SPX Gestao de Recursos Ltda

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed December 12, 2024), SPX Gestao de Recursos Ltda reported 50 stock positions worth $749.0 million. Its top holding was Invesco S&P 500 Equal Weight (RSP) at 21.4% of the portfolio, followed by iShares MSCI Emerging Market (EEM, 14.1%) and Vale SA-SP ADR (VALE, 10.6%). Compared with Q2 2024, it opened 17 new positions, sold out of 23, added to 17 and reduced 16. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +1503%) and the biggest sale Vale SA-SP ADR (VALE, shares −69%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001589176
Portfolio Value
$749.0M (Q3 2024)
SEC Filing
0001589176-24-000011 ↗ filed Dec 12, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B Q1 2024 Q2 2024: $658.8M Q2 2024 Q3 2024: $749.0M $749.0M Q3 2024 Q4 2024: $662.2M Q4 2024 Q1 2025: $773.0M Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $977.0M Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $898.0M Q2 2026

Holdings 50 stocks · $749.0M
RSP Invesco S&P 500 Equal Weight 21.41% 895,000 $160.3M Add +1502.5%
EEM iShares MSCI Emerging Market 14.15% 2,310,955 $106.0M New
VALE Vale SA-SP ADR 10.57% 6,780,214 $79.2M Reduce -69.1%
PAGS Pagseguro Digital Ltd. Class A 5.09% 4,430,978 $38.2M New
CPA Copa Holdings SA Class A 4.82% 385,029 $36.1M Reduce -7.8%
VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD 4.72% 3,562,635 $35.4M Add +3.4%
RIO Rio Tinto PLC-Spon ADR 4.06% 426,922 $30.4M Add +1773.2%
BAP Credicorp Ltd. 2.98% 123,141 $22.3M New
EWY iShares MSCI South Korea ETF 2.95% 345,857 $22.1M Add +130.6%
PBR.A Petroleo Brasil-SP Pref ADR 2.42% 1,374,170 $18.1M Add +210.7%
SPY SS SPDR S&P 500 ETF Trust-US 2.20% 28,717 $16.5M Add +11.0%
XLF SS Financial Select Sector 2.08% 344,320 $15.6M Add +17.3%
NVDA Nvidia Corp. 2.08% 128,063 $15.6M Add +3.7%
XP XP Inc. Class A 1.76% 734,861 $13.2M New
SRE Sempra 1.73% 154,760 $12.9M Add +91.3%
PEG Public Service Enterprise GP 1.35% 113,630 $10.1M New
HUBB Hubbell Inc. 1.33% 23,310 $10.0M New
VST Vistra Corp. 1.32% 83,333 $9.9M New
BBD Banco Bradesco-ADR 1.28% 3,608,320 $9.6M Add +217.0%
TLN Talen Energy Corp. 1.23% 51,810 $9.2M New
META Meta Platforms Inc. Class A 1.03% 13,500 $7.7M Add +33.9%
PBR Petroleo Brasileiro-Spon ADR 1.03% 535,722 $7.7M Reduce -37.1%
CIG Cia Energetica DE-Spon ADR 0.96% 3,491,225 $7.2M Add +5.2%
ELP Companhia Paranaense DE Ener 0.94% 946,562 $7.0M Reduce -33.4%
EG Everest Group Ltd. 0.93% 17,828 $7.0M New
BP BP PLC-Spons ADR 0.89% 211,972 $6.7M Reduce -56.3%
MSFT Microsoft Corp. 0.82% 14,300 $6.2M New
INTR Inter & Co. Inc. Class A 0.79% 883,964 $5.9M Reduce -64.9%
ASML ASML Holding NV-NY Reg SHS 0.56% 5,000 $4.2M New
TSM Taiwan Semiconductor-SP ADR 0.46% 20,000 $3.5M Reduce -85.7%
GGB Gerdau SA -Spon ADR 0.44% 945,138 $3.3M Reduce -57.1%
XLV SS Health Care Select Sector 0.31% 15,000 $2.3M New
LTM Latam Airlines Group SA-ADR 0.29% 82,912 $2.2M New
ITUB Itau Unibanco H-Spon PRF ADR 0.20% 224,662 $1.5M Reduce -76.2%
SUZ Suzano SA - Spon ADR 0.18% 138,315 $1.4M Reduce -2.5%
BSAC Banco Santander-Chile-ADR 0.10% 35,466 $736K New
AXICY Centrais Eletricas Brasileir 0.10% 92,045 $728K Add +92.7%
AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 0.09% 91,101 $659K Add +23.0%
CSANY Cosan SA -ADR 0.08% 65,543 $627K Add +113.2%
STNE Stoneco Ltd. Class A 0.08% 54,159 $610K Reduce -96.8%
EVEX Eve Holding Inc. filed as EVE HLDG INC 0.05% 107,689 $349K New
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.04% 51,311 $321K Reduce -88.8%
AMBIQ Ambipar Emergency Response 0.04% 52,522 $308K Reduce -40.5%
BSBR Banco Santander Brasil-ADS 0.01% 17,472 $92K Reduce -82.8%
AAPL Apple Inc. 0.01% 305 $71K New
BRFS BRF SA-ADR 0.01% 12,352 $54K Reduce -12.9%
CIG.C Cia Energetica DE-Spon ADR 0.01% 16,244 $43K Add +405.4%
ABEV Ambev SA-ADR 0.00% 7,149 $17K Reduce -99.6%
SAN Banco Santander SA-Spon ADR 0.00% 719 $4K New
BBDO Banco Bradesco-ADR 0.00% 229 $561 Add +0.0%

