ThornTree Capital Partners LP
Sector Allocation
- Technology30.5%$223.2M
- Financials22.4%$164.0M
- Consumer Discretionary15.3%$111.6M
- Communication Services13.4%$98.1M
- Industrials8.8%$64.5M
- Energy5.0%$36.5M
- Healthcare4.3%$31.5M
- Other0.3%$1.8M
AUM History
13fpro.ai/research/fund/thorntree-capital-partners-lp-1688511
Conviction and streaks
Diversifying · top 10 = 73.8%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
VIK
$64.5MCIEN
$63.9MNU
$61.3MFWONA
$57.5MAXP
$56.4MADI
$55.5MRL
$54.4MAFRM
$46.4MMETA
$43.0MMTZ
$36.5MSHOP
$35.1MNTRA
$31.5MINTU
$25.7MONON
$23.7MNFLX
$21.5MLION
$19.1MMELI
$18.1MRRR
$15.5MSPY
$1.8M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/thorntree-capital-partners-lp-1688511
ThornTree Capital Partners LP 13F holdings — Q2 2026
$731.3M portfolio (+29.8% QoQ) · 19 holdings · Q2 2026 13F · top 10 are 74% of the stock portfolio
$64.5M
8.8% of stocks
-9%This quarter-13.6%Since filed9 qtrsHeld$63.9M
8.7% of stocks
No changeThis quarter-21.6%Since filed8 qtrsHeld$61.3M
8.4% of stocks
+62%This quarter-17.3%Since filed10+ qtrsHeld$57.5M
7.9% of stocks
+18%This quarter-13.7%Since filed10+ qtrsHeld$56.4M
7.7% of stocks
NewThis quarter-8.0%Since filedNew this quarterHeld$55.5M
7.6% of stocks
+120%This quarter+4.8%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$54.4M
7.4% of stocks
+15%This quarter-0.5%Since filed6 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$46.4M
6.3% of stocks
-32%This quarter-11.3%Since filed9 qtrsHeld$43.0M
5.9% of stocks
No changeThis quarter+6.9%Since filed10+ qtrsHeld$36.5M
5.0% of stocks
-22%This quarter-42.0%Since filed2 qtrsHeld
All holdings — ThornTree Capital Partners LP (Q2 2026)
19 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | SHOPIFY INC. | Technology | $35.1M | 4.8% | 307K | +45% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Natera, Inc. | Healthcare | $31.5M | 4.3% | 116K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | INTUIT INC. | Technology | $25.7M | 3.5% | 99K | -25% | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | On Holding AG | Consumer Discretionary | $23.7M | 3.2% | 669K | -44% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | NETFLIX INC | Communication Services | $21.5M | 2.9% | 301K | — | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Lionsgate Studios Corp. | Communication Services | $19.1M | 2.6% | 1.25M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | MERCADOLIBRE INC | Consumer Discretionary | $18.1M | 2.5% | 11K | — | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Red Rock Resorts, Inc. | Consumer Discretionary | $15.5M | 2.1% | 238K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | SPDR S&P 500 ETF TRUSTetf/fund | — | $1.8M | 0.3% | 2,401 | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F |
What changed in Q2 2026
Against the previous quarter's 13F: 5 new, 5 added to, 5 trimmed, 2 sold out. Share-count changes; largest moves by dollar size first.
New positions (5)
Added to (5)
now $55.5M · held 2 qtrs, 2 adds in a row
now $61.3M · held 10+ qtrs, 2 adds in a row
now $35.1M · held 2 qtrs, 2 adds in a row
now $57.5M · held 10+ qtrs, 2 adds in a row
now $54.4M · held 6 qtrs, 2 adds in a row
Trimmed (5)
Holdings by quarter
Every 13F ThornTree Capital Partners LP has filed, 38 earlier quarters. Pick one to see what it held then.
Is it too late to follow ThornTree Capital Partners?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of ThornTree Capital Partners's top 20 holdings: 69/100 (our AI quality score, weighted by position size; 16 of the 20 are scored)
Top 10 since filing
-11.3%
Value-weighted move of the 10 largest stock positions
Turnover
15%
Last quarter; 72% over the last 4
Top 10 weight
74%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
66%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
ThornTree Capital Partners LP disclosed 19 positions worth $731.3M in its Form 13F-HR for Q2 2026, led by $VIK (Viking Holdings Ltd) at 8.8% of the equity portfolio, followed by $CIEN and $NU. During the quarter the fund opened 5 new positions and exited 2 — including a new stake in $AXP and a full exit from $VEEV. The portfolio is most concentrated in Technology (30.5% of disclosed assets). All figures are sourced directly from ThornTree Capital Partners LP’s Form 13F-HR filing with the SEC under CIK 1688511.
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AI-Powered Hedge Fund Analysis: ThornTree Capital Partners LP
13F Pro is an AI hedge fund tracker and stock research platform. For ThornTree Capital Partners LP (SEC CIK: 1688511), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
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