# 14B Captial Management LP

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 2009911. Source: https://holderbook.com/funds/2009911-14b-captial-management-lp/

- Reported value: $124.4M
- Positions: 18
- Weight of the ten largest: 90.9%
- Filed: 2026-02-17

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $24.3M | 42,560 | 19.5% | 9 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $24.3M | 69,268 | 19.5% | 9 |
| SHIFT4 PMTS INC | [FOUR](https://holderbook.com/stocks/FOUR/) | $24.2M | 385,000 | 19.5% | 9 |
| STONECO LTD | [STNE](https://holderbook.com/stocks/STNE/) | $9.0M | 609,000 | 7.2% | 9 |
| PAGSEGURO DIGITAL LTD | [PAGS](https://holderbook.com/stocks/PAGS/) | $7.0M | 728,000 | 5.6% | 9 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $6.2M | 9,400 | 5.0% | 1 |
| CHARTER COMMUNICATIONS INC | [CHTR](https://holderbook.com/stocks/CHTR/) | $4.9M | 23,500 | 3.9% | 3 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $4.8M | 20,000 | 3.9% | 3 |
| GRUPO CIBEST SA | [CIB](https://holderbook.com/stocks/CIB/) | $4.5M | 70,000 | 3.6% | 3 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $3.8M | 1,870 | 3.0% | 1 |
| COGENT COMM HOLDINGS INC | [CCOI](https://holderbook.com/stocks/CCOI/) | $3.7M | 170,000 | 2.9% | 6 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $2.3M | 12,000 | 1.8% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.4M | 6,000 | 1.1% | 1 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $1.1M | 14,000 | 0.8% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $967.2K | 2,000 | 0.8% | 1 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $874.6K | 14,000 | 0.7% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $626.0K | 2,000 | 0.5% | 1 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $502.9K | 1,500 | 0.4% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2025 | -13.7% | +2.4% | -16.0% | 100% |
| Q3 2025 | -4.0% | +7.8% | -11.8% | 100% |
| Q2 2025 | +8.4% | +10.5% | -2.0% | 94% |
| Q1 2025 | +0.5% | -4.6% | +5.0% | 100% |
| Q4 2024 | +6.0% | +2.1% | +3.9% | 100% |
| Q3 2024 | +4.0% | +5.4% | -1.4% | 100% |
| Q2 2024 | -4.0% | +4.0% | -8.0% | 100% |
| Q1 2024 | +8.2% | +10.0% | -1.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $124.4M | 18 |
| Q3 2025 | $170.9M | 10 |
| Q2 2025 | $243.4M | 11 |
| Q1 2025 | $240.1M | 12 |
| Q4 2024 | $229.8M | 10 |
| Q3 2024 | $223.1M | 10 |
| Q2 2024 | $214.0M | 10 |
| Q1 2024 | $211.9M | 10 |
| Q4 2023 | $165.6M | 9 |