SPX Gestao de Recursos Ltda
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed August 23, 2024), SPX Gestao de Recursos Ltda reported 75 stock positions worth $1.1 billion. Its top holding was Vale SA-SP ADR (VALE) at 14.6% of the portfolio, followed by Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 13.3%) and Petroleo Brasileiro-Spon ADR (PBR, 6.4%). Compared with Q4 2023, it opened 36 new positions, sold out of 23, added to 21 and reduced 16. The biggest buy was Ishr Ibx Usd Invgd CB ETF-Ui (LQD, shares +203%) and the biggest sale an exit from iShares 1-5Y Inv Grade (IGSB).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $1.1B (Q1 2024)
- SEC Filing
- 0001589176-24-000006 ↗ filed Aug 23, 2024
Holdings Value
Holdings 75 stocks · $1.1B
| VALE Vale SA-SP ADR | 14.61% | 13,681,825 | $166.8M | Add +59.4% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 13.28% | 1,391,268 | $151.5M | Add +202.5% |
| PBR Petroleo Brasileiro-Spon ADR | 6.40% | 4,802,661 | $73.0M | Reduce -37.0% |
| XLV SS Health Care Select Sector | 3.83% | 296,000 | $43.7M | New |
| STNE Stoneco Ltd. Class A | 3.68% | 2,528,886 | $42.0M | New |
| VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD | 3.47% | 3,503,405 | $39.6M | Add +585.8% |
| CPA Copa Holdings SA Class A | 3.28% | 358,918 | $37.4M | Add +27.5% |
| SRE Sempra | 2.87% | 456,130 | $32.8M | New |
| GS Goldman Sachs Group Inc. | 2.47% | 67,474 | $28.2M | New |
| FCX Freeport-McMoran Inc. | 2.46% | 596,800 | $28.1M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 2.45% | 425,353 | $27.9M | New |
| XLE SS Energy Select Sector | 2.39% | 289,000 | $27.3M | Add +88.9% |
| EMBJ Embraer SA-Spon ADR | 2.21% | 949,092 | $25.3M | Reduce -49.4% |
| CALF PCR US SM CP CSH CWS ETF-Usd | 2.11% | 490,265 | $24.1M | New |
| RIO Rio Tinto PLC-Spon ADR | 2.10% | 375,182 | $23.9M | Reduce -52.6% |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.99% | 1,525,703 | $22.7M | Add +84.5% |
| INTR Inter & Co. Inc. Class A | 1.77% | 3,541,260 | $20.2M | Add +877.8% |
| BIDU Baidu Inc. - Spon ADR | 1.75% | 189,817 | $20.0M | Add +105.0% |
| XLI SS Industrial Select Sector | 1.61% | 145,756 | $18.4M | New |
| ELP Companhia Paranaense DE Ener | 1.25% | 1,854,299 | $14.3M | Add +2.7% |
| SHEL Shell PLC-ADR | 1.24% | 210,680 | $14.1M | Add +97.8% |
| BP BP PLC-Spons ADR | 1.19% | 359,175 | $13.5M | Add +13.8% |
| TSM Taiwan Semiconductor-SP ADR | 1.13% | 94,782 | $12.9M | New |
| XLF SS Financial Select Sector | 1.09% | 296,000 | $12.5M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.05% | 1,721,832 | $11.9M | Reduce -57.2% |
| MSFT Microsoft Corp. | 1.03% | 28,000 | $11.8M | New |
| JPM JPMorgan Chase & Co. | 0.97% | 55,378 | $11.1M | New |
| MS Morgan Stanley | 0.97% | 117,610 | $11.1M | New |
| AMD Advanced Micro Devices | 0.95% | 60,300 | $10.9M | New |
| SO The Southern Co. | 0.94% | 150,300 | $10.8M | New |
| NVDA Nvidia Corp. | 0.94% | 11,814 | $10.7M | Reduce -43.9% |
| GGB Gerdau SA -Spon ADR | 0.79% | 2,032,740 | $9.0M | Add +190.9% |
| AMZN Amazon.com Inc. | 0.65% | 41,000 | $7.4M | New |
| ETR Entergy Corp. | 0.63% | 67,990 | $7.2M | New |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.62% | 357,672 | $7.1M | Reduce -17.7% |
