SPX Gestao de Recursos Ltda
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), SPX Gestao de Recursos Ltda reported 95 stock positions worth $1.1 billion. Its top holding was iShares Core S&P Small-Cap E (IJR) at 8.1% of the portfolio, followed by Vistra (VST, 6.4%) and Petroleo Brasileiro-Spon ADR (PBR, 5.8%). Compared with Q1 2025, it opened 36 new positions, sold out of 31, added to 36 and reduced 19. The biggest buy was Constellation Energy (CEG, shares +1044%) and the biggest sale an exit from State Street SPDR S&P Midcap (MDY).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $1.1B (Q2 2025)
- SEC Filing
- 0001589176-25-000004 ↗ filed Aug 12, 2025
Holdings Value
Holdings 95 stocks · $1.1B
| IJR iShares Core S&P Small-Cap E | 8.06% | 787,565 | $86.1M | Add +73.1% |
| VST Vistra Corp. | 6.37% | 351,000 | $68.0M | Add +56.7% |
| PBR Petroleo Brasileiro-Spon ADR | 5.85% | 4,990,500 | $62.4M | Add +228.2% |
| TLN Talen Energy Corp. | 4.65% | 170,700 | $49.6M | Add +74.0% |
| CPA Copa Holdings SA Class A | 4.47% | 434,244 | $47.8M | Reduce -3.0% |
| CEG Constellation Energy | 4.32% | 143,000 | $46.2M | Add +1044.0% |
| META Meta Platforms Inc. Class A | 4.07% | 58,930 | $43.5M | Add +391.1% |
| BAP Credicorp Ltd. | 3.91% | 186,961 | $41.8M | Add +25.4% |
| AMZN Amazon.com Inc. | 3.57% | 173,900 | $38.2M | Add +213.3% |
| VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD | 3.41% | 3,759,784 | $36.4M | Add +7.3% |
| ARCO Arcos Dorados Holdings Inc. Class A | 3.35% | 4,534,496 | $35.8M | Add +80.9% |
| VRT Vertiv Holdings Co. Class A | 2.77% | 230,000 | $29.5M | Add +9.5% |
| VALE Vale SA-SP ADR | 2.49% | 2,741,291 | $26.6M | Reduce -49.1% |
| SRE Sempra | 2.19% | 308,218 | $23.4M | Add +82.2% |
| TGS Transportador Gas-ADR SP B | 2.03% | 837,142 | $21.7M | New |
| HES Hess Corp. | 1.97% | 151,794 | $21.0M | New |
| PPC Pilgrim's Pride Corp. | 1.92% | 455,475 | $20.5M | New |
| GOOG Alphabet Inc. Class C | 1.91% | 114,913 | $20.4M | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.86% | 1,724,375 | $19.9M | Add +39.3% |
| GGAL Grupo Financiero Galicia-ADR | 1.74% | 368,261 | $18.6M | Add +66.1% |
| KBE SS SPDR S&P Bank ETF | 1.68% | 322,200 | $18.0M | New |
| RIO Rio Tinto PLC-Spon ADR | 1.52% | 278,840 | $16.3M | Add +196.2% |
| GOOGL Alphabet Inc. Class A | 1.32% | 80,000 | $14.1M | New |
| BP BP PLC-Spons ADR | 1.28% | 457,113 | $13.7M | Add +178.1% |
| BBD Banco Bradesco-ADR | 1.13% | 3,902,945 | $12.1M | Add +43454.8% |
| EMBJ Embraer SA-Spon ADR | 1.06% | 198,609 | $11.3M | Add +42.5% |
| BHP BHP Group Ltd.-Spon ADR | 0.98% | 217,500 | $10.5M | Add +1354.0% |
| HDB HDFC Bank Ltd.-ADR | 0.88% | 123,077 | $9.4M | Reduce -39.4% |
| GGB Gerdau SA -Spon ADR | 0.78% | 2,869,104 | $8.4M | New |
| ELP Companhia Paranaense DE Ener | 0.78% | 916,030 | $8.4M | Reduce -17.5% |
| SLYV SS SPDR S&P 600 SC Val ETF | 0.78% | 104,095 | $8.3M | Reduce -51.2% |
| CNR Core Natural Resources Inc. | 0.73% | 112,109 | $7.8M | New |
| XSHQ Invesco S&P Smallcap Quality | 0.72% | 189,080 | $7.7M | Reduce -48.4% |
| STNE Stoneco Ltd. Class A | 0.72% | 477,213 | $7.7M | New |
| NVDA Nvidia Corp. | 0.70% | 47,000 | $7.4M | Add +34.3% |
| GS Goldman Sachs Group Inc. | 0.66% | 10,000 | $7.1M | New |
| SNOW Snowflake Inc. | 0.63% | 30,000 | $6.7M | Add +100.0% |
| EEM iShares MSCI Emerging Market | 0.54% | 120,000 | $5.8M | New |
| EWZ iShares MSCI Brazil ETF | 0.54% | 200,000 | $5.8M | New |
