SPX Gestao de Recursos Ltda

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), SPX Gestao de Recursos Ltda reported 63 stock positions worth $977.0 million. Its top holding was Stoneco Class A (STNE) at 7.9% of the portfolio, followed by Kranesh Csi China Internet (KWEB, 7.2%) and XP Class A (XP, 7.0%). Compared with Q3 2025, it opened 11 new positions, sold out of 76, added to 24 and reduced 24. The biggest buy was a new position in Kranesh Csi China Internet (KWEB) and the biggest sale Vale SA-SP ADR (VALE, shares −96%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001589176
Portfolio Value
$977.0M (Q4 2025)
SEC Filing
0001589176-26-000001 ↗ filed Feb 13, 2026

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 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 $977.0M Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $898.0M Q2 2026

Holdings 63 stocks · $977.0M
STNE Stoneco Ltd. Class A 7.93% 5,236,620 $77.4M Add +1054.8%
KWEB Kranesh Csi China Internet 7.23% 2,075,400 $70.7M New
XP XP Inc. Class A 7.03% 4,195,379 $68.7M Add +109.7%
PBR Petroleo Brasileiro-Spon ADR 5.93% 4,887,558 $57.9M Reduce -38.3%
BAP Credicorp Ltd. 5.85% 199,083 $57.1M Add +54.8%
SPY SS SPDR S&P 500 ETF Trust-US 5.68% 81,424 $55.5M New
ARCO Arcos Dorados Holdings Inc. Class A 5.67% 7,551,676 $55.4M Add +19.1%
FSLR First Solar Inc. 5.46% 204,250 $53.4M Add +75.7%
VINP Vinci Compass Investments LT 5.34% 4,000,725 $52.2M Reduce -0.9%
CPA Copa Holdings SA Class A 4.86% 393,542 $47.5M Reduce -3.2%
AUGO Aura Minerals Inc. 4.53% 877,211 $44.2M Add +8.8%
TGS Transportador Gas-ADR SP B 3.84% 1,206,803 $37.5M Add +108.7%
RIO Rio Tinto PLC-Spon ADR 3.84% 468,415 $37.5M Reduce -27.6%
MU Micron Technology Inc. 2.63% 90,000 $25.7M Add +350.0%
BABA Alibaba Group Holding-SP ADR 2.25% 150,000 $22.0M Add +347.8%
BP BP PLC-Spons ADR 1.86% 523,230 $18.2M Reduce -25.6%
GGB Gerdau SA -Spon ADR 1.85% 4,894,496 $18.1M Add +9.0%
LTM Latam Airlines Group SA-ADR 1.82% 328,463 $17.7M Reduce -64.9%
PBR.A Petroleo Brasil-SP Pref ADR 1.35% 1,173,051 $13.2M Reduce -32.7%
SN Sharkninja Inc. 1.19% 104,170 $11.7M Add +14.9%
BBD Banco Bradesco-ADR 1.17% 3,437,249 $11.4M Reduce -41.2%
EVEX Eve Holding Inc. filed as EVE HLDG INC 1.16% 2,845,692 $11.4M Add +383.1%
CPAY Corpay Inc. 0.90% 29,260 $8.8M Add +46.6%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.89% 918,127 $8.7M Add +1194.4%
GLOB Globant SA 0.89% 133,160 $8.7M New
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.85% 348,052 $8.3M Add +65.3%
AMZN Amazon.com Inc. 0.77% 32,460 $7.5M Reduce -1.3%
OWL Blue Owl Capital Inc. 0.75% 489,660 $7.3M Add +28.4%
AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA 0.60% 680,091 $5.9M New
GRND Grindr Inc. 0.56% 401,800 $5.4M Add +126.6%
VALE Vale SA-SP ADR 0.53% 395,018 $5.1M Reduce -96.4%
LUXE Luxexperience BV 0.45% 523,410 $4.4M Add +40.0%
TLN Talen Energy Corp. 0.36% 9,490 $3.6M Reduce -85.8%
CEPT Cantor Equity Partners Class A 0.35% 305,000 $3.4M New
CTLP Cantaloupe Inc. 0.32% 298,600 $3.2M No change
JBS JBS NV-A 0.31% 208,100 $3.0M Add +429.8%
META Meta Platforms Inc. Class A 0.30% 4,460 $2.9M Reduce -59.6%
INTR Inter & Co. Inc. Class A 0.30% 347,106 $2.9M Reduce -83.1%
AFYA Afya Ltd. Class A 0.28% 176,892 $2.7M Reduce -4.7%
NVDA Nvidia Corp. 0.28% 14,500 $2.7M Reduce -83.7%
PGY Pagaya Technologies Ltd. Class A 0.26% 120,300 $2.5M Add +140.6%
UGP Ultrapar Particpac-Spon ADR 0.22% 582,585 $2.2M Add +2613.6%
XOP SS SPDR S&P Og Exp & Prod 0.19% 15,000 $1.9M Add +7.1%
TDG Transdigm Group Inc. 0.19% 1,400 $1.9M No change
CORZ Core Scientific Inc. 0.16% 104,800 $1.5M New
NYAX Nayax Ltd. 0.12% 23,958 $1.2M Add +25.4%
SUZ Suzano SA - Spon ADR 0.11% 115,964 $1.1M Reduce -19.6%
FXI iShares China Large-Cap ETF 0.10% 25,370 $971K No change
AMD Advanced Micro Devices 0.10% 4,500 $964K Reduce -30.8%
HUT Hut 8 Corp. 0.09% 18,180 $835K Reduce -70.1%
CIG Cia Energetica DE-Spon ADR 0.07% 354,805 $710K Add +10.6%
IREN Iren Ltd. filed as IREN LIMITED 0.07% 17,500 $661K Reduce -75.9%
BSBR Banco Santander Brasil-ADS 0.03% 54,694 $334K New
CENTRAIS ELET BRAS SA 0.03% 33,986 $318K Reduce -32.5%
ENIC Enel Chile SA-ADR 0.03% 70,089 $282K New
ABEV Ambev SA-ADR 0.02% 70,408 $174K Reduce -97.8%
ITUB Itau Unibanco H-Spon PRF ADR 0.02% 22,194 $159K Reduce -98.7%
EWY iShares MSCI South Korea ETF 0.02% 1,574 $153K Reduce -94.8%
GRO Brazil Potash Corp. 0.01% 74,572 $141K No change
GOOGL Alphabet Inc. Class A 0.00% 44 $14K New
AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA 0.00% 1,285 $12K Reduce -99.7%
SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 0.00% 3,107 $5K New
CIG.C Cia Energetica DE-Spon ADR 0.00% 565 $1K New

