SPX Gestao de Recursos Ltda
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), SPX Gestao de Recursos Ltda reported 78 stock positions worth $662.2 million. Its top holding was State Street SPDR S&P Midcap (MDY) at 9.8% of the portfolio, followed by iShares Core S&P Small-Cap E (IJR, 9.0%) and Copa Class A (CPA, 5.2%). Compared with Q3 2024, it opened 50 new positions, sold out of 22, added to 16 and reduced 12. The biggest buy was a new position in State Street SPDR S&P Midcap (MDY) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $662.2M (Q4 2024)
- SEC Filing
- 0001589176-25-000001 ↗ filed Feb 7, 2025
Holdings Value
Holdings 78 stocks · $662.2M
| MDY State Street SPDR S&P Midcap | 9.80% | 113,906 | $64.9M | New |
| IJR iShares Core S&P Small-Cap E | 9.04% | 519,486 | $59.9M | New |
| CPA Copa Holdings SA Class A | 5.16% | 388,686 | $34.2M | Add +0.9% |
| VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD | 5.12% | 3,368,286 | $33.9M | Reduce -5.5% |
| VALE Vale SA-SP ADR | 4.72% | 3,524,033 | $31.3M | Reduce -48.0% |
| RSP Invesco S&P 500 Equal Weight | 4.28% | 161,895 | $28.4M | Reduce -81.9% |
| BP BP PLC-Spons ADR | 3.36% | 752,724 | $22.3M | Add +255.1% |
| VRT Vertiv Holdings Co. Class A | 3.26% | 190,000 | $21.6M | New |
| AMZN Amazon.com Inc. | 3.16% | 95,300 | $20.9M | New |
| PBR Petroleo Brasileiro-Spon ADR | 3.04% | 1,566,449 | $20.1M | Add +192.4% |
| DELL Dell Technologies -C | 2.98% | 171,000 | $19.7M | New |
| VST Vistra Corp. | 2.73% | 131,333 | $18.1M | Add +57.6% |
| CEG Constellation Energy | 2.36% | 70,000 | $15.7M | New |
| BAP Credicorp Ltd. | 2.31% | 83,606 | $15.3M | Reduce -32.1% |
| TLN Talen Energy Corp. | 2.28% | 74,810 | $15.1M | Add +44.4% |
| STNE Stoneco Ltd. Class A | 2.18% | 1,813,588 | $14.5M | Add +3248.6% |
| XSHQ Invesco S&P Smallcap Quality | 2.01% | 314,950 | $13.3M | New |
| HUBB Hubbell Inc. | 1.92% | 30,310 | $12.7M | Add +30.0% |
| SLYV SS SPDR S&P 600 SC Val ETF | 1.86% | 141,500 | $12.3M | New |
| OUSM Alps Oshares US Small-Cap Qu | 1.84% | 278,800 | $12.2M | New |
| PEG Public Service Enterprise GP | 1.46% | 114,630 | $9.7M | Add +0.9% |
| PAGS Pagseguro Digital Ltd. Class A | 1.42% | 1,499,584 | $9.4M | Reduce -66.2% |
| BHP BHP Group Ltd.-Spon ADR | 1.41% | 190,933 | $9.3M | New |
| WMT Walmart Inc. | 1.36% | 100,000 | $9.0M | New |
| XOP SS SPDR S&P Og Exp & Prod | 1.32% | 65,970 | $8.7M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.28% | 1,702,655 | $8.4M | Add +657.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.19% | 40,000 | $7.9M | Add +100.0% |
| HDB HDFC Bank Ltd.-ADR | 1.11% | 114,700 | $7.3M | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.05% | 584,828 | $6.9M | Reduce -57.4% |
| KBE SS SPDR S&P Bank ETF | 0.94% | 112,734 | $6.3M | New |
| ELP Companhia Paranaense DE Ener | 0.92% | 1,030,320 | $6.1M | Add +8.8% |
| ABEV Ambev SA-ADR | 0.83% | 2,969,700 | $5.5M | Add +41440.1% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.83% | 100,000 | $5.5M | New |
