TB Capital Gestao de Recursos Ltda.
Long book
$163.5M
Q1 2026
Positions
17
Top-10 weight
77%
concentration
Last quarter
+8.3%
SPY +14.8%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsTB Capital Gestao de Recursos Ltda. is a concentrated fundamental stock-picker, running a $163.5M US long book across 17 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: AIRBNB INC-CLASS A, BOOKING HOLDINGS INC, SAP SE-SPONSORED ADR, APOLLO GLOBAL MANAGEMENT INC, NU HOLDINGS LTD/CAYMAN ISL-A.
Over the last 4 quarters its long book ran on average 4.9pp per quarter behind the S&P 500, beating the index in 0 of 4 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q2 2025
+6.1%
Q3 2025
-0.3%
Q4 2025
-12.3%
Q1 2026
+8.3%
Sector allocation
Services media 34%
Technology 24%
Financials 19%
Industrials 13%
Consumer discretionary 10%
Long book by quarter
What does TB Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ABNB AIRBNB INC-CLASS A | Services media | 192.6K | $24.3M | 14.9% | -14.1% |
| BKNG BOOKING HOLDINGS INC | Industrials | 4.2K | $17.7M | 10.8% | +79.3% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 117.4K | $13.1M | 8.0% | +15.4% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 877.4K | $12.6M | 7.7% | +77.9% |
| DLO DLOCAL LTD | Services media | 804.9K | $10.4M | 6.4% | -12.9% |
| MSFT MICROSOFT CORP | Technology | 28.0K | $10.4M | 6.3% | +46.1% |
| CPNG COUPANG INC | Consumer discretionary | 497.6K | $9.4M | 5.7% | -11.5% |
| META META PLATFORMS INC-CLASS A | Technology | 13.6K | $7.8M | 4.8% | +33.6% |
| NVDA NVIDIA CORP | Technology | 37.5K | $6.5M | 4.0% | New |
| V VISA INC-CLASS A SHARES | Services media | 20.5K | $6.2M | 3.8% | +9.4% |
| MA MASTERCARD INC - A | Services media | 12.3K | $6.2M | 3.8% | +10.5% |
| ADBE ADOBE INC | Technology | 23.7K | $5.8M | 3.5% | -20.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 20.6K | $4.3M | 2.6% | -15.5% |
| GOOG ALPHABET INC-CL C | Technology | 10.7K | $3.1M | 1.9% | -42.8% |
13F filing history
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