ThornTree Capital Partners LP

Q4 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
15
Total value ($000)
$597,901
Net value change ($000)
-55,459 (-8.5%)
New positions
1
Sold out positions
4
Turnover %
22.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
DUOL 32,444 NEW
AFRM 26,772 88.1%
ONON 15,544 63.4%
GOOGL 13,822 43.0%
INTU 5,813 10.9%
VIK 5,735 14.9%
RL 2,532 6.8%
RKT 1,064 2.5%
Top Reduces (Value $000, Stocks/ETFs)
CFLT -34,666 -100.0%
DKS -33,628 -100.0%
CSGP -26,772 -62.2%
TDSPRU -20,864 -100.0%
FERG -15,349 -100.0%
NFLX -7,861 -21.8%
CIEN -7,620 -15.4%
META -5,667 -10.1%
NU -4,428 -10.2%
FWONA -1,953 -5.7%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type