SPX Gestao de Recursos Ltda
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), SPX Gestao de Recursos Ltda reported 129 stock positions worth $1.2 billion. Its top holding was Vale SA-SP ADR (VALE) at 10.1% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 8.4%) and iShares MSCI Emerging Market (EEM, 6.6%). Compared with Q2 2025, it opened 68 new positions, sold out of 33, added to 32 and reduced 24. The biggest buy was Vale SA-SP ADR (VALE, shares +304%) and the biggest sale an exit from iShares Core S&P Small-Cap E (IJR).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $1.2B (Q3 2025)
- SEC Filing
- 0001589176-25-000006 ↗ filed Nov 12, 2025
Holdings Value
Holdings 129 stocks · $1.2B
| VALE Vale SA-SP ADR | 10.07% | 11,068,403 | $120.2M | Add +303.8% |
| PBR Petroleo Brasileiro-Spon ADR | 8.40% | 7,916,982 | $100.2M | Add +58.6% |
| EEM iShares MSCI Emerging Market | 6.62% | 1,480,000 | $79.0M | Add +1133.3% |
| EWZ iShares MSCI Brazil ETF | 4.16% | 1,600,000 | $49.6M | Add +700.0% |
| CPA Copa Holdings SA Class A | 4.05% | 406,642 | $48.3M | Reduce -6.4% |
| VINP Vinci Compass Investments LT | 3.64% | 4,038,396 | $43.4M | Add +7.4% |
| ARCO Arcos Dorados Holdings Inc. Class A | 3.59% | 6,342,621 | $42.8M | Add +39.9% |
| RIO Rio Tinto PLC-Spon ADR | 3.58% | 646,866 | $42.7M | Add +132.0% |
| LTM Latam Airlines Group SA-ADR | 3.55% | 935,321 | $42.3M | Add +3884.5% |
| VST Vistra Corp. | 3.49% | 212,500 | $41.6M | Reduce -39.5% |
| XP XP Inc. Class A | 3.15% | 2,000,292 | $37.6M | Add +620.0% |
| BAP Credicorp Ltd. | 2.87% | 128,592 | $34.2M | Reduce -31.2% |
| AUGO Aura Minerals Inc. | 2.51% | 805,922 | $30.0M | New |
| TLN Talen Energy Corp. | 2.38% | 66,630 | $28.3M | Reduce -61.0% |
| FSLR First Solar Inc. | 2.15% | 116,250 | $25.6M | New |
| BP BP PLC-Spons ADR | 2.03% | 703,309 | $24.2M | Add +53.9% |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.73% | 1,742,229 | $20.6M | Add +1.0% |
| BBD Banco Bradesco-ADR | 1.66% | 5,842,473 | $19.7M | Add +49.7% |
| INTR Inter & Co. Inc. Class A | 1.59% | 2,050,930 | $18.9M | New |
| GEV GE Vernova Inc. | 1.48% | 28,700 | $17.6M | Add +187.0% |
| NVDA Nvidia Corp. | 1.39% | 88,996 | $16.6M | Add +89.3% |
| EMBJ Embraer SA-Spon ADR | 1.17% | 231,172 | $14.0M | Add +16.4% |
| GGB Gerdau SA -Spon ADR | 1.17% | 4,491,042 | $13.9M | Add +56.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.03% | 1,674,082 | $12.3M | Add +111.1% |
| TGS Transportador Gas-ADR SP B | 1.02% | 578,365 | $12.2M | Reduce -30.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.88% | 654,165 | $10.5M | New |
| MSFT Microsoft Corp. | 0.87% | 20,000 | $10.4M | New |
| SN Sharkninja Inc. | 0.78% | 90,670 | $9.4M | Add +92.9% |
| STNE Stoneco Ltd. Class A | 0.72% | 453,462 | $8.6M | Reduce -5.0% |
| ELP Companhia Paranaense DE Ener | 0.70% | 849,336 | $8.3M | Reduce -7.3% |
