SPX Gestao de Recursos Ltda
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), SPX Gestao de Recursos Ltda reported 69 stock positions worth $1.2 billion. Its top holding was Petroleo Brasil-SP Pref ADR (PBR.A) at 10.7% of the portfolio, followed by SS Consumer Staples Sel Sect (XLP, 10.0%) and Stoneco Class A (STNE, 9.1%). Compared with Q4 2025, it opened 21 new positions, sold out of 15, added to 18 and reduced 21. The biggest buy was a new position in SS Consumer Staples Sel Sect (XLP) and the biggest sale an exit from Kranesh Csi China Internet (KWEB).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001589176
- Portfolio Value
- $1.2B (Q1 2026)
- SEC Filing
- 0001589176-26-000002 ↗ filed May 6, 2026
Holdings Value
Holdings 69 stocks · $1.2B
| PBR.A Petroleo Brasil-SP Pref ADR | 10.74% | 6,874,705 | $128.9M | Add +486.1% |
| XLP SS Consumer Staples Sel Sect | 10.01% | 1,466,111 | $120.2M | New |
| STNE Stoneco Ltd. Class A | 9.09% | 7,728,014 | $109.1M | Add +47.6% |
| VALE Vale SA-SP ADR | 7.34% | 5,539,608 | $88.1M | Add +1302.4% |
| MCHI iShares MSCI China ETF | 4.55% | 972,000 | $54.6M | New |
| VINP Vinci Compass Investments LT | 4.11% | 4,672,173 | $49.3M | Add +16.8% |
| ARCO Arcos Dorados Holdings Inc. Class A | 4.09% | 5,949,286 | $49.1M | Reduce -21.2% |
| NVDA Nvidia Corp. | 3.82% | 263,200 | $45.9M | Add +1715.2% |
| LTM Latam Airlines Group SA-ADR | 3.63% | 881,976 | $43.6M | Add +168.5% |
| BBD Banco Bradesco-ADR | 3.36% | 11,051,974 | $40.3M | Add +221.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 3.08% | 2,569,755 | $36.9M | New |
| PBR Petroleo Brasileiro-Spon ADR | 3.00% | 1,732,842 | $36.0M | Reduce -64.5% |
| TGS Transportador Gas-ADR SP B | 2.96% | 1,025,136 | $35.5M | Reduce -15.1% |
| INTR Inter & Co. Inc. Class A | 2.67% | 4,023,802 | $32.0M | Add +1059.2% |
| CPA Copa Holdings SA Class A | 2.13% | 224,792 | $25.5M | Reduce -42.9% |
| BAP Credicorp Ltd. | 1.90% | 67,403 | $22.9M | Reduce -66.1% |
| XP XP Inc. Class A | 1.88% | 1,187,073 | $22.6M | Reduce -71.7% |
| EMBJ Embraer SA-Spon ADR | 1.75% | 353,289 | $21.0M | Add +0.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.67% | 59,271 | $20.0M | New |
| EWZ iShares MSCI Brazil ETF | 1.58% | 493,168 | $18.9M | New |
| BP BP PLC-Spons ADR | 1.39% | 354,344 | $16.7M | Reduce -32.3% |
| GGB Gerdau SA -Spon ADR | 1.28% | 4,254,223 | $15.4M | Reduce -13.1% |
| PAM Pampa Energia SA-Spon ADR | 1.21% | 163,643 | $14.5M | New |
| AMZN Amazon.com Inc. | 1.09% | 62,640 | $13.0M | Add +93.0% |
| SN Sharkninja Inc. | 0.92% | 104,170 | $11.0M | No change |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.90% | 902,109 | $10.8M | Reduce -1.7% |
| AA Alcoa Corp. | 0.86% | 155,300 | $10.3M | New |
| TEO Telecom Argentina SA-SP ADR | 0.71% | 732,697 | $8.6M | New |
| CPAY Corpay Inc. | 0.71% | 29,260 | $8.5M | No change |
| AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA | 0.61% | 669,035 | $7.3M | Reduce -1.6% |
| OIH Vaneck Oil Services ETF | 0.56% | 16,500 | $6.7M | New |
