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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
+3.36%
1 Year Est. Return
+36.37%
3 Year Est. Return
+206.07%
5 Year Est. Return
+135.57%
10 Year Est. Return
–
AUM
$598M
AUM Growth
-$55.5M
Cap. Flow
-$65.6M
Cap. Flow %
-10.96%
Top 10 Hldgs %
77.06%
Holding
19
New
1
Increased
6
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$43.6M
2
AFRM icon
Affirm
AFRM
+$25.3M
3
ONON icon
On Holding
ONON
+$12.2M
4
INTU icon
Intuit
INTU
+$7.4M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$4.18M

Top Sells

Rank Stock Value
1
CFLT
Confluent
CFLT
+$34.7M
2
DKS icon
Dick's Sporting Goods
DKS
+$33.6M
3
CIEN icon
Ciena
CIEN
+$31.1M
4
TDS icon
Telephone and Data Systems
TDS
+$20.9M
5
CSGP icon
CoStar Group
CSGP
+$19M

Sector Composition

Rank Sector Weight
1 Communication Services 26.24%
2 Consumer Discretionary 25.39%
3 Financials 23.34%
4 Technology 22.31%
5 Real Estate 2.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INTU icon
1
Intuit
INTU
$79.6B
$59.2M 9.89%
89,302
+11,192
+14% +$7.4M
AFRM icon
2
Affirm
AFRM
$25.5B
$57.1M 9.56%
767,754
+352,155
+85% +$25.3M
META icon
3
Meta Platforms (Facebook)
META
$1.64T
$50.3M 8.42%
76,272
– –
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.23T
$46M 7.69%
146,825
+14,641
+11% +$4.18M
VIK icon
5
Viking Holdings
VIK
$43.3B
$44.3M 7.4%
619,995
– –
RKT icon
6
Rocket Companies
RKT
$41.1B
$43.2M 7.23%
2,231,659
+57,210
+3% +$1.02M
CIEN icon
7
Ciena
CIEN
$53B
$41.8M 6.99%
178,657
-160,484
-47% -$31.1M
ONON icon
8
On Holding
ONON
$12.4B
$40.1M 6.7%
862,010
+282,976
+49% +$12.2M
RL icon
9
Ralph Lauren
RL
$22.6B
$39.6M 6.63%
112,052
-6,238
-5% -$2.13M
NU icon
10
Nu Holdings
NU
$65.6B
$39.2M 6.55%
2,340,774
-383,317
-14% -$6.16M
DUOL icon
11
Duolingo
DUOL
$6.24B
$32.4M 5.43%
+184,867
New +$43.6M
FWONK icon
12
Liberty Media Series C
FWONK
$25.6B
$32.4M 5.42%
328,829
– –
NFLX icon
13
Netflix
NFLX
$290B
$28.2M 4.72%
300,810
– –
MELI icon
14
Mercado Libre
MELI
$92B
$27.8M 4.66%
13,826
+1,747
+14% +$3.67M
CSGP icon
15
CoStar Group
CSGP
$12.2B
$16.3M 2.72%
242,032
-268,169
-53% -$19M
CFLT
16
DELISTED
Confluent
CFLT
– –
-1,750,817
Closed -$34.7M
DKS icon
17
Dick's Sporting Goods
DKS
$19.5B
– –
-151,329
Closed -$33.6M
FERG icon
18
Ferguson
FERG
$45B
– –
-68,344
Closed -$15.3M
TDS icon
19
Telephone and Data Systems
TDS
$3.91B
– –
-531,692
Closed -$20.9M

Similar funds

PSC
Patient Square Capital Menlo Park, California $564M AUM 261.3% 1-Year Est. Return
KF
KKM Financial Chicago, Illinois $563M AUM 28.2% 1-Year Est. Return
AHSW
Adventist Health System West Roseville, California $564M AUM 17.1% 1-Year Est. Return
AAS
Asset Allocation Strategies Farmington, Michigan $563M AUM 15.65% 1-Year Est. Return
KBG
Kahn Brothers Group New York $564M AUM 25.3% 1-Year Est. Return
LC
Lavaca Capital Houston, Texas $564M AUM 4.6% 1-Year Est. Return
AMCA
Arthur M. Cohen & Associates Northbrook, Illinois $563M AUM 20.97% 1-Year Est. Return
GWAG
Garrett Wealth Advisory Group Weatherford, Texas $562M AUM 16.6% 1-Year Est. Return

ThornTree Capital Partners's Q4 2025 Portfolio in Review

As of Q4 2025, ThornTree Capital Partners held 19 positions worth $598M, down 8.5% from $653M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

ThornTree Capital Partners withdrew a net $65.6M in Q4 2025, closing 4 positions and reducing 4 holdings. Its most notable exit was Confluent, an estimated $34.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, ThornTree Capital Partners opened a new position in Duolingo worth $32.4M.

  • ThornTree Capital Partners's largest Q4 2025 buy was Duolingo: 184,867 shares worth $32.4M.
  • ThornTree Capital Partners added most to Affirm in Q4 2025, an estimated $25.3M increase.
  • ThornTree Capital Partners's biggest Q4 2025 reduction was Ciena, cutting an estimated $31.1M.
  • ThornTree Capital Partners fully exited Confluent in Q4 2025, selling an estimated $34.7M.
  • ThornTree Capital Partners's ten largest holdings make up 77% of its $598M portfolio in Q4 2025.
  • ThornTree Capital Partners opened 1 new position and closed 4 in Q4 2025.
  • ThornTree Capital Partners's portfolio value fell 8.5% quarter-over-quarter to $598M.

Based on ThornTree Capital Partners's 13F filing for Q4 2025, filed 17 Feb 2026.