CIK: 0001589176
Total reported value
$1.2B
Reporting period: 2026-03-31 · Number of holdings: 82
SPX Gestao de Recursos Ltda disclosed 82 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.2B and a quarterly turnover rate of 108.5%.
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SPX Gestao de Recursos Ltda's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, well below its 82 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.79), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 30% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add PBR-A
+486.1% $115.7M
Add VALE
+1302.4% $83.0M
Trim XPEV
-71.7% -$46.1M
Trim BAP
-66.1% -$34.3M
Add NVDA
+1715.2% $43.2M
Trim RIO
-89.6% -$32.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PBR-A | Petroleo Brasil-sp Pref Adr | Stock-Other | 10.70% | +9.35% | +486.05% | |
| 2 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 9.98% | +9.98% | NEW | |
| 3 | STNE | StoneCo Ltd. | Stock-Other | 9.06% | +1.15% | +47.58% | |
| 4 | VALE | Vale Sa-sp Adr | Stock-Materials | 7.32% | +6.79% | +1302.37% | |
| 5 | MCHI | Ishares Msci China ETF | ETF-Emerging Markets | 4.53% | +4.53% | NEW | |
| 6 | ✓ | Vinci Partners Invts LTD | Stock-Other | 4.09% | -1.24% | +16.78% | |
| 7 | ARCO | Arcos Dorados Holdings Inc. | Stock-Other | 4.08% | -1.58% | -21.22% | |
| 8 | NVDA | Nvidia CORP | Stock-Tech | 3.81% | +3.53% | +1715.17% | |
| 9 | LTM | Latam Airlines Group Sa-adr | Stock-Other | 3.62% | +1.81% | +168.52% | |
| 10 | BBD | Banco Bradesco-adr | Stock-Other | 3.35% | +2.18% | +221.54% | |
| 11 | NU | Nu Holdings Ltd. | Stock-Financials | 3.07% | +3.07% | NEW | |
| 12 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 2.99% | -2.93% | -64.55% | |
| 13 | TGS | Transportador Gas-adr Sp B | Stock-Other | 2.95% | -0.88% | -15.05% | |
| 14 | ✓ | Inter And Co INC Cl A | Stock-Other | 2.66% | +2.36% | +1059.24% | |
| 15 | CPA | Copa Holdings, S.A. | Stock-Other | 2.12% | -2.73% | -42.88% | |
| 16 | BAP | Credicorp Ltd. | Stock-Financials | 1.90% | -3.94% | -66.14% | |
| 17 | XPEV | Xp INC Class A | Stock-Other | 1.88% | -5.14% | -71.71% | |
| 18 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 1.74% | +1.74% | NEW | |
| 19 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.66% | +1.66% | NEW | |
| 20 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 1.57% | +1.57% | NEW | |
| 21 | BP | Bp Plc-spons Adr | Stock-Energy | 1.38% | -0.48% | -32.28% | |
| 22 | GGB | Gerdau SA -spon Adr | Stock-Other | 1.28% | -0.56% | -13.08% | |
| 23 | PAM | Pampa Energia Sa-spon Adr | Stock-Other | 1.20% | +1.20% | NEW | |
| 24 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.08% | +0.31% | +92.98% | |
| 25 | SN | SharkNinja, Inc. | Stock-Consumer Disc | 0.92% | — | — | |
| 26 | ELPC | Cia Paranaense De Ener-adr | Stock-Other | 0.89% | — | -1.74% | |
| 27 | AA | Alcoa CORP | Stock-Materials | 0.86% | +0.86% | NEW | |
| 28 | TEO | Telecom Argentina Sa-sp Adr | Stock-Other | 0.71% | +0.71% | NEW | |
| 29 | CPAY | Corpay INC | Stock-Tech | 0.71% | — | — | |
| 30 | AXIA-PC | Axia Energia-adr Pref C | Stock-Other | 0.61% | +0.01% | -1.63% | |
| 31 | OIH | Vaneck Oil Services ETF | ETF-Other | 0.55% | +0.55% | NEW | |
| 32 | CEPU | Central Puerto-sponsored Adr | Stock-Other | 0.51% | +0.51% | NEW | |
| 33 | EVEX | Eve Holding INC | Stock-Other | 0.47% | -0.69% | -19.40% | |
| 34 | GRND | Grindr INC | Stock-Other | 0.46% | — | +13.44% | |
| 35 | SBS | Cia Saneamento Basico De-adr | Stock-Other | 0.45% | -0.40% | -48.87% | |
| 36 | SHEL | Shell Plc-adr | Stock-Energy | 0.40% | +0.40% | NEW | |
| 37 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.40% | +0.10% | +90.13% | |
| 38 | RIO | Rio Tinto Plc-spon Adr | Stock-Materials | 0.38% | -3.45% | -89.61% | |
| 39 | OWL | Blue Owl Capital INC | Stock-Financials | 0.37% | -0.38% | — | |
| 40 | LUXE | Luxexperience BV | Stock-Other | 0.35% | — | — | |
