TB Capital Gestao de Recursos Ltda.

Rio de Janeiro, D5 · CIK 2077092 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTB CAPITAL GESTAO DE RECURSOS LTDA. (BR)

Others nearbyRio de Janeiro

$182.7m reported value +11.8% vs Q1 2026

19positions

77.0%in top 10

4 new 7 added 8 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BOOKING HOLDINGS INC COM BKNG	BKNG	127,517	$22.7m12.44%	12.44%	Added +22.3k	+22,342 21.2%
2	AIRBNB INC COM CL A ABNB	ABNB	129,575	$18.5m10.15%	10.15%	Reduced -63.0k	-62,987 -32.7%
3	NU HLDGS LTD ORD SHS CL A NU	NU	1,256,844	$16.8m9.19%	9.19%	Added +379.4k	+379,397 43.2%
4	DLOCAL LTD CLASS A COM DLO	DLO	1,112,612	$14.5m7.91%	7.91%	Added +307.8k	+307,756 38.2%
5	SAP SE SPON ADR SAP	SAP	91,841	$14.2m7.75%	7.75%	Added +14.2k	+14,160 18.2%
6	COUPANG INC CL A CPNG	CPNG	717,205	$12.5m6.82%	6.82%	Added +219.6k	+219,599 44.1%
7	APOLLO GLOBAL MGMT INC COM APO	APO	97,952	$11.6m6.34%	6.34%	Reduced -19.4k	-19,432 -16.6%
8	S&P GLOBAL INC COM SPGI	SPGI	26,027	$10.6m5.80%	5.80%	New
9	VISA INC COM CL A V	V	30,693	$10.5m5.76%	5.76%	Added +10.2k	+10,172 49.6%
10	MICROSOFT CORP COM MSFT	MSFT	23,926	$8.9m4.88%	4.88%	Reduced -4.1k	-4,080 -14.6%
11	MASTERCARD INCORPORATED CL A MA	MA	17,329	$8.9m4.87%	4.87%	Added +5.0k	+4,980 40.3%
12	META PLATFORMS INC CL A META	META	13,081	$7.4m4.03%	4.03%	Reduced -549	-549 -4.0%
13	MERCADOLIBRE INC COM MELI	MELI	3,360	$5.7m3.12%	3.12%	New
14	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	11,138	$5.3m2.91%	2.91%	Reduced -7.7k	-7,691 -40.9%
15	ADOBE INC COM ADBE	ADBE	23,269	$4.8m2.61%	2.61%	Reduced -416	-416 -1.8%
16	AMAZON COM INC COM AMZN	AMZN	19,680	$4.7m2.57%	2.57%	Reduced -918	-918 -4.5%
17	ALPHABET INC CAP STK CL C GOOG	GOOG	8,792	$3.1m1.70%	1.70%	Reduced -1.9k	-1,920 -17.9%
18	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	4,503	$2.1m1.13%	1.13%	New
19	ALPHABET INC CAP STK CL A GOOGL	GOOGL	18	$6.4k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NVIDIA CORPORATION NVDA	NVDA	37,505	$6.5m37.5k shares
MERCADOLIBRE INC MELI 4.9 01.15.33	MELI 4.9 01.15.33	3,495	$6.0m3.5k shares