TB Capital Gestao de Recursos Ltda. 13F Filings Tracker & Analysis

ContrarianSector-focusedQuality / disciplined sizing

Total reported value

$163.5M

Reporting period: 2026-03-31 · Number of holdings: 17

TB Capital Gestao de Recursos Ltda. disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $163.5M and a quarterly turnover rate of 40.7%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 30.46
Portfolio Stability: 40.74
Momentum/Contrarian: 0
Sector conviction: 91.9
Diversification: 34
Sizing Uniformity: 94.4

Recent moves

Trim TSM
-69.3%　-$12.3M
Add BKNG
+79.3%　$5.1M
Trim ABNB
-14.1%　-$6.1M
Add NU
+77.9%　$4.4M
Trim ADBE
-20.5%　-$4.7M
Trim CPNG
-11.5%　-$3.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	14.88%	-3.25%	-14.06%
2	BKNG	Booking Holdings INC	Stock-Consumer Disc	10.84%	+3.35%	+79.33%
3	SAP	Sap Se-sponsored Adr	Stock-Tech	8.14%	+8.14%	NEW
4	APO	Apollo Global Management INC	Stock-Financials	8.00%	-0.78%	+15.36%
5	NU	Nu Holdings Ltd.	Stock-Financials	7.71%	+2.79%	+77.93%
6	DLO	DLocal Limited	Stock-Other	6.39%	-1.40%	-12.87%
7	MSFT	Microsoft CORP	Stock-Tech	6.34%	+0.81%	+46.09%
8	CPNG	Coupang INC	Stock-Consumer Disc	5.75%	-2.16%	-11.49%
9	META	Meta Platforms Inc-class A	Stock-Comm Services	4.77%	+0.75%	+33.56%
10	NVDA	Nvidia CORP	Stock-Tech	4.00%	+4.00%	NEW
11	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	3.89%	-7.21%	-69.26%
12	V	Visa Inc-class A Shares	Stock-Financials	3.79%	-0.13%	+9.38%
13	MA	Mastercard INC - A	Stock-Financials	3.77%	-0.03%	+10.46%
14	MELI 4.9 01-15-33	Mercadolibre INC	Stock-Consumer Disc	3.70%	+0.15%	+18.19%
15	ADBE	Adobe INC	Stock-Tech	3.52%	-2.69%	-20.46%
16	AMZN	Amazon.com INC	Stock-Consumer Disc	2.62%	-0.73%	-15.46%
17	GOOG	Alphabet Inc-cl C	Stock-Comm Services	1.88%	-1.62%	-42.76%

Portfolio Performance

Performance for Q3 2026

-3%

Performance Last 4 Quarters

-5.7%

Based on 86% of reported portfolio value with available pricing

Stdev: +17.1%
Beta: +0.71
Alpha: -17.7%
Max Drawdown: -14.2%
Annualized Perf: -6.2%
Batting Avg vs S&P: +27.3%
Sortino: -0.46
Stutzer: -0.09
Treynor: -0.07
Sterling: —
Calmar: -0.43
Information Ratio: -1.58
Tracking Error: +14.5%
Stdev Down: +11%
Winning Months %: +45.5%
Losing Months %: +54.5%
Best 12 Months: —
Worst 12 Months: —
Efficiency Ratio: +0.13
Sharpe: -0.3
Stdev Sectors: +11.9%
Skewness: +0.79
Kurtosis: -0.11
Upside Potential: +1.96

