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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
-5.5%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$453M
AUM Growth
-$317M
Cap. Flow
-$287M
Cap. Flow %
-63.4%
Top 10 Hldgs %
71.32%
Holding
29
New
3
Increased
1
Reduced
13
Closed
10

Top Buys

Rank Stock Value
1
INTU icon
Intuit
INTU
+$34M
2
CFLT
Confluent
CFLT
+$30.7M
3
RL icon
Ralph Lauren
RL
+$14.6M
4
KMX icon
CarMax
KMX
+$2.77M

Top Sells

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$27.7M
2
NFLX icon
Netflix
NFLX
+$23M
3
ACVA icon
ACV Auctions
ACVA
+$22.5M
4
BIRK icon
Birkenstock
BIRK
+$19.5M
5
MELI icon
Mercado Libre
MELI
+$16.1M

Sector Composition

Rank Sector Weight
1 Communication Services 29.52%
2 Consumer Discretionary 29.5%
3 Technology 18.93%
4 Financials 12.54%
5 Real Estate 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.64T
$44M 9.7%
76,272
-13,584
-15% -$8.76M
VIK icon
2
Viking Holdings
VIK
$43.3B
$38.1M 8.42%
959,057
-18,151
-2% -$837K
KMX icon
3
CarMax
KMX
$8.14B
$36.6M 8.09%
470,068
+34,500
+8% +$2.77M
INTU icon
4
Intuit
INTU
$79.6B
$34.7M 7.66%
+56,543
New +$34M
CSGP icon
5
CoStar Group
CSGP
$12.2B
$31.2M 6.88%
393,198
-70,152
-15% -$5.34M
AFRM icon
6
Affirm
AFRM
$25.5B
$30M 6.61%
662,841
-11,240
-2% -$666K
NFLX icon
7
Netflix
NFLX
$290B
$28.1M 6.19%
300,810
-242,240
-45% -$23M
FWONK icon
8
Liberty Media Series C
FWONK
$25.6B
$27.5M 6.07%
305,386
-127,061
-29% -$11.8M
NU icon
9
Nu Holdings
NU
$65.6B
$26.8M 5.92%
2,620,248
-877,712
-25% -$10.4M
CIEN icon
10
Ciena
CIEN
$53B
$26.2M 5.78%
433,489
-178,503
-29% -$14.1M
CFLT
11
DELISTED
Confluent
CFLT
$24.8M 5.48%
+1,059,340
New +$30.7M
MELI icon
12
Mercado Libre
MELI
$92B
$20.8M 4.58%
10,642
-8,116
-43% -$16.1M
ONON icon
13
On Holding
ONON
$12.4B
$19.8M 4.37%
450,282
-133,880
-23% -$7.04M
WBD icon
14
Warner Bros
WBD
$67.4B
$19.2M 4.25%
1,792,720
-285,445
-14% -$2.99M
AD
15
Array Digital Infrastructure
AD
$3.03B
$13.9M 3.06%
200,366
-151,557
-43% -$9.82M
RL icon
16
Ralph Lauren
RL
$22.6B
$13M 2.86%
+58,706
New +$14.6M
FERG icon
17
Ferguson
FERG
$45B
$12M 2.64%
74,667
-84,044
-53% -$14.6M
BOOT icon
18
Boot Barn
BOOT
$4.63B
$5.37M 1.19%
50,000
– –
LLYVK icon
19
Liberty Live Group Series C
LLYVK
$9.45B
$1.15M 0.25%
16,891
– –
ACVA icon
20
ACV Auctions
ACVA
$1.3B
– –
-1,040,719
Closed -$22.5M
BIRK icon
21
Birkenstock
BIRK
$8.16B
– –
-344,257
Closed -$19.5M
DUOL icon
22
Duolingo
DUOL
$6.24B
– –
-85,532
Closed -$27.7M
DUOL icon
23
PUT
Duolingo
DUOL
$6.24B
– –
-85,000
Closed -$27.6M
FERG icon
24
PUT
Ferguson
FERG
$45B
– –
-100,000
Closed -$17.4M
MELI icon
25
PUT
Mercado Libre
MELI
$92B
– –
-15,000
Closed -$25.5M
1
2

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ThornTree Capital Partners's Q1 2025 Portfolio in Review

As of Q1 2025, ThornTree Capital Partners held 29 positions worth $453M, down 41% from $770M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

ThornTree Capital Partners withdrew a net $287M in Q1 2025, closing 10 positions and reducing 13 holdings. Its most notable exit was Duolingo, an estimated $27.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 30% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, ThornTree Capital Partners opened a new position in Intuit worth $34.7M.

  • ThornTree Capital Partners's largest Q1 2025 buy was Intuit: 56,543 shares worth $34.7M.
  • ThornTree Capital Partners added most to CarMax in Q1 2025, an estimated $2.77M increase.
  • ThornTree Capital Partners's biggest Q1 2025 reduction was Netflix, cutting an estimated $23M.
  • ThornTree Capital Partners fully exited Duolingo in Q1 2025, selling an estimated $27.7M.
  • ThornTree Capital Partners's ten largest holdings make up 71% of its $453M portfolio in Q1 2025.
  • ThornTree Capital Partners opened 3 new positions and closed 10 in Q1 2025.
  • ThornTree Capital Partners's portfolio value fell 41% quarter-over-quarter to $453M.

Based on ThornTree Capital Partners's 13F filing for Q1 2025, filed 15 May 2025.