TB Capital Gestao de Recursos Ltda.

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.