TB Capital Gestao de Recursos Ltda. — 13F Portfolio

TB Capital Gestao de Recursos Ltda. is a Brazilian asset management firm based in São Paulo that manages discretionary portfolios with a focus on Brazilian and broader emerging-markets securities. The firm appears in the U.S. regulatory framework as an institutional investment manager reporting under SEC CIK 0002077092, filing Form 13F to disclose its qualifying long positions in U.S.-listed equities and equity-linked instruments. As a "Gestão de Recursos" manager, TB Capital operates primarily within Brazil’s regulatory regime, typically under the oversight of the Comissão de Valores Mobiliários (CVM), and manages capital for professional investors through onshore and, where relevant, offshore fund structures and mandates. The SEC reporting obligation arises because the firm exercises investment discretion over U.S.-listed securities above the 13F threshold; it does not imply a U.S. retail advisory business. The 13F reports filed under CIK 0002077092 provide a security-level snapshot of TB Capital’s U.S. book—often including American Depositary Receipts (ADRs) of Brazilian and Latin American issuers, plus selected U.S. or global equities that complement its core emerging-markets exposure. These holdings represent just one component of broader strategies that are primarily expressed in local and regional markets. Within a 13F analytics platform, TB Capital’s filings can be organized into a continuous 13F History, giving allocators a structured view of how this U.S.-listed sleeve has evolved across time.

TB Capital Gestao de Recursos Ltda. runs fundamentally driven equity strategies centered on Brazil and, by extension, Latin American and emerging markets. Its investment process is typically bottom-up, with detailed company and sector research, while maintaining awareness of macro, currency, and commodity dynamics that strongly influence corporate fundamentals in the region. The firm’s core focus is on identifying mispriced or structurally advantaged businesses—often in sectors such as financials, commodities and materials, energy, consumer, and utilities—where governance, balance sheet quality, and capital-allocation discipline support long-term value creation. Strategies are usually implemented through concentrated yet risk-aware portfolios, with position sizes reflecting conviction, liquidity, and overall risk budget. In the U.S. context, TB Capital’s 13F Portfolio Composition captures the long-only U.S.-listed portion of these mandates. This portion commonly includes: - ADRs of Brazilian and Latin American issuers, providing U.S.-dollar access to local fundamentals. - Select U.S. or global companies whose earnings are tightly linked to emerging-markets demand or commodities. - Occasionally, exchange-traded funds or other vehicles used to fine-tune exposure or manage liquidity. The number of holdings, the weight of top positions, and the sector and geographic mix observed in successive 13F filings indicate whether the U.S. sleeve is being used mainly as a conduit for Brazilian ADRs, a tactical complement to local exposure, or a mix of both. A holdings-based analytics layer can convert these filings into a proxy Historical Track Record for the U.S.-listed sleeve, enabling comparison against U.S. and emerging-markets benchmarks via a Portfolio Simulator and Backtesting Service, while recognizing that the majority of TB Capital’s activity lies outside the 13F universe.

TB Capital Gestao de Recursos Ltda., reporting under SEC CIK 0002077092, is a São Paulo-based Brazilian asset manager whose Form 13F filings expose the U.S.-listed fragment of a broader emerging-markets equity platform. The observable book is typically dominated by ADRs and selected global equities tied to Brazilian and Latin American fundamentals, implemented through a fundamental, research-driven process. By aggregating these filings into a structured 13F History and applying a Backtesting Service and Portfolio Simulator, allocators can translate TB Capital’s disclosed holdings into a reconstructed capital path for the U.S. sleeve, analyze the evolution of 13F Portfolio Composition, and derive diagnostics such as Max Drawdown Depth and the Sharpe Ratio from a 13F-based Historical Track Record. These analytics frame how the firm’s U.S.-listed exposures have behaved across different commodity cycles, EM risk episodes, and global factor regimes. A key diagnostic question for allocators is how this U.S.-listed sleeve interacts with the rest of TB Capital’s portfolios: as Brazilian and global macro conditions, FX, and sector leadership shift, does the 13F-implied capital trajectory move broadly in line with the firm’s local-market exposures, or does it introduce distinct regime sensitivity that requires explicit consideration when integrating TB Capital Gestao de Recursos Ltda. into a diversified, multi-asset or multi-manager allocation?

The risk profile associated with TB Capital Gestao de Recursos Ltda., as seen through its 13F disclosures, reflects both emerging-markets equity risk and the specifics of U.S.-listed instruments (largely ADRs and selected stocks). Key dimensions observable from the filings include: - Geographic and currency exposure: Even when securities are USD-denominated (as with ADRs), underlying fundamentals are often driven by Brazilian or Latin American macro conditions, commodity cycles, and local currencies. - Sector concentration: Recurrent emphasis on sectors such as financials, energy, materials, or consumer cyclicals can amplify sensitivity to global growth, commodity prices, and domestic policy. - Position concentration: The share of reconstructed capital in the largest positions indicates whether the U.S. sleeve is highly concentrated in a few ADRs or more evenly diversified across issuers. - Turnover and holding horizon: Quarter-to-quarter changes in holdings and position sizes reveal whether the approach is predominantly long-horizon or incorporates more active trading around events and valuation gaps. By chaining TB Capital’s 13F filings for CIK 0002077092 into a holdings-based equity curve, an analytics platform can quantify downside and variability characteristics for the visible book. Max Drawdown Depth on this reconstructed trajectory measures the worst peak-to-trough decline experienced by the U.S.-listed sleeve over the analysis window, typically highlighting periods of sharp emerging-markets stress or commodity reversals. A Sharpe Ratio calculated on the same series summarizes the balance between excess growth over a reference rate or benchmark and the volatility of that path, offering a compact view of risk-adjusted outcomes for the 13F-visible component of TB Capital’s strategies. These metrics must be interpreted with care: they do not capture local Brazilian equities traded only on domestic exchanges, fixed income, currencies, derivatives, or any short exposure that may be used for risk management or relative-value positioning. As such, 13F-based analysis provides a partial but informative lens on TB Capital’s risk-taking in U.S.-listed instruments and should be integrated with manager-provided data and local filings in a full due-diligence process.