Options reported separately and not counted above: PUT - GLD 100 @ 365 EXP 03/20/2026 puts ($848K), PUT - QQQ 100 @ 590 EXP 01/16/2026 puts ($560K), CALL- META 100 @ 650 EXP 03/20/2026 calls ($481K), CALL- CRWV 100 @ 150 EXP 06/18/2026 calls ($34K), CALL- SNAP 100 @ 10 EXP 01/16/2026 calls ($3K), CALL- EVEX 100 @ 5 EXP 01/16/2026 calls ($13).

Portfolio Sells Q3 2025 → Q4 2025
VALE Vale SA-SP ADR Reduce -96.4% 0.53% −9.55
EEM iShares MSCI Emerging Market Sold out 0.00% −6.62
EWZ iShares MSCI Brazil ETF Sold out 0.00% −4.16
VST Vistra Corp. Sold out 0.00% −3.49
PBR Petroleo Brasileiro-Spon ADR Reduce -38.3% 5.93% −2.47
TLN Talen Energy Corp. Reduce -85.8% 0.36% −2.01
LTM Latam Airlines Group SA-ADR Reduce -64.9% 1.82% −1.73
GEV GE Vernova Inc. Sold out 0.00% −1.48
INTR Inter & Co. Inc. Class A Reduce -83.1% 0.30% −1.29
NVDA Nvidia Corp. Reduce -83.7% 0.28% −1.11
ITUB Itau Unibanco H-Spon PRF ADR Reduce -98.7% 0.02% −1.01
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.88
MSFT Microsoft Corp. Sold out 0.00% −0.87
ELP Companhia Paranaense DE Ener Sold out 0.00% −0.70
HDB HDFC Bank Ltd.-ADR Sold out 0.00% −0.64
ABEV Ambev SA-ADR Reduce -97.8% 0.02% −0.59
AVGO Broadcom Inc. Sold out 0.00% −0.58
CNR Core Natural Resources Inc. Sold out 0.00% −0.57
SE Sea Ltd.-ADR Sold out 0.00% −0.57
BBD Banco Bradesco-ADR Reduce -41.2% 1.17% −0.48
FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −0.45
CRDO Credo Technology Group Holdi Sold out 0.00% −0.41
COHR Coherent Corp. Sold out 0.00% −0.41
AXIAY Axia Energia-ADR Reduce -99.7% 0.00% −0.39
META Meta Platforms Inc. Class A Reduce -59.6% 0.30% −0.38
PBR.A Petroleo Brasil-SP Pref ADR Reduce -32.7% 1.35% −0.37
LEU Centrus Energy Corp. Class A Sold out 0.00% −0.28
UUUU Energy Fuels Inc. Sold out 0.00% −0.25
UEC Uranium Energy Corp. Sold out 0.00% −0.24
IBM Intl Business Machines Corp. Sold out 0.00% −0.24
EQT Eqt Corp. Sold out 0.00% −0.23
IREN Iren Ltd. Reduce -75.9% 0.07% −0.22
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.22
WDC Western Digital Corp. Sold out 0.00% −0.20
EWY iShares MSCI South Korea ETF Reduce -94.8% 0.02% −0.19
LLY Eli Lilly & Co. Sold out 0.00% −0.18
NEM Newmont Corp. Sold out 0.00% −0.18
BP BP PLC-Spons ADR Reduce -25.6% 1.86% −0.17
RKLB Rocket Lab Corp. Sold out 0.00% −0.17
UBER Uber Technologies Inc. Sold out 0.00% −0.16
JHX James Hardie Ind PLC Sold out 0.00% −0.16
COP Conocophillips Sold out 0.00% −0.16
IONQ Ionq Inc. Sold out 0.00% −0.15
GRSD Grandstand Ltd. Sold out 0.00% −0.14
BE Bloom Energy Corp. Class A Sold out 0.00% −0.14
GIS General Mills Inc. Sold out 0.00% −0.14
RIOT Riot Platforms Inc. Sold out 0.00% −0.13
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.13
DASH DoorDash Inc. Class A Sold out 0.00% −0.13
RGTI Rigetti Computing Inc. Sold out 0.00% −0.12

