ThornTree Capital Partners LP 13F: Quarter-over-Quarter Portfolio Changes
ThornTree Capital Partners LP reported a disclosed portfolio value of approximately $731.3 million in its latest SEC Form 13F-HR filing for Q2 2026, up 29.8% quarter on quarter. Over the quarter, the fund initiated 5 new positions, bought more shares in 5 holdings, trimmed 5 holdings, and exited 2 positions.
ThornTree Capital Partners LP's top buy was a new stake in American Express CO (AXP) , equal to 7.7% of the disclosed portfolio. Its top sell was On Hldg AG (ONON) . The fund sold 44.1% of its previously reported shares, reducing the position's portfolio weight by 4.0 percentage points.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| AMERICAN EXPRESS CO | AXP | 7.7% | History → |
| NATERA INC | NTRA | 4.3% | Holders → |
| LIONSGATE STUDIOS CORP | LION | 2.6% | Holders → |
| RED ROCK RESORTS INC | RRR | 2.1% | Holders → |
| STATE STR SPDR S&P 500 ETF T | SPY | 0.2% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| ANALOG DEVICES INC | ADI | +4.0% | +119.6% | History → |
| NU HLDGS LTD | NU | +1.2% | +62.2% | History → |
| SHOPIFY INC | SHOP | +0.3% | +45.0% | Holders → |
| LIBERTY MEDIA CORP DEL | FWONK | +0.1% | +17.8% | History → |
| RALPH LAUREN CORP | RL | +0.3% | +15.3% | History → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ON HLDG AG | ONON | -4.0% | 44.1% | Holders → |
| AFFIRM HLDGS INC | AFRM | -0.4% | 31.9% | History → |
| INTUIT | INTU | -6.5% | 24.8% | Holders → |
| MASTEC INC | MTZ | -1.4% | 22.1% | History → |
| VIKING HOLDINGS LTD | VIK | -0.0% | 8.9% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| VEEVA SYS INC | VEEV | 3.0% |
| ALPHABET INC-CL A | GOOGL | 2.3% |
Net Portfolio Value ChangeQ2 2026
- $0.6BPrior quarter
- $0.7BCurrent quarter
- +$0.2BNet delta
- +29.8%% change
Methodology & FAQ
How ThornTree Capital Partners LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for ThornTree Capital Partners LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did ThornTree Capital Partners LP buy in Q2 2026?
In Q2 2026, ThornTree Capital Partners LP initiated 5 new positions (AMERICAN EXPRESS CO (AXP), NATERA INC (NTRA), LIONSGATE STUDIOS CORP (LION), RED ROCK RESORTS INC (RRR), STATE STR SPDR S&P 500 ETF T (SPY)); bought more shares of ANALOG DEVICES INC (ADI), NU HLDGS LTD (NU), SHOPIFY INC (SHOP), LIBERTY MEDIA CORP DEL (FWONK), RALPH LAUREN CORP (RL).
What stocks did ThornTree Capital Partners LP sell in Q2 2026?
In Q2 2026, ThornTree Capital Partners LP fully sold 2 positions (VEEVA SYS INC (VEEV), ALPHABET INC-CL A (GOOGL)); reduced holdings in ON HLDG AG (ONON), AFFIRM HLDGS INC (AFRM), INTUIT (INTU), MASTEC INC (MTZ), VIKING HOLDINGS LTD (VIK).
Which positions did ThornTree Capital Partners LP initiate in Q2 2026?
ThornTree Capital Partners LP established 5 new positions in Q2 2026: AMERICAN EXPRESS CO (AXP, 7.7%), NATERA INC (NTRA, 4.3%), LIONSGATE STUDIOS CORP (LION, 2.6%), RED ROCK RESORTS INC (RRR, 2.1%), STATE STR SPDR S&P 500 ETF T (SPY, 0.2%).
Which existing positions saw the largest allocation increases for ThornTree Capital Partners LP in Q2 2026?
Of 5 existing positions with share-count increases in Q2 2026, the largest were: ANALOG DEVICES INC (ADI, +4.0% weight, +119.6% shares), NU HLDGS LTD (NU, +1.2% weight, +62.2% shares), SHOPIFY INC (SHOP, +0.3% weight, +45.0% shares), LIBERTY MEDIA CORP DEL (FWONK, +0.1% weight, +17.8% shares), RALPH LAUREN CORP (RL, +0.3% weight, +15.3% shares).
Which positions did ThornTree Capital Partners LP fully exit in Q2 2026?
ThornTree Capital Partners LP fully exited 2 positions in Q2 2026: VEEVA SYS INC (VEEV, last-reported weight 3.0%), ALPHABET INC-CL A (GOOGL, last-reported weight 2.3%).
Which existing positions saw the largest allocation reductions for ThornTree Capital Partners LP in Q2 2026?
Of 5 existing positions with share-count reductions in Q2 2026, the largest were: ON HLDG AG (ONON, -4.0% weight, -44.1% shares), AFFIRM HLDGS INC (AFRM, -0.4% weight, -31.9% shares), INTUIT (INTU, -6.5% weight, -24.8% shares), MASTEC INC (MTZ, -1.4% weight, -22.1% shares), VIKING HOLDINGS LTD (VIK, -0.0% weight, -8.9% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.