| BTU Peabody Energy Corp. | 0.53% | 422,200 | $5.7M | New |
| XP XP Inc. Class A | 0.53% | 277,825 | $5.6M | Reduce -88.9% |
| OKLO Oklo Inc. | 0.52% | 100,000 | $5.6M | Add +100.0% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.50% | 793,180 | $5.4M | Add +17.7% |
| EWY iShares MSCI South Korea ETF | 0.50% | 74,000 | $5.3M | New |
| GEV GE Vernova Inc. | 0.50% | 10,000 | $5.3M | Reduce -20.0% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.47% | 670,083 | $5.0M | Add +12.8% |
| ABEV Ambev SA-ADR | 0.45% | 1,990,483 | $4.8M | Reduce -22.4% |
| OWL Blue Owl Capital Inc. | 0.45% | 249,300 | $4.8M | Add +313.4% |
| SN Sharkninja Inc. | 0.44% | 47,000 | $4.7M | Add +199.4% |
| NEM Newmont Corp. | 0.41% | 75,000 | $4.4M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.38% | 186,068 | $4.1M | Reduce -59.6% |
| MRVL Marvell Technology Inc. | 0.36% | 50,000 | $3.9M | New |
| UBER Uber Technologies Inc. | 0.35% | 40,000 | $3.7M | Reduce -40.7% |
| ETN Eaton Corp. PLC | 0.33% | 10,000 | $3.6M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 75,000 | $3.5M | New |
| BMA Banco Macro SA-ADR | 0.27% | 41,483 | $2.9M | Reduce -49.3% |
| T AT&T Inc. | 0.27% | 100,000 | $2.9M | Add +100.0% |
| HIMS Hims & Hers Health Inc. | 0.23% | 50,000 | $2.5M | New |
| DASH DoorDash Inc. Class A | 0.23% | 10,000 | $2.5M | New |
| MU Micron Technology Inc. | 0.23% | 20,000 | $2.5M | Reduce -87.0% |
| WFC Wells Fargo & Co. | 0.23% | 30,000 | $2.4M | New |
| CPAY Corpay Inc. | 0.19% | 6,100 | $2.0M | Add +96.8% |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.19% | 166,300 | $2.0M | New |
| CCJ Cameco Corp. | 0.17% | 25,000 | $1.9M | New |
| PSLV Sprott Physical Silver Trust | 0.17% | 150,000 | $1.8M | Reduce -25.0% |
| TDG Transdigm Group Inc. | 0.17% | 1,200 | $1.8M | Add +50.0% |
| SNDK Sandisk Corp. | 0.17% | 40,000 | $1.8M | New |
| CTLP Cantaloupe Inc. | 0.17% | 164,000 | $1.8M | Add +137.7% |
| CORZ Core Scientific Inc. | 0.16% | 98,700 | $1.7M | Add +92.8% |
| SUZ Suzano SA - Spon ADR | 0.15% | 172,511 | $1.6M | Reduce -4.6% |
| CARR Carrier Global Corp. | 0.14% | 20,000 | $1.5M | New |
| NKE Nike Inc. Class B | 0.13% | 20,000 | $1.4M | New |
| MDB Mongodb Inc. | 0.12% | 6,000 | $1.3M | New |
| LUXE Luxexperience BV | 0.12% | 155,500 | $1.2M | Add +71.8% |
| DDOG Datadog Inc. Class A | 0.11% | 9,000 | $1.2M | New |
| NET Cloudflare Inc. Class A | 0.11% | 6,000 | $1.2M | Reduce -76.0% |
| ACHR Archer Aviation Inc. Class A | 0.09% | 90,000 | $977K | No change |
| NYAX Nayax Ltd. | 0.09% | 19,109 | $961K | Add +635.0% |
| GRND Grindr Inc. | 0.09% | 42,100 | $956K | No change |
| LTM Latam Airlines Group SA-ADR | 0.09% | 23,474 | $954K | Reduce -87.5% |
| FXI iShares China Large-Cap ETF | 0.09% | 25,370 | $933K | No change |
| RUN Sunrun Inc. | 0.08% | 100,000 | $818K | New |
| URA Global X Uranium ETF | 0.07% | 20,000 | $776K | New |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.06% | 70,929 | $604K | Add +3.3% |
| UEC Uranium Energy Corp. | 0.05% | 75,000 | $510K | New |
| CEPO Cantor Equity Partners I-A | 0.04% | 40,000 | $476K | New |
| AXICY Centrais Eletricas Brasileir | 0.04% | 45,939 | $380K | Add +0.3% |
| GRO Brazil Potash Corp. | 0.03% | 202,999 | $276K | Add +8.3% |
| RTACU Renatus Tactical Acquisition | 0.02% | 20,000 | $255K | New |
| CEPT Cantor Equity Partners Class A | 0.01% | 10,000 | $110K | New |
| BABA Alibaba Group Holding-SP ADR | 0.01% | 500 | $57K | Reduce -98.4% |
