Data as of Q4 2025 (Dec 31, 2025)

ThornTree Capital Partners LP

•CIK: 1688511•Filing: Q4 2025

**ThornTree Capital Partners LP** manages $598M across a concentrated portfolio of 15 positions. The fund exhibits significant conviction in technology and industrials, highlighted by top holdings including INTU at $59.2M and AFRM at $57.1M. Further allocations are notable in mega-cap tech names such as META ($50.3M) and GOOGL ($46.0M). This structure suggests a focused, high-conviction approach targeting established growth sectors.

Total AUM
$597.9M
QoQ Performance
-8.5%
Positions
15
Top 10 Concentration
77.1%
Latest Filing
Q4 2025

Top Holdings Allocation

INTU
AFRM
META
GOOGL
VIKI
RKT
CIEN
ONON
INTU9.9%
AFRM9.6%
META8.4%
GOOGL7.7%
VIKING7.4%
RKT7.2%
CIEN7.0%
ONON6.7%

📈 Biggest Buys

DUOL
DUOLINGO INC
NEW
5.4% of portfolio
AFRM
AFFIRM HLDGS INC
+84.7%
9.6% of portfolio
NFLX
NETFLIX INC
+900.0%
4.7% of portfolio
ONON
ON HLDG AG
+48.9%
6.7% of portfolio
INTU
INTUIT
+14.3%
9.9% of portfolio

📉 Biggest Sells

CIEN
CIENA CORP
-47.3%
7.0% of portfolio
CSGP
COSTAR GROUP INC
-52.6%
2.7% of portfolio
NU
NU HLDGS LTD
-14.1%
6.6% of portfolio
RL
RALPH LAUREN CORP
-5.3%
6.6% of portfolio

Sector Breakdown

Other63.9%
Technology26.0%
Communication10.1%

🚪 Exited Positionssold since Q3 2025

8QR
CONFLUENT INC
SOLD
$34.7M
DKS
DICKS SPORTING GOODS INC
SOLD
$33.6M
TDS
TELEPHONE & DATA SYS INC
SOLD
$20.9M
FERG
FERGUSON ENTERPRISES INC
SOLD
$15.3M

Changes from Q3 2025

NEW1 new position
↑7 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

INTU9.9%
INTUIT
$59.2M
AFRM9.6%
AFFIRM HLDGS INC
$57.1M
META8.4%
META PLATFORMS INC
$50.3M
GOOGL7.7%
ALPHABET INC
$46.0M
RKT7.2%
ROCKET COS INC
$43.2M

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