14B Captial Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), 14B Captial Management LP reported 12 stock positions worth $240.1 million. Its top holding was SHIFT4 Payments Class A (FOUR) at 17.9% of the portfolio, followed by Mastercard Class A (MA, 13.2%) and Visa Class A (V, 12.1%). Compared with Q4 2024, it opened 2 new positions, added to 6 and reduced 4. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale Visa Class A (V, shares −35%).
- Most Recent 13F
- Q4 2025
- Location
- LA JOLLA, CA
- CIK
- 0002009911
- Portfolio Value
- $240.1M (Q1 2025)
- SEC Filing
- 0002009911-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 12 stocks · $240.1M
| FOUR SHIFT4 Payments Inc. Class A | 17.87% | 525,000 | $42.9M | Add +8.0% |
| MA Mastercard Inc. Class A | 13.24% | 58,000 | $31.8M | Reduce -24.7% |
| V Visa Inc. Class A | 12.12% | 83,000 | $29.1M | Reduce -34.6% |
| CCOI Cogent Communications Holdin | 11.44% | 448,000 | $27.5M | Add +77.8% |
| PINS Pinterest Inc. Class A | 9.63% | 746,000 | $23.1M | Add +2.3% |
| DFS Discover Financial Services | 8.96% | 126,000 | $21.5M | Add +34.0% |
| BANCOLOMBIA S.A.-SPONS ADR | 6.21% | 371,000 | $14.9M | Reduce -13.7% |
| STNE Stoneco Ltd. Class A | 5.67% | 1,299,000 | $13.6M | Add +23.8% |
| PAGS Pagseguro Digital Ltd. Class A | 4.37% | 1,375,000 | $10.5M | Reduce -17.9% |
| BABA Alibaba Group Holding-SP ADR | 4.13% | 75,000 | $9.9M | New |
| META Meta Platforms Inc. Class A | 3.94% | 16,400 | $9.5M | Add +1.9% |
| PDD PDD Holdings Inc. | 2.42% | 49,000 | $5.8M | New |
Portfolio Sells Q4 2024 → Q1 2025
| V Visa Inc. Class A | Reduce -34.6% | 12.12% | −5.35 |
| MA Mastercard Inc. Class A | Reduce -24.7% | 13.24% | −4.40 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -17.9% | 4.37% | −0.19 |
| BANCOLOMBIA S.A.-SPONS ADR | Reduce -13.7% | 6.21% | +0.32 |
Portfolio Buys Q4 2024 → Q1 2025
| BABA Alibaba Group Holding-SP ADR | New | 4.13% | +4.13 |
| CCOI Cogent Communications Holdin | Add +77.8% | 11.44% | +2.99 |
| PDD PDD Holdings Inc. | New | 2.42% | +2.42 |
| STNE Stoneco Ltd. Class A | Add +23.8% | 5.67% | +2.03 |
| DFS Discover Financial Services | Add +34.0% | 8.96% | +1.87 |
| PINS Pinterest Inc. Class A | Add +2.3% | 9.63% | +0.43 |
| META Meta Platforms Inc. Class A | Add +1.9% | 3.94% | −0.17 |
| FOUR SHIFT4 Payments Inc. Class A | Add +8.0% | 17.87% | −4.08 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 18 | $124.4M | MA, V, FOUR, STNE, PAGS |
| Q3 2025 | 10 | $170.9M | FOUR, MA, V, CHTR, STNE |
| Q2 2025 | 11 | $243.4M | FOUR, MA, V, CCOI, CHTR |
| Q1 2025 | 12 | $240.1M | FOUR, MA, V, CCOI, PINS |
| Q4 2024 | 10 | $229.8M | FOUR, MA, V, PINS, CCOI |
| Q3 2024 | 10 | $223.1M | FOUR, MA, V, DFS, CCOI |
| Q2 2024 | 10 | $214.0M | FOUR, MA, V, META, DFS |
| Q1 2024 | 10 | $211.9M | MA, V, FOUR, META, PAGS |