| META Meta Platforms Inc. Class A | 0.68% | 11,030 | $8.1M | Reduce -81.3% |
| HDB HDFC Bank Ltd.-ADR | 0.64% | 222,000 | $7.6M | Reduce -9.8% |
| ABEV Ambev SA-ADR | 0.61% | 3,242,594 | $7.2M | Add +62.9% |
| AMZN Amazon.com Inc. | 0.61% | 32,880 | $7.2M | Reduce -81.1% |
| AVGO Broadcom Inc. | 0.58% | 21,000 | $6.9M | New |
| CNR Core Natural Resources Inc. | 0.57% | 82,000 | $6.8M | Reduce -26.9% |
| SE Sea Ltd.-ADR | 0.57% | 38,000 | $6.8M | New |
| OWL Blue Owl Capital Inc. | 0.54% | 381,360 | $6.5M | Add +53.0% |
| BABA Alibaba Group Holding-SP ADR | 0.50% | 33,500 | $6.0M | Add +6600.0% |
| CPAY Corpay Inc. | 0.48% | 19,960 | $5.7M | Add +227.2% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.45% | 31,000 | $5.4M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.44% | 210,516 | $5.2M | Add +13.1% |
| CRDO Credo Technology Group Holdi | 0.41% | 34,000 | $5.0M | New |
| COHR Coherent Corp. | 0.41% | 45,000 | $4.8M | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.39% | 473,209 | $4.7M | Reduce -29.4% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.29% | 72,600 | $3.4M | New |
| MU Micron Technology Inc. | 0.28% | 20,000 | $3.3M | No change |
| LEU Centrus Energy Corp. Class A | 0.28% | 10,600 | $3.3M | New |
| LUXE Luxexperience BV | 0.27% | 373,910 | $3.2M | Add +140.5% |
| CTLP Cantaloupe Inc. | 0.26% | 298,600 | $3.2M | Add +82.1% |
| UUUU Energy Fuels Inc. | 0.25% | 196,000 | $3.0M | New |
| AFYA Afya Ltd. Class A | 0.24% | 185,577 | $2.9M | New |
| UEC Uranium Energy Corp. | 0.24% | 215,000 | $2.9M | Add +186.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 10,000 | $2.8M | New |
| EQT Eqt Corp. | 0.23% | 50,000 | $2.7M | New |
| GRND Grindr Inc. | 0.22% | 177,300 | $2.7M | Add +321.1% |
| TTWO Take-Two Interactive Softwre | 0.22% | 10,000 | $2.6M | New |
| EWY iShares MSCI South Korea ETF | 0.20% | 30,000 | $2.4M | Reduce -59.5% |
| WDC Western Digital Corp. | 0.20% | 20,000 | $2.4M | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.19% | 588,991 | $2.2M | New |
| LLY Eli Lilly & Co. | 0.18% | 2,800 | $2.1M | New |
| HUT Hut 8 Corp. | 0.18% | 60,800 | $2.1M | New |
| NEM Newmont Corp. | 0.18% | 25,000 | $2.1M | Reduce -66.7% |
| RKLB Rocket Lab Corp. | 0.17% | 42,400 | $2.0M | New |
| UBER Uber Technologies Inc. | 0.16% | 20,000 | $2.0M | Reduce -50.0% |
| JHX James Hardie Ind PLC | 0.16% | 101,600 | $2.0M | New |
| COP Conocophillips | 0.16% | 20,000 | $1.9M | New |
| XOP SS SPDR S&P Og Exp & Prod | 0.16% | 14,000 | $1.9M | New |
| TDG Transdigm Group Inc. | 0.15% | 1,400 | $1.8M | Add +16.7% |
| IONQ Ionq Inc. | 0.15% | 30,000 | $1.8M | New |
| GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED | 0.14% | 208,800 | $1.7M | Add +25.6% |
| BE Bloom Energy Corp. Class A | 0.14% | 20,000 | $1.7M | New |
| GIS General Mills Inc. | 0.14% | 32,180 | $1.6M | New |