Portfolio Buys Q3 2025 → Q4 2025
KWEB Kranesh Csi China Internet New 7.23% +7.23
STNE Stoneco Ltd. Class A Add +1054.8% 7.93% +7.21
SPY SS SPDR S&P 500 ETF Trust-US New 5.68% +5.68
XP XP Inc. Class A Add +109.7% 7.03% +3.88
FSLR First Solar Inc. Add +75.7% 5.46% +3.31
BAP Credicorp Ltd. Add +54.8% 5.85% +2.98
TGS Transportador Gas-ADR SP B Add +108.7% 3.84% +2.82
MU Micron Technology Inc. Add +350.0% 2.63% +2.35
ARCO Arcos Dorados Holdings Inc. Class A Add +19.1% 5.67% +2.09
AUGO Aura Minerals Inc. Add +8.8% 4.53% +2.01
BABA Alibaba Group Holding-SP ADR Add +347.8% 2.25% +1.75
EVEX Eve Holding Inc. Add +383.1% 1.16% +0.97
GLOB Globant SA New 0.89% +0.89
ELPC Cia Paranaense DE Ener-ADR Add +1194.4% 0.89% +0.84
GGB Gerdau SA -Spon ADR Add +9.0% 1.85% +0.68
AXICY Axia Energia-ADR Pref C New 0.60% +0.60
CPAY Corpay Inc. Add +46.6% 0.90% +0.42
SBS Cia Saneamento Basico DE-ADR Add +65.3% 0.85% +0.41
SN Sharkninja Inc. Add +14.9% 1.19% +0.41
CEPT Cantor Equity Partners Class A New 0.35% +0.35
GRND Grindr Inc. Add +126.6% 0.56% +0.33
JBS JBS NV-A Add +429.8% 0.31% +0.26
UGP Ultrapar Particpac-Spon ADR Add +2613.6% 0.22% +0.22
OWL Blue Owl Capital Inc. Add +28.4% 0.75% +0.21
LUXE Luxexperience BV Add +40.0% 0.45% +0.18
CORZ Core Scientific Inc. New 0.16% +0.16
PGY Pagaya Technologies Ltd. Class A Add +140.6% 0.26% +0.13
NYAX Nayax Ltd. Add +25.4% 0.12% +0.05
XOP SS SPDR S&P Og Exp & Prod Add +7.1% 0.19% +0.04
BSBR Banco Santander Brasil-ADS New 0.03% +0.03
ENIC Enel Chile SA-ADR New 0.03% +0.03
CIG Cia Energetica DE-Spon ADR Add +10.6% 0.07% +0.02
GOOGL Alphabet Inc. Class A New 0.00% +0.00
SID Cia Siderurgica Nacl-SP ADR New 0.00% +0.00
CIG.C Cia Energetica DE-Spon ADR New 0.00% +0.00

