2
SGRY icon
Surgery Partners
SGRY
+$23.8M
3
BOOT icon
Boot Barn
BOOT
+$6.78M
4
VIK icon
Viking Holdings
VIK
+$4.63M
5
META icon
Meta Platforms (Facebook)
META
+$3.28M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 24.95%
2 Communication Services 24.19%
3 Miscellaneous 22.6%
4 Technology 10.34%
5 Financials 10.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NFLX icon
1
PUT
Netflix
NFLX
$326B
$57.9M 7.52%
650,000
+550,000
+550% +$45.3M
META icon
2
Meta Platforms (Facebook)
META
$1.57T
$52.6M 6.83%
89,856
-5,586
-6% -$3.28M
CIEN icon
3
Ciena
CIEN
$45.5B
$51.9M 6.74%
611,992
+11,683
+2% +$838K
NFLX icon
4
Netflix
NFLX
$326B
$48.4M 6.29%
543,050
– –
VIK icon
5
Viking Holdings
VIK
$38.3B
$43.1M 5.59%
977,208
-109,114
-10% -$4.63M
AFRM icon
6
Affirm
AFRM
$24.4B
$41.1M 5.33%
674,081
-42,634
-6% -$2.37M
FWONK icon
7
Liberty Media Series C
FWONK
$23.9B
$40.1M 5.2%
432,447
-1,541
-0.4% -$131K
NU icon
8
Nu Holdings
NU
$74.2B
$36.2M 4.71%
3,497,960
+461,257
+15% +$6.14M
KMX icon
9
CarMax
KMX
$8.98B
$35.6M 4.62%
+435,568
New +$34.2M
CSGP icon
10
CoStar Group
CSGP
$12.5B
$33.2M 4.31%
+463,350
New +$35M
ONON icon
11
On Holding
ONON
$9.35B
$32M 4.15%
584,162
+142,718
+32% +$7.56M
MELI icon
12
Mercado Libre
MELI
$100B
$31.9M 4.14%
18,758
– –
DUOL icon
13
Duolingo
DUOL
$7.23B
$27.7M 3.6%
85,532
– –
DUOL icon
14
PUT
Duolingo
DUOL
$7.23B
$27.6M 3.58%
85,000
– –
FERG icon
15
Ferguson
FERG
$44.2B
$27.5M 3.58%
158,711
+91,019
+134% +$18.1M
FLUT icon
16
PUT
Flutter Entertainment
FLUT
$17.4B
$25.8M 3.36%
+100,000
New +$25.2M
MELI icon
17
PUT
Mercado Libre
MELI
$100B
$25.5M 3.31%
15,000
+7,500
+100% +$14.6M
ACVA icon
18
ACV Auctions
ACVA
$1.19B
$22.5M 2.92%
1,040,719
+222,854
+27% +$4.51M
AD
19
Array Digital Infrastructure
AD
$3.33B
$22.1M 2.87%
351,923
-52,048
-13% -$3.18M
WBD icon
20
Warner Bros
WBD
$70.8B
$22M 2.85%
+2,078,165
New +$19.3M
BIRK icon
21
Birkenstock
BIRK
$5.61B
$19.5M 2.53%
+344,257
New +$17.5M
FERG icon
22
PUT
Ferguson
FERG
$44.2B
$17.4M 2.25%
+100,000
New +$19.9M
ONON icon
23
PUT
On Holding
ONON
$9.35B
$12M 1.56%
220,000
-220,000
-50% -$11.7M
NU icon
24
CALL
Nu Holdings
NU
$74.2B
$7.77M 1.01%
+750,000
New +$9.98M
BOOT icon
25
Boot Barn
BOOT
$4.67B
$7.59M 0.99%
50,000
-45,919
-48% -$6.78M
1
2

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ThornTree Capital Partners's Q4 2024 Portfolio in Review

As of Q4 2024, ThornTree Capital Partners held 31 positions worth $770M, up 28% from $601M the previous quarter. Its ten largest holdings account for 57% of the portfolio.

ThornTree Capital Partners deployed $69.8M of net new capital in Q4 2024, opening 7 new positions and adding to 7 existing holdings. Its largest new stake was CoStar Group: 463,350 shares worth $33.2M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 22% a quarter earlier, followed by Communication Services and Miscellaneous.

On the sell side, the largest reduction was Boot Barn, an estimated $6.78M trimmed.

  • ThornTree Capital Partners's largest Q4 2024 buy was CoStar Group: 463,350 shares worth $33.2M.
  • ThornTree Capital Partners added most to Ferguson in Q4 2024, an estimated $18.1M increase.
  • ThornTree Capital Partners's biggest Q4 2024 reduction was Boot Barn, cutting an estimated $6.78M.
  • ThornTree Capital Partners fully exited PayPal in Q4 2024, selling an estimated $29.2M.
  • ThornTree Capital Partners's ten largest holdings make up 57% of its $770M portfolio in Q4 2024.
  • ThornTree Capital Partners opened 7 new positions and closed 5 in Q4 2024.
  • ThornTree Capital Partners's portfolio value rose 28% quarter-over-quarter to $770M.

Based on ThornTree Capital Partners's 13F filing for Q4 2024, filed 14 Feb 2025.