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	17	$163.5M	41	1ABNB 2BKNG 3SAP Top holdings2026-03-31 1.ABNB 2.BKNG 3.SAP 4.APO 5.NU 6.DLO 7.MSFT 8.CPNG 9.META 10.NVDA
2025-12-31	15	$167.7M	61	1ABNB 2TSM 3APO Top holdings2025-12-31 1.ABNB 2.TSM 3.APO 4.CPNG 5.DLO 6.BKNG 7.ADBE 8.MSFT 9.NU 10.META
2025-09-30	17	$130.1M	0	1TSM 2ABNB 3BKNG Top holdings2025-09-30 1.TSM 2.ABNB 3.BKNG 4.APO 5.DLO 6.CPNG 7.STNE 8.XPEV 9.NU 10.MA
2025-06-30	18	$115.3M	0	1TSM 2XPEV 3ABNB Top holdings2025-06-30 1.TSM 2.XPEV 3.ABNB 4.BKNG 5.STNE 6.APO 7.DLO 8.CPNG 9.MA 10.V

Holding changes this quarter

TB Capital Gestao de Recursos Ltda.'s most significant position changes for 2026-03-31: New buy: Sap Se-sponsored Adr (SAP); New buy: Nvidia CORP (NVDA); Trim: Taiwan Semiconductor-sp Adr (TSM) — shares -69.26%; Add: Booking Holdings INC (BKNG) — shares +79.33%; Trim: Airbnb Inc-class A (ABNB) — shares -14.06%.

Position changes disclosed by TB Capital Gestao de Recursos Ltda. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BKNG	Booking Holdings INC	+3.4%	+79.33%	Add
2	NU	Nu Holdings Ltd.	+2.8%	+77.93%	Add
3	MSFT	Microsoft CORP	+0.8%	+46.09%	Add
4	META	Meta Platforms Inc-class A	+0.8%	+33.56%	Add
5	MELI 4.9 01-15-33	Mercadolibre INC	+0.2%	+18.19%	Add
6	MA	Mastercard INC - A	0%	+10.46%	Add
7	V	Visa Inc-class A Shares	-0.1%	+9.38%	Add
8	AMZN	Amazon.com INC	-0.7%	-15.46%	Trim
9	APO	Apollo Global Management INC	-0.8%	+15.36%	Add
10	DLO	DLocal Limited	-1.4%	-12.87%	Trim
11	GOOG	Alphabet Inc-cl C	-1.6%	-42.76%	Trim
12	CPNG	Coupang INC	-2.2%	-11.49%	Trim
13	ADBE	Adobe INC	-2.7%	-20.46%	Trim
14	ABNB	Airbnb Inc-class A	-3.3%	-14.06%	Trim
15	TSM	Taiwan Semiconductor-sp Adr	-7.2%	-69.26%	Trim
16	SAP	Sap Se-sponsored Adr	—	NEW	New buy
17	NVDA	Nvidia CORP	—	NEW	New buy

FAQ

What is TB Capital Gestao de Recursos Ltda. and what type of investor is it?

TB Capital Gestao de Recursos Ltda. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $163.5M, spread across 17 disclosed positions.

What are TB Capital Gestao de Recursos Ltda.'s largest equity positions?

Based on the latest 13F filing, TB Capital Gestao de Recursos Ltda.'s top holdings by market value are: 1. Airbnb Inc-class A (ABNB) — $24.3M (14.9%) 2. Booking Holdings INC (BKNG) — $17.7M (10.8%) 3. Sap Se-sponsored Adr (SAP) — $13.3M (8.1%) 4. Apollo Global Management INC (APO) — $13.1M (8.0%) 5. Nu Holdings Ltd. (NU) — $12.6M (7.7%)

What changes did TB Capital Gestao de Recursos Ltda. make in its most recent portfolio filing?

In the latest reported quarter, TB Capital Gestao de Recursos Ltda. made 17 notable position adjustments: 2 new positions were initiated, 8 existing holdings were added to, 7 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Sap Se-sponsored Adr (SAP); New buy: Nvidia CORP (NVDA); Trim: Taiwan Semiconductor-sp Adr (TSM) — shares -69.26%; Add: Booking Holdings INC (BKNG) — shares +79.33%; Trim: Airbnb Inc-class A (ABNB) — shares -14.06%

What sectors does TB Capital Gestao de Recursos Ltda. focus on?