| CEPU Central Puerto-Sponsored ADR | 0.51% | 361,495 | $6.1M | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.47% | 2,293,630 | $5.7M | Reduce -19.4% |
| GRND Grindr Inc. | 0.46% | 455,800 | $5.5M | Add +13.4% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.45% | 177,950 | $5.4M | Reduce -48.9% |
| SHEL Shell PLC-ADR | 0.41% | 52,300 | $4.9M | New |
| META Meta Platforms Inc. Class A | 0.40% | 8,480 | $4.9M | Add +90.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.38% | 48,650 | $4.5M | Reduce -89.6% |
| OWL Blue Owl Capital Inc. | 0.37% | 489,660 | $4.5M | No change |
| LUXE Luxexperience BV | 0.35% | 523,410 | $4.2M | No change |
| CEPT Cantor Equity Partners Class A | 0.28% | 305,000 | $3.3M | No change |
| CTLP Cantaloupe Inc. | 0.27% | 298,600 | $3.2M | No change |
| CORZ Core Scientific Inc. | 0.26% | 205,350 | $3.1M | Add +95.9% |
| UGP Ultrapar Particpac-Spon ADR | 0.24% | 519,126 | $2.9M | Reduce -10.9% |
| TLN Talen Energy Corp. | 0.20% | 7,490 | $2.4M | Reduce -21.1% |
| SOLS Solstice Adv Materials Inc. | 0.19% | 29,600 | $2.3M | New |
| PGY Pagaya Technologies Ltd. Class A | 0.17% | 180,100 | $2.1M | Add +49.7% |
| TDG Transdigm Group Inc. | 0.17% | 1,780 | $2.1M | Add +27.1% |
| BSAC Banco Santander-Chile-ADR | 0.16% | 56,479 | $1.9M | New |
| CIB Grupo Cibest SA-ADR | 0.10% | 16,242 | $1.2M | New |
| NYAX Nayax Ltd. | 0.10% | 20,524 | $1.1M | Reduce -14.3% |
| JBL Jabil Inc. | 0.09% | 4,000 | $1.1M | New |
| IREN Iren Ltd. filed as IREN LIMITED | 0.08% | 28,950 | $992K | Add +65.4% |
| FXI iShares China Large-Cap ETF | 0.08% | 25,370 | $911K | No change |
| CIG Cia Energetica DE-Spon ADR | 0.07% | 368,223 | $880K | Add +3.8% |
| BSBR Banco Santander Brasil-ADS | 0.04% | 86,883 | $515K | Add +58.9% |
| SUZ Suzano SA - Spon ADR | 0.04% | 49,917 | $500K | Reduce -57.0% |
| CENTRAIS ELET BRAS SA | 0.03% | 30,376 | $381K | Reduce -10.6% |
| ABEV Ambev SA-ADR | 0.02% | 70,408 | $206K | No change |
| ENIC Enel Chile SA-ADR | 0.01% | 42,596 | $168K | Reduce -39.2% |
| STLD Steel Dynamics Inc. | 0.01% | 419 | $75K | New |
| MU Micron Technology Inc. | 0.01% | 215 | $73K | Reduce -99.8% |
| EWZS iShares MSCI Brazil Small-Ca | 0.00% | 3,617 | $54K | New |
| BCH Banco DE Chile-ADR | 0.00% | 1,443 | $53K | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA | 0.00% | 1,285 | $14K | No change |
| IFS Intercorp Financial Services | 0.00% | 200 | $10K | New |
| BRBI BR Advisory Partners Partici filed as BRBI BR PARTNERS SA | 0.00% | 525 | $8K | New |
| BABA Alibaba Group Holding-SP ADR | 0.00% | 16 | $2K | Reduce -100.0% |
| SCCO Southern Copper Corp. | 0.00% | 1 | $172 | New |
Options reported separately and not counted above: PUT - EEM 100 @ 56 EXP 04/17/2026 puts ($2.3M), PUT - EWY 100 @ 100 EXP 05/15/2026 puts ($612K), PUT - SMH 100 @ 375 EXP 04/10/2026 puts ($476K), PUT - JETS 100 @ 22 EXP 04/17/2026 puts ($222K), CALL- IGV 100 @ 90 EXP 06/18/2026 calls ($197K), CALL- IWM 100 @ 280 EXP 06/18/2026 calls ($184K), CALL- IWM 100 @ 290 EXP 06/18/2026 calls ($79K), CALL- PBR 100 @ 29 EXP 04/17/2026 calls ($11K), CALL- CRWV 100 @ 150 EXP 06/18/2026 calls ($8K).
