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ThornTree Capital Partners LP

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13F filer, CIK 1688511, Boston, MA

ThornTree Capital Partners LP reported $597,901,175 across 15 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 77.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-001146

Period
2025-12-31
Reported value
$598M
Holdings
15
Top 10 weight
77.06%
New
1
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DUOLnew+184,867$32.4M
AFRMadded+352,155$26.2M
NFLXadded+270,729$25.4M
ONONadded+282,976$13.2M
INTUadded+11,192$7.41M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CIENreduced-160,484-$37.5M
CFLTexited-1,750,817-$34.7M
DKSexited-151,329-$33.6M
TDSexited-531,692-$20.9M
CSGPreduced-268,169-$18M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-001146, largest first. % of portfolio is the value over $597,901,175, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INTUINTUITQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 56,543 shares; 2025Q2: 49,089 shares; 2025Q3: 78,110 shares; 2025Q4: 89,302 shares 89,302$59.2M9.89%+11,192Timeline
AFRMAFFIRM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 716,715 shares; 2024Q4: 674,081 shares; 2025Q1: 662,841 shares; 2025Q2: 591,076 shares; 2025Q3: 415,599 shares; 2025Q4: 767,754 shares 767,754$57.1M9.56%+352,155Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,442 shares; 2024Q4: 89,856 shares; 2025Q1: 76,272 shares; 2025Q2: 76,272 shares; 2025Q3: 76,272 shares; 2025Q4: 76,272 shares 76,272$50.3M8.42%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 132,184 shares; 2025Q4: 146,825 shares 146,825$46M7.69%+14,641Timeline
VIKVIKING HOLDINGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,086,322 shares; 2024Q4: 977,208 shares; 2025Q1: 959,057 shares; 2025Q2: 785,860 shares; 2025Q3: 619,995 shares; 2025Q4: 619,995 shares 619,995$44.3M7.4%0Timeline
RKTROCKET COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,174,449 shares; 2025Q4: 2,231,659 shares 2,231,659$43.2M7.23%+57,210Timeline
CIENCIENA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,309 shares; 2024Q4: 611,992 shares; 2025Q1: 433,489 shares; 2025Q2: 378,962 shares; 2025Q3: 339,141 shares; 2025Q4: 178,657 shares 178,657$41.8M6.99%-160,484Timeline
ONONON HLDG AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 441,444 shares; 2024Q4: 584,162 shares; 2025Q1: 450,282 shares; 2025Q2: 376,178 shares; 2025Q3: 579,034 shares; 2025Q4: 862,010 shares 862,010$40.1M6.7%+282,976Timeline
RLRALPH LAUREN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 58,706 shares; 2025Q2: 117,470 shares; 2025Q3: 118,290 shares; 2025Q4: 112,052 shares 112,052$39.6M6.63%-6,238Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,036,703 shares; 2024Q4: 3,497,960 shares; 2025Q1: 2,620,248 shares; 2025Q2: 2,812,435 shares; 2025Q3: 2,724,091 shares; 2025Q4: 2,340,774 shares 2,340,774$39.2M6.55%-383,317Timeline
DUOLDUOLINGO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,532 shares; 2024Q4: 85,532 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 184,867 shares 184,867$32.4M5.43%newTimeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,988 shares; 2024Q4: 432,447 shares; 2025Q1: 305,386 shares; 2025Q2: 360,379 shares; 2025Q3: 328,829 shares; 2025Q4: 328,829 shares 328,829$32.4M5.42%0Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,305 shares; 2024Q4: 54,305 shares; 2025Q1: 30,081 shares; 2025Q2: 30,081 shares; 2025Q3: 30,081 shares; 2025Q4: 300,810 shares 300,810$28.2M4.72%+270,729Timeline
MELIMERCADOLIBRE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,758 shares; 2024Q4: 18,758 shares; 2025Q1: 10,642 shares; 2025Q2: 10,642 shares; 2025Q3: 12,079 shares; 2025Q4: 13,826 shares 13,826$27.8M4.66%+1,747Timeline
CSGPCOSTAR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 463,350 shares; 2025Q1: 393,198 shares; 2025Q2: 512,507 shares; 2025Q3: 510,201 shares; 2025Q4: 242,032 shares 242,032$16.3M2.72%-268,169Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CFLTCONFLUENT INC-CLASS A1,750,817$34.7Mshares
DKSDICKS SPORTING GOODS INC151,329$33.6Mshares
TDSTELEPHONE & DATA SYS INC531,692$20.9Mshares
FERGFERGUSON ENTERPRISES INC68,344$15.3Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-26-001146 base2026-02-17acceptance time not in the bulk data set