| 41 | ✓ | Cantor Equity Partners Ii In | Stock-Other | 0.28% | — | — | |
| 42 | UTE0 | Cantaloupe INC | Stock-Other | 0.27% | — | — | |
| 43 | CORZ | Core Scientific INC | Stock-Tech | 0.26% | +0.10% | +95.94% | |
| 44 | UGP | Ultrapar Particpac-spon Adr | Stock-Other | 0.24% | — | -10.89% | |
| 45 | TLN | Talen Energy CORP | Stock-Utilities | 0.20% | — | -21.07% | |
| 46 | ✓ | Put - Eem 100 @ 56 Exp 04/17/2026 | Stock-Other | 0.19% | +0.19% | NEW | |
| 47 | SOLS | Solstice Adv Materials INC | Stock-Materials | 0.19% | +0.19% | NEW | |
| 48 | ✓ | Pagaya Technologies LTD | Stock-Other | 0.17% | — | +49.71% | |
| 49 | TDG | Transdigm Group INC | Stock-Industrials | 0.17% | — | +27.14% | |
| 50 | BSAC | Banco Santander-chile-adr | Stock-Other | 0.16% | +0.16% | NEW |
Performance for Q3 2026
+5.4%
Performance Last 4 Quarters
+41.3%
Based on 59% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 82 | $1.2B | 100 | |
| 2025-12-31 | 73 | $978.9M | 100 | |
| 2025-09-30 | 167 | $1.2B | 100 | |
| 2025-06-30 | 117 | $1.1B | 0 | |
| 2025-03-31 | 107 | $776.6M | 100 | |
| 2024-12-31 | 95 | $665.9M | 0 | |
| 2024-09-30 | 71 | $756.5M | 0 | |
| 2024-06-30 | 80 | $671.2M | 0 | |
| 2024-03-31 | 86 | $1.1B | 0 | |
| 2023-12-31 | 71 | $1.3B | 0 | |
| 2023-09-30 | 102 | $1.9B | 0 | |
| 2023-06-30 | 108 | $2.1B | 0 | |
| 2023-03-31 | 58 | $1.5B | 0 | |
| 2022-12-31 | 81 | $926.3M | 0 | |
| 2022-09-30 | 99 | $1.1B | 0 | |
| 2022-06-30 | 72 | $729.0M | 0 | |
| 2022-03-31 | 79 | $1.6B | 0 | |
| 2021-12-31 | 56 | $507.2M | 0 | |
| 2021-09-30 | 38 | $530.3M | 0 | |
| 2021-06-30 | 43 | $804.6M | 100 | |
| 2021-03-31 | 111 | $588.6M | 100 | |
| 2020-12-31 | 113 | $970.3M | 100 | |
| 2020-09-30 | 122 | $912.9M | 100 | |
| 2020-06-30 | 45 | $589.1M | 100 | |
| 2020-03-31 | 39 | $557.2M | 100 | |
| 2019-12-31 | 36 | $642.9M | 100 | |
| 2019-09-30 | 32 | $588.3M | 100 | |
| 2019-06-30 | 36 | $656.7M | 100 | |
| 2019-03-31 | 37 | $292.4M | 89 | |
| 2018-12-31 | 40 | $355.4M | 100 | |
| 2018-09-30 | 17 | $139.4M | 100 | |
| 2018-06-30 | 46 | $146.6M | 100 | |
| 2018-03-31 | 26 | $184.9M | 100 | |
| 2017-12-31 | 33 | $268.1M | 100 | |
| 2017-09-30 | 22 | $392.1M | 92 | |
| 2017-06-30 | 14 | $233.8M | 100 | |
| 2017-03-31 | 11 | $120.3M | 80 | |
| 2016-12-31 | 15 | $200.8M | 100 | |
| 2016-09-30 | 22 | $186.3M | 100 | |
| 2016-06-30 | 21 | $193.5M | 80 | |
| 2016-03-31 | 18 | $147.0M | 82 | |
| 2015-12-31 | 21 | $145.6M | 100 | |
| 2015-09-30 | 17 | $83.5M | 100 | |
| 2015-06-30 | 33 | $340.5M | 100 | |
| 2015-03-31 | 22 | $186.8M | 100 | |
| 2014-12-31 | 33 | $292.2M | 100 | |
| 2014-09-30 | 29 | $180.4M | 100 | |
| 2014-06-30 | 34 | $294.8M | 100 | |
| 2014-03-31 | 57 | $303.0M | 100 | |
| 2013-12-31 | 35 | $232.3M | 79 | |
| 2013-09-30 | 62 | $319.3M | 64 | |
| 2013-06-30 | 52 | $218.6M | 81 |
SPX Gestao de Recursos Ltda's most significant position changes for 2026-03-31: New buy: Ss Consumer Staples Sel Sect (XLP); Sold out: Kranesh Csi China Internet (KWEB); Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); New buy: Ishares Msci China ETF (MCHI); Sold out: First Solar INC (FSLR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PBR-A | Petroleo Brasil-sp Pref Adr | +9.4% | +486.05% | Add |
| 2 | VALE | Vale Sa-sp Adr | +6.8% | +1302.37% | Add |
| 3 | NVDA | Nvidia CORP | +3.5% | +1715.17% | Add |
| 4 | ✓ | Inter And Co INC Cl A | +2.4% | +1059.24% | Add |
| 5 | BBD | Banco Bradesco-adr | +2.2% | +221.54% | Add |
| 6 | LTM | Latam Airlines Group Sa-adr | +1.8% | +168.52% | Add |
| 7 | EMBJ | Embraer Sa-spon Adr | +1.7% | NEW | New buy |
| 8 | STNE | StoneCo Ltd. | +1.2% | +47.58% | Add |
| 9 | AMZN | Amazon.com INC | +0.3% | +92.98% | Add |
| 10 | META | Meta Platforms Inc-class A | +0.1% | +90.13% | Add |
| 11 | CORZ | Core Scientific INC | +0.1% | +95.94% | Add |
| 12 | AXIA-PC | Axia Energia-adr Pref C | 0% | -1.63% | Trim |
| 13 | ELPC | Cia Paranaense De Ener-adr | — | -1.74% | Trim |
