ThornTree Capital Partners LP 13F: Quarter-over-Quarter Portfolio Changes
ThornTree Capital Partners LP reported a disclosed portfolio value of approximately $563.5 million in its latest SEC Form 13F-HR filing for Q1 2026, down 5.7% quarter on quarter. Over the quarter, the fund initiated 4 new positions, bought more shares in 7 holdings, trimmed 3 holdings, and exited 3 positions.
ThornTree Capital Partners LP's top buy was a new stake in Mastec INC (MTZ) , equal to 6.4% of the disclosed portfolio. Its top sell was Rocket Cos INC (RKT) . The fund exited the position completely after it had accounted for 7.2% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| MASTEC INC | MTZ | 6.4% | History → |
| SHOPIFY INC | SHOP | 4.5% | Holders → |
| ANALOG DEVICES INC | ADI | 3.6% | Holders → |
| VEEVA SYSTEMS | VEEV | 3.0% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| LIBERTY MEDIA CORP DEL | FWONK | +2.3% | +56.2% | History → |
| INTUIT | INTU | +0.2% | +46.9% | History → |
| ON HLDG AG | ONON | +0.5% | +38.9% | History → |
| NU HOLDINGS LTD | NU | +0.7% | +20.8% | History → |
| VIKING HOLDINGS LTD | VIK | +1.4% | +9.2% | History → |
| AFFIRM HLDGS INC | AFRM | +-2.8% | +8.7% | History → |
| RALPH LAUREN CORP | RL | +0.5% | +4.9% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ALPHABET CL A | GOOGL | -5.4% | 68.9% | Holders → |
| CIENA CORP | CIEN | 2.0% | 27.1% | History → |
| MERCADOLIBRE INC | MELI | -1.4% | 23.0% | Holders → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| ROCKET COS INC | RKT | 7.2% |
| DUOLINGO INC | DUOL | 5.4% |
| COSTAR GROUP INC | CSGP | 2.7% |
Net Portfolio Value ChangeQ1 2026
- $0.6BPrior quarter
- $0.6BCurrent quarter
- $-0.0BNet delta
- -5.7%% 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 Q1 2026?
In Q1 2026, ThornTree Capital Partners LP initiated 4 new positions (MASTEC INC (MTZ), SHOPIFY INC (SHOP), ANALOG DEVICES INC (ADI), VEEVA SYSTEMS (VEEV)); bought more shares of LIBERTY MEDIA CORP DEL (FWONK), INTUIT (INTU), ON HLDG AG (ONON), NU HOLDINGS LTD (NU), VIKING HOLDINGS LTD (VIK) — the largest 5 of 7 adds.
What stocks did ThornTree Capital Partners LP sell in Q1 2026?
In Q1 2026, ThornTree Capital Partners LP fully sold 3 positions (ROCKET COS INC (RKT), DUOLINGO INC (DUOL), COSTAR GROUP INC (CSGP)); reduced holdings in ALPHABET CL A (GOOGL), CIENA CORP (CIEN), MERCADOLIBRE INC (MELI).
Which positions did ThornTree Capital Partners LP initiate in Q1 2026?
ThornTree Capital Partners LP established 4 new positions in Q1 2026: MASTEC INC (MTZ, 6.4%), SHOPIFY INC (SHOP, 4.5%), ANALOG DEVICES INC (ADI, 3.6%), VEEVA SYSTEMS (VEEV, 3.0%).
Which existing positions saw the largest allocation increases for ThornTree Capital Partners LP in Q1 2026?
Of 7 existing positions with share-count increases in Q1 2026, the largest were: LIBERTY MEDIA CORP DEL (FWONK, +2.3% weight, +56.2% shares), INTUIT (INTU, +0.2% weight, +46.9% shares), ON HLDG AG (ONON, +0.5% weight, +38.9% shares), NU HOLDINGS LTD (NU, +0.7% weight, +20.8% shares), VIKING HOLDINGS LTD (VIK, +1.4% weight, +9.2% shares), AFFIRM HLDGS INC (AFRM, +-2.8% weight, +8.7% shares), RALPH LAUREN CORP (RL, +0.5% weight, +4.9% shares).
Which positions did ThornTree Capital Partners LP fully exit in Q1 2026?
ThornTree Capital Partners LP fully exited 3 positions in Q1 2026: ROCKET COS INC (RKT, last-reported weight 7.2%), DUOLINGO INC (DUOL, last-reported weight 5.4%), COSTAR GROUP INC (CSGP, last-reported weight 2.7%).
Which existing positions saw the largest allocation reductions for ThornTree Capital Partners LP in Q1 2026?
Of 3 existing positions with share-count reductions in Q1 2026, the largest were: ALPHABET CL A (GOOGL, -5.4% weight, -68.9% shares), CIENA CORP (CIEN, 2.0% weight, -27.1% shares), MERCADOLIBRE INC (MELI, -1.4% weight, -23.0% 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.