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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
+10.79%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$653M
AUM Growth
+$52.7M
Cap. Flow
+$18.8M
Cap. Flow %
2.88%
Top 10 Hldgs %
66.41%
Holding
20
New
3
Increased
5
Reduced
8
Closed
2

Top Buys

Rank Stock Value
1
RKT icon
Rocket Companies
RKT
+$37.9M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$27.7M
3
INTU icon
Intuit
INTU
+$20.9M
4
TDS icon
Telephone and Data Systems
TDS
+$20.5M
5
CFLT
Confluent
CFLT
+$11.4M

Top Sells

Rank Stock Value
1
KMX icon
CarMax
KMX
+$40.8M
2
FERG icon
Ferguson
FERG
+$18.1M
3
TSLA icon
Tesla
TSLA
+$17.8M
4
AFRM icon
Affirm
AFRM
+$13.4M
5
VIK icon
Viking Holdings
VIK
+$9.89M

Sector Composition

Rank Sector Weight
1 Communication Services 27.46%
2 Consumer Discretionary 24.8%
3 Technology 21.03%
4 Financials 17.77%
5 Real Estate 6.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.49T
$56M 8.57%
76,272
– –
INTU icon
2
Intuit
INTU
$91.1B
$53.3M 8.16%
78,110
+29,021
+59% +$20.9M
CIEN icon
3
Ciena
CIEN
$46.8B
$49.4M 7.56%
339,141
-39,821
-11% -$4.06M
NU icon
4
Nu Holdings
NU
$67.8B
$43.6M 6.68%
2,724,091
-88,344
-3% -$1.23M
CSGP icon
5
CoStar Group
CSGP
$12.2B
$43M 6.59%
510,201
-2,306
-0.4% -$204K
RKT icon
6
Rocket Companies
RKT
$38.8B
$42.1M 6.45%
+2,174,449
New +$37.9M
VIK icon
7
Viking Holdings
VIK
$45.8B
$38.5M 5.9%
619,995
-165,865
-21% -$9.89M
RL icon
8
Ralph Lauren
RL
$22.4B
$37.1M 5.68%
118,290
+820
+0.7% +$244K
NFLX icon
9
Netflix
NFLX
$307B
$36.1M 5.52%
300,810
– –
CFLT
10
DELISTED
Confluent
CFLT
$34.7M 5.31%
1,750,817
+543,184
+45% +$11.4M
FWONK icon
11
Liberty Media Series C
FWONK
$25.5B
$34.3M 5.26%
328,829
-31,550
-9% -$3.2M
DKS icon
12
Dick's Sporting Goods
DKS
$18.4B
$33.6M 5.15%
151,329
-19,402
-11% -$4.22M
GOOGL icon
13
Alphabet (Google) Class A
GOOGL
$4.12T
$32.1M 4.92%
+132,184
New +$27.7M
AFRM icon
14
Affirm
AFRM
$23.5B
$30.4M 4.65%
415,599
-175,477
-30% -$13.4M
MELI icon
15
Mercado Libre
MELI
$94.5B
$28.2M 4.32%
12,079
+1,437
+14% +$3.45M
ONON icon
16
On Holding
ONON
$12.6B
$24.5M 3.75%
579,034
+202,856
+54% +$9.65M
TDS icon
17
Telephone and Data Systems
TDS
$3.87B
$20.9M 3.19%
+531,692
New +$20.5M
FERG icon
18
Ferguson
FERG
$43.9B
$15.3M 2.35%
68,344
-80,137
-54% -$18.1M
KMX icon
19
CarMax
KMX
$8.39B
– –
-606,928
Closed -$40.8M
TSLA icon
20
Tesla
TSLA
$1.18T
– –
-55,941
Closed -$17.8M

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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 Q3 2025 Portfolio in Review

As of Q3 2025, ThornTree Capital Partners held 20 positions worth $653M, up 8.8% from $601M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

ThornTree Capital Partners's Q3 2025 filing shows 3 new, 5 increased, 8 reduced and 2 closed positions. Its largest new stake was Rocket Companies: 2,174,449 shares worth $42.1M. The largest sale was CarMax, an estimated $40.8M.

By sector, the portfolio is most concentrated in Communication Services at 27% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Technology.

  • ThornTree Capital Partners's largest Q3 2025 buy was Rocket Companies: 2,174,449 shares worth $42.1M.
  • ThornTree Capital Partners added most to Intuit in Q3 2025, an estimated $20.9M increase.
  • ThornTree Capital Partners's biggest Q3 2025 reduction was Ferguson, cutting an estimated $18.1M.
  • ThornTree Capital Partners fully exited CarMax in Q3 2025, selling an estimated $40.8M.
  • ThornTree Capital Partners's ten largest holdings make up 66% of its $653M portfolio in Q3 2025.
  • ThornTree Capital Partners opened 3 new positions and closed 2 in Q3 2025.
  • ThornTree Capital Partners's portfolio value rose 8.8% quarter-over-quarter to $653M.

Based on ThornTree Capital Partners's 13F filing for Q3 2025, filed 14 Nov 2025.