| RIOT Riot Platforms Inc. | 0.13% | 84,000 | $1.6M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.13% | 5,600 | $1.6M | New |
| DASH DoorDash Inc. Class A | 0.13% | 5,600 | $1.5M | Reduce -44.0% |
| RGTI Rigetti Computing Inc. | 0.12% | 50,000 | $1.5M | New |
| PGY Pagaya Technologies Ltd. Class A | 0.12% | 50,000 | $1.5M | New |
| DNA Ginkgo Bioworks Holdings Inc. | 0.12% | 100,000 | $1.5M | New |
| NKE Nike Inc. Class B | 0.12% | 20,000 | $1.4M | No change |
| NRG NRG Energy Inc. | 0.11% | 8,400 | $1.4M | New |
| SUZ Suzano SA - Spon ADR | 0.11% | 144,213 | $1.4M | Reduce -16.4% |
| PYPL PayPal Holdings Inc. | 0.11% | 20,000 | $1.3M | New |
| CAT Caterpillar Inc. | 0.11% | 2,800 | $1.3M | New |
| DELL Dell Technologies -C | 0.11% | 9,000 | $1.3M | New |
| SNOW Snowflake Inc. | 0.11% | 5,600 | $1.3M | Reduce -81.3% |
| NBIS Nebius Group NV | 0.11% | 11,200 | $1.3M | New |
| HON Honeywell International Inc. | 0.10% | 5,600 | $1.2M | New |
| QUBT Quantum Computing Inc. | 0.10% | 64,000 | $1.2M | New |
| ANET Arista Networks Inc. | 0.10% | 8,000 | $1.2M | New |
| QBTS D-Wave Quantum Inc. | 0.09% | 44,000 | $1.1M | New |
| PATH Uipath Inc. Class A | 0.09% | 80,000 | $1.1M | New |
| ASPI Asp Isotopes Inc. | 0.09% | 109,600 | $1.1M | New |
| AMD Advanced Micro Devices | 0.09% | 6,500 | $1.1M | New |
| ETN Eaton Corp. PLC | 0.09% | 2,800 | $1.0M | Reduce -72.0% |
| FXI iShares China Large-Cap ETF | 0.09% | 25,370 | $1.0M | No change |
| BWXT BWX Technologies Inc. | 0.09% | 5,500 | $1.0M | New |
| ACHR Archer Aviation Inc. Class A | 0.08% | 105,000 | $1.0M | Add +16.7% |
| CRWV Coreweave Inc. Class A | 0.08% | 7,000 | $958K | New |
| NYAX Nayax Ltd. | 0.08% | 19,109 | $910K | No change |
Options reported separately and not counted above: CALL- TLT 100 @ 93 EXP 12/19/2025 calls ($2.7M), CALL- EEM 100 @ 54 EXP 10/17/2025 calls ($1.6M), PUT - SPY 100 @ 663 EXP 10/10/2025 puts ($964K), CALL- MRVL 100 @ 81 EXP 10/17/2025 calls ($933K), CALL- MU 100 @ 180 EXP 12/19/2025 calls ($590K), CALL- KWEB 100 @ 44 EXP 10/17/2025 calls ($460K), CALL- UBER 100 @ 110 EXP 11/21/2025 calls ($438K), PUT - QQQ 100 @ 585 EXP 10/17/2025 puts ($411K), CALL- GDXJ 100 @ 100 EXP 11/21/2025 calls ($377K), CALL- FXI 100 @ 43 EXP 11/21/2025 calls ($288K), PUT - TLT 100 @ 89 EXP 12/19/2025 puts ($260K), CALL- FSLR 100 @ 240 EXP 11/21/2025 calls ($121K), and 17 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $67K (not counted above)
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q2 2025 → Q3 2025
| IJR iShares Core S&P Small-Cap E | Sold out | 0.00% | −8.06 |
| CEG Constellation Energy | Sold out | 0.00% | −4.32 |
| META Meta Platforms Inc. Class A | Reduce -81.3% | 0.68% | −3.40 |
| AMZN Amazon.com Inc. | Reduce -81.1% | 0.61% | −2.97 |
| VST Vistra Corp. | Reduce -39.5% | 3.49% | −2.88 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −2.77 |
