TB Capital Gestao de Recursos Ltda.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), TB Capital Gestao de Recursos Ltda. reported 17 stock positions worth $130.1 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 17.7% of the portfolio, followed by Airbnb Class A (ABNB, 12.5%) and Booking (BKNG, 10.0%). Compared with Q2 2025, it sold out of 1, added to 13 and reduced 4. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +487%) and the biggest sale XP Class A (XP, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- Rio de Janeiro, D5
- CIK
- 0002077092
- Portfolio Value
- $130.1M (Q3 2025)
- SEC Filing
- 0001213900-25-110461 ↗ filed Nov 14, 2025
Holdings Value
Holdings 17 stocks · $130.1M
| TSM Taiwan Semiconductor-SP ADR | 17.73% | 82,585 | $23.1M | Reduce -6.3% |
| ABNB Airbnb Inc. Class A | 12.53% | 134,226 | $16.3M | Add +57.4% |
| BKNG Booking Holdings Inc. | 10.03% | 2,417 | $13.1M | Add +25.2% |
| APO Apollo Global Management Inc. | 9.76% | 95,253 | $12.7M | Add +46.0% |
| DLO Dlocal Ltd. | 7.97% | 725,713 | $10.4M | Add +13.2% |
| CPNG Coupang Inc. | 7.19% | 290,390 | $9.4M | Add +22.3% |
| STNE Stoneco Ltd. Class A | 7.06% | 485,757 | $9.2M | Reduce -29.0% |
| XP XP Inc. Class A | 6.91% | 478,740 | $9.0M | Reduce -47.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 4.31% | 350,034 | $5.6M | Add +486.8% |
| MA Mastercard Inc. Class A | 3.59% | 8,203 | $4.7M | Add +3.1% |
| V Visa Inc. Class A | 2.85% | 10,874 | $3.7M | Add +36.4% |
| META Meta Platforms Inc. Class A | 2.03% | 3,599 | $2.6M | Add +56.8% |
| GOOG Alphabet Inc. Class C | 1.84% | 9,829 | $2.4M | Reduce -24.8% |
| MSFT Microsoft Corp. | 1.83% | 4,602 | $2.4M | Add +18.7% |
| AMZN Amazon.com Inc. | 1.76% | 10,421 | $2.3M | Add +58.7% |
| JD Jd.com Inc.-ADR | 1.59% | 59,235 | $2.1M | Add +1.9% |
| DASH DoorDash Inc. Class A | 1.02% | 4,873 | $1.3M | Add +1.3% |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| NU Nu Holdings Ltd./Cayman Isl-A | Add +486.8% | 4.31% | +3.60 |
| ABNB Airbnb Inc. Class A | Add +57.4% | 12.53% | +2.74 |
| APO Apollo Global Management Inc. | Add +46.0% | 9.76% | +1.73 |
| DLO Dlocal Ltd. | Add +13.2% | 7.97% | +1.66 |
| CPNG Coupang Inc. | Add +22.3% | 7.19% | +1.02 |
| META Meta Platforms Inc. Class A | Add +56.8% | 2.03% | +0.56 |
| AMZN Amazon.com Inc. | Add +58.7% | 1.76% | +0.51 |
| V Visa Inc. Class A | Add +36.4% | 2.85% | +0.40 |
| BKNG Booking Holdings Inc. | Add +25.2% | 10.03% | +0.33 |
| MSFT Microsoft Corp. | Add +18.7% | 1.83% | +0.16 |
| DASH DoorDash Inc. Class A | Add +1.3% | 1.02% | −0.01 |
| JD Jd.com Inc.-ADR | Add +1.9% | 1.59% | −0.05 |
| MA Mastercard Inc. Class A | Add +3.1% | 3.59% | −0.29 |