Stocks/Funds/CIK 1688511

ThornTree Capital Partners LP

long-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1688511
Assets
$564M
+24.4% YoY
Holdings
16
Lifetime alpha vs market
+2.83% annual
Average hold time
2.4 yr
median 2.4 yr

Quarterly history

Cum return +70% vs S&P +52% · α +18% lifetimeAUM $564M · peak $766MFlow $16M (+3%)2016-122018-062019-122021-062022-122024-062025-122026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+8.27%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.23%
baseline attrition
Rally response
-11.63%
trims into rallies
when a holding rises +10%+

Top positions · 16

Ticker$ value% portYoYHold time
INTUIntuit Inc.$57M10.1%-29.3%3.0 yr
CIENCiena Corporation$51M9.0%+542.4%1.8 yr
$50M8.8%2.0 yr
$44M7.7%2.8 yr
METAMeta Platforms, Inc.$44M7.7%-0.4%6.3 yr
ONONOn Holding AG$41M7.2%-22.5%4.5 yr
NUNu Holdings Ltd.$41M7.2%+40.3%3.3 yr
RLRalph Lauren Corporation$40M7.2%+57.2%1.3 yr
AFRMAffirm Holdings, Inc.$38M6.8%+1.4%3.8 yr
MTZMasTec, Inc.$36M6.4%+175.7%0.3 yr
NFLXNetflix, Inc.$29M5.1%+3.1%3.8 yr
SHOPShopify Inc.$25M4.5%+24.2%0.3 yr
ADIAnalog Devices, Inc.$20M3.6%+60.2%0.5 yr
MELIMercadoLibre, Inc.$18M3.3%-11.4%4.3 yr
VEEVVeeva Systems Inc.$17M3.0%-24.2%0.3 yr

Portfolio composition (YoY)

Industry mix
Unknown16.6%+2.1pp$93M
Software - Application14.5%+6.9pp$82M
Internet Content & Information10.1%+0.4pp$57M
Communication Equipment9.0%+3.2pp$51M
Apparel - Retail7.2%+1.7pp$41M
Banks - Diversified7.2%+1.3pp$41M
Apparel - Manufacturers7.2%+4.3pp$40M
Software - Infrastructure6.8%-5.3pp$38M
Engineering & Construction6.4%$36M
Entertainment5.1%-5.6pp$29M
Country
US61.3%-6.7pp
Unknown16.6%+2.1pp
CH7.2%+2.9pp
BR7.2%+1.3pp
CA4.5%
UY3.3%-1.3pp
Top 5: 43.4% · Top 10: 78.2% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
CIEN$26M+0.14B542.4%
NU$27M+0.01B40.3%
RL$13M+0.01B57.2%
AFRM$30M+0.00B1.4%
NFLX$28M+0.00B3.1%

Losers

TickerPrev $PnLYoY %
INTU$35M-0.01B-29.3%
ONON$20M-0.00B-22.5%
MELI$21M-0.00B-11.4%
META$44M-0.00B-0.4%

Top buys this quarter · 10

+$0M
+$0M
MTZ MasTec, Inc.new+$36M
SHOP Shopify Inc.new+$25M
INTU Intuit Inc.+$57M
VEEV Veeva Systems Inc.new+$17M
ONON On Holding AG+$11M
NU Nu Holdings Ltd.+$7M
AFRM Affirm Holdings, Inc.+$38M
RL Ralph Lauren Corporation+$2M

Top sells this quarter · 7

GOOGL Alphabet Inc.$0M
RKT Rocket Companies, Inc.exit$32M
CIEN Ciena Corporation$42M
DUOL Duolingo, Inc.exit$18M
ADI Analog Devices, Inc.$14M
CSGP CoStar Group, Inc.exit$10M
MELI MercadoLibre, Inc.$6M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$564M16+19.93%+17.59%+2.34%+0.02B
2025-12-31$598M15+19.69%+17.72%+1.97%-0.07B
2025-09-30$653M18+21.81%+17.52%+4.30%+0.02B
2025-06-30$601M17+34.48%+14.94%+19.54%+0.05B
2025-03-31$453M19+16.69%+8.30%+8.39%-0.09B
2024-12-31$596M19+51.73%+24.89%+26.85%+0.10B
2024-09-30$479M17+59.71%+36.04%+23.67%-0.21B
2024-06-30$587M21+33.12%+24.49%+8.63%-0.03B
2024-03-31$593M20+40.29%+29.62%+10.67%+0.00B
2023-12-31$496M20+58.24%+26.18%+32.06%+0.08B
2023-09-30$382M18+38.65%+21.57%+17.09%-0.03B
2023-06-30$421M18+33.92%+19.42%+14.49%-0.02B
2023-03-31$403M18-13.34%-7.82%-5.52%-0.01B
2022-12-31$304M17-3.68%+7.56%-11.24%+0.02B
2022-09-30$293M17-5.84%-4.93%-0.91%+0.05B
2022-06-30$255M15-28.71%-16.11%-12.60%-0.07B