Overview
ThornTree Capital Partners LP (“ThornTree”), a Delaware limited partnership, provides
discretionary investment management services to several pooled investment vehicles (“private fund
clients” or “Clients”). Formed in November 2015, ThornTree is wholly owned and controlled by
Mark C. Moore and his affiliated estate planning entities and trusts. Mr. Moore is the founder,
Managing Partner and Chief Investment Officer of ThornTree (“Founder” or “Managing Partner”).
Our investment objective is to generate strong risk-adjusted returns over the course of various
market cycles through a concentrated portfolio consisting of global public long/short and private
equity investments. In carrying out our investment strategy, we typically take positions in listed
equities, ADRs and GDRs, as well as contracts for differences and total return swaps on the
foregoing. We also trade instruments listed on both U.S. and non-U.S. exchanges and at times may
trade U.S. and non-U.S. currencies for hedging purposes as well as other securities for cash
management purposes. We also may invest a portion of our private fund client assets in private
companies (“Private Investments”). Such Private Investments are expected to be comprised
substantially of equity investments in early stage, business growth opportunities.
Additional
information about ThornTree investment strategies and associated risks can be found in greater
detail below in Item 8, Methods of Analysis, Investment Strategies and Risk of Loss.
The investment activities of ThornTree are led by Mr. Moore, who also oversees the implementation
of the investment strategy and various portfolio and risk management matters. In providing services
to the private fund clients, among other things, ThornTree manages assets in accordance with the
terms of the applicable governing documents. ThornTree provides investment advice directly to
the private fund clients and not individually to a Client’s limited partners, shareholders, or fund
investors (collectively “Fund Investors”). Investment restrictions for the private fund clients are
generally established in the applicable governing document such as a limited partnership agreement
or private placement memorandum (collectively “Fund Governing Documents”). An affiliate of
our firm controlled by Mr. Moore, ThornTree Capital GP LLC (the “General Partner”), a Delaware
limited liability company, serves as the general partner to the private fund clients.
As of December 31, 2023, ThornTree had regulatory assets under management of approximately
$752,295,521, all of which are managed on a discretionary basis.