SPX Gestao de Recursos Ltda

CIK

1589176

Location

RIO DE JANEIRO, D5

Portfolio Value

Small $862,278,405

Diversification

Diversified

Filing Date

Global Rank

#1,925 / 8,622 ▲ 21 · as of Mar 2026

Top Industry

Banks - Regional 15.7%

3Y Alpha vs SPY

-2.8%

Period ended 4 months ago

Filed May 6, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+56.2%

SPY

+67.9%

Annualised alpha

-2.8%

Max drawdown

−24.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

63 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.7%

+3.9 pts

Top 5

39.6%

+3.8 pts

Top 10

61.9%

−2.5 pts

HHI

529

Diversified+27

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	25.1%	$216,491,540	15
Technology	23.2%	$199,759,826	13
Basic Materials	14.1%	$121,162,112	9
Industrials	13.0%	$112,341,236	6
Energy	11.1%	$95,814,879	5
Consumer Cyclical	9.0%	$77,348,531	5
Utilities	3.0%	$25,737,801	7
Communication Services	1.6%	$13,416,889	2
Consumer Defensive	0.0%	$205,591	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

16 positions

Ticker	Company	Δ Shares	Shares	Value
BBD	Bank Bradesco	+7,614,725	11,051,974	$40,339,705
VALE	Vale S.A.	+5,144,590	5,539,608	$88,135,163
INTR	Inter & Co, Inc.	+3,676,696	4,023,802	$32,029,463
STNE	StoneCo Ltd.	+2,491,394	7,728,014	$109,119,557
VINP	Vinci Compass Investments Ltd.	+671,448	4,672,173	$49,291,425
LTM	Latam Airlines Group S.A.	+553,513	881,976	$43,604,893
NVDA	Nvidia Corp	+248,700	263,200	$45,902,080
CORZ	Core Scientific, Inc./tx	+100,550	205,350	$3,072,036
PGY	Pagaya Technologies Ltd.	+59,800	180,100	$2,098,165
GRND	Grindr Inc.	+54,000	455,800	$5,510,622
BSBR	Banco Santander (Brasil) S.A.	+32,189	86,883	$515,216
AMZN	Amazon Com Inc	+30,180	62,640	$13,046,032
CIG	Energy Co Of Minas Gerais	+13,418	368,223	$880,052
IREN	IREN Ltd	+11,450	28,950	$992,406
META	Meta Platforms, Inc.	+4,020	8,480	$4,851,662
TDG	TransDigm Group INC	+380	1,780	$2,062,948
No positions match the current search.

Trimmed

Positions the filer reduced

19 positions

Ticker	Company	Δ Shares	Shares	Value
PBR	Petrobras - Petroleo Brasileiro SA	−3,154,716	1,732,842	$35,956,471
XP	XP Inc.	−3,008,306	1,187,073	$22,601,869
ARCO	Arcos Dorados Holdings Inc.	−1,602,390	5,949,286	$49,081,609
GGB	Gerdau S.A.	−640,273	4,254,223	$15,357,745
EVEX	Eve Holding, Inc.	−552,062	2,293,630	$5,688,202
RIO	Rio Tinto PLC	−419,765	48,650	$4,538,558
TGS	Gas Transporter Of The South Inc	−181,667	1,025,136	$35,479,956
SBS	Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp	−170,102	177,950	$5,429,254
BP	Bp PLC	−168,886	354,344	$16,654,168
CPA	Copa Holdings, S.A.	−168,750	224,792	$25,538,619
BABA	Alibaba Group Holding Ltd	−149,984	16	$2,007
BAP	Credicorp Ltd	−131,680	67,403	$22,861,749
MU	Micron Technology Inc	−89,785	215	$72,635
SUZ	Suzano S.A.	−66,047	49,917	$499,669
UGP	Ultrapar Holdings Inc	−63,459	519,126	$2,860,384
ENIC	Enel Chile S.A.	−27,493	42,596	$167,828
ELPC	Energy Co Of Parana	−16,018	902,109	$10,771,181
NYAX	Nayax Ltd.	−3,434	20,524	$1,149,344
TLN	Talen Energy Corp	−2,000	7,490	$2,391,032
No positions match the current search.

