SPX Gestao de Recursos Ltda
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), SPX Gestao de Recursos Ltda reported 90 stock positions worth $773.0 million. Its top holding was Vale SA-SP ADR (VALE) at 7.0% of the portfolio, followed by iShares Core S&P Small-Cap E (IJR, 6.2%) and State Street SPDR S&P Midcap (MDY, 6.0%). Compared with Q4 2024, it opened 48 new positions, sold out of 36, added to 23 and reduced 18. The biggest buy was a new position in XP Class A (XP) and the biggest sale State Street SPDR S&P Midcap (MDY, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $773.0M (Q1 2025)
- SEC Filing
- 0001589176-25-000003 ↗ filed May 14, 2025
Holdings Value
Holdings 90 stocks · $773.0M
| VALE Vale SA-SP ADR | 6.96% | 5,388,044 | $53.8M | Add +52.9% |
| IJR iShares Core S&P Small-Cap E | 6.15% | 454,866 | $47.6M | Reduce -12.4% |
| MDY State Street SPDR S&P Midcap | 5.98% | 86,698 | $46.3M | Reduce -23.9% |
| CPA Copa Holdings SA Class A | 5.36% | 447,781 | $41.4M | Add +15.2% |
| VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD | 4.59% | 3,505,030 | $35.5M | Add +4.1% |
| XP XP Inc. Class A | 4.44% | 2,497,615 | $34.3M | New |
| PAGS Pagseguro Digital Ltd. Class A | 4.09% | 4,147,775 | $31.6M | Add +176.6% |
| BAP Credicorp Ltd. | 3.59% | 149,042 | $27.7M | Add +78.3% |
| VST Vistra Corp. | 3.40% | 224,000 | $26.3M | Add +70.6% |
| PBR Petroleo Brasileiro-Spon ADR | 2.82% | 1,520,388 | $21.8M | Reduce -2.9% |
| ARCO Arcos Dorados Holdings Inc. Class A | 2.61% | 2,506,774 | $20.2M | New |
| TLN Talen Energy Corp. | 2.53% | 98,100 | $19.6M | Add +31.1% |
| SLYV SS SPDR S&P 600 SC Val ETF | 2.16% | 213,190 | $16.7M | Add +50.7% |
| PBR.A Petroleo Brasil-SP Pref ADR | 2.09% | 1,237,620 | $16.1M | Add +111.6% |
| VRT Vertiv Holdings Co. Class A | 1.96% | 210,000 | $15.2M | Add +10.5% |
| XSHQ Invesco S&P Smallcap Quality | 1.87% | 366,241 | $14.5M | Add +16.3% |
| AGRO Adecoagro SA | 1.77% | 1,227,609 | $13.7M | New |
| HDB HDFC Bank Ltd.-ADR | 1.75% | 203,077 | $13.5M | Add +77.0% |
| MU Micron Technology Inc. | 1.73% | 153,672 | $13.4M | Add +156.1% |
| RSP Invesco S&P 500 Equal Weight | 1.59% | 71,107 | $12.3M | Reduce -56.1% |
| GGAL Grupo Financiero Galicia-ADR | 1.56% | 221,714 | $12.1M | New |
| SRE Sempra | 1.56% | 169,179 | $12.1M | New |
| PCG P G & E Corp. | 1.55% | 698,300 | $12.0M | New |
| PEG Public Service Enterprise GP | 1.54% | 145,000 | $11.9M | Add +26.5% |
| AMZN Amazon.com Inc. | 1.37% | 55,500 | $10.6M | Reduce -41.8% |
| CVX Chevron Corp. | 1.30% | 60,000 | $10.0M | New |
| SE Sea Ltd.-ADR | 1.27% | 75,000 | $9.8M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 1.06% | 460,646 | $8.2M | New |
| ELP Companhia Paranaense DE Ener | 1.05% | 1,110,813 | $8.1M | Add +7.8% |
| OUSM Alps Oshares US Small-Cap Qu | 0.95% | 174,159 | $7.3M | Reduce -37.5% |
| TSLA Tesla Inc. | 0.91% | 27,000 | $7.0M | New |
| META Meta Platforms Inc. Class A | 0.89% | 12,000 | $6.9M | New |
| EMBJ Embraer SA-Spon ADR | 0.83% | 139,364 | $6.4M | Add +13850.4% |
| BMA Banco Macro SA-ADR | 0.80% | 81,871 | $6.2M | New |
| ABEV Ambev SA-ADR | 0.77% | 2,564,374 | $6.0M | Reduce -13.7% |
| LTM Latam Airlines Group SA-ADR | 0.76% | 188,213 | $5.9M | New |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.75% | 253,726 | $5.8M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.73% | 94,136 | $5.7M | Add +356.4% |
