SPX Gestao de Recursos Ltda
AdviserCIK
1589176
Location
RIO DE JANEIRO, D5
Portfolio Value
Small
$896,910,930
Diversification
Diversified
Filing Date
Global Rank
#2,700
/ 8,818
▼ 639
Top Industry
Banks - Regional
13.5%
Period ended 4 months ago
Filed Aug 19, 2026 · 2mo
26 quarters · since Mar 2020
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Holder type
Adviser
Schedule 13G, Apr 10, 2024
Records disagree; the first in precedence decides.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Style
Diversified active
Top 10 weight 49.4%, 27.2 effective positions, active share 82.6% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests
Turnover
High turnover
182.6% over the last four quarters (100%+)
Horizon
Medium horizon
Value-weighted holding period 4.7 quarters (4 to under 12)
Closest benchmark: the S&P 500 as of 2026-06-30, active share 82.6%; sector active share 38.1% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
78 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
8.7%
−5.1 pts
Top 5
31.4%
−13.7 pts
Top 10
49.4%
−14.8 pts
HHI
368
Diversified−217
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 30.6% | $274,756,309 |
| Technology | 17.6% | $158,199,830 |
| Industrials | 15.6% | $140,074,078 |
| Energy | 11.3% | $101,463,356 |
| Communication Services | 7.9% | $70,796,909 |
| Consumer Cyclical | 6.8% | $60,591,211 |
| Basic Materials | 6.4% | $57,218,279 |
| Unclassified | 2.3% | $20,857,944 |
| Utilities | 0.9% | $8,335,096 |
| Consumer Defensive | 0.4% | $3,152,088 |
| Healthcare | 0.2% | $1,465,830 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
17 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| XP | XP Inc. | +3,626,059 | 4,813,132 | $78,261,526 | |
| TEO | Telecom Argentina SA | +1,587,714 | 2,320,411 | $30,165,343 | |
| TGS | Gas Transporter Of The South Inc | +790,454 | 1,815,590 | $53,977,490 | |
| IFS | Intercorp Financial Services Inc. | +401,346 | 401,546 | $22,872,060 | |
| PAM | Pampa Energy Inc. | +383,994 | 547,637 | $44,977,426 | |
| BSAC | Banco Santander Chile | +280,231 | 336,710 | $11,087,860 | |
| RIO | Rio Tinto PLC | +259,936 | 308,586 | $29,294,068 | |
| SBS | Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp | +174,463 | 352,413 | $2,036,947 | |
| LTM | Latam Airlines Group S.A. | +164,662 | 1,046,638 | $60,987,596 | |
| EMBJ | Embraer S.A. | +149,936 | 503,225 | $32,105,755 | |
| AXIAY | AXIA Energia S.A. | +97,210 | 98,495 | $0 | |
| EWZ | iShares MSCI Brazil ETF | +88,180 | 581,348 | $20,056,506 | |
| CIB | Grupo Cibest S.A. | +82,485 | 98,727 | $7,841,885 | |
| CIG | Energy Co Of Minas Gerais | +43,869 | 412,092 | $865,393 | |
| META | Meta Platforms, Inc. | +17,547 | 26,027 | $14,660,748 | |
| MU | Micron Technology Inc | +16,868 | 17,083 | $19,718,736 | |
| BCH | Bank Of Chile | +1,688 | 3,131 | $124,488 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