| NOW ServiceNow Inc. | 0.80% | 5,000 | $5.3M | New |
| MU Micron Technology Inc. | 0.76% | 60,000 | $5.0M | New |
| MELI MercadoLibre Inc. | 0.69% | 2,680 | $4.6M | New |
| SPOT Spotify Technology SA | 0.68% | 10,000 | $4.5M | New |
| NFLX Netflix Inc. | 0.67% | 5,000 | $4.5M | New |
| BE Bloom Energy Corp. Class A | 0.67% | 200,000 | $4.4M | New |
| SNOW Snowflake Inc. | 0.47% | 20,000 | $3.1M | New |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 0.44% | 68,460 | $2.9M | New |
| UBER Uber Technologies Inc. | 0.41% | 45,000 | $2.7M | New |
| FSLR First Solar Inc. | 0.40% | 15,000 | $2.6M | New |
| AAPL Apple Inc. | 0.38% | 10,000 | $2.5M | Add +3178.7% |
| CCL Carnival Corp. | 0.38% | 100,000 | $2.5M | New |
| HOOD Robinhood Markets Inc. Class A | 0.36% | 64,500 | $2.4M | New |
| OKLO Oklo Inc. | 0.32% | 100,000 | $2.1M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.32% | 70,300 | $2.1M | New |
| DECK Deckers Outdoor Corp. | 0.31% | 10,000 | $2.0M | New |
| BSAC Banco Santander-Chile-ADR | 0.27% | 96,355 | $1.8M | Add +171.7% |
| HIMS Hims & Hers Health Inc. | 0.27% | 75,000 | $1.8M | New |
| NEE Nextera Energy Inc. | 0.27% | 25,000 | $1.8M | New |
| SUZ Suzano SA - Spon ADR | 0.25% | 162,031 | $1.6M | Add +17.1% |
| SOFI Sofi Technologies Inc. | 0.23% | 100,000 | $1.5M | New |
| TRMB Trimble Inc. | 0.21% | 20,000 | $1.4M | New |
| EWZ iShares MSCI Brazil ETF | 0.21% | 62,743 | $1.4M | New |
| NCLH Norwegian Cruise Line Holdin | 0.19% | 50,000 | $1.3M | New |
| SRPT Sarepta Therapeutics Inc. | 0.18% | 10,000 | $1.2M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.18% | 20,628 | $1.2M | Reduce -95.2% |
| PTCT PTC Therapeutics Inc. | 0.17% | 25,000 | $1.1M | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.17% | 30,000 | $1.1M | New |
| REAL The Realreal Inc. filed as THE REALREAL INC | 0.17% | 100,000 | $1.1M | New |
| INTR Inter & Co. Inc. Class A | 0.12% | 186,349 | $786K | Reduce -78.9% |
| FXI iShares China Large-Cap ETF | 0.12% | 25,370 | $772K | New |
| AXICY Centrais Eletricas Brasileir | 0.08% | 81,858 | $522K | Reduce -11.1% |
| ULTA Ulta Beauty Inc. | 0.08% | 1,200 | $522K | New |
| DNA Ginkgo Bioworks Holdings Inc. | 0.07% | 50,000 | $491K | New |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.05% | 68,091 | $355K | Add +32.7% |
| AMBIQ Ambipar Emergency Response | 0.04% | 46,961 | $248K | Reduce -10.6% |
| VIV Telefonica Brasil-ADR | 0.02% | 15,870 | $120K | New |
| ENIC Enel Chile SA-ADR | 0.02% | 40,255 | $116K | New |
| TELFY Telefonica SA-Spon ADR | 0.01% | 18,938 | $76K | New |
| EMBJ Embraer SA-Spon ADR | 0.01% | 999 | $37K | New |
| SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION | 0.00% | 13,289 | $19K | New |
| TIMB Tim SA-ADR | 0.00% | 1,101 | $13K | New |
| ASAIY Sendas Distribuidora SA | 0.00% | 1,664 | $7K | New |
| BSBR Banco Santander Brasil-ADS | 0.00% | 381 | $1K | Reduce -97.8% |