| SHEL Shell PLC-ADR | 0.73% | 76,600 | $5.6M | New |
| BP BP PLC-Spons ADR | 0.72% | 164,350 | $5.6M | Reduce -78.2% |
| UBER Uber Technologies Inc. | 0.64% | 67,500 | $4.9M | Add +50.0% |
| FCX Freeport-McMoran Inc. | 0.61% | 125,000 | $4.7M | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.55% | 594,050 | $4.2M | New |
| BABA Alibaba Group Holding-SP ADR | 0.54% | 31,500 | $4.2M | New |
| EQT Eqt Corp. | 0.52% | 75,000 | $4.0M | New |
| NRG NRG Energy Inc. | 0.49% | 40,000 | $3.8M | New |
| GEV GE Vernova Inc. | 0.49% | 12,500 | $3.8M | New |
| PWR Quanta Services Inc. | 0.49% | 15,000 | $3.8M | New |
| NVDA Nvidia Corp. | 0.49% | 35,000 | $3.8M | New |
| XEL Xcel Energy Inc. | 0.48% | 52,500 | $3.7M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.48% | 674,067 | $3.7M | Reduce -60.4% |
| WEC WEC Energy Group Inc. | 0.42% | 30,000 | $3.3M | New |
| NET Cloudflare Inc. Class A | 0.36% | 25,000 | $2.8M | New |
| BSAC Banco Santander-Chile-ADR | 0.35% | 118,656 | $2.7M | Add +23.1% |
| CEG Constellation Energy | 0.33% | 12,500 | $2.5M | Reduce -82.1% |
| PSLV Sprott Physical Silver Trust | 0.30% | 200,000 | $2.3M | New |
| SNOW Snowflake Inc. | 0.28% | 15,000 | $2.2M | Reduce -25.0% |
| BE Bloom Energy Corp. Class A | 0.25% | 100,000 | $2.0M | Reduce -50.0% |
| AMD Advanced Micro Devices | 0.24% | 17,700 | $1.8M | New |
| SUZ Suzano SA - Spon ADR | 0.22% | 180,846 | $1.7M | Add +11.6% |
| EXE Expand Energy Corp. | 0.22% | 15,000 | $1.7M | New |
| WMB Williams Cos Inc. | 0.19% | 25,000 | $1.5M | New |
| T AT&T Inc. | 0.18% | 50,000 | $1.4M | New |
| ORCL Oracle Corp. | 0.18% | 10,000 | $1.4M | New |
| SN Sharkninja Inc. | 0.17% | 15,700 | $1.3M | New |
| ETR Entergy Corp. | 0.17% | 15,000 | $1.3M | New |
| FLS Flowserve Corp. | 0.16% | 25,000 | $1.2M | New |
| OWL Blue Owl Capital Inc. | 0.16% | 60,300 | $1.2M | New |
| TDG Transdigm Group Inc. | 0.14% | 800 | $1.1M | New |
| OKLO Oklo Inc. | 0.14% | 50,000 | $1.1M | Reduce -50.0% |
| CPAY Corpay Inc. | 0.14% | 3,100 | $1.1M | New |
| HOOD Robinhood Markets Inc. Class A | 0.13% | 25,000 | $1.0M | Reduce -61.2% |
| FXI iShares China Large-Cap ETF | 0.12% | 25,370 | $909K | No change |
| GRND Grindr Inc. | 0.10% | 42,100 | $754K | New |
| BHP BHP Group Ltd.-Spon ADR | 0.09% | 14,959 | $726K | Reduce -92.2% |
| LUXE Luxexperience BV filed as MYT NETHERLANDS PARENT B V | 0.09% | 90,500 | $684K | New |
| ACHR Archer Aviation Inc. Class A | 0.08% | 90,000 | $640K | New |
| GRO Brazil Potash Corp. | 0.07% | 187,360 | $573K | New |
| CTLP Cantaloupe Inc. | 0.07% | 69,000 | $543K | New |
| PGY Pagaya Technologies Ltd. Class A | 0.07% | 49,300 | $517K | New |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.06% | 68,672 | $463K | Add +0.8% |
| CORZ Core Scientific Inc. | 0.05% | 51,200 | $371K | New |
| AXICY Centrais Eletricas Brasileir | 0.05% | 45,804 | $357K | Reduce -44.0% |
| BSBR Banco Santander Brasil-ADS | 0.03% | 42,574 | $201K | Add +11074.3% |
| NYAX Nayax Ltd. | 0.01% | 2,600 | $88K | New |
| CIG Cia Energetica DE-Spon ADR | 0.01% | 49,795 | $88K | Add +8904.5% |
| INTR Inter & Co. Inc. Class A | 0.01% | 14,231 | $78K | Reduce -92.4% |
| AMBIQ Ambipar Emergency Response | 0.01% | 8,942 | $44K | Reduce -81.0% |
