TB Capital Gestao de Recursos Ltda. Long-Term Concentrated

CIK: 0002077092 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $167,741 (100.0% shares, 0.0% debt)

Holdings (15)

New Positions (2)

ADBE ADOBE INC 6.2%

Value ($000) $10,422 Shares 29,779 Est. Cost $340.09 Unrealized 0.0%

— MERCADOLIBRE INC 3.6%

Value ($000) $5,956 Shares 2,957 Est. Cost $2014.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADBE	ADOBE INC	29,779	$10,422	6.2%	$340.09	0.0%	COM	00724F101
—	MERCADOLIBRE INC	2,957	$5,956	3.6%	$2014.26	—	COM	58733RAG7

Increased Positions (11)

ABNB AIRBNB INC 18.1%

Value ($000) $30,409 (+86.6%) Shares 224,060 (+66.9%) Est. Cost $126.40 Unrealized -1.5%

MSFT MICROSOFT CORP 5.5%

Value ($000) $9,271 (+289.0%) Shares 19,171 (+316.6%) Est. Cost $487.09 Unrealized +2.8%

META META PLATFORMS INC 4.0%

Value ($000) $6,736 (+154.9%) Shares 10,205 (+183.6%) Est. Cost $665.61 Unrealized +0.3%

CPNG COUPANG INC 7.9%

Value ($000) $13,262 (+41.8%) Shares 562,173 (+93.6%) Est. Cost $27.42 Unrealized +3.7%

GOOG ALPHABET INC 3.5%

Value ($000) $5,872 (+145.3%) Shares 18,714 (+90.4%) Est. Cost $222.53 Unrealized +28.7%

AMZN AMAZON COM INC 3.4%

Value ($000) $5,624 (+145.8%) Shares 24,365 (+133.8%) Est. Cost $220.08 Unrealized +4.0%

V VISA INC 3.9%

Value ($000) $6,580 (+77.2%) Shares 18,761 (+72.5%) Est. Cost $343.93 Unrealized -1.0%

DLO DLOCAL LTD 7.8%

Value ($000) $13,062 (+26.0%) Shares 923,768 (+27.3%) Est. Cost $10.83 Unrealized +30.2%

NU NU HLDGS LTD 4.9%

Value ($000) $8,255 (+47.3%) Shares 493,152 (+40.9%) Est. Cost $14.33 Unrealized +12.2%

APO APOLLO GLOBAL MGMT INC 8.8%

Value ($000) $14,730 (+16.0%) Shares 101,757 (+6.8%) Est. Cost $134.21 Unrealized -1.2%

MA MASTERCARD INCORPORATED 3.8%

Value ($000) $6,382 (+36.8%) Shares 11,180 (+36.3%) Est. Cost $553.95 Unrealized +0.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABNB	AIRBNB INC	224,060 (+66.9%)	$30,409 (+86.6%)	18.1%	$126.40	-1.5%	COM CL A	009066101
MSFT	MICROSOFT CORP	19,171 (+316.6%)	$9,271 (+289.0%)	5.5%	$487.09	+2.8%	COM	594918104
META	META PLATFORMS INC	10,205 (+183.6%)	$6,736 (+154.9%)	4.0%	$665.61	+0.3%	CL A	30303M102
CPNG	COUPANG INC	562,173 (+93.6%)	$13,262 (+41.8%)	7.9%	$27.42	+3.7%	CL A	22266T109
GOOG	ALPHABET INC	18,714 (+90.4%)	$5,872 (+145.3%)	3.5%	$222.53	+28.7%	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	24,365 (+133.8%)	$5,624 (+145.8%)	3.4%	$220.08	+4.0%	COM	023135106
V	VISA INC	18,761 (+72.5%)	$6,580 (+77.2%)	3.9%	$343.93	-1.0%	COM CL A	92826C839
DLO	DLOCAL LTD	923,768 (+27.3%)	$13,062 (+26.0%)	7.8%	$10.83	+30.2%	CLASS A COM	G29018101
NU	NU HLDGS LTD	493,152 (+40.9%)	$8,255 (+47.3%)	4.9%	$14.33	+12.2%	ORD SHS CL A	G6683N103
APO	APOLLO GLOBAL MGMT INC	101,757 (+6.8%)	$14,730 (+16.0%)	8.8%	$134.21	-1.2%	COM	03769M106
MA	MASTERCARD INCORPORATED	11,180 (+36.3%)	$6,382 (+36.8%)	3.8%	$553.95	+0.9%	CL A	57636Q104

Exited Positions (4)

STNE STONECO LTD 5.5%

Value ($000) $9,186 Shares 485,757 Est. Cost $16.04 Unrealized —

Value ($000) $8,996 Shares 478,740 Est. Cost $17.28 Unrealized +1.9%

JD JD.COM INC 1.2%

Value ($000) $2,072 Shares 59,235 Est. Cost $32.68 Unrealized —

DASH DOORDASH INC 0.8%

Value ($000) $1,325 Shares 4,873 Est. Cost $201.24 Unrealized +16.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STNE	STONECO LTD	485,757	$9,186	5.5%	$16.04	—	—	G85158106
XP	XP INC	478,740	$8,996	5.4%	$17.28	+1.9%	—	G98239109
JD	JD.COM INC	59,235	$2,072	1.2%	$32.68	—	—	47215P106
DASH	DOORDASH INC	4,873	$1,325	0.8%	$201.24	+16.6%	—	25809K105

Decreased Positions (2)

TSM TAIWAN SEMICONDUCTOR MFG LTD 11.1%

Value ($000) $18,614 (-19.3%) Shares 61,251 (-25.8%) Est. Cost $226.49 Unrealized —

BKNG BOOKING HOLDINGS INC 7.5%

Value ($000) $12,564 (-3.7%) Shares 2,346 (-2.9%) Est. Cost $5188.85 Unrealized -1.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	61,251 (-25.8%)	$18,614 (-19.3%)	11.1%	$226.49	—	SPONSORED ADS	874039100
BKNG	BOOKING HOLDINGS INC	2,346 (-2.9%)	$12,564 (-3.7%)	7.5%	$5188.85	-1.0%	COM	09857L108