Q4 2025 · 13F-HR
ThornTree Capital Partners LPholdings as filed
Filed 2026-02-17 · accession 0001172661-26-001146
$597.9M
Reported value
15
Positions
2025-12-31
Period end
The Brief · ThornTree Capital Partners LP · Q4 2025
AI · grounded in 13F
ThornTree Capital Partners LP exited its position in 8QR for a reduction of $34.67M. The fund also closed positions in DKS for $33.63M and TDS for $20.86M. To offset these exits, the fund established a new position in DUOL valued at $32.44M and increased its holdings in AFRM by 84.73%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 461202103 | INTU | INTUIT | $59.2M | 9.89% | 89,302 | Common | SOLE |
| 00827B106 | AFRM | AFFIRM HLDGS INC | $57.1M | 9.56% | 767,754 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $50.3M | 8.42% | 76,272 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $46.0M | 7.69% | 146,825 | Common | SOLE |
| G93A5A101 | VIK | VIKING HOLDINGS LTD | $44.3M | 7.40% | 619,995 | Common | SOLE |
| 77311W101 | RKT | ROCKET COS INC | $43.2M | 7.23% | 2,231,659 | Common | SOLE |
| 171779309 | CIEN | CIENA CORP | $41.8M | 6.99% | 178,657 | Common | SOLE |
| H5919C104 | ONON | ON HLDG AG | $40.1M | 6.70% | 862,010 | Common | SOLE |
| 751212101 | RL | RALPH LAUREN CORP | $39.6M | 6.63% | 112,052 | Common | SOLE |
| G6683N103 | NU | NU HLDGS LTD | $39.2M | 6.55% | 2,340,774 | Common | SOLE |
| 26603R106 | DUOL | DUOLINGO INC | $32.4M | 5.43% | 184,867 | Common | SOLE |
| 531229755 | FWONK | LIBERTY MEDIA CORP DEL | $32.4M | 5.42% | 328,829 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $28.2M | 4.72% | 300,810 | Common | SOLE |
| 58733R102 | MELI | MERCADOLIBRE INC | $27.8M | 4.66% | 13,826 | Common | SOLE |
| 22160N109 | CSGP | COSTAR GROUP INC | $16.3M | 2.72% | 242,032 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.