CIK: 0002077092
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%.
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TB Capital Gestao de Recursos Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.076 — mathematically equivalent to about 13 equally-sized positions, close to its 17 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.56), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
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
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 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% |
Performance for Q3 2026
-3%
Performance Last 4 Quarters
-5.7%
Based on 86% of reported portfolio value with available pricing
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%.
| # | 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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
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