A partnership committed to long-term compounding returns

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A partnership committed to long-term compounding returns

 
 

We are explorers and anthropologists in global pursuit of unparalleled investment opportunities for our partners.

ThornTree Capital (TTC) is a Boston-based investment firm founded in 2016 by industry veteran Mark Moore. We are a fundamental long-short public equity manager that aims to deliver meaningful stock specific returns across multi-year time frames.  

Our investment lens is global and sector-agnostic, focusing keenly on areas where shifting consumer trends, technological innovations, and competitive dynamics create waves of structural transformation.

In an increasingly complex world, we aspire to earn the trust and loyalty of our investors through:

  • Diligent stewardship of capital ensuring both protection and growth

  • Stock specific return generation long and short

  • Active thought leadership in industry ecosystems of study

  • Transparency in investment diligence

Our Values

We are stewards of our partners’ capital first and foremost. We target world class compounding while protecting partner capital.

Our Values

We believe that great investments start from unbound creativity that is refined through rigorous process.

Our Values

We require deep diligence to create clarity and simplicity in otherwise complex markets.

Our Values

We foster an environment with candid feedback and engaged debate to ensure that investments reflect our best ideas.

Our Values

We encourage and reward transparency and authenticity in our work and relationships.

Our Values

We are more than value identifiers; we are value creators and invest with operator and consumer advocacy in mind.

Our Values

We value a learning mindset in combination with tenacity, energy, and endurance.

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We evaluate businesses through the lens of a consumer with a focus on how they spend their time and money in a rapidly evolving world

We believe that companies and their ecosystems are organic in nature, which drives change and opportunity for investors. We study industry ecosystems to identify with winners and losers of evolving competitive dynamics.

Our investment process centers around three core pillars:

  • The creation of unique consumer surplus

  • A management culture and resource allocation strategy aligned to meet evolving demand

  • Grounded valuation supported by reasonable assumptions and sound judgement

 Meet the Team

Mark Moore

  • Mark is the Managing Partner and Founder of ThornTree Capital Partners. Mark has 22 Years of investment experience. Prior to launching ThornTree, Mark was a Senior Partner at Bain Capital Public Equity where he led a variety of consumer, technology, and emerging markets portfolios for Bain's global long-short fund, Brookside Capital. Over his 15 years at Bain Capital, Mark developed deep expertise across global markets including Asia, Western Europe and Latin America. Prior to Bain Capital, Mark was a management consultant for McKinsey & Company. Mark is a member of the Board of Trustees of the National Geographic Society and has served as a board member for various companies in Asia and Brazil. Mark graduated from the University of Michigan with a degree in Engineering and earned his MBA from Harvard Business School, with honors.

Philip Giampietro

  • Philip is a Senior Partner at ThornTree Capital Partners. Phil has 16 years of investment experience. Prior to ThornTree, Phil was the President and CEO of Walden Local, Inc. a direct-to-consumer grocery business that he grew over 7x in under five years. Prior to Walden, Phil led the internet, consumer technologies and communications sectors at Bain Capital Public Equity. Prior to Bain Capital, Phil worked in private equity at Berkshire Partners and as an Investment Associate at the launch of Stockbridge, Berkshire's Public Equity Fund. Phil started his career at McKinsey & Company. Phil graduated from the University of Virginia with a BS in Commerce and earned his MBA as a Baker Scholar from Harvard Business School.

Christopher Baker

  • Chris is a Principal at ThornTree Capital Partners. Prior to ThornTree, Chris was a Principal within the Principal Investor and Private Equity (PIPE) group at The Boston Consulting Group. Prior to BCG, Chris worked as an Investment Analyst for Stadium Capital Management, a small and micro-cap public equity manager. Chris started his career at the US Department of Justice (Antitrust Division) as a Paralegal Specialist. Chris graduated with distinction from Stanford University with a degree in Public Policy Analysis and earned his MBA from Northwestern University.

 

Nick Kordonowy, CFA

  • Nick is an Analyst at ThornTree Capital Partners. Prior to joining ThornTree, Nick was an investor at The Ferrante Group, a single-family office, where he focused on public equities, private equity, venture capital, digital assets, and portfolio management. Prior to The Ferrante Group, he spent five years in the investment banking industry at J.P. Morgan. Nick earned a BS in Chemistry-Engineering from Washington & Lee University as a Johnson Scholar and an MBA from the University of Virginia as a Darden Foundation Scholar. He is a CFA Charterholder, CFA Institute.

Nick Sertl

  • Nick is an Analyst at ThornTree Capital Partners. Prior to ThornTree, Nick was a Senior Associate on the investment team at Harvard Management Company. At Harvard, Nick was focused on investments across public equity, private equity, venture capital, and real estate. Nick graduated from Harvard College with a degree in Statistics.

Kevin Johnson

  • Kevin is the Head of Capital Markets at ThornTree Capital Partners. Prior to joining ThornTree, Kevin was Head Derivatives Trader at Highfields Capital Management. Prior to Highfields, Kevin was a Derivatives Trader at Balyasny Asset Management. He started his career as a Sales and Trading Associate at Bernstein. Kevin attended Georgetown University, where he graduated with a BS in Business Administration, Finance and Economics.

 

Dave Curtiss, CFA

  • Dave is Head of Investor Relations at ThornTree Capital Partners. Prior to joining ThornTree, Dave was Director of Marketing at Endeavour Capital Advisors, a financial services focused equity long-short manager. Prior to Endeavour, Dave was a Partner and Director of Client Service at Bogle Investment Management, a market neutral equity manager. Prior to Bogle, Dave was Head of Marketing at Crosswind Investments, a multi-manager boutique that spun out of Cowen. Dave earned a BS from the University of Connecticut and is a CFA Charterholder, CFA Institute.

Jay Scollins

  • Jay is the CFO and CCO at ThornTree Capital Partners. Prior to joining ThornTree, Jay was the CFO and COO at Cormorant Asset Management, a biotech focused investment firm managing multiple public and private equity funds. Prior to Cormorant, Jay was the CFO at RRH Capital, a small-cap value focused equity long-short manager. Earlier in his career, Jay was a Finance Director at Sankaty Advisors (Bain Capital’s Fixed Income Affiliate) and an Audit Supervisor at Ernst & Young. Jay earned a BBA in Accountancy from the University of Notre Dame and a MS in Finance from Boston College.

Laura Spillane

  • Laura Spillane is Senior Executive Coordinator and Office Manager at ThornTree Capital Partners. Prior to joining ThornTree, Laura was a teacher focused on early childhood education. Prior to teaching, Laura was an entrepreneur and founded a small business in the retail sector. Laura earned a BA in Education from St. Nicholas College in Dublin.