14B Captial Management LP

The fund is heavily concentrated, with the top three holdings—Shift4 Payments, Mastercard, and Visa—accounting for nearly 48% of the total assets. The average position size is approximately $18.3 million, though the variance between the largest position ($30.73M) and the smallest ($7.02M) is notable, suggesting a tiered approach to capital allocation based on conviction levels.

Key Holdings

The portfolio is anchored by Shift4 Payments (FOUR), which remains the largest holding despite a significant reduction. Valued at $30.73 million, it constitutes 18.62% of the portfolio. This indicates that while the manager may be managing risk or taking profits, they maintain a core belief in the company’s long-term prospects within the payment technology space.