Options reported separately and not counted above: PUT - EEM 100 @ 45 EXP 11/08/2024 puts ($4.9M), CALL- DIS 100 @ 100 EXP 12/20/2024 calls ($780K), PUT - SPY 100 @ 540 EXP 10/18/2024 puts ($387K), PUT - IWM 100 @ 200 EXP 10/18/2024 puts ($305K), CALL- META 100 @ 560 EXP 10/18/2024 calls ($223K), CALL- ASML 100 @ 900 EXP 10/18/2024 calls ($130K), PUT - BRKB 100 @ 430 EXP 10/18/2024 puts ($45K), PUT - BRKB 100 @ 430 EXP 10/25/2024 puts ($39K), PUT - BRKB 100 @ 430 EXP 11/01/2024 puts ($30K), PUT - BRKB 100 @ 425 EXP 10/18/2024 puts ($29K), PUT - TLT 100 @ 92 EXP 11/15/2024 puts ($15K), PUT - BRKB 100 @ 425 EXP 10/25/2024 puts ($10K), and 7 more.

Other holdings (2): bonds, preferreds, convertibles and warrants · $562K (not counted above)
SecurityClassShares / PrincipalValueChange
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 1,728,708$562KNo change
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 1,988$320No change

Total filed on the 13F, all lines: $749.6M.

Portfolio Sells Q2 2024 → Q3 2024
VALE Vale SA-SP ADR Reduce -69.1% 10.57% −26.67
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −3.79
TSM Taiwan Semiconductor-SP ADR Reduce -85.7% 0.46% −3.22
STNE Stoneco Ltd. Class A Reduce -96.8% 0.08% −2.98
EMBJ Embraer SA-Spon ADR Sold out 0.00% −2.59
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −2.48
BP BP PLC-Spons ADR Reduce -56.3% 0.89% −1.77
GS Goldman Sachs Group Inc. Sold out 0.00% −1.69
INTR Inter & Co. Inc. Class A Reduce -64.9% 0.79% −1.57
JPM JPMorgan Chase & Co. Sold out 0.00% −1.54
LAZ Lazard Inc. Sold out 0.00% −1.34
CPA Copa Holdings SA Class A Reduce -7.8% 4.82% −1.21
PBR Petroleo Brasileiro-Spon ADR Reduce -37.1% 1.03% −0.84
GGB Gerdau SA -Spon ADR Reduce -57.1% 0.44% −0.66
XLE SS Energy Select Sector Sold out 0.00% −0.65
ITUB Itau Unibanco H-Spon PRF ADR Reduce -76.2% 0.20% −0.64
PDD PDD Holdings Inc. Sold out 0.00% −0.63
IBN Icici Bank Ltd.-Spon ADR Sold out 0.00% −0.62
MU Micron Technology Inc. Sold out 0.00% −0.62
ABEV Ambev SA-ADR Reduce -99.6% 0.00% −0.54
TGS Transportador Gas-ADR SP B Sold out 0.00% −0.53
HDB HDFC Bank Ltd.-ADR Sold out 0.00% −0.52
MS Morgan Stanley Sold out 0.00% −0.51
ELP Companhia Paranaense DE Ener Reduce -33.4% 0.94% −0.50
VSTA Vasta Platform Ltd. Sold out 0.00% −0.49
ELPC Cia Paranaense DE Ener-ADR Reduce -88.8% 0.04% −0.37
KOS Kosmos Energy Ltd. Sold out 0.00% −0.29
EWZ iShares MSCI Brazil ETF Sold out 0.00% −0.25
AZUL S A Sold out 0.00% −0.18
CCL Carnival Corp. Sold out 0.00% −0.16
ASAIY Sendas Distribuidora SA Sold out 0.00% −0.12
EWJ iShares MSCI Japan ETF Sold out 0.00% −0.10
BSBR Banco Santander Brasil-ADS Reduce -82.8% 0.01% −0.06
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.04
SUZ Suzano SA - Spon ADR Reduce -2.5% 0.18% −0.04
VIV Telefonica Brasil-ADR Sold out 0.00% −0.03
SBS Cia Saneamento Basico DE-ADR Sold out 0.00% −0.03
AMBIQ Ambipar Emergency Response Reduce -40.5% 0.04% −0.01
BRFS BRF SA-ADR Reduce -12.9% 0.01% −0.00

