SPX Gestao de Recursos Ltda

CIK

1589176

Location

RIO DE JANEIRO, D5

Portfolio Value

Small $857,934,999

Diversification

Diversified

Filing Date

Global Rank

#1,913 / 8,603 ▲ 36 · as of Mar 2026

Top Industry

Banks - Regional 15.8%

3Y Alpha vs SPY

-3.9%

Period ended 3 months ago

Filed May 6, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.3%

SPY

+76.0%

Annualised alpha

-4.4%

Max drawdown

−25.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

12.7%

+3.9 pts

Top 5

39.8%

+3.7 pts

Top 10

62.2%

−2.7 pts

HHI

534

Diversified+25

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	25.2%	$216,491,540	15
Technology	23.3%	$199,759,826	13
Basic Materials	14.1%	$121,162,110	9
Industrials	13.1%	$112,341,236	6
Energy	11.2%	$95,814,879	5
Consumer Cyclical	9.0%	$77,348,531	5
Utilities	2.5%	$21,394,397	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	$1,085,850
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	$170
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 positions · $857,934,999 total · 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%	12.72%
VALE	Vale S.A. Basic Materials	Added	5,539,608	+5,144,590	$88,135,163	+1612.3%	10.27%
VINP	Vinci Compass Investments Ltd. Financial Services	Added	4,672,173	+671,448	$49,291,425	−5.5%	5.75%
ARCO	Arcos Dorados Holdings Inc. Consumer Cyclical	Reduced	5,949,286	-1,602,390	$49,081,609	−11.5%	5.72%
NVDA	Nvidia Corp Technology	Added	263,200	+248,700	$45,902,080	+1597.4%	5.35%
LTM	Latam Airlines Group S.A. Industrials	Added	881,976	+553,513	$43,604,893	+145.8%	5.08%
BBD	Bank Bradesco Financial Services	Added	11,051,974	+7,614,725	$40,339,705	+252.4%	4.70%
NU	Nu Holdings Ltd. Financial Services	NEW	2,569,755	NEW	$36,927,379	NEW	4.30%
PBR	Petrobras - Petroleo Brasileiro SA Energy	Reduced	1,732,842	-3,154,716	$35,956,471	−37.9%	4.19%
TGS	Gas Transporter Of The South Inc Energy	Reduced	1,025,136	-181,667	$35,479,956	−5.4%	4.14%
INTR	Inter & Co, Inc. Financial Services	Added	4,023,802	+3,676,696	$32,029,463	+988.2%	3.73%
CPA	Copa Holdings, S.A. Industrials	Reduced	224,792	-168,750	$25,538,619	−46.2%	2.98%
BAP	Credicorp Ltd Financial Services	Reduced	67,403	-131,680	$22,861,749	−60.0%	2.66%
XP	XP Inc. Financial Services	Reduced	1,187,073	-3,008,306	$22,601,869	−67.1%	2.63%
EMBJ	Embraer S.A. Industrials	NEW	353,289	NEW	$20,964,169	NEW	2.44%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	NEW	59,271	NEW	$20,030,634	NEW	2.33%
BP	Bp PLC Energy	Reduced	354,344	-168,886	$16,654,168	−8.4%	1.94%
GGB	Gerdau S.A. Basic Materials	Reduced	4,254,223	-640,273	$15,357,745	−15.0%	1.79%
PAM	Pampa Energy Inc. Industrials	NEW	163,643	NEW	$14,482,405	NEW	1.69%
AMZN	Amazon Com Inc Consumer Cyclical	Added	62,640	+30,180	$13,046,032	+74.1%	1.52%
SN	SharkNinja, Inc. Consumer Cyclical	Held	104,170	0	$11,031,603	−5.4%	1.29%
ELPC	Energy Co Of Parana Utilities	Reduced	902,109	-16,018	$10,771,181	+23.4%	1.26%
AA	Alcoa Corp Basic Materials	NEW	155,300	NEW	$10,301,049	NEW	1.20%
TEO	Telecom Argentina SA Communication Services	NEW	732,697	NEW	$8,565,227	NEW	1.00%
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%
SHEL	Shell plc Energy	NEW	52,300	NEW	$4,863,900	NEW	0.57%
META	Meta Platforms, Inc. Communication Services	Added	8,480	+4,020	$4,851,662	+64.8%	0.57%
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%	0.38%
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%
SBS	Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp Utilities	Reduced	177,950	-170,102	$1,085,850	−34.6%	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%