SPX Gestao de Recursos Ltda
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 19, 2026), SPX Gestao de Recursos Ltda reported 77 stock positions worth $898.0 million. Its top holding was XP Class A (XP) at 8.7% of the portfolio, followed by Latam Airlines Group SA-ADR (LTM, 6.8%) and Transportador Gas-ADR SP B (TGS, 6.0%). Compared with Q1 2026, it opened 38 new positions, sold out of 32, added to 18 and reduced 20. The biggest buy was XP Class A (XP, shares +305%) and the biggest sale an exit from SS Consumer Staples Sel Sect (XLP).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $898.0M (Q2 2026)
- SEC Filing
- 0001589176-26-000004 ↗ filed Aug 19, 2026
Holdings Value
Holdings 77 stocks · $898.0M
| XP XP Inc. Class A | 8.72% | 4,813,132 | $78.3M | Add +305.5% |
| LTM Latam Airlines Group SA-ADR | 6.79% | 1,046,638 | $61.0M | Add +18.7% |
| TGS Transportador Gas-ADR SP B | 6.01% | 1,815,590 | $54.0M | Add +77.1% |
| PAM Pampa Energia SA-Spon ADR | 5.01% | 547,637 | $45.0M | Add +234.7% |
| VINP Vinci Compass Investments LT | 4.81% | 4,441,517 | $43.2M | Reduce -4.9% |
| ARCO Arcos Dorados Holdings Inc. Class A | 4.04% | 4,501,327 | $36.3M | Reduce -24.3% |
| STNE Stoneco Ltd. Class A | 3.63% | 3,004,035 | $32.6M | Reduce -61.1% |
| EMBJ Embraer SA-Spon ADR | 3.58% | 503,225 | $32.1M | Add +42.4% |
| BBD Banco Bradesco-ADR | 3.42% | 8,863,299 | $30.8M | Reduce -19.8% |
| TEO Telecom Argentina SA-SP ADR | 3.36% | 2,320,411 | $30.2M | Add +216.7% |
| HAL Halliburton Co. | 3.31% | 876,300 | $29.8M | New |
| RIO Rio Tinto PLC-Spon ADR | 3.26% | 308,586 | $29.3M | Add +534.3% |
| MSFT Microsoft Corp. | 2.68% | 64,457 | $24.0M | New |
| IFS Intercorp Financial Services | 2.55% | 401,546 | $22.9M | Add +200673.0% |
| NVDA Nvidia Corp. | 2.51% | 112,739 | $22.6M | Reduce -57.2% |
| GOOGL Alphabet Inc. Class A | 2.44% | 61,250 | $21.9M | New |
| FCX Freeport-McMoran Inc. | 2.41% | 344,076 | $21.6M | New |
| EWZ iShares MSCI Brazil ETF | 2.23% | 581,348 | $20.1M | Add +17.9% |
| MU Micron Technology Inc. | 2.20% | 17,083 | $19.7M | Add +7845.6% |
| INTR Inter & Co. Inc. Class A | 2.06% | 3,414,933 | $18.5M | Reduce -15.1% |
| BAP Credicorp Ltd. | 1.91% | 43,967 | $17.1M | Reduce -34.8% |
| MA Mastercard Inc. Class A | 1.81% | 31,702 | $16.3M | New |
| V Visa Inc. Class A | 1.74% | 45,517 | $15.6M | New |
| META Meta Platforms Inc. Class A | 1.63% | 26,027 | $14.7M | Add +206.9% |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.62% | 992,898 | $14.5M | Reduce -85.6% |
| AMZN Amazon.com Inc. | 1.61% | 60,746 | $14.5M | Reduce -3.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.52% | 28,621 | $13.7M | Reduce -51.7% |
| BSAC Banco Santander-Chile-ADR | 1.23% | 336,710 | $11.1M | Add +496.2% |
| CIB Grupo Cibest SA-ADR | 0.87% | 98,727 | $7.8M | Add +507.9% |
| LITE Lumentum Holdings Inc. | 0.85% | 8,875 | $7.6M | New |
| WDC Western Digital Corp. | 0.80% | 11,300 | $7.2M | New |
| COHR Coherent Corp. | 0.74% | 16,750 | $6.6M | New |
| VALE Vale SA-SP ADR | 0.67% | 398,493 | $6.0M | Reduce -92.8% |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.60% | 466,331 | $5.4M | Reduce -48.3% |
| AAOI Applied Optoelectronics Inc. | 0.59% | 35,500 | $5.3M | Add +0.0% |