New Positions

Positions the filer opened this quarter

17 positions

Ticker	Company	Shares	Value
NU	Nu Holdings Ltd.	2,569,755	$36,927,379
EMBJ	Embraer S.A.	353,289	$20,964,169
TSM	Taiwan Semiconductor Manufacturing Co Ltd	59,271	$20,030,634
PAM	Pampa Energy Inc.	163,643	$14,482,405
AA	Alcoa Corp	155,300	$10,301,049
TEO	Telecom Argentina SA	732,697	$8,565,227
CEPU	Central Puerto S.A.	361,495	$6,083,960
SHEL	Shell plc	52,300	$4,863,900
SOLS	Solstice Advanced Materials Inc.	29,600	$2,254,336
BSAC	Banco Santander Chile	56,479	$1,886,398
CIB	Grupo Cibest S.A.	16,242	$1,182,580
JBL	Jabil Inc	4,000	$1,062,520
STLD	Steel Dynamics Inc	419	$75,420
BCH	Bank Of Chile	1,443	$53,448
IFS	Intercorp Financial Services Inc.	200	$10,040
BRBI	BRBI BR Partners S.A.	525	$7,817
SCCO	Southern Copper Corp/	1	$172
No positions match the current search.

Sold Out

Positions the filer fully exited

12 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	81,424	$55,524,654
FSLR	First Solar, Inc.	204,250	$53,356,227
AUGO	Aura Minerals Inc.	877,211	$44,224,592
GLOB	Globant S.A.	133,160	$8,704,669
JBS	Jbs N.V.	208,100	$3,000,802
AFYA	Afya Ltd	176,892	$2,725,905
AMD	Advanced Micro Devices Inc	4,500	$963,720
HUT	Hut 8 Corp.	18,180	$835,189
ITUB	Itau Unibanco Holding S.A.	22,194	$158,909
GRO	Brazil Potash Corp.	74,572	$140,941
GOOGL	Alphabet Inc.	44	$13,772
SID	National Steel Co	3,107	$4,971
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

63 tracked positions · $862,278,405 total · filing declares 82 positions · $1,204,320,936 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Technology Utilities