| EC Ecopetrol SA-Sponsored ADR | 0.60% | 575,335 | $6.8M | Reduce -56.2% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.58% | 396,679 | $6.7M | Add +12.1% |
| EG Everest Group Ltd. | 0.57% | 16,480 | $6.6M | New |
| CIG Cia Energetica DE-Spon ADR | 0.55% | 2,529,735 | $6.2M | Add +24.8% |
| SCCO Southern Copper Corp. | 0.53% | 57,000 | $6.1M | New |
| HDB HDFC Bank Ltd.-ADR | 0.52% | 106,433 | $6.0M | No change |
| EMB iShares JP Morgan Usd Emergi | 0.51% | 65,000 | $5.8M | Reduce -69.0% |
| PDD PDD Holdings Inc. | 0.51% | 50,000 | $5.8M | Reduce -22.4% |
| VSTA Vasta Platform Ltd. | 0.50% | 1,414,705 | $5.7M | Add +88.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.48% | 206,835 | $5.5M | Reduce -47.9% |
| ABEV Ambev SA-ADR | 0.45% | 2,091,400 | $5.2M | Add +333.3% |
| LAZ Lazard Inc. | 0.37% | 101,962 | $4.3M | New |
| JEF Jefferies Financial Group Inc. | 0.35% | 91,130 | $4.0M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 87,300 | $3.3M | New |
| WDC Western Digital Corp. | 0.29% | 48,000 | $3.3M | New |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.27% | 449,877 | $3.0M | Add +10517.8% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.26% | 353,764 | $3.0M | Add +655.8% |
| BSBR Banco Santander Brasil-ADS | 0.26% | 516,046 | $3.0M | Reduce -27.9% |
| QCOM Qualcomm Inc. | 0.25% | 17,000 | $2.9M | New |
| UBS UBS Group AG-Reg | 0.23% | 86,700 | $2.7M | New |
| PAGS Pagseguro Digital Ltd. Class A | 0.23% | 185,823 | $2.7M | Reduce -95.1% |
| MAR Marriott International Class A | 0.19% | 8,600 | $2.2M | New |
| XHB SS SPDR S&P Homebldrs ETF | 0.17% | 17,000 | $1.9M | New |
| SUZ Suzano SA - Spon ADR | 0.16% | 145,924 | $1.9M | Add +146.2% |
| TGS Transportador Gas-ADR SP B | 0.15% | 115,956 | $1.8M | New |
| IBIT iShares Bitcoin Trust ETF | 0.13% | 36,850 | $1.5M | New |
| ASAIY Sendas Distribuidora SA | 0.09% | 72,126 | $1.1M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.06% | 1,407 | $736K | Reduce -67.7% |
| VTRU Vitru Ltd. | 0.06% | 47,129 | $709K | Reduce -16.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.06% | 58,947 | $703K | New |
| AMBIQ Ambipar Emergency Response | 0.05% | 108,073 | $573K | Reduce -3.5% |
| CSANY Cosan SA -ADR | 0.04% | 37,257 | $482K | Add +670.1% |
| BBD Banco Bradesco-ADR | 0.03% | 103,856 | $297K | New |
| AXICY Centrais Eletricas Brasileir | 0.02% | 20,673 | $191K | Add +393.5% |
| VIV Telefonica Brasil-ADR | 0.01% | 6,669 | $67K | Reduce -90.7% |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.01% | 5,761 | $64K | New |
| AZUL S A | 0.00% | 2,100 | $16K | New |
| EWZS iShares MSCI Brazil Small-Ca | 0.00% | 400 | $6K | No change |
| UGP Ultrapar Particpac-Spon ADR | 0.00% | 161 | $921 | New |
| ENIC Enel Chile SA-ADR | 0.00% | 269 | $820 | New |
Options reported separately and not counted above: CALL- SPY 100 @ 540 EXP 07/19/2024 calls ($2.7M), CALL- IWM 100 @ 218 EXP 04/19/2024 calls ($1.3M), PUT - AAPL 100 @ 175 EXP 05/17/2024 puts ($1.1M), CALL- SPY 100 @ 525 EXP 06/21/2024 calls ($449K), PUT - SPY 100 @ 519 EXP 04/01/2024 puts ($248K), PUT - EEM 100 @ 40 EXP 04/05/2024 puts ($175K), CALL- EWZ 100 @ 37 EXP 12/20/2024 calls ($60K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $1.4M (not counted above)
