TB Capital Gestao de Recursos Ltda.

Q4 2025 13F-HR Holdings

Location
Rio De Janeiro, D5
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
15
Total value ($000)
$167,741
Net value change ($000)
+37,651 (28.9%)
New positions
2
Sold out positions
4
Turnover %
22.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ABNB 14,111 86.6%
ADBE 10,422 NEW
MSFT 6,887 288.9%
MELI 5,956 NEW
META 4,093 154.9%
CPNG 3,911 41.8%
GOOGL 3,478 145.3%
AMZN 3,336 145.8%
V 2,868 77.3%
DLO 2,699 26.0%
Top Reduces (Value $000, Stocks/ETFs)
STNE -9,186 -100.0%
XP -8,996 -100.0%
TSM -4,451 -19.3%
JD -2,072 -100.0%
DASH -1,325 -100.0%
BKNG -486 -3.7%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type