TB Capital Gestao de Recursos Ltda.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), TB Capital Gestao de Recursos Ltda. reported 15 stock positions worth $167.7 million. Its top holding was Airbnb Class A (ABNB) at 18.1% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 11.1%) and Apollo Global Management (APO, 8.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 11 and reduced 2. The biggest buy was a new position in Adobe (ADBE) and the biggest sale an exit from Stoneco Class A (STNE).
- Most Recent 13F
- Q2 2026
- Location
- Rio de Janeiro, D5
- CIK
- 0002077092
- Portfolio Value
- $167.7M (Q4 2025)
- SEC Filing
- 0001213900-26-017452 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $167.7M
| ABNB Airbnb Inc. Class A | 18.13% | 224,060 | $30.4M | Add +66.9% |
| TSM Taiwan Semiconductor-SP ADR | 11.10% | 61,251 | $18.6M | Reduce -25.8% |
| APO Apollo Global Management Inc. | 8.78% | 101,757 | $14.7M | Add +6.8% |
| CPNG Coupang Inc. | 7.91% | 562,173 | $13.3M | Add +93.6% |
| DLO Dlocal Ltd. | 7.79% | 923,768 | $13.1M | Add +27.3% |
| BKNG Booking Holdings Inc. | 7.49% | 2,346 | $12.6M | Reduce -2.9% |
| ADBE Adobe Inc. | 6.21% | 29,779 | $10.4M | New |
| MSFT Microsoft Corp. | 5.53% | 19,171 | $9.3M | Add +316.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 4.92% | 493,152 | $8.3M | Add +40.9% |
| META Meta Platforms Inc. Class A | 4.02% | 10,205 | $6.7M | Add +183.6% |
| V Visa Inc. Class A | 3.92% | 18,761 | $6.6M | Add +72.5% |
| MA Mastercard Inc. Class A | 3.80% | 11,180 | $6.4M | Add +36.3% |
| MERCADOLIBRE INC (MELI 4.9 01/15/33) | 3.55% | 2,957 | $6.0M | New |
| GOOG Alphabet Inc. Class C | 3.50% | 18,714 | $5.9M | Add +90.4% |
| AMZN Amazon.com Inc. | 3.35% | 24,365 | $5.6M | Add +133.8% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| ADBE Adobe Inc. | New | 6.21% | +6.21 |
| ABNB Airbnb Inc. Class A | Add +66.9% | 18.13% | +5.60 |
| MSFT Microsoft Corp. | Add +316.6% | 5.53% | +3.69 |
| MERCADOLIBRE INC (MELI 4.9 01/15/33) | New | 3.55% | +3.55 |
| META Meta Platforms Inc. Class A | Add +183.6% | 4.02% | +1.98 |
| GOOG Alphabet Inc. Class C | Add +90.4% | 3.50% | +1.66 |
| AMZN Amazon.com Inc. | Add +133.8% | 3.35% | +1.59 |
| V Visa Inc. Class A | Add +72.5% | 3.92% | +1.07 |
| CPNG Coupang Inc. | Add +93.6% | 7.91% | +0.72 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +40.9% | 4.92% | +0.61 |
| MA Mastercard Inc. Class A | Add +36.3% | 3.80% | +0.22 |
| DLO Dlocal Ltd. | Add +27.3% | 7.79% | −0.18 |
| APO Apollo Global Management Inc. | Add +6.8% | 8.78% | −0.98 |