| TLN Talen Energy Corp. | Reduce -61.0% | 2.38% | −2.27 |
| SRE Sempra | Sold out | 0.00% | −2.19 |
| HES Hess Corp. | Sold out | 0.00% | −1.97 |
| PPC Pilgrim's Pride Corp. | Sold out | 0.00% | −1.92 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.91 |
| KBE SS SPDR S&P Bank ETF | Sold out | 0.00% | −1.68 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -91.8% | 0.07% | −1.67 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.32 |
| BAP Credicorp Ltd. | Reduce -31.2% | 2.87% | −1.04 |
| TGS Transportador Gas-ADR SP B | Reduce -30.9% | 1.02% | −1.01 |
| SLYV SS SPDR S&P 600 SC Val ETF | Sold out | 0.00% | −0.78 |
| XSHQ Invesco S&P Smallcap Quality | Sold out | 0.00% | −0.72 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.66 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.53 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.52 |
| SNOW Snowflake Inc. | Reduce -81.3% | 0.11% | −0.52 |
| CPA Copa Holdings SA Class A | Reduce -6.4% | 4.05% | −0.42 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.36 |
| EWY iShares MSCI South Korea ETF | Reduce -59.5% | 0.20% | −0.30 |
| BMA Banco Macro SA-ADR | Sold out | 0.00% | −0.27 |
| T AT&T Inc. | Sold out | 0.00% | −0.27 |
| BAC Bank of America Corp. | Reduce -80.0% | 0.06% | −0.27 |
| HDB HDFC Bank Ltd.-ADR | Reduce -9.8% | 0.64% | −0.25 |
| ETN Eaton Corp. PLC | Reduce -72.0% | 0.09% | −0.25 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.23 |
| NEM Newmont Corp. | Reduce -66.7% | 0.18% | −0.23 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.23 |
| UBER Uber Technologies Inc. | Reduce -50.0% | 0.16% | −0.19 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.17 |
| PSLV Sprott Physical Silver Trust | Sold out | 0.00% | −0.17 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −0.17 |
| CNR Core Natural Resources Inc. | Reduce -26.9% | 0.57% | −0.16 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.16 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.14 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.12 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.11 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −0.11 |
| DASH DoorDash Inc. Class A | Reduce -44.0% | 0.13% | −0.10 |
| ELP Companhia Paranaense DE Ener | Reduce -7.3% | 0.70% | −0.09 |
| AXIAY Axia Energia-ADR | Reduce -29.4% | 0.39% | −0.07 |
| URA Global X Uranium ETF | Sold out | 0.00% | −0.07 |
| RUN Sunrun Inc. | Reduce -84.5% | 0.02% | −0.05 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −0.04 |
| SUZ Suzano SA - Spon ADR | Reduce -16.4% | 0.11% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| VALE Vale SA-SP ADR | Add +303.8% | 10.07% | +7.58 |
| EEM iShares MSCI Emerging Market | Add +1133.3% | 6.62% | +6.08 |
| EWZ iShares MSCI Brazil ETF | Add +700.0% | 4.16% | +3.62 |
| LTM Latam Airlines Group SA-ADR | Add +3884.5% | 3.55% | +3.46 |