Options Activity Q3 2025 → Q4 2025
CALL- TLT 100 @ 93 EXP 12/19/2025 call Sold out 31,765 $2.7Mbefore exit
CALL- EEM 100 @ 54 EXP 10/17/2025 call Sold out 32,000 $1.6Mbefore exit
PUT - SPY 100 @ 663 EXP 10/10/2025 put Sold out 2,716 $964Kbefore exit
CALL- MRVL 100 @ 81 EXP 10/17/2025 call Sold out 1,700 $933Kbefore exit
PUT - GLD 100 @ 365 EXP 03/20/2026 put New 2,183 $848K
CALL- MU 100 @ 180 EXP 12/19/2025 call Sold out 500 $590Kbefore exit
PUT - QQQ 100 @ 590 EXP 01/16/2026 put New 2,500 $560K
CALL- META 100 @ 650 EXP 03/20/2026 call New 100 $481K
CALL- KWEB 100 @ 44 EXP 10/17/2025 call Sold out 10,000 $460Kbefore exit
CALL- UBER 100 @ 110 EXP 11/21/2025 call Sold out 2,000 $438Kbefore exit
PUT - QQQ 100 @ 585 EXP 10/17/2025 put Sold out 1,100 $411Kbefore exit
CALL- GDXJ 100 @ 100 EXP 11/21/2025 call Sold out 600 $377Kbefore exit
CALL- FXI 100 @ 43 EXP 11/21/2025 call Sold out 3,000 $288Kbefore exit
PUT - TLT 100 @ 89 EXP 12/19/2025 put Sold out 1,179 $260Kbefore exit
CALL- FSLR 100 @ 240 EXP 11/21/2025 call Sold out 100 $121Kbefore exit
CALL- DDOG 100 @ 150 EXP 10/17/2025 call Sold out 500 $117Kbefore exit
CALL- EEM 100 @ 54 EXP 11/21/2025 call Sold out 1,000 $111Kbefore exit
CALL- NVDA 100 @ 180 EXP 10/17/2025 call Sold out 100 $102Kbefore exit
CALL- FSLR 100 @ 250 EXP 11/21/2025 call Sold out 100 $92Kbefore exit
CALL- CROX 100 @ 90 EXP 10/24/2025 call Sold out 400 $90Kbefore exit
CALL- HUT 100 @ 45 EXP 12/19/2025 call Sold out 200 $70Kbefore exit
CALL- META 100 @ 780 EXP 10/17/2025 call Sold out 100 $44Kbefore exit
PUT - QQQ 100 @ 570 EXP 10/17/2025 put Sold out 200 $38Kbefore exit
CALL- IWM 100 @ 242 EXP 10/03/2025 call Sold out 200 $36Kbefore exit
CALL- CRWV 100 @ 150 EXP 06/18/2026 call New 100 $34K
PUT - QQQ 100 @ 565 EXP 10/17/2025 put Sold out 200 $31Kbefore exit
CALL- META 100 @ 800 EXP 10/17/2025 call Sold out 140 $30Kbefore exit
CALL- AMZN 100 @ 250 EXP 10/17/2025 call Sold out 1,000 $27Kbefore exit
PUT - SPY 100 @ 620 EXP 10/17/2025 put Sold out 300 $23Kbefore exit
PUT - XLU 100 @ 83.5 EXP 10/17/2025 put Sold out 1,000 $22Kbefore exit
PUT - HYG 100 @ 80.5 EXP 10/17/2025 put Sold out 1,000 $19Kbefore exit
CALL- XHB 100 @ 130 EXP 11/21/2025 call Sold out 500 $13Kbefore exit
PUT - INTC 100 @ 27 EXP 10/17/2025 put Sold out 1,000 $12Kbefore exit
CALL- SNAP 100 @ 10 EXP 01/16/2026 call New 2,000 $3K
CALL- EVEX 100 @ 5 EXP 01/16/2026 call New 4 $13
CALL- AMD 100 @ 180 EXP 10/17/2025 call Sold out 0 $0before exit
CALL- AMD 100 @ 190 EXP 10/17/2025 call Sold out 0 $0before exit
CALL- NVDA 100 @ 185 EXP 10/17/2025 call Sold out 0 $0before exit
CALL- VST 100 @ 212.5 EXP 10/03/2025 call 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 Q3 2025 → Q4 2025
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 Sold out 1,592,965 $67Kbefore exit
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Sold out 1,988 $76before exit
EMBJ Embraer SA-Spon ADR SPONSORED ADS Reduce -100.0% 0 $0
BBDO Banco Bradesco-ADR SPONSORED ADR New 0 $0
PAM Pampa Energia SA-Spon ADR SPONS ADR LVL I 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