ThornTree Capital Partners LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
ThornTree Capital Partners LP disclosed 15 US equity positions worth $597.9m in its Q4 2025 13F filing. The largest position was INTU at 9.9% of the reported book, followed by AFRM and META. Against the Q3 2025 filing, it opened 1 new position, added to 7 and reduced 4 among the top 15 holdings.
What did ThornTree Capital Partners LP own in Q4 2025? Top 15 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | INTU INTUIT | Technology | 9.9% | $59.2m | 89,302 | 14% | added |
| 2 | AFRM AFFIRM HLDGS INC | Financial Services | 9.6% | $57.1m | 767,754 | 85% | added |
| 3 | META META PLATFORMS INC | Communication Services | 8.4% | $50.3m | 76,272 | 0% | held |
| 4 | GOOGL ALPHABET INC | Communication Services | 7.7% | $46.0m | 146,825 | 11% | added |
| 5 | VIK VIKING HOLDINGS LTD | Consumer Cyclical | 7.4% | $44.3m | 619,995 | 0% | held |
| 6 | RKT ROCKET COS INC | Financial Services | 7.2% | $43.2m | 2,231,659 | 3% | added |
| 7 | CIEN CIENA CORP | Technology | 7.0% | $41.8m | 178,657 | -47% | reduced |
| 8 | ON HLDG AG | 6.7% | $40.1m | 862,010 | 49% | added | |
| 9 | RL RALPH LAUREN CORP | Consumer Cyclical | 6.6% | $39.6m | 112,052 | -5% | reduced |
| 10 | NU NU HLDGS LTD | Financial Services | 6.6% | $39.2m | 2,340,774 | -14% | reduced |
| 11 | DUOL DUOLINGO INC | Technology | 5.4% | $32.4m | 184,867 | – | new |
| 12 | LLYVK LIBERTY MEDIA CORP DEL | 5.4% | $32.4m | 328,829 | 0% | held | |
| 13 | NFLX NETFLIX INC | Communication Services | 4.7% | $28.2m | 300,810 | 900% | added |
| 14 | MELI MERCADOLIBRE INC | Consumer Cyclical | 4.7% | $27.8m | 13,826 | 14% | added |
| 15 | CSGP COSTAR GROUP INC | Real Estate | 2.7% | $16.3m | 242,032 | -53% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.