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q4 2023 → Q1 2024
| IGSB iShares 1-5Y Inv Grade Corp. | Sold out | 0.00% | −19.69 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −8.18 |
| EXTOY Almacenes Exito SA-ADR | Sold out | 0.00% | −5.54 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −5.23 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -95.1% | 0.23% | −3.41 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -37.0% | 6.40% | −3.04 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -52.6% | 2.10% | −2.48 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −2.03 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.18 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -57.2% | 1.05% | −1.12 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.10 |
| EMB iShares JP Morgan Usd Emergi | Reduce -69.0% | 0.51% | −0.94 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.84 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.74 |
| HES Hess Corp. | Sold out | 0.00% | −0.65 |
| EC Ecopetrol SA-Sponsored ADR | Reduce -56.2% | 0.60% | −0.62 |
| EMBJ Embraer SA-Spon ADR | Reduce -49.4% | 2.21% | −0.47 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.26 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -47.9% | 0.48% | −0.26 |
| PAX Patria Investments Ltd. Class A | Sold out | 0.00% | −0.24 |
| PDD PDD Holdings Inc. | Reduce -22.4% | 0.51% | −0.22 |
| BAK Braskem SA Class A- ADR | Sold out | 0.00% | −0.16 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.11 |
| BSBR Banco Santander Brasil-ADS | Reduce -27.9% | 0.26% | −0.11 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -67.7% | 0.06% | −0.10 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Sold out | 0.00% | −0.09 |
| OMAB Grupo Aeroportuario Cen-ADR | Sold out | 0.00% | −0.09 |
| VIV Telefonica Brasil-ADR | Reduce -90.7% | 0.01% | −0.06 |
| BSAC Banco Santander-Chile-ADR | Sold out | 0.00% | −0.05 |
| EVEX Eve Holding Inc. | Sold out | 0.00% | −0.02 |
| AMBIQ Ambipar Emergency Response | Reduce -3.5% | 0.05% | −0.02 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.01 |
| NTCOY Natura &co Holding-ADR | Sold out | 0.00% | −0.01 |
| VTRU Vitru Ltd. | Reduce -16.6% | 0.06% | −0.01 |
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −0.01 |
| PAM Pampa Energia SA-Spon ADR | Sold out | 0.00% | −0.00 |
| YPF YPF S.A.-Sponsored ADR | Reduce -17.7% | 0.62% | +0.04 |
| NVDA Nvidia Corp. | Reduce -43.9% | 0.94% | +0.13 |
Portfolio Buys Q4 2023 → Q1 2024
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +202.5% | 13.28% | +9.33 |
| VALE Vale SA-SP ADR | Add +59.4% | 14.61% | +4.05 |
| XLV SS Health Care Select Sector | New | 3.83% | +3.83 |
| STNE Stoneco Ltd. Class A | New | 3.68% | +3.68 |
| VINP Vinci Compass Investments LT | Add +585.8% | 3.47% | +3.03 |
| SRE Sempra | New | 2.87% | +2.87 |
| GS Goldman Sachs Group Inc. | New | 2.47% | +2.47 |
| FCX Freeport-McMoran Inc. | New | 2.46% | +2.46 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 2.45% | +2.45 |
| CALF PCR US SM CP CSH CWS ETF-Usd | New | 2.11% | +2.11 |
| INTR Inter & Co. Inc. Class A | Add +877.8% | 1.77% | +1.62 |
| XLI SS Industrial Select Sector | New | 1.61% | +1.61 |