Portfolio Buys Q2 2024 → Q3 2024
RSP Invesco S&P 500 Equal Weight Add +1502.5% 21.41% +20.02
EEM iShares MSCI Emerging Market New 14.15% +14.15
PAGS Pagseguro Digital Ltd. Class A New 5.09% +5.09
RIO Rio Tinto PLC-Spon ADR Add +1773.2% 4.06% +3.83
BAP Credicorp Ltd. New 2.98% +2.98
XP XP Inc. Class A New 1.76% +1.76
PBR.A Petroleo Brasil-SP Pref ADR Add +210.7% 2.42% +1.50
EWY iShares MSCI South Korea ETF Add +130.6% 2.95% +1.45
PEG Public Service Enterprise GP New 1.35% +1.35
HUBB Hubbell Inc. New 1.33% +1.33
VST Vistra Corp. New 1.32% +1.32
TLN Talen Energy Corp. New 1.23% +1.23
EG Everest Group Ltd. New 0.93% +0.93
BBD Banco Bradesco-ADR Add +217.0% 1.28% +0.89
MSFT Microsoft Corp. New 0.82% +0.82
SRE Sempra Add +91.3% 1.73% +0.79
ASML ASML Holding NV-NY Reg SHS New 0.56% +0.56
XLV SS Health Care Select Sector New 0.31% +0.31
LTM Latam Airlines Group SA-ADR New 0.29% +0.29
META Meta Platforms Inc. Class A Add +33.9% 1.03% +0.26
XLF SS Financial Select Sector Add +17.3% 2.08% +0.25
BSAC Banco Santander-Chile-ADR New 0.10% +0.10
CIG Cia Energetica DE-Spon ADR Add +5.2% 0.96% +0.07
SPY SS SPDR S&P 500 ETF Trust-US Add +11.0% 2.20% +0.06
EVEX Eve Holding Inc. New 0.05% +0.05
AXICY Centrais Eletricas Brasileir Add +92.7% 0.10% +0.05
CSANY Cosan SA -ADR Add +113.2% 0.08% +0.04
AXIAY Axia Energia-ADR Add +23.0% 0.09% +0.02
AAPL Apple Inc. New 0.01% +0.01
CIG.C Cia Energetica DE-Spon ADR Add +405.4% 0.01% +0.00
SAN Banco Santander SA-Spon ADR New 0.00% +0.00
BBDO Banco Bradesco-ADR Add +0.0% 0.00% +0.00
NVDA Nvidia Corp. Add +3.7% 2.08% −0.24
VINP Vinci Compass Investments LT Add +3.4% 4.72% −0.98

