ThornTree Capital Partners LP Quant / Systematic

CIK: 0001688511 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $597,901 (100.0% shares, 0.0% debt)

Holdings (15)

New Positions (1)

DUOL DUOLINGO INC 5.4%

Value ($000) $32,444 Shares 184,867 Est. Cost $235.64 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DUOL	DUOLINGO INC	184,867	$32,444	5.4%	$235.64	0.0%	CL A COM	26603R106

Increased Positions (7)

AFRM AFFIRM HLDGS INC 9.6%

Value ($000) $57,144 (+88.1%) Shares 767,754 (+84.7%) Est. Cost $50.37 Unrealized +42.9%

ONON ON HLDG AG 6.7%

Value ($000) $40,066 (+63.4%) Shares 862,010 (+48.9%) Est. Cost $38.97 Unrealized +10.6%

GOOGL ALPHABET INC 7.7%

Value ($000) $45,956 (+43.0%) Shares 146,825 (+11.1%) Est. Cost $216.82 Unrealized +31.7%

NFLX NETFLIX INC 4.7%

Value ($000) $28,204 (-21.8%) Shares 300,810 (+900.0%) Est. Cost $100.90 Unrealized +6.8%

INTU INTUIT 9.9%

Value ($000) $59,155 (+10.9%) Shares 89,302 (+14.3%) Est. Cost $645.03 Unrealized +2.4%

RKT ROCKET COS INC 7.2%

Value ($000) $43,205 (+2.5%) Shares 2,231,659 (+2.6%) Est. Cost $17.45 Unrealized +2.5%

MELI MERCADOLIBRE INC 4.7%

Value ($000) $27,849 (-1.3%) Shares 13,826 (+14.5%) Est. Cost $1402.75 Unrealized +49.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AFRM	AFFIRM HLDGS INC	767,754 (+84.7%)	$57,144 (+88.1%)	9.6%	$50.37	+42.9%	COM CL A	00827B106
ONON	ON HLDG AG	862,010 (+48.9%)	$40,066 (+63.4%)	6.7%	$38.97	+10.6%	NAMEN AKT A	H5919C104
GOOGL	ALPHABET INC	146,825 (+11.1%)	$45,956 (+43.0%)	7.7%	$216.82	+31.7%	CAP STK CL A	02079K305
NFLX	NETFLIX INC	300,810 (+900.0%)	$28,204 (-21.8%)	4.7%	$100.90	+6.8%	COM	64110L106
INTU	INTUIT	89,302 (+14.3%)	$59,155 (+10.9%)	9.9%	$645.03	+2.4%	COM	461202103
RKT	ROCKET COS INC	2,231,659 (+2.6%)	$43,205 (+2.5%)	7.2%	$17.45	+2.5%	COM CL A	77311W101
MELI	MERCADOLIBRE INC	13,826 (+14.5%)	$27,849 (-1.3%)	4.7%	$1402.75	+49.7%	COM	58733R102

Exited Positions (4)

CFLT CONFLUENT INC 5.8%

Value ($000) $34,666 Shares 1,750,817 Est. Cost $25.92 Unrealized -5.3%

DKS DICKS SPORTING GOODS INC 5.6%

Value ($000) $33,628 Shares 151,329 Est. Cost $182.31 Unrealized +19.1%

TDS TELEPHONE & DATA SYS INC 3.5%

Value ($000) $20,864 Shares 531,692 Est. Cost $38.48 Unrealized +1.2%

FERG FERGUSON ENTERPRISES INC 2.6%

Value ($000) $15,349 Shares 68,344 Est. Cost $188.96 Unrealized +25.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CFLT	CONFLUENT INC	1,750,817	$34,666	5.8%	$25.92	-5.3%	—	20717M103
DKS	DICKS SPORTING GOODS INC	151,329	$33,628	5.6%	$182.31	+19.1%	—	253393102
TDS	TELEPHONE & DATA SYS INC	531,692	$20,864	3.5%	$38.48	+1.2%	—	879433829
FERG	FERGUSON ENTERPRISES INC	68,344	$15,349	2.6%	$188.96	+25.9%	—	31488V107

Decreased Positions (4)

CSGP COSTAR GROUP INC 2.7%

Value ($000) $16,274 (-62.2%) Shares 242,032 (-52.6%) Est. Cost $76.07 Unrealized -6.9%

CIEN CIENA CORP 7.0%

Value ($000) $41,783 (-15.4%) Shares 178,657 (-47.3%) Est. Cost $53.06 Unrealized +265.6%

NU NU HLDGS LTD 6.6%

Value ($000) $39,185 (-10.2%) Shares 2,340,774 (-14.1%) Est. Cost $6.50 Unrealized +147.4%

RL RALPH LAUREN CORP 6.6%

Value ($000) $39,623 (+6.8%) Shares 112,052 (-5.3%) Est. Cost $245.07 Unrealized +38.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	242,032 (-52.6%)	$16,274 (-62.2%)	2.7%	$76.07	-6.9%	COM	22160N109
CIEN	CIENA CORP	178,657 (-47.3%)	$41,783 (-15.4%)	7.0%	$53.06	+265.6%	COM NEW	171779309
NU	NU HLDGS LTD	2,340,774 (-14.1%)	$39,185 (-10.2%)	6.6%	$6.50	+147.4%	ORD SHS CL A	G6683N103
RL	RALPH LAUREN CORP	112,052 (-5.3%)	$39,623 (+6.8%)	6.6%	$245.07	+38.7%	CL A	751212101

Unchanged Positions (3)

VIK VIKING HOLDINGS LTD 7.4%

Value ($000) $44,274 Shares 619,995 Est. Cost $30.88 Unrealized +106.6%

META META PLATFORMS INC 8.4%

Value ($000) $50,346 Shares 76,272 Est. Cost $196.22 Unrealized +240.1%

FWONK LIBERTY MEDIA CORP DEL 5.4%

Value ($000) $32,393 Shares 328,829 Est. Cost $70.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIK	VIKING HOLDINGS LTD	619,995	$44,274	7.4%	$30.88	+106.6%	ORD SHS	G93A5A101
META	META PLATFORMS INC	76,272	$50,346	8.4%	$196.22	+240.1%	CL A	30303M102
FWONK	LIBERTY MEDIA CORP DEL	328,829	$32,393	5.4%	$70.41	—	COM LBTY ONE S C	531229755