| XLE SS Energy Select Sector | Add +88.9% | 2.39% | +1.40 |
| TSM Taiwan Semiconductor-SP ADR | New | 1.13% | +1.13 |
| XLF SS Financial Select Sector | New | 1.09% | +1.09 |
| MSFT Microsoft Corp. | New | 1.03% | +1.03 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +84.5% | 1.99% | +1.01 |
| JPM JPMorgan Chase & Co. | New | 0.97% | +0.97 |
| MS Morgan Stanley | New | 0.97% | +0.97 |
| AMD Advanced Micro Devices | New | 0.95% | +0.95 |
| CPA Copa Holdings SA Class A | Add +27.5% | 3.28% | +0.95 |
| SO The Southern Co. | New | 0.94% | +0.94 |
| BIDU Baidu Inc. - Spon ADR | Add +105.0% | 1.75% | +0.90 |
| SHEL Shell PLC-ADR | Add +97.8% | 1.24% | +0.69 |
| AMZN Amazon.com Inc. | New | 0.65% | +0.65 |
| ETR Entergy Corp. | New | 0.63% | +0.63 |
| EG Everest Group Ltd. | New | 0.57% | +0.57 |
| SCCO Southern Copper Corp. | New | 0.53% | +0.53 |
| GGB Gerdau SA -Spon ADR | Add +190.9% | 0.79% | +0.52 |
| LAZ Lazard Inc. | New | 0.37% | +0.37 |
| JEF Jefferies Financial Group Inc. | New | 0.35% | +0.35 |
| ABEV Ambev SA-ADR | Add +333.3% | 0.45% | +0.35 |
| BP BP PLC-Spons ADR | Add +13.8% | 1.19% | +0.32 |
| BAC Bank of America Corp. | New | 0.29% | +0.29 |
| WDC Western Digital Corp. | New | 0.29% | +0.29 |
| ELPC Cia Paranaense DE Ener-ADR | Add +10517.8% | 0.27% | +0.26 |
| QCOM Qualcomm Inc. | New | 0.25% | +0.25 |
| VSTA Vasta Platform Ltd. | Add +88.2% | 0.50% | +0.24 |
| UBS UBS Group AG-Reg | New | 0.23% | +0.23 |
| AXIAY Axia Energia-ADR | Add +655.8% | 0.26% | +0.23 |
| MAR Marriott International Class A | New | 0.19% | +0.19 |
| CIG Cia Energetica DE-Spon ADR | Add +24.8% | 0.55% | +0.18 |
| SBS Cia Saneamento Basico DE-ADR | Add +12.1% | 0.58% | +0.17 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.17% | +0.17 |
| TGS Transportador Gas-ADR SP B | New | 0.15% | +0.15 |
| IBIT iShares Bitcoin Trust ETF | New | 0.13% | +0.13 |
| SUZ Suzano SA - Spon ADR | Add +146.2% | 0.16% | +0.11 |
| ASAIY Sendas Distribuidora SA | New | 0.09% | +0.09 |
| ELP Companhia Paranaense DE Ener | Add +2.7% | 1.25% | +0.07 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.06% | +0.06 |
Options Activity Q4 2023 → Q1 2024
| CALL- SPY 100 @ 540 EXP 07/19/2024 | call | New | 2,787 | $2.7M |
| CALL- IWM 100 @ 218 EXP 04/19/2024 | call | New | 10,000 | $1.3M |
| PUT - EWZ 100 @ 35 EXP 01/05/2024 | put | Sold out | 25,000 | $1.2Mbefore exit |
| PUT - AAPL 100 @ 175 EXP 05/17/2024 | put | New | 1,500 | $1.1M |
| PUT - EWZ 100 @ 34.5 EXP 01/05/2024 | put | Sold out | 40,000 | $1.1Mbefore exit |
| PUT - SPY 100 @ 469 EXP 01/05/2024 | put | Sold out | 16,000 | $712Kbefore exit |
| CALL- SPY 100 @ 525 EXP 06/21/2024 | call | New | 300 | $449K |
| PUT - SPY 100 @ 519 EXP 04/01/2024 | put | New | 15,000 | $248K |
| PUT - EEM 100 @ 40 EXP 04/05/2024 | put | New | 70,000 | $175K |
| CALL- EWZ 100 @ 37 EXP 12/20/2024 | call | New | 557 | $60K |
| PUT - EWT 100 @ 45.26 EXP 02/16/2024 | put | Sold out | 55 | $4Kbefore exit |
| PUT - EWT 100 @ 44.07 EXP 01/19/2024 | put | Sold out | 83 | $2Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | Add +0.2% | 1,728,708 | $519K |
| BBDO Banco Bradesco-ADR | SPONSORED ADR | Reduce -100.0% | 0 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |