TB Capital Gestao de Recursos Ltda.

CIK

2077092

Location

RIO DE JANEIRO, D5

Portfolio Value

Small $182,708,384

Diversification

Diversified

Filing Date

Global Rank

#4,776 / 8,689 ▲ 1964

Top Industry

Travel Services 22.6%

3Y Alpha vs SPY

+192.6%

Period ended 2 months ago

Filed Aug 14, 2026 · 25d

5 quarters · since Jun 2025

Clone Performance

Aug 2025–Sep 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+232.5%

SPY

+19.4%

Annualised alpha

+190.0%

Max drawdown

−17.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends. Captured split ratios restate closes onto one basis; only an unusable ratio can exclude earlier closes for that listing. It tracks 100% of reported value on average across 5 quarters. Past performance does not predict future results.

Portfolio Concentration

18 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

12.4%

−3.0 pts

Top 5

47.4%

−4.0 pts

Top 10

77.0%

−2.7 pts

HHI

718

Diversified−88

Portfolio Trend

5 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	35.1%	$64,122,423	5
Financial Services	32.0%	$58,410,526	5
Technology	26.1%	$47,626,668	5
Communication Services	6.9%	$12,548,767	3

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	+379,397	1,256,844	$16,791,435
DLO	dLocal Ltd	+307,756	1,112,612	$14,458,392
CPNG	Coupang, Inc.	+219,599	717,205	$12,457,850
BKNG	Booking Holdings Inc.	+123,310	127,517	$22,728,630
SAP	Sap SE	+14,160	91,841	$14,153,616
V	Visa Inc.	+10,172	30,693	$10,530,461
MA	Mastercard Inc	+4,980	17,329	$8,900,174
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
ABNB	Airbnb, Inc.	−62,987	129,575	$18,542,182
APO	Apollo Global Management, Inc.	−19,432	97,952	$11,588,701
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−7,691	11,138	$5,319,174
MSFT	Microsoft Corp	−4,080	23,926	$8,924,876
GOOGL	Alphabet Inc.	−1,902	8,810	$3,112,909
AMZN	Amazon Com Inc	−918	19,680	$4,690,531
META	Meta Platforms, Inc.	−549	13,081	$7,368,396
ADBE	Adobe Inc.	−416	23,269	$4,770,610
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
SPGI	S&P Global Inc.	26,027	$10,599,755
MELI	Mercadolibre Inc	3,360	$5,703,230
SPOT	Spotify Technology S.A.	4,503	$2,067,462
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
NVDA	Nvidia Corp	37,505	$6,540,872
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

18 tracked positions · $182,708,384 total · filing declares 19 positions · $182,702,829 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	127,517	+123,310	$22,728,630	+28.3%	12.44%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	129,575	-62,987	$18,542,182	−23.7%	10.15%
NU	Nu Holdings Ltd. Financial Services	Added	1,256,844	+379,397	$16,791,435	+33.2%	9.19%
DLO	dLocal Ltd Technology	Added	1,112,612	+307,756	$14,458,392	+38.5%	7.91%
SAP	Sap SE Technology	Added	91,841	+14,160	$14,153,616	+6.4%	7.75%
CPNG	Coupang, Inc. Consumer Cyclical	Added	717,205	+219,599	$12,457,850	+32.6%	6.82%
APO	Apollo Global Management, Inc. Financial Services	Reduced	97,952	-19,432	$11,588,701	−11.4%	6.34%
SPGI	S&P Global Inc. Financial Services	NEW	26,027	NEW	$10,599,755	NEW	5.80%
V	Visa Inc. Financial Services	Added	30,693	+10,172	$10,530,461	+69.8%	5.76%
MSFT	Microsoft Corp Technology	Reduced	23,926	-4,080	$8,924,876	−13.9%	4.88%
MA	Mastercard Inc Financial Services	Added	17,329	+4,980	$8,900,174	+44.2%	4.87%
META	Meta Platforms, Inc. Communication Services	Reduced	13,081	-549	$7,368,396	−5.5%	4.03%
MELI	Mercadolibre Inc Consumer Cyclical	NEW	3,360	NEW	$5,703,230	NEW	3.12%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	11,138	-7,691	$5,319,174	−16.4%	2.91%
ADBE	Adobe Inc. Technology	Reduced	23,269	-416	$4,770,610	−17.1%	2.61%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	19,680	-918	$4,690,531	+9.3%	2.57%
GOOGL	Alphabet Inc. Communication Services	Reduced	8,810	-1,902	$3,112,909	+1.3%	1.70%
SPOT	Spotify Technology S.A. Communication Services	NEW	4,503	NEW	$2,067,462	NEW	1.13%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.