| 14 | OWL | Blue Owl Capital INC | -0.4% | — | Unchanged |
| 15 | SBS | Cia Saneamento Basico De-adr | -0.4% | -48.87% | Trim |
| 16 | BP | Bp Plc-spons Adr | -0.5% | -32.28% | Trim |
| 17 | GGB | Gerdau SA -spon Adr | -0.6% | -13.08% | Trim |
| 18 | EVEX | Eve Holding INC | -0.7% | -19.40% | Trim |
| 19 | TGS | Transportador Gas-adr Sp B | -0.9% | -15.05% | Trim |
| 20 | ✓ | Vinci Partners Invts LTD | -1.2% | +16.78% | Add |
| 21 | ARCO | Arcos Dorados Holdings Inc. | -1.6% | -21.22% | Trim |
| 22 | BABA | Alibaba Group Holding-sp Adr | -2.3% | -99.99% | Trim |
| 23 | MU | Micron Technology INC | -2.6% | -99.76% | Trim |
| 24 | CPA | Copa Holdings, S.A. | -2.7% | -42.88% | Trim |
| 25 | PBR | Petroleo Brasileiro-spon Adr | -2.9% | -64.55% | Trim |
| 26 | RIO | Rio Tinto Plc-spon Adr | -3.5% | -89.61% | Trim |
| 27 | BAP | Credicorp Ltd. | -3.9% | -66.14% | Trim |
| 28 | XPEV | Xp INC Class A | -5.1% | -71.71% | Trim |
| 29 | XLP | Ss Consumer Staples Sel Sect | — | NEW | New buy |
| 30 | KWEB | Kranesh Csi China Internet | — | EXIT | Sold out |
| 31 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | EXIT | Sold out |
| 32 | MCHI | Ishares Msci China ETF | — | NEW | New buy |
| 33 | FSLR | First Solar INC | — | EXIT | Sold out |
| 34 | AUGO | Aura Minerals Inc. | — | EXIT | Sold out |
| 35 | NU | Nu Holdings Ltd. | — | NEW | New buy |
| 36 | TSM | Taiwan Semiconductor-sp Adr | — | NEW | New buy |
| 37 | EWZ | Ishares Msci Brazil ETF | — | NEW | New buy |
| 38 | PAM | Pampa Energia Sa-spon Adr | — | NEW | New buy |
| 39 | AA | Alcoa CORP | — | NEW | New buy |
| 40 | GLOB | Globant S.A. | — | EXIT | Sold out |
| 41 | TEO | Telecom Argentina Sa-sp Adr | — | NEW | New buy |
| 42 | OIH | Vaneck Oil Services ETF | — | NEW | New buy |
| 43 | CEPU | Central Puerto-sponsored Adr | — | NEW | New buy |
| 44 | SHEL | Shell Plc-adr | — | NEW | New buy |
| 45 | JBS | Jbs N.v. | — | EXIT | Sold out |
| 46 | AFYA | Afya Limited | — | EXIT | Sold out |
| 47 | ✓ | Put - Eem 100 @ 56 Exp 04/17/2026 | — | NEW | New buy |
| 48 | SOLS | Solstice Adv Materials INC | — | NEW | New buy |
| 49 | XOP | Ss Spdr S&p Og Exp & Prod | — | EXIT | Sold out |
| 50 | BSAC | Banco Santander-chile-adr | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-06 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-12-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-26 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-08-23 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-08-26 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-25 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-01 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-31 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-25 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-05 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-04 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-03 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-29 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-28 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-28 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-16 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-10 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-23 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-07 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-07 | Amendment | View on EDGAR |
| 2018-06-30 | 2018-11-07 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-11-07 | Amendment | View on EDGAR |
| 2018-03-31 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2018-11-09 | Amendment | View on EDGAR |
| 2017-03-31 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2018-11-19 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2018-11-16 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2018-11-19 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2018-11-19 | 13F-HR | View on EDGAR |
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