| CALL- HON 100 @ 280 EXP 06/20/2025 | 0.00% | 2,500 | $32K | New |
| BBD Banco Bradesco-ADR | 0.00% | 8,961 | $20K | New |
Options reported separately and not counted above: PUT - HYG 100 @ 78 EXP 05/16/2025 puts ($1.0M), RGTI puts ($594K), PUT - HYG 100 @ 78 EXP 04/17/2025 puts ($509K), CALL- FXI 100 @ 37 EXP 06/20/2025 calls ($430K), CALL- NVDA 100 @ 120 EXP 04/17/2025 calls ($206K), PUT - QQQ 100 @ 445 EXP 04/17/2025 puts ($175K), CALL- QQQ 100 @ 500 EXP 04/17/2025 calls ($89K), CALL- XLU 100 @ 84 EXP 04/25/2025 calls ($53K), CALL- EWZ 100 @ 28 EXP 04/17/2025 calls ($51K), CALL- HOOD 100 @ 55 EXP 04/17/2025 calls ($51K), CALL- TSM 100 @ 190 EXP 04/17/2025 calls ($24K), CALL- AMZN 100 @ 235 EXP 05/16/2025 calls ($10K), and 3 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $399K (not counted above)
Total filed on the 13F, all lines: $773.4M.
Portfolio Sells Q4 2024 → Q1 2025
| MDY State Street SPDR S&P Midcap | Reduce -23.9% | 5.98% | −3.81 |
| DELL Dell Technologies -C | Sold out | 0.00% | −2.98 |
| IJR iShares Core S&P Small-Cap E | Reduce -12.4% | 6.15% | −2.89 |
| RSP Invesco S&P 500 Equal Weight | Reduce -56.1% | 1.59% | −2.69 |
| BP BP PLC-Spons ADR | Reduce -78.2% | 0.72% | −2.64 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −2.18 |
| CEG Constellation Energy | Reduce -82.1% | 0.33% | −2.04 |
| HUBB Hubbell Inc. | Sold out | 0.00% | −1.92 |
| AMZN Amazon.com Inc. | Reduce -41.8% | 1.37% | −1.79 |
| WMT Walmart Inc. | Sold out | 0.00% | −1.36 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −1.32 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -92.2% | 0.09% | −1.31 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −1.19 |
| KBE SS SPDR S&P Bank ETF | Sold out | 0.00% | −0.94 |
| OUSM Alps Oshares US Small-Cap Qu | Reduce -37.5% | 0.95% | −0.89 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.83 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.80 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -60.4% | 0.48% | −0.80 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.69 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.68 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.67 |
| EDN Emp Distrib Y Comerc Nor-ADR | Sold out | 0.00% | −0.44 |
| BE Bloom Energy Corp. Class A | Reduce -50.0% | 0.25% | −0.42 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.40 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.38 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.38 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.32 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.31 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.27 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.27 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.23 |
| HOOD Robinhood Markets Inc. Class A | Reduce -61.2% | 0.13% | −0.23 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.9% | 2.82% | −0.22 |
| TRMB Trimble Inc. | Sold out | 0.00% | −0.21 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.21 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.19 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| SNOW Snowflake Inc. | Reduce -25.0% | 0.28% | −0.18 |
| OKLO Oklo Inc. | Reduce -50.0% | 0.14% | −0.18 |
| PTCT PTC Therapeutics Inc. | Sold out | 0.00% | −0.17 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.17 |
