ThornTree Capital Partners portfolio
Concentrated managerType not verifiedPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
ThornTree Capital Partners reported a $731M portfolio of 19 positions to the SEC as of the end of Q2 2026. Its largest positions are VIK, CIEN, NU. During the quarter it opened American Express and Natera and exited Veeva Systems and Alphabet.
Sections with a free account
What changed this quarter
17 positions with a change (5 new, 5 added to, 5 trimmed, 2 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- American Express+7.7 ppof portfolioNew— → 7.7%
- Natera+4.3 ppof portfolioNew— → 4.3%
- Analog Devices+120%more sharesIncreased3.6% → 7.6%
- Nu Holdings+62%more sharesIncreased7.2% → 8.4%
- Affirm Holdings−32%fewer sharesReduced6.8% → 6.3%
- Lionsgate Studios+2.6 ppof portfolioNew— → 2.6%
- On Holding−44%fewer sharesReduced7.2% → 3.2%
- Veeva Systems−2.3 ppof portfolioSold out3.0% → —
- Red Rock Resorts+2.1 ppof portfolioNew— → 2.1%
- Alphabet−1.8 ppof portfolioSold out2.3% → —
- Shopify+45%more sharesIncreased4.5% → 4.8%
- MasTec−22%fewer sharesReduced6.4% → 5.0%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Viking HoldingsVIK8.8%
- CienaCIEN8.7%
- Nu HoldingsNU8.4%
- Liberty MediaFWONK7.9%
- American ExpressAXP7.7%
- Analog DevicesADI7.6%
- Ralph LaurenRL7.4%
- Affirm HoldingsAFRM6.3%
- Meta PlatformsMETA5.9%
- MasTecMTZ5.0%
- ShopifySHOP4.8%
- NateraNTRA4.3%
- IntuitINTU3.5%
- On HoldingONON3.2%
- NetflixNFLX2.9%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Information Technology 25%
- ● Consumer Discretionary 24%
- ● Financials 22%
- ● Communication Services 19%
- ● Industrials 5%
- ● Health Care 4%
How its portfolio changed (8 quarters)
Q2 2026: 19
Q2 2026: 74%
Q2 2026: 20.5%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Type not verified. It meets the portfolio criteria of a concentrated manager, but its type is not verified: we found no official document that is enough to say what kind of entity it is. It may be an investment firm, but also an adviser adding up client accounts, a bank or a family vehicle. It counts in the tallies like the rest; keep that in mind when reading it. How the type is assigned
Managers of a similar size
A 13F portfolio value between a third and three times this one, whatever the type of filer. It is not a comparison of what they hold.
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