14B Captial Management LP
LA JOLLA, CA
$124m in 18 US stocks at the end of 31 December 2025. The top 10 are 90.9% of the money. It changed about 26.7% of the portfolio this quarter.
Value
$124m
Stocks
18
Top 10 share
90.9%
Turnover
26.7%
What changed this quarter
New
Bought for the first time this quarter.
- Meta PlatformsMETA5.0% of the fund
- MercadoLibreMELI3.0% of the fund
- Invesco Exchange Traded FD TRSP1.8% of the fund
- Amazon.comAMZN1.1% of the fund
- Vanguard Star FDSVXUS0.8% of the fund
- MicrosoftMSFT0.8% of the fund
- Vanguard Tax-Managed FDSVEA0.7% of the fund
- AlphabetGOOGL0.5% of the fund
- Vanguard Index FDSVTI0.4% of the fund
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- Shift4 PaymentsFOUR19.5% of the fund-3%
- StoneCoSTNE7.2% of the fund-35%
- PagSeguro DigitalPAGS5.6% of the fund-44%
- Charter CommunicationsCHTR3.9% of the fund-69%
- Capital One FinancialCOF3.9% of the fund-39%
- Grupo Cibest SACIB3.6% of the fund-38%
- Cogent Communications HoldingsCCOI2.9% of the fund-62%
Sold out
Sold their entire stake.
- Cable OneCABO-100%
Holdings
- Grupo Cibest SACIB
- Share
- 3.6%
- Value
- $4m
- Shares
- 70,000
-38%
- Invesco Exchange Traded FD TRSP
- Share
- 1.8%
- Value
- $2m
- Shares
- 12,000
New
- Vanguard Star FDSVXUS
- Share
- 0.8%
- Value
- $1m
- Shares
- 14,000
New
- Vanguard Tax-Managed FDSVEA
- Share
- 0.7%
- Value
- $874,580
- Shares
- 14,000
New
- Vanguard Index FDSVTI
- Share
- 0.4%
- Value
- $502,905
- Shares
- 1,500
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| MastercardMA | 19.5% | $24m | 42,560 | Held |
| VisaV | 19.5% | $24m | 69,268 | Held |
| Shift4 PaymentsFOUR | 19.5% | $24m | 385,000 | -3% |
| StoneCoSTNE | 7.2% | $9m | 609,000 | -35% |
| PagSeguro DigitalPAGS | 5.6% | $7m | 728,000 | -44% |
| Meta PlatformsMETA | 5.0% | $6m | 9,400 | New |
| Charter CommunicationsCHTR | 3.9% | $5m | 23,500 | -69% |
| Capital One FinancialCOF | 3.9% | $5m | 20,000 | -39% |
| Grupo Cibest SACIB | 3.6% | $4m | 70,000 | -38% |
| MercadoLibreMELI | 3.0% | $4m | 1,870 | New |
| Cogent Communications HoldingsCCOI | 2.9% | $4m | 170,000 | -62% |
| Invesco Exchange Traded FD TRSP | 1.8% | $2m | 12,000 | New |
| Amazon.comAMZN | 1.1% | $1m | 6,000 | New |
| Vanguard Star FDSVXUS | 0.8% | $1m | 14,000 | New |
| MicrosoftMSFT | 0.8% | $967,240 | 2,000 | New |
| Vanguard Tax-Managed FDSVEA | 0.7% | $874,580 | 14,000 | New |
| AlphabetGOOGL | 0.5% | $626,000 | 2,000 | New |
| Vanguard Index FDSVTI | 0.4% | $502,905 | 1,500 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Value is down 48.9% since 30 June 2025.
Where the money is
Financial services62.4%
Technology16.7%
Media & telecom12.4%
Retail & consumer1.1%
Other7.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.