| AMBIQ Ambipar Emergency Response | 0.00% | 8,942 | $45K | No change |
| CIG Cia Energetica DE-Spon ADR | 0.00% | 21,593 | $42K | Reduce -56.6% |
| ENIC Enel Chile SA-ADR | 0.00% | 371 | $1K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.00% | 1 | $618 | New |
Options reported separately and not counted above: PUT - EEM 100 @ 46.5 EXP 07/18/2025 puts ($783K), CALL- UBER 100 @ 90 EXP 07/18/2025 calls ($489K), CALL- AMZN 100 @ 225 EXP 07/18/2025 calls ($458K), CALL- ADSK 100 @ 310 EXP 07/18/2025 calls ($295K), PUT - XOP 100 @ 125 EXP 07/18/2025 puts ($247K), CALL- EWZ 100 @ 28 EXP 07/18/2025 calls ($234K), CALL- IWM 100 @ 219 EXP 07/18/2025 calls ($233K), CALL- ORCL 100 @ 230 EXP 08/15/2025 calls ($229K), PUT - AAPL 100 @ 195 EXP 07/18/2025 puts ($225K), CALL- NVDA 100 @ 170 EXP 08/08/2025 calls ($219K), CALL- FTNT 100 @ 110 EXP 07/18/2025 calls ($217K), CALL- AMZN 100 @ 230 EXP 07/18/2025 calls ($167K), and 8 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $241K (not counted above)
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q1 2025 → Q2 2025
| MDY State Street SPDR S&P Midcap | Sold out | 0.00% | −5.98 |
| VALE Vale SA-SP ADR | Reduce -49.1% | 2.49% | −4.46 |
| PAGS Pagseguro Digital Ltd. Class A | Sold out | 0.00% | −4.09 |
| XP XP Inc. Class A | Reduce -88.9% | 0.53% | −3.92 |
| AGRO Adecoagro SA | Sold out | 0.00% | −1.77 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −1.59 |
| PCG P G & E Corp. | Sold out | 0.00% | −1.55 |
| PEG Public Service Enterprise GP | Sold out | 0.00% | −1.54 |
| MU Micron Technology Inc. | Reduce -87.0% | 0.23% | −1.50 |
| SLYV SS SPDR S&P 600 SC Val ETF | Reduce -51.2% | 0.78% | −1.38 |
| CVX Chevron Corp. | Sold out | 0.00% | −1.30 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −1.27 |
| XSHQ Invesco S&P Smallcap Quality | Reduce -48.4% | 0.72% | −1.15 |
| OUSM Alps Oshares US Small-Cap Qu | Sold out | 0.00% | −0.95 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.91 |
| CPA Copa Holdings SA Class A | Reduce -3.0% | 4.47% | −0.88 |
| HDB HDFC Bank Ltd.-ADR | Reduce -39.4% | 0.88% | −0.86 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Sold out | 0.00% | −0.75 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.73 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -59.6% | 0.38% | −0.68 |
| LTM Latam Airlines Group SA-ADR | Reduce -87.5% | 0.09% | −0.67 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.61 |
| BABA Alibaba Group Holding-SP ADR | Reduce -98.4% | 0.01% | −0.53 |
| BMA Banco Macro SA-ADR | Reduce -49.3% | 0.27% | −0.53 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.52 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.49 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.49 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.48 |
| WEC WEC Energy Group Inc. | Sold out | 0.00% | −0.42 |
| BSAC Banco Santander-Chile-ADR | Sold out | 0.00% | −0.35 |
| ABEV Ambev SA-ADR | Reduce -22.4% | 0.45% | −0.32 |
| UBER Uber Technologies Inc. | Reduce -40.7% | 0.35% | −0.29 |
| ELP Companhia Paranaense DE Ener | Reduce -17.5% | 0.78% | −0.27 |
| NET Cloudflare Inc. Class A | Reduce -76.0% | 0.11% | −0.25 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.25 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.24 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.22 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −0.19 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.18 |
| ETR Entergy Corp. | Sold out | 0.00% | −0.17 |