| XP XP Inc. Class A | Add +620.0% | 3.15% | +2.62 |
| PBR Petroleo Brasileiro-Spon ADR | Add +58.6% | 8.40% | +2.55 |
| AUGO Aura Minerals Inc. | New | 2.51% | +2.51 |
| FSLR First Solar Inc. | New | 2.15% | +2.15 |
| RIO Rio Tinto PLC-Spon ADR | Add +132.0% | 3.58% | +2.06 |
| INTR Inter & Co. Inc. Class A | New | 1.59% | +1.59 |
| GEV GE Vernova Inc. | Add +187.0% | 1.48% | +0.98 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.88% | +0.88 |
| MSFT Microsoft Corp. | New | 0.87% | +0.87 |
| BP BP PLC-Spons ADR | Add +53.9% | 2.03% | +0.75 |
| NVDA Nvidia Corp. | Add +89.3% | 1.39% | +0.70 |
| AVGO Broadcom Inc. | New | 0.58% | +0.58 |
| SE Sea Ltd.-ADR | New | 0.57% | +0.57 |
| BBD Banco Bradesco-ADR | Add +49.7% | 1.66% | +0.53 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +111.1% | 1.03% | +0.53 |
| BABA Alibaba Group Holding-SP ADR | Add +6600.0% | 0.50% | +0.50 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.45% | +0.45 |
| CRDO Credo Technology Group Holdi | New | 0.41% | +0.41 |
| COHR Coherent Corp. | New | 0.41% | +0.41 |
| GGB Gerdau SA -Spon ADR | Add +56.5% | 1.17% | +0.38 |
| SN Sharkninja Inc. | Add +92.9% | 0.78% | +0.35 |
| CPAY Corpay Inc. | Add +227.2% | 0.48% | +0.29 |
| IREN Iren Ltd. | New | 0.29% | +0.29 |
| LEU Centrus Energy Corp. Class A | New | 0.28% | +0.28 |
| UUUU Energy Fuels Inc. | New | 0.25% | +0.25 |
| AFYA Afya Ltd. Class A | New | 0.24% | +0.24 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +39.9% | 3.59% | +0.24 |
| IBM Intl Business Machines Corp. | New | 0.24% | +0.24 |
| VINP Vinci Compass Investments LT | Add +7.4% | 3.64% | +0.23 |
| EQT Eqt Corp. | New | 0.23% | +0.23 |
| TTWO Take-Two Interactive Softwre | New | 0.22% | +0.22 |
| WDC Western Digital Corp. | New | 0.20% | +0.20 |
| UEC Uranium Energy Corp. | Add +186.7% | 0.24% | +0.19 |
| EVEX Eve Holding Inc. | New | 0.19% | +0.19 |
| LLY Eli Lilly & Co. | New | 0.18% | +0.18 |
| HUT Hut 8 Corp. | New | 0.18% | +0.18 |
| RKLB Rocket Lab Corp. | New | 0.17% | +0.17 |
| JHX James Hardie Ind PLC | New | 0.16% | +0.16 |
| COP Conocophillips | New | 0.16% | +0.16 |
| ABEV Ambev SA-ADR | Add +62.9% | 0.61% | +0.16 |
| XOP SS SPDR S&P Og Exp & Prod | New | 0.16% | +0.16 |
| IONQ Ionq Inc. | New | 0.15% | +0.15 |
| LUXE Luxexperience BV | Add +140.5% | 0.27% | +0.15 |
| BE Bloom Energy Corp. Class A | New | 0.14% | +0.14 |
| GIS General Mills Inc. | New | 0.14% | +0.14 |
| RIOT Riot Platforms Inc. | New | 0.13% | +0.13 |
Options Activity Q2 2025 → Q3 2025
Showing the first 50 of 53.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BHP BHP Group Ltd.-Spon ADR | SPONSORED ADS | Reduce -100.0% | 0 | $0 |
| PAM Pampa Energia SA-Spon ADR | SPONS ADR LVL I | New | 0 | $0 |
| VIV Telefonica Brasil-ADR | SPONSORED ADS | 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 |