SPX Gestao de Recursos Ltda
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 26, 2024), SPX Gestao de Recursos Ltda reported 55 stock positions worth $658.8 million. Its top holding was Vale SA-SP ADR (VALE) at 37.2% of the portfolio, followed by Copa Class A (CPA, 6.0%) and Vinci Compass Investments LT (VINP, 5.7%). Compared with Q1 2024, it opened 12 new positions, sold out of 30, added to 16 and reduced 27. The biggest buy was Vale SA-SP ADR (VALE, shares +61%) and the biggest sale an exit from Ishr Ibx Usd Invgd CB ETF-Ui (LQD).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $658.8M (Q2 2024)
- SEC Filing
- 0001589176-24-000007 ↗ filed Aug 26, 2024
Holdings Value
Holdings 55 stocks · $658.8M
| VALE Vale SA-SP ADR | 37.25% | 21,969,937 | $245.4M | Add +60.6% |
| CPA Copa Holdings SA Class A | 6.04% | 417,764 | $39.8M | Add +16.4% |
| VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD | 5.70% | 3,447,090 | $37.6M | Reduce -1.6% |
| XOP SS SPDR S&P Og Exp & Prod | 3.79% | 171,674 | $25.0M | New |
| TSM Taiwan Semiconductor-SP ADR | 3.68% | 139,645 | $24.3M | Add +47.3% |
| STNE Stoneco Ltd. Class A | 3.06% | 1,682,250 | $20.2M | Reduce -33.5% |
| BP BP PLC-Spons ADR | 2.66% | 485,235 | $17.5M | Add +35.1% |
| EMBJ Embraer SA-Spon ADR | 2.59% | 661,828 | $17.1M | Reduce -30.3% |
| BIDU Baidu Inc. - Spon ADR | 2.48% | 188,979 | $16.3M | Reduce -0.4% |
| INTR Inter & Co. Inc. Class A | 2.35% | 2,519,106 | $15.5M | Reduce -28.9% |
| NVDA Nvidia Corp. | 2.32% | 123,540 | $15.3M | Add +4.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.14% | 25,881 | $14.1M | Add +1739.5% |
| PBR Petroleo Brasileiro-Spon ADR | 1.87% | 852,182 | $12.3M | Reduce -82.3% |
| XLF SS Financial Select Sector | 1.83% | 293,507 | $12.1M | Reduce -0.8% |
| GS Goldman Sachs Group Inc. | 1.69% | 24,678 | $11.2M | Reduce -63.4% |
| JPM JPMorgan Chase & Co. | 1.54% | 50,289 | $10.2M | Reduce -9.2% |
| EWY iShares MSCI South Korea ETF | 1.50% | 150,000 | $9.9M | New |
| ELP Companhia Paranaense DE Ener | 1.44% | 1,421,130 | $9.5M | Reduce -23.4% |
| RSP Invesco S&P 500 Equal Weight | 1.39% | 55,850 | $9.2M | New |
| LAZ Lazard Inc. | 1.34% | 231,452 | $8.8M | Add +127.0% |
| GGB Gerdau SA -Spon ADR | 1.10% | 2,202,470 | $7.3M | Add +8.3% |
| SRE Sempra | 0.93% | 80,876 | $6.2M | Reduce -82.3% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.92% | 442,228 | $6.0M | Reduce -71.0% |
| CIG Cia Energetica DE-Spon ADR | 0.89% | 3,319,804 | $5.8M | Add +31.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.84% | 945,695 | $5.5M | Reduce -45.1% |
| META Meta Platforms Inc. Class A | 0.77% | 10,080 | $5.1M | New |
| XLE SS Energy Select Sector | 0.65% | 47,240 | $4.3M | Reduce -83.7% |
| PDD PDD Holdings Inc. | 0.63% | 31,000 | $4.1M | Reduce -38.0% |
| IBN Icici Bank Ltd.-Spon ADR | 0.62% | 142,918 | $4.1M | Reduce -30.9% |
| MU Micron Technology Inc. | 0.62% | 31,000 | $4.1M | New |
| ABEV Ambev SA-ADR | 0.55% | 1,754,270 | $3.6M | Reduce -16.1% |
| TGS Transportador Gas-ADR SP B | 0.53% | 185,512 | $3.5M | Add +60.0% |
| HDB HDFC Bank Ltd.-ADR | 0.52% | 53,217 | $3.4M | Reduce -50.0% |
| MS Morgan Stanley | 0.51% | 34,500 | $3.4M | Reduce -70.7% |
| VSTA Vasta Platform Ltd. | 0.49% | 1,061,668 | $3.2M | Reduce -24.9% |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.41% | 458,294 | $2.7M | Add +1.9% |
| BBD Banco Bradesco-ADR | 0.39% | 1,138,185 | $2.5M | Add +995.9% |
| KOS Kosmos Energy Ltd. | 0.29% | 347,220 | $1.9M | New |
| EWZ iShares MSCI Brazil ETF | 0.25% | 59,790 | $1.6M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.23% | 22,791 | $1.5M | Reduce -93.9% |
