Q2 2026 13F · SEC CIK 1688511
ThornTree Capital Partners LP
Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $731.3M
- Reported positions
- 19
- Top holdings a year, 3 yrs
- +27.3%
- Assets under management
- $955.3M
ThornTree Capital Partners LP is a hedge fund that reported 19 positions worth $731.3M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Viking Hldgs Ltd (VIK, 8.8%), Ciena Corp (CIEN, 8.7%), Nu Hldgs Ltd (NU, 8.4%). A portfolio copying its top holdings returned 27.3% a year over the last 3 years, against 20.4% for the S&P 500.
ThornTree Capital Partners LP holdings all 19 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| VIKViking Hldgs Ltd | 8.8% | -8.9% | $64.5M |
| CIENCiena Corp | 8.7% | +0.0% | $63.9M |
| NUNu Hldgs Ltd | 8.4% | +62.2% | $61.3M |
| FWONKLiberty Media Corp Del | 7.9% | +17.8% | $57.5M |
| AXPAmerican Express Co | 7.7% | — | $56.4M |
| ADIAnalog Devices Inc | 7.6% | +119.6% | $55.5M |
| RLRalph Lauren Corp | 7.4% | +15.3% | $54.4M |
| AFRMAffirm Hldgs Inc | 6.3% | -31.9% | $46.4M |
| METAMeta Platforms Inc | 5.9% | +0.0% | $43.0M |
| MTZMasTec Inc | 5.0% | -22.1% | $36.5M |
| SHOPShopify Inc | 4.8% | +45.0% | $35.1M |
| NTRANatera Inc | 4.3% | — | $31.5M |
| INTUIntuit | 3.5% | -24.8% | $25.7M |
| ONONOn Hldg AG | 3.2% | -44.1% | $23.7M |
| NFLXNetflix Inc. | 2.9% | +0.0% | $21.5M |
| LIONLionsgate Studios Corp | 2.6% | — | $19.1M |
| MELIMercadolibre Inc | 2.5% | +0.0% | $18.1M |
| RRRRed Rock Resorts - Cl A | 2.1% | — | $15.5M |
| SPYState Str Spdr S&p 500 ETF T | 0.2% | — | $1.8M |
What ThornTree Capital Partners LP bought and sold in Q2 2026, against Q1 2026.
New positions
- AXP American Express Co7.7% of 13F
- NTRA Natera Inc4.3% of 13F
- LION Lionsgate Studios Corp2.6% of 13F
- RRR Red Rock Resorts - Cl A2.1% of 13F
- SPY State Str Spdr S&p 500 ETF T0.2% of 13F
Added to
- ADI Analog Devices Inc+119.6% shares
- NU Nu Hldgs Ltd+62.2% shares
- SHOP Shopify Inc+45.0% shares
- FWONK Liberty Media Corp Del+17.8% shares
- RL Ralph Lauren Corp+15.3% shares
Reduced
- ONON On Hldg AG-44.1% shares
- AFRM Affirm Hldgs Inc-31.9% shares
- INTU Intuit-24.8% shares
- MTZ MasTec Inc-22.1% shares
- VIK Viking Hldgs Ltd-8.9% shares
Sold out
- VEEV Veeva Sys Incwas 3.0%
- GOOGL Alphabet Incwas 2.3%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +6.6% /yr
- S&P 500 +20.1%
- 3 years
- +27.3% /yr
- S&P 500 +20.4%
- 5 years
- +4.7% /yr
- S&P 500 +11.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q2 2026 | $731.3M | 19 |
| Q1 2026 | $563.5M | 16 |
| Q4 2025 | $597.9M | 15 |
| Q3 2025 | $653.4M | 18 |
| Q2 2025 | $600.6M | 17 |
| Q1 2025 | $453.0M | 19 |
| Q4 2024 | $596.1M | 19 |
| Q3 2024 | $479.1M | 17 |
| Q2 2024 | $586.9M | 21 |
| Q1 2024 | $592.8M | 20 |
| Q4 2023 | $495.9M | 20 |
| Q3 2023 | $382.3M | 18 |
Questions about ThornTree Capital Partners LP's portfolio
What stocks does ThornTree Capital Partners LP own?
ThornTree Capital Partners LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 19 positions worth $731.3M. The largest are Viking Hldgs Ltd (VIK) at 8.8%, Ciena Corp (CIEN) at 8.7%, Nu Hldgs Ltd (NU) at 8.4%, Liberty Media Corp Del (FWONK) at 7.9% and American Express Co (AXP) at 7.7%.
What did ThornTree Capital Partners LP buy last quarter?
In Q2 2026, ThornTree Capital Partners LP added a new position in American Express Co (AXP), a new position in Natera Inc (NTRA), a new position in Lionsgate Studios Corp (LION), a new position in Red Rock Resorts - Cl A (RRR), a new position in State Str Spdr S&p 500 ETF T (SPY), Analog Devices Inc (ADI) (+119.6% shares), Nu Hldgs Ltd (NU) (+62.2% shares) and Shopify Inc (SHOP) (+45.0% shares), compared with its Q1 2026 filing.
What did ThornTree Capital Partners LP sell last quarter?
In Q2 2026, ThornTree Capital Partners LP sold all of Veeva Sys Inc (VEEV), sold all of Alphabet Inc (GOOGL), On Hldg AG (ONON) (-44.1% shares), Affirm Hldgs Inc (AFRM) (-31.9% shares) and Intuit (INTU) (-24.8% shares), compared with its Q1 2026 filing.
How has ThornTree Capital Partners LP's portfolio performed?
A portfolio copying ThornTree Capital Partners LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +27.3% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +6.6% against +20.1%. Over 5 years: +4.7% a year against +11.6%.
When is ThornTree Capital Partners LP's next 13F filing due?
13F filings are due 45 days after each quarter ends. ThornTree Capital Partners LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does ThornTree Capital Partners LP manage?
ThornTree Capital Partners LP reported $955.3M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $731.3M.