ThornTree Capital Partners LP Quant / Systematic

Location: Boston, MA

CIK: 0001688511 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 14, 2026

Total Value: $731M (100.0% shares, 0.0% debt)

Holdings (19)

New Positions (5)

AXP AMERICAN EXPRESS CO 7.7%

Value $56.41M Shares 166,784 Est. Cost — Unrealized —

NTRA NATERA INC 4.3%

Value $31.49M Shares 116,021 Est. Cost — Unrealized —

LION LIONSGATE STUDIOS CORP 2.6%

Value $19.09M Shares 1,246,584 Est. Cost — Unrealized —

RRR RED ROCK RESORTS INC 2.1%

Value $15.48M Shares 237,896 Est. Cost — Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.2%

Value $1.793M Shares 2,401 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXP	AMERICAN EXPRESS CO	166,784	$56.41M	7.7%	—	—	COM	025816109
NTRA	NATERA INC	116,021	$31.49M	4.3%	—	—	COM	632307104
LION	LIONSGATE STUDIOS CORP	1,246,584	$19.09M	2.6%	—	—	COM	53626N102
RRR	RED ROCK RESORTS INC	237,896	$15.48M	2.1%	—	—	CL A	75700L108
SPY	STATE STR SPDR S&P 500 ETF T	2,401	$1.793M	0.2%	—	—	TR UNIT	78462F103

Increased Positions (5)

ADI ANALOG DEVICES INC 7.6%

Value $55.5M (+174.1%) Shares 139,751 (+119.6%) Est. Cost — Unrealized —

NU NU HLDGS LTD 8.4%

Value $61.25M (+50.8%) Shares 4,584,775 (+62.2%) Est. Cost — Unrealized —

RL RALPH LAUREN CORP 7.4%

Value $54.41M (+34.6%) Shares 135,557 (+15.3%) Est. Cost — Unrealized —

FWONK LIBERTY MEDIA CORP DEL 7.9%

Value $57.54M (+31.8%) Shares 604,763 (+17.8%) Est. Cost — Unrealized —

SHOP SHOPIFY INC 4.8%

Value $35.07M (+39.6%) Shares 307,137 (+45.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADI	ANALOG DEVICES INC	139,751 (+119.6%)	$55.5M (+174.1%)	7.6%	—	—	COM	032654105
NU	NU HLDGS LTD	4,584,775 (+62.2%)	$61.25M (+50.8%)	8.4%	—	—	ORD SHS CL A	G6683N103
RL	RALPH LAUREN CORP	135,557 (+15.3%)	$54.41M (+34.6%)	7.4%	—	—	CL A	751212101
FWONK	LIBERTY MEDIA CORP DEL	604,763 (+17.8%)	$57.54M (+31.8%)	7.9%	—	—	COM LBTY ONE S C	531229755
SHOP	SHOPIFY INC	307,137 (+45.0%)	$35.07M (+39.6%)	4.8%	—	—	CL A SUB VTG SHS	82509L107

Exited Positions (2)

VEEV VEEVA SYS INC 2.3%

Value $17.08M Shares 97,238 Est. Cost — Unrealized —

GOOGL ALPHABET INC 1.8%

Value $13.12M Shares 45,628 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VEEV	VEEVA SYS INC	97,238	$17.08M	2.3%	—	—	—	922475108
GOOGL	ALPHABET INC	45,628	$13.12M	1.8%	—	—	—	02079K305

Decreased Positions (5)

INTU INTUIT 3.5%

Value $25.74M (-54.6%) Shares 98,636 (-24.8%) Est. Cost — Unrealized —

ONON ON HLDG AG 3.2%

Value $23.69M (-41.8%) Shares 668,771 (-44.1%) Est. Cost — Unrealized —

VIK VIKING HOLDINGS LTD 8.8%

Value $64.55M (+29.7%) Shares 616,700 (-8.9%) Est. Cost — Unrealized —

AFRM AFFIRM HLDGS INC 6.3%

Value $46.36M (+21.3%) Shares 568,524 (-31.9%) Est. Cost — Unrealized —

MTZ MASTEC INC 5.0%

Value $36.54M (+0.7%) Shares 87,828 (-22.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	98,636 (-24.8%)	$25.74M (-54.6%)	3.5%	—	—	COM	461202103
ONON	ON HLDG AG	668,771 (-44.1%)	$23.69M (-41.8%)	3.2%	—	—	NAMEN AKT A	H5919C104
VIK	VIKING HOLDINGS LTD	616,700 (-8.9%)	$64.55M (+29.7%)	8.8%	—	—	ORD SHS	G93A5A101
AFRM	AFFIRM HLDGS INC	568,524 (-31.9%)	$46.36M (+21.3%)	6.3%	—	—	COM CL A	00827B106
MTZ	MASTEC INC	87,828 (-22.1%)	$36.54M (+0.7%)	5.0%	—	—	COM	576323109

Unchanged Positions (4)

CIEN CIENA CORP 8.7%

Value $63.91M Shares 130,272 Est. Cost — Unrealized —

NFLX NETFLIX INC. 2.9%

Value $21.48M Shares 300,810 Est. Cost — Unrealized —

META META PLATFORMS INC 5.9%

Value $42.96M Shares 76,272 Est. Cost — Unrealized —

MELI MERCADOLIBRE INC 2.5%

Value $18.06M Shares 10,642 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CIEN	CIENA CORP	130,272	$63.91M	8.7%	—	—	COM NEW	171779309
NFLX	NETFLIX INC.	300,810	$21.48M	2.9%	—	—	COM	64110L106
META	META PLATFORMS INC	76,272	$42.96M	5.9%	—	—	CL A	30303M102
MELI	MERCADOLIBRE INC	10,642	$18.06M	2.5%	—	—	COM	58733R102