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TB Capital Gestao de Recursos Ltda.

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13F filer, CIK 2077092, Rio de Janeiro, Brazil

TB Capital Gestao de Recursos Ltda. reported $130,090,456 across 17 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 87.07% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001213900-25-110461

Period
2025-09-30
Reported value
$130M
Holdings
17
Top 10 weight
87.07%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABNBadded+48,957$5.94M
NUadded+290,383$4.65M
APOadded+30,025$4M
BKNGadded+486$2.62M
CPNGadded+52,916$1.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
XPreduced-436,037-$8.19M
STNEreduced-198,097-$3.75M
TSMreduced-5,568-$1.56M
HIMSexited-23,668-$1.18M
GOOGreduced-3,235-$788K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001213900-25-110461, largest first. % of portfolio is the value over $130,090,456, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 88,153 shares; 2025Q3: 82,585 shares 82,585$23.1M17.73%-5,568Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 85,269 shares; 2025Q3: 134,226 shares 134,226$16.3M12.53%+48,957Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 1,931 shares; 2025Q3: 2,417 shares 2,417$13.1M10.03%+486Timeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 65,228 shares; 2025Q3: 95,253 shares 95,253$12.7M9.76%+30,025Timeline
DLODLOCAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 641,185 shares; 2025Q3: 725,713 shares 725,713$10.4M7.97%+84,528Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 237,474 shares; 2025Q3: 290,390 shares 290,390$9.35M7.19%+52,916Timeline
STNESTONECO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 683,854 shares; 2025Q3: 485,757 shares 485,757$9.19M7.06%-198,097Timeline
XPXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 914,777 shares; 2025Q3: 478,740 shares 478,740$9M6.91%-436,037Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 59,651 shares; 2025Q3: 350,034 shares 350,034$5.6M4.31%+290,383Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 7,953 shares; 2025Q3: 8,203 shares 8,203$4.67M3.59%+250Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 7,974 shares; 2025Q3: 10,874 shares 10,874$3.71M2.85%+2,900Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 2,296 shares; 2025Q3: 3,599 shares 3,599$2.64M2.03%+1,303Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 13,064 shares; 2025Q3: 9,829 shares 9,829$2.39M1.84%-3,235Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 3,878 shares; 2025Q3: 4,602 shares 4,602$2.38M1.83%+724Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 6,565 shares; 2025Q3: 10,421 shares 10,421$2.29M1.76%+3,856Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 58,126 shares; 2025Q3: 59,235 shares 59,235$2.07M1.59%+1,109Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not loaded; 2025Q1: not loaded; 2025Q2: 4,809 shares; 2025Q3: 4,873 shares 4,873$1.33M1.02%+64Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HIMSHIMS & HERS HEALTH INC23,668$1.18Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001213900-25-110461 base2025-11-14acceptance time not in the bulk data set