| FLS Flowserve Corp. | Sold out | 0.00% | −0.16 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −0.13 |
| PSLV Sprott Physical Silver Trust | Reduce -25.0% | 0.17% | −0.13 |
| PGY Pagaya Technologies Ltd. Class A | Sold out | 0.00% | −0.07 |
| SUZ Suzano SA - Spon ADR | Reduce -4.6% | 0.15% | −0.07 |
| BSBR Banco Santander Brasil-ADS | Sold out | 0.00% | −0.03 |
| INTR Inter & Co. Inc. Class A | Sold out | 0.00% | −0.01 |
| CIG Cia Energetica DE-Spon ADR | Reduce -56.6% | 0.00% | −0.01 |
| CALL- HON 100 @ 280 EXP 06/20/2025 | Sold out | 0.00% | −0.00 |
| GEV GE Vernova Inc. | Reduce -20.0% | 0.50% | +0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| CEG Constellation Energy | Add +1044.0% | 4.32% | +4.00 |
| META Meta Platforms Inc. Class A | Add +391.1% | 4.07% | +3.18 |
| PBR Petroleo Brasileiro-Spon ADR | Add +228.2% | 5.85% | +3.03 |
| VST Vistra Corp. | Add +56.7% | 6.37% | +2.97 |
| AMZN Amazon.com Inc. | Add +213.3% | 3.57% | +2.21 |
| TLN Talen Energy Corp. | Add +74.0% | 4.65% | +2.11 |
| TGS Transportador Gas-ADR SP B | New | 2.03% | +2.03 |
| HES Hess Corp. | New | 1.97% | +1.97 |
| PPC Pilgrim's Pride Corp. | New | 1.92% | +1.92 |
| GOOG Alphabet Inc. Class C | New | 1.91% | +1.91 |
| IJR iShares Core S&P Small-Cap E | Add +73.1% | 8.06% | +1.91 |
| KBE SS SPDR S&P Bank ETF | New | 1.68% | +1.68 |
| GOOGL Alphabet Inc. Class A | New | 1.32% | +1.32 |
| BBD Banco Bradesco-ADR | Add +43454.8% | 1.13% | +1.13 |
| BHP BHP Group Ltd.-Spon ADR | Add +1354.0% | 0.98% | +0.89 |
| VRT Vertiv Holdings Co. Class A | Add +9.5% | 2.77% | +0.80 |
| RIO Rio Tinto PLC-Spon ADR | Add +196.2% | 1.52% | +0.79 |
| GGB Gerdau SA -Spon ADR | New | 0.78% | +0.78 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +80.9% | 3.35% | +0.74 |
| CNR Core Natural Resources Inc. | New | 0.73% | +0.73 |
| STNE Stoneco Ltd. Class A | New | 0.72% | +0.72 |
| GS Goldman Sachs Group Inc. | New | 0.66% | +0.66 |
| SRE Sempra | Add +82.2% | 2.19% | +0.63 |
| BP BP PLC-Spons ADR | Add +178.1% | 1.28% | +0.56 |
| EEM iShares MSCI Emerging Market | New | 0.54% | +0.54 |
| EWZ iShares MSCI Brazil ETF | New | 0.54% | +0.54 |
| BTU Peabody Energy Corp. | New | 0.53% | +0.53 |
| EWY iShares MSCI South Korea ETF | New | 0.50% | +0.50 |
| NEM Newmont Corp. | New | 0.41% | +0.41 |
| OKLO Oklo Inc. | Add +100.0% | 0.52% | +0.38 |
| MRVL Marvell Technology Inc. | New | 0.36% | +0.36 |
| SNOW Snowflake Inc. | Add +100.0% | 0.63% | +0.35 |
| ETN Eaton Corp. PLC | New | 0.33% | +0.33 |
| BAC Bank of America Corp. | New | 0.33% | +0.33 |
| BAP Credicorp Ltd. | Add +25.4% | 3.91% | +0.32 |
| OWL Blue Owl Capital Inc. | Add +313.4% | 0.45% | +0.29 |
| SN Sharkninja Inc. | Add +199.4% | 0.44% | +0.27 |
| HIMS Hims & Hers Health Inc. | New | 0.23% | +0.23 |
| DASH DoorDash Inc. Class A | New | 0.23% | +0.23 |
| EMBJ Embraer SA-Spon ADR | Add +42.5% | 1.06% | +0.23 |
| WFC Wells Fargo & Co. | New | 0.23% | +0.23 |
| NVDA Nvidia Corp. | Add +34.3% | 0.70% | +0.20 |
| GRSD Grandstand Ltd. | New | 0.19% | +0.19 |
| GGAL Grupo Financiero Galicia-ADR | Add +66.1% | 1.74% | +0.18 |
| CCJ Cameco Corp. | New | 0.17% | +0.17 |
| SNDK Sandisk Corp. | New | 0.17% | +0.17 |
| CARR Carrier Global Corp. | New | 0.14% | +0.14 |
| NKE Nike Inc. Class B | New | 0.13% | +0.13 |
| MDB Mongodb Inc. | New | 0.12% | +0.12 |
| DDOG Datadog Inc. Class A | New | 0.11% | +0.11 |
Options Activity Q1 2025 → Q2 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 |