ThornTree Capital Partners LP

Boston, MA · CIK 1688511 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2016 · limited partnership

As an employer

$731.3m reported value +29.8% vs Q1 2026

19positions

73.8%in top 10

5 new 5 added 5 reduced 2 sold out vs Q1 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VIKING HOLDINGS LTD ORD SHS VIK	VIK	616,700	$64.5m8.83%	8.83%	Reduced -60.4k	-60,387 -8.9%
2	CIENA CORP COM NEW CIEN	CIEN	130,272	$63.9m8.74%	8.74%	Unchanged
3	NU HLDGS LTD ORD SHS CL A NU	NU	4,584,775	$61.3m8.38%	8.38%	Added +1.8m	+1,757,331 62.1%
4	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	604,763	$57.5m7.87%	7.87%	Added +91.3k	+91,273 17.8%
5	AMERICAN EXPRESS CO COM AXP	AXP	166,784	$56.4m7.71%	7.71%	New
6	ANALOG DEVICES INC COM ADI	ADI	139,751	$55.5m7.59%	7.59%	Added +76.1k	+76,099 119.5%
7	RALPH LAUREN CORP CL A RL	RL	135,557	$54.4m7.44%	7.44%	Added +18.0k	+18,017 15.3%
8	AFFIRM HLDGS INC COM CL A AFRM	AFRM	568,524	$46.4m6.34%	6.34%	Reduced -265.8k	-265,765 -31.9%
9	META PLATFORMS INC CL A META	META	76,272	$43.0m5.87%	5.87%	Unchanged
10	MASTEC INC COM MTZ	MTZ	87,828	$36.5m5.00%	5.00%	Reduced -24.9k	-24,913 -22.1%
11	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	307,137	$35.1m4.80%	4.80%	Added +95.3k	+95,342 45.0%
12	NATERA INC COM NTRA	NTRA	116,021	$31.5m4.31%	4.31%	New
13	INTUIT COM INTU	INTU	98,636	$25.7m3.52%	3.52%	Reduced -32.5k	-32,537 -24.8%
14	ON HLDG AG NAMEN AKT A ONON	ONON	668,771	$23.7m3.24%	3.24%	Reduced -528.6k	-528,567 -44.1%
15	NETFLIX INC COM NFLX	NFLX	300,810	$21.5m2.94%	2.94%	Unchanged
16	LIONSGATE STUDIOS CORP COM LION	LION	1,246,584	$19.1m2.61%	2.61%	New
17	MERCADOLIBRE INC COM MELI	MELI	10,642	$18.1m2.47%	2.47%	Unchanged
18	RED ROCK RESORTS INC CL A RRR	RRR	237,896	$15.5m2.12%	2.12%	New
19	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	2,401	$1.8m0.25%	0.25%	New

Security	Ticker	Shares held before	Value then
VEEVA SYS INC VEEV	VEEV	97,238	$17.1m97.2k shares
ALPHABET INC GOOGL	GOOGL	45,628	$13.1m45.6k shares