| STX Seagate Technology Holdings | 0.56% | 5,200 | $5.0M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.47% | 85,000 | $4.3M | New |
| SPOT Spotify Technology SA | 0.44% | 8,626 | $4.0M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.44% | 479,169 | $3.9M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.43% | 108,412 | $3.8M | New |
| BKNG Booking Holdings Inc. | 0.40% | 19,961 | $3.6M | New |
| AVGO Broadcom Inc. | 0.30% | 7,098 | $2.7M | New |
| AAPL Apple Inc. | 0.25% | 7,800 | $2.3M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.23% | 352,413 | $2.0M | Reduce -60.4% |
| UGP Ultrapar Particpac-Spon ADR | 0.21% | 378,023 | $1.9M | Reduce -27.2% |
| TER Teradyne Inc. | 0.21% | 3,864 | $1.9M | New |
| SN Sharkninja Inc. | 0.20% | 11,808 | $1.8M | Reduce -88.7% |
| ACMR Acm Research Inc. Class A | 0.20% | 13,815 | $1.8M | New |
| BMA Banco Macro SA-ADR | 0.19% | 18,567 | $1.7M | New |
| ORCL Oracle Corp. | 0.19% | 11,365 | $1.7M | New |
| COST Costco Wholesale Corp. | 0.17% | 1,600 | $1.5M | New |
| WMT Walmart Inc. | 0.17% | 13,205 | $1.5M | New |
| NTRA Natera Inc. | 0.16% | 5,400 | $1.5M | New |
| HOOD Robinhood Markets Inc. Class A | 0.16% | 14,338 | $1.4M | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.14% | 80,480 | $1.3M | Reduce -95.4% |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.12% | 414,632 | $1.0M | Reduce -81.9% |
| AXIAY Axia Energia-ADR | 0.12% | 98,495 | $1.0M | Add +7565.0% |
| AMAT Applied Materials Inc. | 0.10% | 1,250 | $904K | New |
| CIG Cia Energetica DE-Spon ADR | 0.10% | 412,092 | $865K | Add +11.9% |
| PURR Hyperliquid Strategies | 0.10% | 109,330 | $860K | New |
| VRT Vertiv Holdings Co. Class A | 0.09% | 2,454 | $822K | New |
| FXI iShares China Large-Cap ETF | 0.09% | 25,370 | $801K | No change |
| LRCX Lam Research Corp. | 0.08% | 1,725 | $747K | Add +0.0% |
| VNET Vnet Group Inc.-ADR | 0.07% | 79,788 | $641K | New |
| INTC Intel Corp. | 0.07% | 4,590 | $641K | New |
| WULF Terawulf Inc. | 0.07% | 25,841 | $638K | New |
| APTV Aptiv PLC | 0.07% | 10,370 | $637K | New |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.06% | 291 | $579K | New |
| SUZ Suzano SA - Spon ADR | 0.03% | 37,621 | $292K | Reduce -24.6% |
| PAX Patria Investments Ltd. Class A | 0.02% | 18,540 | $204K | New |
| QCOM Qualcomm Inc. | 0.02% | 1,030 | $190K | New |
| ABEV Ambev SA-ADR | 0.02% | 50,872 | $160K | Reduce -27.8% |
| AZUL Azul SA-Spon ADR | 0.02% | 15,676 | $141K | New |
| BCH Banco DE Chile-ADR | 0.01% | 3,131 | $124K | Add +117.0% |
| TIMB Tim SA-ADR | 0.01% | 5,670 | $121K | New |
| AXICY Axia Energia-ADR Pref C | 0.00% | 1,809 | $19K | Reduce -99.7% |
| CSANY Cosan SA -ADR | 0.00% | 425 | $1K | New |
Portfolio Sells Q1 2026 → Q2 2026
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −10.01 |
| PBR.A Petroleo Brasil-SP Pref ADR | Reduce -85.6% | 1.62% | −9.12 |
| VALE Vale SA-SP ADR | Reduce -92.8% | 0.67% | −6.68 |
| STNE Stoneco Ltd. Class A | Reduce -61.1% | 3.63% | −5.47 |
| MCHI iShares MSCI China ETF | Sold out | 0.00% | −4.55 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −3.08 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -95.4% | 0.14% | −2.85 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −2.13 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −1.39 |