TB Capital Gestao de Recursos Ltda. is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 40.4% • Information Technology: 27.7% • Financials: 24.9% • Communication Services: 7.1%

Peer Institutions

Institutions with a similar AUM

International Private Wealth Advisors LLC

CIK 0002022637

Total reported value

$163.5M

152 stks

2026-03-31

Concentration7.5

Portfolio Stability22.1

Sector conviction58.1

AUM within 0.0% of this institution

View detail

North Fourth Asset Management, LP

CIK 0001715329

Total reported value

$163.5M

40 stks

2023-09-30

Stale — no recent filing

Concentration24.6

Portfolio Stability0.0

Sector conviction100.0

AUM within 0.0% of this institution

View detail

Basso Capital Management, L.p.

CIK 0001287978

Total reported value

$163.4M

137 stks

2026-03-31

Concentration31.9

Portfolio Stability20.3

Sector conviction100.0

AUM within 0.0% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Geo Capital Gestora de Recursos Ltd

CIK 0001766561

Total reported value

$48.4M

18 stks

2025-12-31

Stale — no recent filing

Concentration25.0

Portfolio Stability70.4

Sector conviction78.0

2 of the top 5 holdings overlap, including Booking Holdings INC

View detail

Abu Dhabi Investment Council Co P.J.S.C

CIK 0001814011

Total reported value

$974.8M

25 stks

2026-03-31

Concentration99.2

Portfolio Stability0.0

Sector conviction100.0

2 of the top 5 holdings overlap, including Nu Holdings Ltd.

View detail

Beck Mack & Oliver LLC

CIK 0000010742

Total reported value

$4.8B

195 stks

2026-03-31

Concentration12.3

Portfolio Stability26.7

Sector conviction56.3

1 of the top 5 holdings overlap, including Apollo Global Management INC

View detail

TB Capital Gestao de Recursos Ltda. 13F Filings Tracker & Analysis

ContrarianSector-focusedQuality / disciplined sizing

Total reported value

$163.5M

Reporting period: 2026-03-31 · Number of holdings: 17

TB Capital Gestao de Recursos Ltda. disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $163.5M and a quarterly turnover rate of 40.7%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 30.46
Portfolio Stability: 40.74
Momentum/Contrarian: 0
Sector conviction: 91.9
Diversification: 34
Sizing Uniformity: 94.4

Recent moves

Trim TSM
-69.3%　-$12.3M
Add BKNG
+79.3%　$5.1M
Trim ABNB
-14.1%　-$6.1M
Add NU
+77.9%　$4.4M
Trim ADBE
-20.5%　-$4.7M
Trim CPNG
-11.5%　-$3.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	14.88%	-3.25%	-14.06%
2	BKNG	Booking Holdings INC	Stock-Consumer Disc	10.84%	+3.35%	+79.33%
3	SAP	Sap Se-sponsored Adr	Stock-Tech	8.14%	+8.14%	NEW
4	APO	Apollo Global Management INC	Stock-Financials	8.00%	-0.78%	+15.36%
5	NU	Nu Holdings Ltd.	Stock-Financials	7.71%	+2.79%	+77.93%
6	DLO	DLocal Limited	Stock-Other	6.39%	-1.40%	-12.87%
7	MSFT	Microsoft CORP	Stock-Tech	6.34%	+0.81%	+46.09%
8	CPNG	Coupang INC	Stock-Consumer Disc	5.75%	-2.16%	-11.49%
9	META	Meta Platforms Inc-class A	Stock-Comm Services	4.77%	+0.75%	+33.56%
10	NVDA	Nvidia CORP	Stock-Tech	4.00%	+4.00%	NEW
11	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	3.89%	-7.21%	-69.26%
12	V	Visa Inc-class A Shares	Stock-Financials	3.79%	-0.13%	+9.38%
13	MA	Mastercard INC - A	Stock-Financials	3.77%	-0.03%	+10.46%
14	MELI 4.9 01-15-33	Mercadolibre INC	Stock-Consumer Disc	3.70%	+0.15%	+18.19%
15	ADBE	Adobe INC	Stock-Tech	3.52%	-2.69%	-20.46%
16	AMZN	Amazon.com INC	Stock-Consumer Disc	2.62%	-0.73%	-15.46%
17	GOOG	Alphabet Inc-cl C	Stock-Comm Services	1.88%	-1.62%	-42.76%

