Managers / Q1 2026
TB Capital Gestao de Recursos Ltda.
CIK 0002077092 · AVENIDA ATAULFO DE PAIVA, 1079/708, RIO DE JANEIRO, 22440-034 · 55213082 3861
Summary
Tb Capital Gestao De Recursos Ltda. reported $163M in U.S.-listed holdings across 17 positions for Q1 2026.
Its largest position, ABNB, represents 14.9% of the portfolio.
Compared with Q4 2025, the fund opened 2 new positions and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 70.2% · $115M
- Other · 14.1% · $23M
- ADR · 12.0% · $20M
- GLOBAL · 3.7% · $6M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SAPSAP SE | NEW | +77.7K | 77.7K | +$13M | $13M |
| NVDANVIDIA CORPORATION | NEW | +37.5K | 37.5K | +$7M | $7M |
| BKNGBOOKING HOLDINGS INC | ADDED | +1.9K | 4.2K | +$5M | $18M |
| NU HLDGS LTD | ADDED | +384.3K | 877.4K | +$4M | $13M |
| TSMTAIWAN SEMICONDUCTOR MFG LTD | TRIMMED | −42.4K | 18.8K | −$12M | $6M |
| MSFTMICROSOFT CORP | ADDED | +8.8K | 28.0K | +$1M | $10M |
| GOOGALPHABET INC | TRIMMED | −8.0K | 10.7K | −$3M | $3M |
| METAMETA PLATFORMS INC | ADDED | +3.4K | 13.6K | +$1M | $8M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ABNBAIRBNB INChistory → | COM CL A | 14.88% | $24M | 192.6K |
| 2 | BKNGBOOKING HOLDINGS INChistory → | COM | 10.84% | $18M | 4.2K |
| 3 | SAPSAP SEhistory → | SPON ADR | 8.14% | $13M | 77.7K |
| 4 | APOAPOLLO GLOBAL MGMT INChistory → | COM | 8.00% | $13M | 117.4K |
| 5 | NU HLDGS LTD | ORD SHS CL A | 7.71% | $13M | 877.4K |
| 6 | DLOCAL LTD | CLASS A COM | 6.39% | $10M | 804.9K |
| 7 | MSFTMICROSOFT CORPhistory → | COM | 6.34% | $10M | 28.0K |
| 8 | CPNGCOUPANG INChistory → | CL A | 5.75% | $9M | 497.6K |
| 9 | METAMETA PLATFORMS INChistory → | CL A | 4.77% | $8M | 13.6K |
| 10 | NVDANVIDIA CORPORATIONhistory → | COM | 4.00% | $7M | 37.5K |
| 11 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 3.89% | $6M | 18.8K |
| 12 | VVISA INChistory → | COM CL A | 3.79% | $6M | 20.5K |
| 13 | MAMASTERCARD INCORPORATEDhistory → | CL A | 3.77% | $6M | 12.3K |
| 14 | MERCADOLIBRE INC | COM | 3.70% | $6M | 3.5K |
| 15 | ADBEADOBE INChistory → | COM | 3.52% | $6M | 23.7K |
| 16 | AMZNAMAZON COM INChistory → | COM | 2.62% | $4M | 20.6K |
| 17 | GOOGALPHABET INChistory → | CAP STK CL C | 1.88% | $3M | 10.7K |
Filing History
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.