| REAL The Realreal Inc. | Sold out | 0.00% | −0.17 |
| INTR Inter & Co. Inc. Class A | Reduce -92.4% | 0.01% | −0.11 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.08 |
| DNA Ginkgo Bioworks Holdings Inc. | Sold out | 0.00% | −0.07 |
| ABEV Ambev SA-ADR | Reduce -13.7% | 0.77% | −0.06 |
| AXICY Centrais Eletricas Brasileir | Reduce -44.0% | 0.05% | −0.03 |
| AMBIQ Ambipar Emergency Response | Reduce -81.0% | 0.01% | −0.03 |
| VIV Telefonica Brasil-ADR | Sold out | 0.00% | −0.02 |
| ENIC Enel Chile SA-ADR | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| XP XP Inc. Class A | New | 4.44% | +4.44 |
| PAGS Pagseguro Digital Ltd. Class A | Add +176.6% | 4.09% | +2.68 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 2.61% | +2.61 |
| VALE Vale SA-SP ADR | Add +52.9% | 6.96% | +2.24 |
| AGRO Adecoagro SA | New | 1.77% | +1.77 |
| GGAL Grupo Financiero Galicia-ADR | New | 1.56% | +1.56 |
| SRE Sempra | New | 1.56% | +1.56 |
| PCG P G & E Corp. | New | 1.55% | +1.55 |
| CVX Chevron Corp. | New | 1.30% | +1.30 |
| BAP Credicorp Ltd. | Add +78.3% | 3.59% | +1.27 |
| SE Sea Ltd.-ADR | New | 1.27% | +1.27 |
| SBS Cia Saneamento Basico DE-ADR | New | 1.06% | +1.06 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +111.6% | 2.09% | +1.04 |
| MU Micron Technology Inc. | Add +156.1% | 1.73% | +0.96 |
| TSLA Tesla Inc. | New | 0.91% | +0.91 |
| META Meta Platforms Inc. Class A | New | 0.89% | +0.89 |
| EMBJ Embraer SA-Spon ADR | Add +13850.4% | 0.83% | +0.83 |
| BMA Banco Macro SA-ADR | New | 0.80% | +0.80 |
| LTM Latam Airlines Group SA-ADR | New | 0.76% | +0.76 |
| VTMX Corp. Inmobiliaria Vesta-ADR | New | 0.75% | +0.75 |
| SHEL Shell PLC-ADR | New | 0.73% | +0.73 |
| VST Vistra Corp. | Add +70.6% | 3.40% | +0.67 |
| HDB HDFC Bank Ltd.-ADR | Add +77.0% | 1.75% | +0.64 |
| FCX Freeport-McMoran Inc. | New | 0.61% | +0.61 |
| RIO Rio Tinto PLC-Spon ADR | Add +356.4% | 0.73% | +0.55 |
| AXIAY Axia Energia-ADR | New | 0.55% | +0.55 |
| BABA Alibaba Group Holding-SP ADR | New | 0.54% | +0.54 |
| EQT Eqt Corp. | New | 0.52% | +0.52 |
| NRG NRG Energy Inc. | New | 0.49% | +0.49 |
| GEV GE Vernova Inc. | New | 0.49% | +0.49 |
| PWR Quanta Services Inc. | New | 0.49% | +0.49 |
| NVDA Nvidia Corp. | New | 0.49% | +0.49 |
| XEL Xcel Energy Inc. | New | 0.48% | +0.48 |
| WEC WEC Energy Group Inc. | New | 0.42% | +0.42 |
| NET Cloudflare Inc. Class A | New | 0.36% | +0.36 |
| PSLV Sprott Physical Silver Trust | New | 0.30% | +0.30 |
| SLYV SS SPDR S&P 600 SC Val ETF | Add +50.7% | 2.16% | +0.30 |
| TLN Talen Energy Corp. | Add +31.1% | 2.53% | +0.26 |
| AMD Advanced Micro Devices | New | 0.24% | +0.24 |
| UBER Uber Technologies Inc. | Add +50.0% | 0.64% | +0.23 |
| EXE Expand Energy Corp. | New | 0.22% | +0.22 |
| CPA Copa Holdings SA Class A | Add +15.2% | 5.36% | +0.20 |
| WMB Williams Cos Inc. | New | 0.19% | +0.19 |
| T AT&T Inc. | New | 0.18% | +0.18 |
| ORCL Oracle Corp. | New | 0.18% | +0.18 |
| SN Sharkninja Inc. | New | 0.17% | +0.17 |
| ETR Entergy Corp. | New | 0.17% | +0.17 |
| FLS Flowserve Corp. | New | 0.16% | +0.16 |
| OWL Blue Owl Capital Inc. | New | 0.16% | +0.16 |
| TDG Transdigm Group Inc. | New | 0.14% | +0.14 |
Options Activity Q4 2024 → Q1 2025
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 |