| NVDA Nvidia Corp. | Reduce -57.2% | 2.51% | −1.31 |
| GGB Gerdau SA -Spon ADR | Sold out | 0.00% | −1.28 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.86 |
| SN Sharkninja Inc. | Reduce -88.7% | 0.20% | −0.72 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.71 |
| AXICY Axia Energia-ADR Pref C | Reduce -99.7% | 0.00% | −0.61 |
| INTR Inter & Co. Inc. Class A | Reduce -15.1% | 2.06% | −0.60 |
| OIH Vaneck Oil Services ETF | Sold out | 0.00% | −0.56 |
| CEPU Central Puerto-Sponsored ADR | Sold out | 0.00% | −0.51 |
| GRND Grindr Inc. | Sold out | 0.00% | −0.46 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.41 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.37 |
| EVEX Eve Holding Inc. | Reduce -81.9% | 0.12% | −0.36 |
| LUXE Luxexperience BV | Sold out | 0.00% | −0.35 |
| ELPC Cia Paranaense DE Ener-ADR | Reduce -48.3% | 0.60% | −0.29 |
| CEPT Cantor Equity Partners Class A | Sold out | 0.00% | −0.28 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.27 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.26 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -60.4% | 0.23% | −0.23 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −0.20 |
| SOLS Solstice Adv Materials Inc. | Sold out | 0.00% | −0.19 |
| PGY Pagaya Technologies Ltd. Class A | Sold out | 0.00% | −0.17 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.17 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -51.7% | 1.52% | −0.15 |
| NYAX Nayax Ltd. | Sold out | 0.00% | −0.10 |
| JBL Jabil Inc. | Sold out | 0.00% | −0.09 |
| IREN Iren Ltd. | Sold out | 0.00% | −0.08 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -24.3% | 4.04% | −0.05 |
| BSBR Banco Santander Brasil-ADS | Sold out | 0.00% | −0.04 |
| CENTRAIS ELET BRAS SA | Sold out | 0.00% | −0.03 |
| UGP Ultrapar Particpac-Spon ADR | Reduce -27.2% | 0.21% | −0.03 |
| ENIC Enel Chile SA-ADR | Sold out | 0.00% | −0.01 |
| SUZ Suzano SA - Spon ADR | Reduce -24.6% | 0.03% | −0.01 |
| STLD Steel Dynamics Inc. | Sold out | 0.00% | −0.01 |
| EWZS iShares MSCI Brazil Small-Ca | Sold out | 0.00% | −0.00 |
| BRBI BR Advisory Partners Partici | Sold out | 0.00% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.00 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | 0.00 |
| ABEV Ambev SA-ADR | Reduce -27.8% | 0.02% | +0.00 |
| BAP Credicorp Ltd. | Reduce -34.8% | 1.91% | +0.00 |
| BBD Banco Bradesco-ADR | Reduce -19.8% | 3.42% | +0.06 |
Portfolio Buys Q1 2026 → Q2 2026
| XP XP Inc. Class A | Add +305.5% | 8.72% | +6.83 |
| PAM Pampa Energia SA-Spon ADR | Add +234.7% | 5.01% | +3.80 |
| HAL Halliburton Co. | New | 3.31% | +3.31 |
| LTM Latam Airlines Group SA-ADR | Add +18.7% | 6.79% | +3.16 |
| TGS Transportador Gas-ADR SP B | Add +77.1% | 6.01% | +3.06 |
| RIO Rio Tinto PLC-Spon ADR | Add +534.3% | 3.26% | +2.88 |
| MSFT Microsoft Corp. | New | 2.68% | +2.68 |
| TEO Telecom Argentina SA-SP ADR | Add +216.7% | 3.36% | +2.65 |
| IFS Intercorp Financial Services | Add +200673.0% | 2.55% | +2.55 |
| GOOGL Alphabet Inc. Class A | New | 2.44% | +2.44 |
| FCX Freeport-McMoran Inc. | New | 2.41% | +2.41 |
| MU Micron Technology Inc. | Add +7845.6% | 2.20% | +2.19 |
| EMBJ Embraer SA-Spon ADR | Add +42.4% | 3.58% | +1.83 |
| MA Mastercard Inc. Class A | New | 1.81% | +1.81 |