Portfolio Performance

Performance for Q3 2026

-3%

Performance Last 4 Quarters

-5.7%

Based on 86% of reported portfolio value with available pricing

Stdev: +17.1%
Beta: +0.71
Alpha: -17.7%
Max Drawdown: -14.2%
Annualized Perf: -6.2%
Batting Avg vs S&P: +27.3%
Sortino: -0.46
Stutzer: -0.09
Treynor: -0.07
Sterling: —
Calmar: -0.43
Information Ratio: -1.58
Tracking Error: +14.5%
Stdev Down: +11%
Winning Months %: +45.5%
Losing Months %: +54.5%
Best 12 Months: —
Worst 12 Months: —
Efficiency Ratio: +0.13
Sharpe: -0.3
Stdev Sectors: +11.9%
Skewness: +0.79
Kurtosis: -0.11
Upside Potential: +1.96

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	17	$163.5M	41	1ABNB 2BKNG 3SAP Top holdings2026-03-31 1.ABNB 2.BKNG 3.SAP 4.APO 5.NU 6.DLO 7.MSFT 8.CPNG 9.META 10.NVDA
2025-12-31	15	$167.7M	61	1ABNB 2TSM 3APO Top holdings2025-12-31 1.ABNB 2.TSM 3.APO 4.CPNG 5.DLO 6.BKNG 7.ADBE 8.MSFT 9.NU 10.META
2025-09-30	17	$130.1M	0	1TSM 2ABNB 3BKNG Top holdings2025-09-30 1.TSM 2.ABNB 3.BKNG 4.APO 5.DLO 6.CPNG 7.STNE 8.XPEV 9.NU 10.MA
2025-06-30	18	$115.3M	0	1TSM 2XPEV 3ABNB Top holdings2025-06-30 1.TSM 2.XPEV 3.ABNB 4.BKNG 5.STNE 6.APO 7.DLO 8.CPNG 9.MA 10.V

Holding changes this quarter

Position changes disclosed by TB Capital Gestao de Recursos Ltda. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BKNG	Booking Holdings INC	+3.4%	+79.33%	Add
2	NU	Nu Holdings Ltd.	+2.8%	+77.93%	Add
3	MSFT	Microsoft CORP	+0.8%	+46.09%	Add
4	META	Meta Platforms Inc-class A	+0.8%	+33.56%	Add
5	MELI 4.9 01-15-33	Mercadolibre INC	+0.2%	+18.19%	Add
6	MA	Mastercard INC - A	0%	+10.46%	Add
7	V	Visa Inc-class A Shares	-0.1%	+9.38%	Add
8	AMZN	Amazon.com INC	-0.7%	-15.46%	Trim
9	APO	Apollo Global Management INC	-0.8%	+15.36%	Add
10	DLO	DLocal Limited	-1.4%	-12.87%	Trim
11	GOOG	Alphabet Inc-cl C	-1.6%	-42.76%	Trim
12	CPNG	Coupang INC	-2.2%	-11.49%	Trim
13	ADBE	Adobe INC	-2.7%	-20.46%	Trim
14	ABNB	Airbnb Inc-class A	-3.3%	-14.06%	Trim
15	TSM	Taiwan Semiconductor-sp Adr	-7.2%	-69.26%	Trim
16	SAP	Sap Se-sponsored Adr	—	NEW	New buy
17	NVDA	Nvidia CORP	—	NEW	New buy