TB Capital Gestao de Recursos Ltda.

**TB Capital Gestao de Recursos Ltda.** manages $168M across a concentrated portfolio of 15 positions. The fund exhibits notable exposure to technology and consumer sectors, with top holdings including ABNB at $30.4M and TSM at $18.6M. Further significant allocations are directed toward APO ($14.7M), CPNG ($13.3M), and UBS ($13.1M). This structure suggests a tactical, conviction-driven approach targeting high-conviction names within diverse market segments.

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