Portfolio Sells Q4 2025 → Q1 2026
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −7.23 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −5.68 |
| FSLR First Solar Inc. | Sold out | 0.00% | −5.46 |
| XP XP Inc. Class A | Reduce -71.7% | 1.88% | −5.15 |
| AUGO Aura Minerals Inc. | Sold out | 0.00% | −4.53 |
| BAP Credicorp Ltd. | Reduce -66.1% | 1.90% | −3.94 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -89.6% | 0.38% | −3.46 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -64.5% | 3.00% | −2.93 |
| CPA Copa Holdings SA Class A | Reduce -42.9% | 2.13% | −2.73 |
| MU Micron Technology Inc. | Reduce -99.8% | 0.01% | −2.62 |
| BABA Alibaba Group Holding-SP ADR | Reduce -100.0% | 0.00% | −2.25 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -21.2% | 4.09% | −1.58 |
| GLOB Globant SA | Sold out | 0.00% | −0.89 |
| TGS Transportador Gas-ADR SP B | Reduce -15.1% | 2.96% | −0.88 |
| EVEX Eve Holding Inc. | Reduce -19.4% | 0.47% | −0.69 |
| GGB Gerdau SA -Spon ADR | Reduce -13.1% | 1.28% | −0.57 |
| BP BP PLC-Spons ADR | Reduce -32.3% | 1.39% | −0.47 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -48.9% | 0.45% | −0.40 |
| JBS JBS NV-A | Sold out | 0.00% | −0.31 |
| AFYA Afya Ltd. Class A | Sold out | 0.00% | −0.28 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −0.19 |
| TLN Talen Energy Corp. | Reduce -21.1% | 0.20% | −0.16 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.10 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.09 |
| SUZ Suzano SA - Spon ADR | Reduce -57.0% | 0.04% | −0.07 |
| NYAX Nayax Ltd. | Reduce -14.3% | 0.10% | −0.03 |
| ITUB Itau Unibanco H-Spon PRF ADR | Sold out | 0.00% | −0.02 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.02 |
| ENIC Enel Chile SA-ADR | Reduce -39.2% | 0.01% | −0.01 |
| GRO Brazil Potash Corp. | Sold out | 0.00% | −0.01 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.00 |
| CENTRAIS ELET BRAS SA | Reduce -10.6% | 0.03% | −0.00 |
| SID Cia Siderurgica Nacl-SP ADR | Sold out | 0.00% | −0.00 |
| ELPC Cia Paranaense DE Ener-ADR | Reduce -1.7% | 0.90% | +0.00 |
| AXICY Axia Energia-ADR Pref C | Reduce -1.6% | 0.61% | +0.01 |
| UGP Ultrapar Particpac-Spon ADR | Reduce -10.9% | 0.24% | +0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| XLP SS Consumer Staples Sel Sect | New | 10.01% | +10.01 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +486.1% | 10.74% | +9.39 |
| VALE Vale SA-SP ADR | Add +1302.4% | 7.34% | +6.82 |
| MCHI iShares MSCI China ETF | New | 4.55% | +4.55 |
| NVDA Nvidia Corp. | Add +1715.2% | 3.82% | +3.55 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 3.08% | +3.08 |
| INTR Inter & Co. Inc. Class A | Add +1059.2% | 2.67% | +2.37 |
| BBD Banco Bradesco-ADR | Add +221.5% | 3.36% | +2.19 |
| LTM Latam Airlines Group SA-ADR | Add +168.5% | 3.63% | +1.82 |
| EMBJ Embraer SA-Spon ADR | Add +0.0% | 1.75% | +1.75 |
| TSM Taiwan Semiconductor-SP ADR | New | 1.67% | +1.67 |