Options Activity Q2 2024 → Q3 2024
PUT - EEM 100 @ 45 EXP 11/08/2024 put New 60,000 $4.9M
CALL- TLT 100 @ 98 EXP 04/17/2025 call Sold out 14,900 $4.5Mbefore exit
CALL- NVDA 100 @ 130 EXP 07/19/2024 call Sold out 8,737 $2.8Mbefore exit
CALL- TLT 100 @ 100 EXP 12/20/2024 call Sold out 14,520 $2.1Mbefore exit
CALL- DIS 100 @ 100 EXP 12/20/2024 call New 2,000 $780K
PUT - FEZ 100 @ 49.5 EXP 07/05/2024 put Sold out 14,369 $575Kbefore exit
CALL- SPY 100 @ 550 EXP 07/05/2024 call Sold out 7,990 $555Kbefore exit
PUT - SPY 100 @ 540 EXP 10/18/2024 put New 4,000 $387K
PUT - IWM 100 @ 200 EXP 10/18/2024 put New 10,000 $305K
CALL- META 100 @ 560 EXP 10/18/2024 call New 100 $223K
CALL- EWZ 100 @ 30 EXP 07/19/2024 call Sold out 40,035 $220Kbefore exit
CALL- TSM 100 @ 180 EXP 07/19/2024 call Sold out 399 $217Kbefore exit
CALL- QQQ 100 @ 500 EXP 08/16/2024 call Sold out 400 $159Kbefore exit
CALL- TSM 100 @ 200 EXP 07/19/2024 call Sold out 1,197 $157Kbefore exit
CALL- ASML 100 @ 900 EXP 10/18/2024 call New 100 $130K
PUT - QQQ 100 @ 470 EXP 07/19/2024 put Sold out 398 $124Kbefore exit
CALL- EWJ 100 @ 69 EXP 07/19/2024 call Sold out 959 $60Kbefore exit
PUT - BRKB 100 @ 430 EXP 10/18/2024 put New 700 $45K
PUT - BRKB 100 @ 430 EXP 10/25/2024 put New 400 $39K
CALL- AAPL 100 @ 220 EXP 07/19/2024 call Sold out 240 $31Kbefore exit
PUT - BRKB 100 @ 430 EXP 11/01/2024 put New 200 $30K
PUT - BRKB 100 @ 425 EXP 10/18/2024 put New 583 $29K
PUT - TLT 100 @ 92 EXP 11/15/2024 put New 400 $15K
CALL- EWW 100 @ 59 EXP 07/19/2024 call Sold out 300 $14Kbefore exit
PUT - BRKB 100 @ 425 EXP 10/25/2024 put New 128 $10K
PUT - BRKB 100 @ 415 EXP 11/01/2024 put New 100 $9K
PUT - BRKB 100 @ 415 EXP 10/18/2024 put New 200 $6K
PUT - TLT 100 @ 93 EXP 11/15/2024 put New 75 $4K
PUT - IP 100 @ 42.5 EXP 10/18/2024 put New 350 $2K
PUT - BRKB 100 @ 405 EXP 10/18/2024 put New 8 $175
PUT - BRKB 100 @ 410 EXP 10/18/2024 put New 1 $26
PUT - FEZ 100 @ 47.5 EXP 07/05/2024 put Sold out 0 $0before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
EVEX.WS Eve Holdng Inc. -CW25 *W EXP 05/09/202 Sold out 1,557,520 $475Kbefore exit
BAK Braskem SA Class A- ADR SP ADR PFD A Sold out 0 $0before exit
LRCX Lam Research Corp. COM Sold out 0 $0before exit
MRK Merck & Co. Inc. COM Sold out 0 $0before exit
UGP Ultrapar Particpac-Spon ADR SP ADR REP COM Sold out 0 $0before exit
WBTN Webtoon Entertainment Inc. COM Sold out 0 $0before exit
NU Nu Holdings Ltd./Cayman Isl-A ORD SHS CL A Sold out 0 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 77$898.0MXP, LTM, TGS, PAM, VINP
Q1 2026 69$1.2BPBR.A, XLP, STNE, VALE, MCHI
Q4 2025 63$977.0MSTNE, KWEB, XP, PBR, BAP
Q3 2025 129$1.2BVALE, PBR, EEM, EWZ, CPA
Q2 2025 95$1.1BIJR, VST, PBR, TLN, CPA
Q1 2025 90$773.0MVALE, IJR, MDY, CPA, VINP
Q4 2024 78$662.2MMDY, IJR, CPA, VINP, VALE
Q3 2024 50$749.0MRSP, EEM, VALE, PAGS, CPA
Q2 2024 55$658.8MVALE, CPA, VINP, XOP, TSM
Q1 2024 75$1.1BVALE, LQD, PBR, XLV, STNE