| SUZ Suzano SA - Spon ADR | 0.22% | 141,901 | $1.5M | Reduce -2.8% |
| AZUL S A | 0.18% | 292,565 | $1.2M | Add +13831.7% |
| CCL Carnival Corp. | 0.16% | 54,800 | $1.0M | New |
| ASAIY Sendas Distribuidora SA | 0.12% | 81,733 | $760K | Add +13.3% |
| EWJ iShares MSCI Japan ETF | 0.10% | 10,000 | $682K | New |
| BSBR Banco Santander Brasil-ADS | 0.08% | 101,596 | $502K | Reduce -80.3% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.07% | 74,056 | $476K | Reduce -79.1% |
| AMBIQ Ambipar Emergency Response | 0.05% | 88,277 | $346K | Reduce -18.3% |
| AXICY Centrais Eletricas Brasileir | 0.05% | 47,776 | $339K | Add +131.1% |
| CSANY Cosan SA -ADR | 0.05% | 30,745 | $299K | Reduce -17.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.04% | 545 | $261K | New |
| VIV Telefonica Brasil-ADR | 0.03% | 24,333 | $200K | Add +264.9% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.03% | 14,532 | $195K | Reduce -96.3% |
| BRFS BRF SA-ADR | 0.01% | 14,177 | $58K | New |
| CIG.C Cia Energetica DE-Spon ADR | 0.00% | 3,214 | $8K | New |
Options reported separately and not counted above: CALL- TLT 100 @ 98 EXP 04/17/2025 calls ($4.5M), CALL- NVDA 100 @ 130 EXP 07/19/2024 calls ($2.8M), CALL- TLT 100 @ 100 EXP 12/20/2024 calls ($2.1M), PUT - FEZ 100 @ 49.5 EXP 07/05/2024 puts ($575K), CALL- SPY 100 @ 550 EXP 07/05/2024 calls ($555K), CALL- EWZ 100 @ 30 EXP 07/19/2024 calls ($220K), CALL- TSM 100 @ 180 EXP 07/19/2024 calls ($217K), CALL- QQQ 100 @ 500 EXP 08/16/2024 calls ($159K), CALL- TSM 100 @ 200 EXP 07/19/2024 calls ($157K), PUT - QQQ 100 @ 470 EXP 07/19/2024 puts ($124K), CALL- EWJ 100 @ 69 EXP 07/19/2024 calls ($60K), CALL- AAPL 100 @ 220 EXP 07/19/2024 calls ($31K), and 2 more.
Other holdings (3): bonds, preferreds, convertibles and warrants · $839K (not counted above)
Total filed on the 13F, all lines: $659.7M.
Portfolio Sells Q1 2024 → Q2 2024
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −13.28 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -82.3% | 1.87% | −4.53 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −3.83 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −2.46 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −2.45 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −2.11 |
| SRE Sempra | Reduce -82.3% | 0.93% | −1.94 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -93.9% | 0.23% | −1.87 |
| XLE SS Energy Select Sector | Reduce -83.7% | 0.65% | −1.74 |
| XLI SS Industrial Select Sector | Sold out | 0.00% | −1.61 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −1.24 |
| PBR.A Petroleo Brasil-SP Pref ADR | Reduce -71.0% | 0.92% | −1.08 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −1.03 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.95 |
| SO The Southern Co. | Sold out | 0.00% | −0.94 |
| GS Goldman Sachs Group Inc. | Reduce -63.4% | 1.69% | −0.77 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.65 |
| ETR Entergy Corp. | Sold out | 0.00% | −0.63 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.62 |
| STNE Stoneco Ltd. Class A | Reduce -33.5% | 3.06% | −0.62 |
| EC Ecopetrol SA-Sponsored ADR | Sold out | 0.00% | −0.60 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.57 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -96.3% | 0.03% | −0.56 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | −0.53 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −0.51 |
