TB Capital Gestao de Recursos Ltda.
Rio de Janeiro, D5
$183m in 19 US stocks at the end of 30 June 2026. The top 10 are 77.0% of the money. It changed about 18.8% of the portfolio this quarter.
Value
$183m
Stocks
19
Top 10 share
77.0%
Turnover
18.8%
What changed this quarter
New
Bought for the first time this quarter.
- S&P GlobalSPGI5.8% of the fund
- MercadoLibreMELI3.1% of the fund
- Spotify TechnologySPOT1.1% of the fund
- AlphabetGOOGL<0.1% of the fund
Added
Bought more of a stock they already held.
- Booking HoldingsBKNG12.4% of the fund+21%
- Nu HoldingsNU9.2% of the fund+43%
- dLocalDLO7.9% of the fund+38%
- SAP SESAP7.7% of the fund+18%
- CoupangCPNG6.8% of the fund+44%
- VisaV5.8% of the fund+50%
- MastercardMA4.9% of the fund+40%
Cut
Sold some of their stake.
- AirbnbABNB10.1% of the fund-33%
- Apollo Global ManagementAPO6.3% of the fund-17%
- MicrosoftMSFT4.9% of the fund-15%
- Meta PlatformsMETA4.0% of the fund-4%
- Taiwan Semiconductor ManufacturingTSM2.9% of the fund-41%
- Amazon.comAMZN2.6% of the fund-4%
- AlphabetGOOG1.7% of the fund-18%
Sold out
Sold their entire stake.
- NvidiaNVDA-100%
- MercadoLibre-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Booking HoldingsBKNG | 12.4% | $23m | 127,517 | +21% |
| AirbnbABNB | 10.1% | $19m | 129,575 | -33% |
| Nu HoldingsNU | 9.2% | $17m | 1,256,844 | +43% |
| dLocalDLO | 7.9% | $14m | 1,112,612 | +38% |
| SAP SESAP | 7.7% | $14m | 91,841 | +18% |
| CoupangCPNG | 6.8% | $12m | 717,205 | +44% |
| Apollo Global ManagementAPO | 6.3% | $12m | 97,952 | -17% |
| S&P GlobalSPGI | 5.8% | $11m | 26,027 | New |
| VisaV | 5.8% | $11m | 30,693 | +50% |
| MicrosoftMSFT | 4.9% | $9m | 23,926 | -15% |
| MastercardMA | 4.9% | $9m | 17,329 | +40% |
| Meta PlatformsMETA | 4.0% | $7m | 13,081 | -4% |
| MercadoLibreMELI | 3.1% | $6m | 3,360 | New |
| Taiwan Semiconductor ManufacturingTSM | 2.9% | $5m | 11,138 | -41% |
| AdobeADBE | 2.6% | $5m | 23,269 | Held |
| Amazon.comAMZN | 2.6% | $5m | 19,680 | -4% |
| AlphabetGOOG | 1.7% | $3m | 8,792 | -18% |
| Spotify TechnologySPOT | 1.1% | $2m | 4,503 | New |
| AlphabetGOOGL | <0.1% | $6,433 | 18 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 58.5% since 30 June 2025.
Where the money is
Retail & consumer32.0%
Financial services32.0%
Technology29.2%
Media & telecom6.9%
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.