ThornTree Capital Partners LP

Hedge Fund • Long/Short

ThornTree Capital Partners LP is a Long/Short Hedge Fund based in Boston, MA led by Mark Christopher Moore, reporting $1.1B in AUM as of Q3 2025 with 66% concentrated in top 10 holdings.

CIOMark Christopher Moore

Portfolio Value: $653.4M
Positions: 18
Top Holding: META at 8.57%
Last Reported: Q3 2025

Address800 Boylston Street,, Suite 1520, Boston, MA, 02199-8182, United States

Top Holdings

Largest long holdings in ThornTree Capital Partners LP's portfolio (66.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$56.0M	8.57%	—	0.00% 76.3K shares	Q2 2020 Held for 5y 5m
2 Intuit INTU	Software - Application Technology	$53.3M	8.16%	+$19.8M Bought	0.03% 78.1K shares	Q1 2025 Held for 8 months
3 Ciena CIEN	Communication Equipment Technology	$49.4M	7.56%	-$5.8M Sold	0.24% 339.1K shares	Q3 2024 Held for 1y 2m
4 Nu Holdings NU	Banks - Diversified Financial Services	$43.6M	6.68%	-$1.4M Sold	0.06% 2.7M shares	Q1 2023 Held for 2y 8m
5 CoStar Group CSGP	Real Estate - Services Real Estate	$43.0M	6.59%	-$194.6K Sold	0.12% 510.2K shares	Q4 2024 Held for 11 months
6 Rocket Companies RKT	Financial - Mortgages Financial Services	$42.1M	6.45%	+$42.1M New	0.10% 2.2M shares	Q3 2025 Held for 2 months
7 Viking Holdings VIK	Travel Services Consumer Cyclical	$38.5M	5.90%	-$10.3M Sold	0.14% 620.0K shares	Q2 2024 Held for 1y 5m
8 Ralph Lauren RL	Apparel - Manufacturers Consumer Cyclical	$37.1M	5.68%	+$257.1K Bought	0.20% 118.3K shares	Q1 2025 Held for 8 months
9 Netflix NFLX	Entertainment Communication Services	$36.1M	5.52%	—	0.01% 30.1K shares	Q3 2022 Held for 3y 2m
10 Confluent CFLT	Software - Infrastructure Technology	$34.7M	5.31%	+$10.8M Bought	0.51% 1.8M shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in ThornTree Capital Partners LP's latest filing

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Market Value

$653.4M

Prior: $600.6M

Q/Q Change

+8.78%

+$52.7M

Net Flows % of MV

+3.55%

Turnover Ratio

19.33%

New Purchases

3 stocks

$95.1M

Added To

5 stocks

+$42.8M

Sold Out Of

2 stocks

$58.6M

Reduced Holdings

8 stocks

-$56.1M

Increased Positions

Position	Shares Δ	Change
1 Rocket Companies RKT	New	0 → 2.2M +$42.1M
2 Alphabet Inc. GOOGL	New	0 → 132.2K +$32.1M
3 Telephone and Data Systems TDS	New	0 → 531.7K +$20.9M
4 Intuit INTU	+59.12%	49.1K → 78.1K +$19.8M
5 On Holding ONON	+53.93%	376.2K → 579.0K +$8.6M

Decreased Positions

Position	Shares Δ	Change
1 CarMax KMX	Sold	606.9K → 0 −$40.8M
2 Tesla, Inc. TSLA	Sold	55.9K → 0 −$17.8M
3 Ferguson Enterprises FERG	-53.97%	148.5K → 68.3K −$18.0M
4 Affirm Holdings, Inc. AFRM	-29.69%	591.1K → 415.6K −$12.8M
5 Viking Holdings VIK	-21.11%	785.9K → 620.0K −$10.3M