18 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| PBR-A | Petrobras - Petroleo Brasileiro SA | −5,881,807 | 992,898 | $14,536,026 | |
| VALE | Vale S.A. | −5,141,115 | 398,493 | $5,993,334 | |
| STNE | StoneCo Ltd. | −4,723,979 | 3,004,035 | $32,563,739 | |
| BBD | Bank Bradesco | −2,188,675 | 8,863,299 | $30,755,647 | |
| EVEX | Eve Holding, Inc. | −1,878,998 | 414,632 | $1,040,726 | |
| PBR | Petrobras - Petroleo Brasileiro SA | −1,652,362 | 80,480 | $1,300,556 | |
| ARCO | Arcos Dorados Holdings Inc. | −1,447,959 | 4,501,327 | $36,280,695 | |
| INTR | Inter & Co, Inc. | −608,869 | 3,414,933 | $18,543,086 | |
| ELPC | Energy Co Of Parana | −435,778 | 466,331 | $5,432,756 | |
| VINP | Vinci Compass Investments Ltd. | −230,656 | 4,441,517 | $43,215,960 | |
| NVDA | Nvidia Corp | −150,461 | 112,739 | $22,557,946 | |
| UGP | Ultrapar Holdings Inc | −141,103 | 378,023 | $1,897,675 | |
| SN | SharkNinja, Inc. | −92,362 | 11,808 | $1,798,004 | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | −30,650 | 28,621 | $13,668,530 | |
| BAP | Credicorp Ltd | −23,436 | 43,967 | $17,128,663 | |
| ABEV | Ambev S.A. | −19,536 | 50,872 | $159,738 | |
| SUZ | Suzano S.A. | −12,296 | 37,621 | $291,938 | |
| AMZN | Amazon Com Inc | −1,894 | 60,746 | $14,478,201 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| HAL | Halliburton Co | 876,300 | $29,750,385 | |
| MSFT | Microsoft Corp | 64,457 | $24,043,750 | |
| GOOGL | Alphabet Inc. | 61,250 | $21,888,912 | |
| FCX | Freeport-Mcmoran Inc | 344,076 | $21,638,939 | |
| MA | Mastercard Inc | 31,702 | $16,282,147 | |
| V | Visa Inc. | 45,517 | $15,616,427 | |
| LITE | Lumentum Holdings Inc. | 8,875 | $7,615,282 | |
| WDC | Western Digital Corp | 11,300 | $7,217,536 | |
| COHR | Coherent Corp. | 16,750 | $6,607,372 | |
| AAOI | Applied Optoelectronics, Inc. | 35,500 | $5,259,680 | |
| STX | Seagate Technology Holdings plc | 5,200 | $5,018,000 | |
| GGAL | Grupo Financiero Galicia SA | 85,000 | $4,252,550 | |
| SPOT | Spotify Technology S.A. | 8,626 | $3,960,455 | |
| ITUB | Itau Unibanco Holding S.A. | 479,169 | $3,914,810 | |
| ONON | On Holding AG | 108,412 | $3,839,953 | |
| BKNG | Booking Holdings Inc. | 19,961 | $3,557,848 | |
| AVGO | Broadcom Inc. | 7,098 | $2,681,269 | |
| AAPL | Apple Inc. | 7,800 | $2,257,008 | |
| TER | Teradyne, Inc | 3,864 | $1,869,557 | |
| ACMR | ACM Research, Inc. | 13,815 | $1,752,985 | |
| BMA | Macro Bank Inc. | 18,567 | $1,719,118 | |
| ORCL | Oracle Corp | 11,365 | $1,665,540 | |
| COST | Costco Wholesale Corp | 1,600 | $1,496,752 | |
| WMT | Walmart Inc. | 13,205 | $1,495,598 | |
| NTRA | Natera, Inc. | 5,400 | $1,465,830 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| — | 1,466,111 | $120,191,779 | ||
| MCHI | iShares MSCI China ETF | 972,000 | $54,606,960 | |
| NU | Nu Holdings Ltd. | 2,569,755 | $36,927,379 | |
| CPA | Copa Holdings, S.A. | 224,792 | $25,538,619 | |
| BP | Bp PLC | 354,344 | $16,654,168 | |
| GGB | Gerdau S.A. | 4,254,223 | $15,357,745 | |
