TB Capital Gestao de Recursos Ltda.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), TB Capital Gestao de Recursos Ltda. reported 17 stock positions worth $163.5 million. Its top holding was Airbnb Class A (ABNB) at 14.9% of the portfolio, followed by Booking (BKNG, 10.8%) and Sap SE-Sponsored ADR (SAP, 8.1%). Compared with Q4 2025, it opened 2 new positions, added to 8 and reduced 7. The biggest buy was a new position in Sap SE-Sponsored ADR (SAP) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- Rio de Janeiro, D5
- CIK
- 0002077092
- Portfolio Value
- $163.5M (Q1 2026)
- SEC Filing
- 0001213900-26-057309 ↗ filed May 15, 2026
Holdings Value
Holdings 17 stocks · $163.5M
| ABNB Airbnb Inc. Class A | 14.88% | 192,562 | $24.3M | Reduce -14.1% |
| BKNG Booking Holdings Inc. | 10.84% | 4,207 | $17.7M | Add +79.3% |
| SAP Sap SE-Sponsored ADR | 8.14% | 77,681 | $13.3M | New |
| APO Apollo Global Management Inc. | 8.00% | 117,384 | $13.1M | Add +15.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 7.71% | 877,447 | $12.6M | Add +77.9% |
| DLO Dlocal Ltd. | 6.39% | 804,856 | $10.4M | Reduce -12.9% |
| MSFT Microsoft Corp. | 6.34% | 28,006 | $10.4M | Add +46.1% |
| CPNG Coupang Inc. | 5.75% | 497,606 | $9.4M | Reduce -11.5% |
| META Meta Platforms Inc. Class A | 4.77% | 13,630 | $7.8M | Add +33.6% |
| NVDA Nvidia Corp. | 4.00% | 37,505 | $6.5M | New |
| TSM Taiwan Semiconductor-SP ADR | 3.89% | 18,829 | $6.4M | Reduce -69.3% |
| V Visa Inc. Class A | 3.79% | 20,521 | $6.2M | Add +9.4% |
| MA Mastercard Inc. Class A | 3.77% | 12,349 | $6.2M | Add +10.5% |
| MERCADOLIBRE INC (MELI 4.9 01/15/33) | 3.70% | 3,495 | $6.0M | Add +18.2% |
| ADBE Adobe Inc. | 3.52% | 23,685 | $5.8M | Reduce -20.5% |
| AMZN Amazon.com Inc. | 2.62% | 20,598 | $4.3M | Reduce -15.5% |
| GOOG Alphabet Inc. Class C | 1.88% | 10,712 | $3.1M | Reduce -42.8% |
Portfolio Sells Q4 2025 → Q1 2026
| TSM Taiwan Semiconductor-SP ADR | Reduce -69.3% | 3.89% | −7.20 |
| ABNB Airbnb Inc. Class A | Reduce -14.1% | 14.88% | −3.25 |
| ADBE Adobe Inc. | Reduce -20.5% | 3.52% | −2.69 |
| CPNG Coupang Inc. | Reduce -11.5% | 5.75% | −2.16 |
| GOOG Alphabet Inc. Class C | Reduce -42.8% | 1.88% | −1.62 |
| DLO Dlocal Ltd. | Reduce -12.9% | 6.39% | −1.40 |
| AMZN Amazon.com Inc. | Reduce -15.5% | 2.62% | −0.73 |
Portfolio Buys Q4 2025 → Q1 2026
| SAP Sap SE-Sponsored ADR | New | 8.14% | +8.14 |
| NVDA Nvidia Corp. | New | 4.00% | +4.00 |
| BKNG Booking Holdings Inc. | Add +79.3% | 10.84% | +3.35 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +77.9% | 7.71% | +2.79 |
| MSFT Microsoft Corp. | Add +46.1% | 6.34% | +0.82 |
| META Meta Platforms Inc. Class A | Add +33.6% | 4.77% | +0.75 |
| MERCADOLIBRE INC (MELI 4.9 01/15/33) | Add +18.2% | 3.70% | +0.15 |
| MA Mastercard Inc. Class A | Add +10.5% | 3.77% | −0.03 |
| V Visa Inc. Class A | Add +9.4% | 3.79% | −0.13 |
| APO Apollo Global Management Inc. | Add +15.4% | 8.00% | −0.78 |