Showing 1–50 of 63 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
STNE	StoneCo Ltd. Technology	Added	7,728,014	+2,491,394	$109,119,557	+40.9%	12.65%
VALE	Vale S.A. Basic Materials	Added	5,539,608	+5,144,590	$88,135,163	+1612.3%	10.22%
VINP	Vinci Compass Investments Ltd. Financial Services	Added	4,672,173	+671,448	$49,291,425	−5.5%	5.72%
ARCO	Arcos Dorados Holdings Inc. Consumer Cyclical	Reduced	5,949,286	-1,602,390	$49,081,609	−11.5%	5.69%
NVDA	Nvidia Corp Technology	Added	263,200	+248,700	$45,902,080	+1597.4%	5.32%
LTM	Latam Airlines Group S.A. Industrials	Added	881,976	+553,513	$43,604,893	+145.8%	5.06%
BBD	Bank Bradesco Financial Services	Added	11,051,974	+7,614,725	$40,339,705	+252.4%	4.68%
NU	Nu Holdings Ltd. Financial Services	NEW	2,569,755	NEW	$36,927,379	NEW	4.28%
PBR	Petrobras - Petroleo Brasileiro SA Energy	Reduced	1,732,842	-3,154,716	$35,956,471	−37.9%	4.17%
TGS	Gas Transporter Of The South Inc Energy	Reduced	1,025,136	-181,667	$35,479,956	−5.4%	4.11%
INTR	Inter & Co, Inc. Financial Services	Added	4,023,802	+3,676,696	$32,029,463	+988.2%	3.71%
CPA	Copa Holdings, S.A. Industrials	Reduced	224,792	-168,750	$25,538,619	−46.2%	2.96%
BAP	Credicorp Ltd Financial Services	Reduced	67,403	-131,680	$22,861,749	−60.0%	2.65%
XP	XP Inc. Financial Services	Reduced	1,187,073	-3,008,306	$22,601,869	−67.1%	2.62%
EMBJ	Embraer S.A. Industrials	NEW	353,289	NEW	$20,964,169	NEW	2.43%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	NEW	59,271	NEW	$20,030,634	NEW	2.32%
BP	Bp PLC Energy	Reduced	354,344	-168,886	$16,654,168	−8.4%	1.93%
GGB	Gerdau S.A. Basic Materials	Reduced	4,254,223	-640,273	$15,357,745	−15.0%	1.78%
PAM	Pampa Energy Inc. Industrials	NEW	163,643	NEW	$14,482,405	NEW	1.68%
AMZN	Amazon Com Inc Consumer Cyclical	Added	62,640	+30,180	$13,046,032	+74.1%	1.51%
SN	SharkNinja, Inc. Consumer Cyclical	Held	104,170	0	$11,031,603	−5.4%	1.28%
ELPC	Energy Co Of Parana Utilities	Reduced	902,109	-16,018	$10,771,181	+23.4%	1.25%
AA	Alcoa Corp Basic Materials	NEW	155,300	NEW	$10,301,049	NEW	1.19%
TEO	Telecom Argentina SA Communication Services	NEW	732,697	NEW	$8,565,227	NEW	0.99%
CPAY	Corpay, Inc. Technology	Held	29,260	0	$8,514,367	−3.3%	0.99%
CEPU	Central Puerto S.A. Utilities	NEW	361,495	NEW	$6,083,960	NEW	0.71%
EVEX	Eve Holding, Inc. Industrials	Reduced	2,293,630	-552,062	$5,688,202	−49.9%	0.66%
GRND	Grindr Inc. Technology	Added	455,800	+54,000	$5,510,622	+1.3%	0.64%
SBS	Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp Utilities	Reduced	177,950	-170,102	$5,429,254	−34.6%	0.63%
SHEL	Shell plc Energy	NEW	52,300	NEW	$4,863,900	NEW	0.56%
META	Meta Platforms, Inc. Communication Services	Added	8,480	+4,020	$4,851,662	+64.8%	0.56%
RIO	Rio Tinto PLC Basic Materials	Reduced	48,650	-419,765	$4,538,558	−87.9%	0.53%
OWL	Blue Owl Capital Inc. Financial Services	Held	489,660	0	$4,470,595	−38.9%	0.52%
LUXE	LuxExperience B.V. Consumer Cyclical	Held	523,410	0	$4,187,280	−4.2%	0.49%
CEPT	Cantor Equity Partners II, Inc. Financial Services	Held	305,000	0	$3,321,450	−3.3%	0.39%
CTLP	Cantaloupe, Inc. Technology	Held	298,600	0	$3,227,866	+1.8%	0.37%
CORZ	Core Scientific, Inc./tx Technology	Added	205,350	+100,550	$3,072,036	+101.3%	0.36%
UGP	Ultrapar Holdings Inc Energy	Reduced	519,126	-63,459	$2,860,384	+30.2%	0.33%
TLN	Talen Energy Corp Utilities	Reduced	7,490	-2,000	$2,391,032	−32.8%	0.28%
SOLS	Solstice Advanced Materials Inc. Basic Materials	NEW	29,600	NEW	$2,254,336	NEW	0.26%
PGY	Pagaya Technologies Ltd. Technology	Added	180,100	+59,800	$2,098,165	−16.5%	0.24%
TDG	TransDigm Group INC Industrials	Added	1,780	+380	$2,062,948	+10.8%	0.24%
BSAC	Banco Santander Chile Financial Services	NEW	56,479	NEW	$1,886,398	NEW	0.22%
CIB	Grupo Cibest S.A. Financial Services	NEW	16,242	NEW	$1,182,580	NEW	0.14%
NYAX	Nayax Ltd. Technology	Reduced	20,524	-3,434	$1,149,344	−5.2%	0.13%
JBL	Jabil Inc Technology	NEW	4,000	NEW	$1,062,520	NEW	0.12%
IREN	IREN Ltd Financial Services	Added	28,950	+11,450	$992,406	+50.1%	0.12%
CIG	Energy Co Of Minas Gerais Utilities	Added	368,223	+13,418	$880,052	+24.0%	0.10%
BSBR	Banco Santander (Brasil) S.A. Financial Services	Added	86,883	+32,189	$515,216	+54.2%	0.06%
SUZ	Suzano S.A. Basic Materials	Reduced	49,917	-66,047	$499,669	−53.9%	0.06%

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.