| CIG Cia Energetica DE-Spon ADR | 0.00% | 553 | $979 | Reduce -100.0% |
Options reported separately and not counted above: PUT - CVNA 100 @ 220 EXP 01/17/2025 puts ($1.2M), CALL- BA 100 @ 200 EXP 03/21/2025 calls ($455K), CALL- BA 100 @ 180 EXP 01/17/2025 calls ($415K), CALL- HON 100 @ 280 EXP 06/20/2025 calls ($397K), CALL- BA 100 @ 200 EXP 02/21/2025 calls ($268K), PUT - XHB 100 @ 105 EXP 01/17/2025 puts ($245K), PUT - AAPL 100 @ 240 EXP 01/17/2025 puts ($109K), CALL- AMZN 100 @ 240 EXP 01/17/2025 calls ($64K), CALL- INTC 100 @ 25 EXP 01/17/2025 calls ($29K), PUT - AAPL 100 @ 200 EXP 01/17/2025 puts ($23K), CALL- AMAT 100 @ 185 EXP 01/17/2025 calls ($13K), CALL- IWM 100 @ 255 EXP 01/17/2025 calls ($11K), and 3 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $462K (not counted above)
Total filed on the 13F, all lines: $662.6M.
Portfolio Sells Q3 2024 → Q4 2024
| RSP Invesco S&P 500 Equal Weight | Reduce -81.9% | 4.28% | −17.12 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −14.15 |
| VALE Vale SA-SP ADR | Reduce -48.0% | 4.72% | −5.85 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -95.2% | 0.18% | −3.87 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -66.2% | 1.42% | −3.68 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −2.95 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −2.20 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −2.08 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −2.08 |
| XP XP Inc. Class A | Sold out | 0.00% | −1.76 |
| SRE Sempra | Sold out | 0.00% | −1.73 |
| PBR.A Petroleo Brasil-SP Pref ADR | Reduce -57.4% | 1.05% | −1.37 |
| BBD Banco Bradesco-ADR | Sold out | 0.00% | −1.28 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.03 |
| CIG Cia Energetica DE-Spon ADR | Reduce -100.0% | 0.00% | −0.96 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.93 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.82 |
| INTR Inter & Co. Inc. Class A | Reduce -78.9% | 0.12% | −0.67 |
| BAP Credicorp Ltd. | Reduce -32.1% | 2.31% | −0.66 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.56 |
| GGB Gerdau SA -Spon ADR | Sold out | 0.00% | −0.44 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.31 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.29 |
| AXIAY Axia Energia-ADR | Sold out | 0.00% | −0.09 |
| CSANY Cosan SA -ADR | Sold out | 0.00% | −0.08 |
| EVEX Eve Holding Inc. | Sold out | 0.00% | −0.05 |
| AXICY Centrais Eletricas Brasileir | Reduce -11.1% | 0.08% | −0.02 |
| BSBR Banco Santander Brasil-ADS | Reduce -97.8% | 0.00% | −0.01 |
| BRFS BRF SA-ADR | Sold out | 0.00% | −0.01 |
| CIG.C Cia Energetica DE-Spon ADR | Sold out | 0.00% | −0.01 |
| AMBIQ Ambipar Emergency Response | Reduce -10.6% | 0.04% | −0.00 |
| SAN Banco Santander SA-Spon ADR | Sold out | 0.00% | −0.00 |
| BBDO Banco Bradesco-ADR | Sold out | 0.00% | −0.00 |
| VINP Vinci Compass Investments LT | Reduce -5.5% | 5.12% | +0.40 |
