DOSSIER · 13F-HR · Q2 2026

TB Capital Gestao de Recursos Ltda.

$183M in tracked AUM across 19 positions as of Q2 2026.

TC
CIK 0002077092 · last filed Jun 30, 2026
Total AUM
$183M
as of Q2 2026
Holdings
19
—
positions
Whale Score
63
63
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 2026
Comprehensive Analysis of TB Capital Gestao de Recursos Ltda. 13F Filing
Portfolio Overview

For the reporting period ending September 30, 2025, TB Capital Gestao de Recursos Ltda. managed a portfolio totaling approximately $86.06 million, spread across 13 individual holdings. This represents a significant contraction in portfolio value, decreasing by 25.3% from the previous quarter's $115.28 million. The decline in value is attributable to a combination of market performance an...

The portfolio exhibits a high-conviction strategy with a concentrated top tier. The three largest positions—Booking Holdings, Apollo Global Management, and dLocal—account for approximately 42% of total assets. The manager's strategy appears to focus on a "best ideas" approach, holding a relatively small number of equities while maintaining meaningful weightings in each selection rather than broad over-diversification.

Key Holdings

The portfolio is anchored by Booking Holdings (BKNG), which is the largest position at $13.05 million, representing 15.16% of the portfolio. This significant weighting in a high-quality industrial name suggests a strong conviction in the travel and leisure sector's resilience.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
BKNG
BOOKING HOLDINGS INC
$23M128K12.4%
02
ABNB
AIRBNB INC
$19M130K10.1%
03
G6683N103
NU HLDGS LTD
$17M1.3M9.2%
04
G29018101
DLOCAL LTD
$14M1.1M7.9%
05
SAP
SAP SE
$14M92K7.7%
06
CPNG
COUPANG INC
$12M717K6.8%
07
APO
APOLLO GLOBAL MGMT INC
$12M98K6.3%
08
SPGI
S&P GLOBAL INC
$11M26K5.8%
09
V
VISA INC
$11M31K5.8%
10
MSFT
MICROSOFT CORP
$9M24K4.9%

Filing history

2026Q2Jun 30
$183M▲ 11.8%
19 positionsView →
2026Q1Mar 31
$163M▼ 2.6%
17 positionsView →
2025Q4Dec 31
$168M▲ 94.9%
15 positionsView →
2025Q3Sep 30
$86M▼ 25.3%
13 positionsLocked
2025Q2Jun 30
$115M—
18 positionsLocked