| AA | Alcoa Corp | 155,300 | $10,301,049 | |
| CPAY | Corpay, Inc. | 29,260 | $8,514,367 | |
| OIH | VanEck Oil Services ETF | 16,500 | $6,669,465 | |
| CEPU | Central Puerto S.A. | 361,495 | $6,083,960 | |
| GRND | Grindr Inc. | 455,800 | $5,510,622 | |
| SHEL | Shell plc | 52,300 | $4,863,900 | |
| OWL | Blue Owl Capital Inc. | 489,660 | $4,470,595 | |
| LUXE | LuxExperience B.V. | 523,410 | $4,187,280 | |
| — | 305,000 | $3,321,450 | ||
| — | 298,600 | $3,227,866 | ||
| CORZ | Core Scientific, Inc. | 205,350 | $3,072,036 | |
| TLN | Talen Energy Corp | 7,490 | $2,391,032 | |
| SOLS | Solstice Advanced Materials Inc. | 29,600 | $2,254,336 | |
| PGY | Pagaya Technologies Ltd. | 180,100 | $2,098,165 | |
| TDG | TransDigm Group INC | 1,780 | $2,062,948 | |
| NYAX | Nayax Ltd. | 20,524 | $1,149,344 | |
| JBL | Jabil Inc | 4,000 | $1,062,520 | |
| IREN | IREN Ltd | 28,950 | $992,406 | |
| BSBR | Banco Santander (Brasil) S.A. | 86,883 | $515,216 | |
| No positions match the current search. | ||||
78 tracked positions ·
$896,910,930 total
· filing declares
88 positions · $897,970,154
· as of Jun 30, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Technology
Utilities
Showing 1–50
of 78 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| XP |
XP Inc.
Financial Services
|
Added | 4,813,132 | $78,261,526 | 8.73% | |
| LTM |
Latam Airlines Group S.A.
Industrials
|
Added | 1,046,638 | $60,987,596 | 6.80% | |
| TGS |
Gas Transporter Of The South Inc
Energy
|
Added | 1,815,590 | $53,977,490 | 6.02% | |
| PAM |
Pampa Energy Inc.
Industrials
|
Added | 547,637 | $44,977,426 | 5.01% | |
| VINP |
Vinci Compass Investments Ltd.
Financial Services
|
Reduced | 4,441,517 | $43,215,960 | 4.82% | |
| ARCO |
Arcos Dorados Holdings Inc.
Consumer Cyclical
|
Reduced | 4,501,327 | $36,280,695 | 4.05% | |
| STNE |
StoneCo Ltd.
Technology
|
Reduced | 3,004,035 | $32,563,739 | 3.63% | |
| EMBJ |
Embraer S.A.
Industrials
|
Added | 503,225 | $32,105,755 | 3.58% | |
| BBD |
Bank Bradesco
Financial Services
|
Reduced | 8,863,299 | $30,755,647 | 3.43% | |
| TEO |
Telecom Argentina SA
Communication Services
|
Added | 2,320,411 | $30,165,343 | 3.36% | |
| HAL |
Halliburton Co
Energy
|
NEW | 876,300 | $29,750,385 | 3.32% | |
| RIO |
Rio Tinto PLC
Basic Materials
|
Added | 308,586 | $29,294,068 | 3.27% | |
| MSFT |
Microsoft Corp
Technology
|
NEW | 64,457 | $24,043,750 | 2.68% | |
| IFS |
Intercorp Financial Services Inc.
Financial Services
|
Added | 401,546 | $22,872,060 | 2.55% | |
| NVDA |
Nvidia Corp
Technology
|
Reduced | 112,739 | $22,557,946 | 2.52% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
NEW | 61,250 | $21,888,912 | 2.44% | |
| FCX |
Freeport-Mcmoran Inc
Basic Materials
|
NEW | 344,076 | $21,638,939 | 2.41% | |
| EWZ |
iShares MSCI Brazil ETF
|
Added | 581,348 | $20,056,506 | 2.24% | |
| MU |
Micron Technology Inc
Technology
|
Added | 17,083 | $19,718,736 | 2.20% | |
| INTR |
Inter & Co, Inc.