| V Visa Inc. Class A | New | 1.74% | +1.74 |
| META Meta Platforms Inc. Class A | Add +206.9% | 1.63% | +1.23 |
| BSAC Banco Santander-Chile-ADR | Add +496.2% | 1.23% | +1.08 |
| LITE Lumentum Holdings Inc. | New | 0.85% | +0.85 |
| WDC Western Digital Corp. | New | 0.80% | +0.80 |
| CIB Grupo Cibest SA-ADR | Add +507.9% | 0.87% | +0.77 |
| COHR Coherent Corp. | New | 0.74% | +0.74 |
| EWZ iShares MSCI Brazil ETF | Add +17.9% | 2.23% | +0.66 |
| AAOI Applied Optoelectronics Inc. | Add +0.0% | 0.59% | +0.59 |
| STX Seagate Technology Holdings | New | 0.56% | +0.56 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.47% | +0.47 |
| SPOT Spotify Technology SA | New | 0.44% | +0.44 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.44% | +0.44 |
| ONON On Holding AG Class A | New | 0.43% | +0.43 |
| BKNG Booking Holdings Inc. | New | 0.40% | +0.40 |
| AVGO Broadcom Inc. | New | 0.30% | +0.30 |
| AAPL Apple Inc. | New | 0.25% | +0.25 |
| TER Teradyne Inc. | New | 0.21% | +0.21 |
| ACMR Acm Research Inc. Class A | New | 0.20% | +0.20 |
| BMA Banco Macro SA-ADR | New | 0.19% | +0.19 |
| ORCL Oracle Corp. | New | 0.19% | +0.19 |
| COST Costco Wholesale Corp. | New | 0.17% | +0.17 |
| WMT Walmart Inc. | New | 0.17% | +0.17 |
| NTRA Natera Inc. | New | 0.16% | +0.16 |
| HOOD Robinhood Markets Inc. Class A | New | 0.16% | +0.16 |
| AXIAY Axia Energia-ADR | Add +7565.0% | 0.12% | +0.11 |
| AMAT Applied Materials Inc. | New | 0.10% | +0.10 |
| PURR Hyperliquid Strategies | New | 0.10% | +0.10 |
| VRT Vertiv Holdings Co. Class A | New | 0.09% | +0.09 |
| LRCX Lam Research Corp. | Add +0.0% | 0.08% | +0.08 |
| INTC Intel Corp. | New | 0.07% | +0.07 |
| VNET Vnet Group Inc.-ADR | New | 0.07% | +0.07 |
| WULF Terawulf Inc. | New | 0.07% | +0.07 |
| APTV Aptiv PLC | New | 0.07% | +0.07 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.06% | +0.06 |
| CIG Cia Energetica DE-Spon ADR | Add +11.9% | 0.10% | +0.02 |
Options Activity Q1 2026 → Q2 2026
| PUT - EEM 100 @ 56 EXP 04/17/2026 | put | Sold out | 17,000 | $2.3Mbefore exit |
| PUT - EWY 100 @ 100 EXP 05/15/2026 | put | Sold out | 2,091 | $612Kbefore exit |
| PUT - SMH 100 @ 375 EXP 04/10/2026 | put | Sold out | 700 | $476Kbefore exit |
| PUT - JETS 100 @ 22 EXP 04/17/2026 | put | Sold out | 6,000 | $222Kbefore exit |
| CALL- IGV 100 @ 90 EXP 06/18/2026 | call | Sold out | 1,300 | $197Kbefore exit |
| CALL- IWM 100 @ 280 EXP 06/18/2026 | call | Sold out | 1,000 | $184Kbefore exit |
| CALL- IWM 100 @ 290 EXP 06/18/2026 | call | Sold out | 1,000 | $79Kbefore exit |
| CALL- PBR 100 @ 29 EXP 04/17/2026 | call | Sold out | 3,850 | $11Kbefore exit |
| CALL- CRWV 100 @ 150 EXP 06/18/2026 | call | Sold out | 100 | $8Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 77 | $898.0M | XP, LTM, TGS, PAM, VINP |
| Q1 2026 | 69 | $1.2B | PBR.A, XLP, STNE, VALE, MCHI |
| Q4 2025 | 63 | $977.0M | STNE, KWEB, XP, PBR, BAP |
| Q3 2025 | 129 | $1.2B | VALE, PBR, EEM, EWZ, CPA |
| Q2 2025 | 95 | $1.1B | IJR, VST, PBR, TLN, CPA |
| Q1 2025 | 90 | $773.0M | VALE, IJR, MDY, CPA, VINP |
| Q4 2024 | 78 | $662.2M | MDY, IJR, CPA, VINP, VALE |
| Q3 2024 | 50 | $749.0M | RSP, EEM, VALE, PAGS, CPA |
| Q2 2024 | 55 | $658.8M | VALE, CPA, VINP, XOP, TSM |
| Q1 2024 | 75 | $1.1B | VALE, LQD, PBR, XLV, STNE |