| EWZ iShares MSCI Brazil ETF | New | 1.58% | +1.58 |
| PAM Pampa Energia SA-Spon ADR | New | 1.21% | +1.21 |
| STNE Stoneco Ltd. Class A | Add +47.6% | 9.09% | +1.16 |
| AA Alcoa Corp. | New | 0.86% | +0.86 |
| TEO Telecom Argentina SA-SP ADR | New | 0.71% | +0.71 |
| OIH Vaneck Oil Services ETF | New | 0.56% | +0.56 |
| CEPU Central Puerto-Sponsored ADR | New | 0.51% | +0.51 |
| SHEL Shell PLC-ADR | New | 0.41% | +0.41 |
| AMZN Amazon.com Inc. | Add +93.0% | 1.09% | +0.32 |
| SOLS Solstice Adv Materials Inc. | New | 0.19% | +0.19 |
| BSAC Banco Santander-Chile-ADR | New | 0.16% | +0.16 |
| META Meta Platforms Inc. Class A | Add +90.1% | 0.40% | +0.10 |
| CORZ Core Scientific Inc. | Add +95.9% | 0.26% | +0.10 |
| CIB Grupo Cibest SA-ADR | New | 0.10% | +0.10 |
| JBL Jabil Inc. | New | 0.09% | +0.09 |
| IREN Iren Ltd. | Add +65.4% | 0.08% | +0.01 |
| BSBR Banco Santander Brasil-ADS | Add +58.9% | 0.04% | +0.01 |
| STLD Steel Dynamics Inc. | New | 0.01% | +0.01 |
| BCH Banco DE Chile-ADR | New | 0.00% | +0.00 |
| EWZS iShares MSCI Brazil Small-Ca | New | 0.00% | +0.00 |
| IFS Intercorp Financial Services | New | 0.00% | +0.00 |
| BRBI BR Advisory Partners Partici | New | 0.00% | +0.00 |
| CIG Cia Energetica DE-Spon ADR | Add +3.8% | 0.07% | +0.00 |
| SCCO Southern Copper Corp. | New | 0.00% | 0.00 |
| TDG Transdigm Group Inc. | Add +27.1% | 0.17% | −0.02 |
| PGY Pagaya Technologies Ltd. Class A | Add +49.7% | 0.17% | −0.08 |
| GRND Grindr Inc. | Add +13.4% | 0.46% | −0.10 |
| VINP Vinci Compass Investments LT | Add +16.8% | 4.11% | −1.23 |
Options Activity Q4 2025 → Q1 2026
| PUT - EEM 100 @ 56 EXP 04/17/2026 | put | New | 17,000 | $2.3M |
| PUT - GLD 100 @ 365 EXP 03/20/2026 | put | Sold out | 2,183 | $848Kbefore exit |
| PUT - EWY 100 @ 100 EXP 05/15/2026 | put | New | 2,091 | $612K |
| PUT - QQQ 100 @ 590 EXP 01/16/2026 | put | Sold out | 2,500 | $560Kbefore exit |
| CALL- META 100 @ 650 EXP 03/20/2026 | call | Sold out | 100 | $481Kbefore exit |
| PUT - SMH 100 @ 375 EXP 04/10/2026 | put | New | 700 | $476K |
| PUT - JETS 100 @ 22 EXP 04/17/2026 | put | New | 6,000 | $222K |
| CALL- IGV 100 @ 90 EXP 06/18/2026 | call | New | 1,300 | $197K |
| CALL- IWM 100 @ 280 EXP 06/18/2026 | call | New | 1,000 | $184K |
| CALL- IWM 100 @ 290 EXP 06/18/2026 | call | New | 1,000 | $79K |
| CALL- PBR 100 @ 29 EXP 04/17/2026 | call | New | 3,850 | $11K |
| CALL- SNAP 100 @ 10 EXP 01/16/2026 | call | Sold out | 2,000 | $3Kbefore exit |
| CALL- EVEX 100 @ 5 EXP 01/16/2026 | call | Sold out | 4 | $13before exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| CIG.C Cia Energetica DE-Spon ADR | SPONSORED ADR | Reduce -100.0% | 0 | $0 |
| AAOI Applied Optoelectronics Inc. | COM | New | 0 | $0 |
| BBDO Banco Bradesco-ADR | SPONSORED ADR | Sold out | 0 | $0before exit |
| LRCX Lam Research Corp. | COM NEW | New | 0 | $0 |
| VIV Telefonica Brasil-ADR | SPONSORED ADS | Sold out | 0 | $0before exit |
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 |