Financial Services
|
Reduced | 3,414,933 | $18,543,086 | 2.07% | |
| BAP |
Credicorp Ltd
Financial Services
|
Reduced | 43,967 | $17,128,663 | 1.91% | |
| MA |
Mastercard Inc
Financial Services
|
NEW | 31,702 | $16,282,147 | 1.82% | |
| V |
Visa Inc.
Financial Services
|
NEW | 45,517 | $15,616,427 | 1.74% | |
| META |
Meta Platforms, Inc.
Communication Services
|
Added | 26,027 | $14,660,748 | 1.63% | |
| PBR-A |
Petrobras - Petroleo Brasileiro SA
Energy
|
Reduced | 992,898 | $14,536,026 | 1.62% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Reduced | 60,746 | $14,478,201 | 1.61% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Reduced | 28,621 | $13,668,530 | 1.52% | |
| BSAC |
Banco Santander Chile
Financial Services
|
Added | 336,710 | $11,087,860 | 1.24% | |
| CIB |
Grupo Cibest S.A.
Financial Services
|
Added | 98,727 | $7,841,885 | 0.87% | |
| LITE |
Lumentum Holdings Inc.
Technology
|
NEW | 8,875 | $7,615,282 | 0.85% | |
| WDC |
Western Digital Corp
Technology
|
NEW | 11,300 | $7,217,536 | 0.80% | |
| COHR |
Coherent Corp.
Technology
|
NEW | 16,750 | $6,607,372 | 0.74% | |
| VALE |
Vale S.A.
Basic Materials
|
Reduced | 398,493 | $5,993,334 | 0.67% | |
| ELPC |
Energy Co Of Parana
Utilities
|
Reduced | 466,331 | $5,432,756 | 0.61% | |
| AAOI |
Applied Optoelectronics, Inc.
Technology
|
NEW | 35,500 | $5,259,680 | 0.59% | |
| STX |
Seagate Technology Holdings plc
Technology
|
NEW | 5,200 | $5,018,000 | 0.56% | |
| GGAL |
Grupo Financiero Galicia SA
Financial Services
|
NEW | 85,000 | $4,252,550 | 0.47% | |
| SPOT |
Spotify Technology S.A.
Communication Services
|
NEW | 8,626 | $3,960,455 | 0.44% | |
| ITUB |
Itau Unibanco Holding S.A.
Financial Services
|
NEW | 479,169 | $3,914,810 | 0.44% | |
| ONON |
On Holding AG
Consumer Cyclical
|
NEW | 108,412 | $3,839,953 | 0.43% | |
| BKNG |
Booking Holdings Inc.
Consumer Cyclical
|
NEW | 19,961 | $3,557,848 | 0.40% | |
| AVGO |
Broadcom Inc.
Technology
|
NEW | 7,098 | $2,681,269 | 0.30% | |
| AAPL |
Apple Inc.
Technology
|
NEW | 7,800 | $2,257,008 | 0.25% | |
| SBS |
Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp
Utilities
|
Added | 352,413 | $2,036,947 | 0.23% | |
| UGP |
Ultrapar Holdings Inc
Energy
|
Reduced | 378,023 | $1,897,675 | 0.21% | |
| TER |
Teradyne, Inc
Technology
|
NEW | 3,864 | $1,869,557 | 0.21% | |
| SN |
SharkNinja, Inc.
Consumer Cyclical
|
Reduced | 11,808 | $1,798,004 | 0.20% | |
| ACMR |
ACM Research, Inc.
Technology
|
NEW | 13,815 | $1,752,985 | 0.20% | |
| BMA |
Macro Bank Inc.
Financial Services
|
NEW | 18,567 | $1,719,118 | 0.19% | |
| ORCL |
Oracle Corp
Technology
|
NEW | 11,365 | $1,665,540 | 0.19% |
Showing the top 50 of 78 positions. Create a free account to see every position, past quarters, search, filters and CSV export.
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.