| MS Morgan Stanley | Reduce -70.7% | 0.51% | −0.46 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.35 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.29 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.29 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.25 |
| UBS UBS Group AG-Reg | Sold out | 0.00% | −0.23 |
| PAGS Pagseguro Digital Ltd. Class A | Sold out | 0.00% | −0.23 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -45.1% | 0.84% | −0.21 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.19 |
| AXIAY Axia Energia-ADR | Reduce -79.1% | 0.07% | −0.19 |
| BSBR Banco Santander Brasil-ADS | Reduce -80.3% | 0.08% | −0.18 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.17 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.13 |
| VTRU Vitru Ltd. | Sold out | 0.00% | −0.06 |
| VSTA Vasta Platform Ltd. | Reduce -24.9% | 0.49% | −0.01 |
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -50.0% | 0.52% | −0.00 |
| EWZS iShares MSCI Brazil Small-Ca | Sold out | 0.00% | −0.00 |
| ENIC Enel Chile SA-ADR | Sold out | 0.00% | −0.00 |
| AMBIQ Ambipar Emergency Response | Reduce -18.3% | 0.05% | +0.00 |
| CSANY Cosan SA -ADR | Reduce -17.5% | 0.05% | +0.00 |
| SUZ Suzano SA - Spon ADR | Reduce -2.8% | 0.22% | +0.06 |
| ABEV Ambev SA-ADR | Reduce -16.1% | 0.55% | +0.09 |
| PDD PDD Holdings Inc. | Reduce -38.0% | 0.63% | +0.12 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -30.9% | 0.62% | +0.15 |
Portfolio Buys Q1 2024 → Q2 2024
| VALE Vale SA-SP ADR | Add +60.6% | 37.25% | +22.64 |
| XOP SS SPDR S&P Og Exp & Prod | New | 3.79% | +3.79 |
| CPA Copa Holdings SA Class A | Add +16.4% | 6.04% | +2.76 |
| TSM Taiwan Semiconductor-SP ADR | Add +47.3% | 3.68% | +2.55 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1739.5% | 2.14% | +2.07 |
| EWY iShares MSCI South Korea ETF | New | 1.50% | +1.50 |
| BP BP PLC-Spons ADR | Add +35.1% | 2.66% | +1.47 |
| RSP Invesco S&P 500 Equal Weight | New | 1.39% | +1.39 |
| NVDA Nvidia Corp. | Add +4.6% | 2.32% | +1.38 |
| LAZ Lazard Inc. | Add +127.0% | 1.34% | +0.97 |
| META Meta Platforms Inc. Class A | New | 0.77% | +0.77 |
| MU Micron Technology Inc. | New | 0.62% | +0.62 |
| TGS Transportador Gas-ADR SP B | Add +60.0% | 0.53% | +0.38 |
| BBD Banco Bradesco-ADR | Add +995.9% | 0.39% | +0.36 |
| CIG Cia Energetica DE-Spon ADR | Add +31.2% | 0.89% | +0.34 |
| GGB Gerdau SA -Spon ADR | Add +8.3% | 1.10% | +0.32 |
| KOS Kosmos Energy Ltd. | New | 0.29% | +0.29 |
| EWZ iShares MSCI Brazil ETF | New | 0.25% | +0.25 |
| AZUL S A | Add +13831.7% | 0.18% | +0.18 |
| CCL Carnival Corp. | New | 0.16% | +0.16 |
| ELPC Cia Paranaense DE Ener-ADR | Add +1.9% | 0.41% | +0.14 |
| EWJ iShares MSCI Japan ETF | New | 0.10% | +0.10 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.04% | +0.04 |
| AXICY Centrais Eletricas Brasileir | Add +131.1% | 0.05% | +0.03 |
| VIV Telefonica Brasil-ADR | Add +264.9% | 0.03% | +0.02 |
| ASAIY Sendas Distribuidora SA | Add +13.3% | 0.12% | +0.02 |
| BRFS BRF SA-ADR | New | 0.01% | +0.01 |
| CIG.C Cia Energetica DE-Spon ADR | New | 0.00% | +0.00 |
Options Activity Q1 2024 → Q2 2024
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| EVEX.WS Eve Holdng Inc. -CW25 | *W EXP 05/09/202 | Add +0.1% | 1,557,520 | $475K |
| NU Nu Holdings Ltd./Cayman Isl-A | ORD SHS CL A | Reduce -100.0% | 0 | $0 |
| UGP Ultrapar Particpac-Spon ADR | SP ADR REP COM | Reduce -100.0% | 0 | $0 |
| BAK Braskem SA Class A- ADR | SP ADR PFD A | New | 0 | $0 |
| LRCX Lam Research Corp. | COM | New | 0 | $0 |
| MRK Merck & Co. Inc. | COM | New | 0 | $0 |
| WBTN Webtoon Entertainment Inc. | COM | New | 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 |