Portfolio Buys Q3 2024 → Q4 2024
| MDY State Street SPDR S&P Midcap | New | 9.80% | +9.80 |
| IJR iShares Core S&P Small-Cap E | New | 9.04% | +9.04 |
| VRT Vertiv Holdings Co. Class A | New | 3.26% | +3.26 |
| AMZN Amazon.com Inc. | New | 3.16% | +3.16 |
| DELL Dell Technologies -C | New | 2.98% | +2.98 |
| BP BP PLC-Spons ADR | Add +255.1% | 3.36% | +2.47 |
| CEG Constellation Energy | New | 2.36% | +2.36 |
| STNE Stoneco Ltd. Class A | Add +3248.6% | 2.18% | +2.10 |
| XSHQ Invesco S&P Smallcap Quality | New | 2.01% | +2.01 |
| PBR Petroleo Brasileiro-Spon ADR | Add +192.4% | 3.04% | +2.01 |
| SLYV SS SPDR S&P 600 SC Val ETF | New | 1.86% | +1.86 |
| OUSM Alps Oshares US Small-Cap Qu | New | 1.84% | +1.84 |
| VST Vistra Corp. | Add +57.6% | 2.73% | +1.42 |
| BHP BHP Group Ltd.-Spon ADR | New | 1.41% | +1.41 |
| WMT Walmart Inc. | New | 1.36% | +1.36 |
| XOP SS SPDR S&P Og Exp & Prod | New | 1.32% | +1.32 |
| HDB HDFC Bank Ltd.-ADR | New | 1.11% | +1.11 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +657.9% | 1.28% | +1.08 |
| TLN Talen Energy Corp. | Add +44.4% | 2.28% | +1.04 |
| KBE SS SPDR S&P Bank ETF | New | 0.94% | +0.94 |
| ABEV Ambev SA-ADR | Add +41440.1% | 0.83% | +0.83 |
| ONON On Holding AG Class A | New | 0.83% | +0.83 |
| NOW ServiceNow Inc. | New | 0.80% | +0.80 |
| MU Micron Technology Inc. | New | 0.76% | +0.76 |
| TSM Taiwan Semiconductor-SP ADR | Add +100.0% | 1.19% | +0.73 |
| MELI MercadoLibre Inc. | New | 0.69% | +0.69 |
| SPOT Spotify Technology SA | New | 0.68% | +0.68 |
| NFLX Netflix Inc. | New | 0.67% | +0.67 |
| BE Bloom Energy Corp. Class A | New | 0.67% | +0.67 |
| HUBB Hubbell Inc. | Add +30.0% | 1.92% | +0.58 |
| SNOW Snowflake Inc. | New | 0.47% | +0.47 |
| EDN Emp Distrib Y Comerc Nor-ADR | New | 0.44% | +0.44 |
| UBER Uber Technologies Inc. | New | 0.41% | +0.41 |
| FSLR First Solar Inc. | New | 0.40% | +0.40 |
| CCL Carnival Corp. | New | 0.38% | +0.38 |
| AAPL Apple Inc. | Add +3178.7% | 0.38% | +0.37 |
| HOOD Robinhood Markets Inc. Class A | New | 0.36% | +0.36 |
| CPA Copa Holdings SA Class A | Add +0.9% | 5.16% | +0.33 |
| OKLO Oklo Inc. | New | 0.32% | +0.32 |
| IBN Icici Bank Ltd.-Spon ADR | New | 0.32% | +0.32 |
| DECK Deckers Outdoor Corp. | New | 0.31% | +0.31 |
| HIMS Hims & Hers Health Inc. | New | 0.27% | +0.27 |
| NEE Nextera Energy Inc. | New | 0.27% | +0.27 |
| SOFI Sofi Technologies Inc. | New | 0.23% | +0.23 |
| TRMB Trimble Inc. | New | 0.21% | +0.21 |
| EWZ iShares MSCI Brazil ETF | New | 0.21% | +0.21 |
| NCLH Norwegian Cruise Line Holdin | New | 0.19% | +0.19 |
| SRPT Sarepta Therapeutics Inc. | New | 0.18% | +0.18 |
| BSAC Banco Santander-Chile-ADR | Add +171.7% | 0.27% | +0.18 |
| PTCT PTC Therapeutics Inc. | New | 0.17% | +0.17 |
Options Activity Q3 2024 → Q4 2024
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | Reduce -7.8% | 1,592,965 | $462K |
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 |