13F HOLDINGS REPORT
SPX Gestao de Recursos Ltda
Quarter ended Q3 2025 · Filed November 12, 2025 · Accession 0001589176-25-000006
Total Value
$1.20B
Positions
167
Other Managers
1
Confidential Omitted
No
Holdings (167)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | VALE SA SP ADR | VALE | 11,068,403 | $120.2M | 9.99% |
| 2 | PETROLEO BRASILEIRO ADR | 71654V408 | 7,916,982 | $100.2M | 8.33% |
| 3 | ISHARES MSCI EMERGING MARKETS ETF | 464287234 | 1,480,000 | $79.0M | 6.57% |
| 4 | ISHARES MSCI BRAZIL ETF | 464286400 | 1,600,000 | $49.6M | 4.12% |
| 5 | COPA HOLDINGS SA | CPA | 406,642 | $48.3M | 4.02% |
| 6 | VINCI COMPASS INVESTMENTS LTD | VINP | 4,038,396 | $43.4M | 3.61% |
| 7 | ARCOS DORADOS HOLDINGS INC | ARCO | 6,342,621 | $42.8M | 3.56% |
| 8 | RIO TINTO PLC | RTNTF | 646,866 | $42.7M | 3.55% |
| 9 | LATAM AIRLINES GROUP-SP ADR | LTM | 935,321 | $42.3M | 3.52% |
| 10 | VISTRA CORP | VST | 212,500 | $41.6M | 3.46% |
| 11 | XP INC - CLASS A | XP | 2,000,292 | $37.6M | 3.12% |
| 12 | CREDICORP | BAP | 128,592 | $34.2M | 2.85% |
| 13 | AURA MINERALS INC | AUGO | 805,922 | $30.0M | 2.49% |
| 14 | TALEN ENERGY CORP | TLN | 66,630 | $28.3M | 2.36% |
| 15 | FIRST SOLAR INC | FSLR | 116,250 | $25.6M | 2.13% |
| 16 | BP PLC | BPPFF | 703,309 | $24.2M | 2.01% |
| 17 | PETROLEO BRASILEIRO SA PETRO | 71654V101 | 1,742,229 | $20.6M | 1.71% |
| 18 | BANCO BRADESCO | 059460303 | 5,842,473 | $19.7M | 1.64% |
| 19 | INTER & CO INC - CL A | INTR | 2,050,930 | $18.9M | 1.57% |
| 20 | GE VERNOVA LLC | GEV | 28,700 | $17.6M | 1.47% |
| 21 | NVIDIA CORP | NVDA | 88,996 | $16.6M | 1.38% |
| 22 | EMBRAER SA | EMBJ | 231,172 | $14.0M | 1.16% |
| 23 | GERDAU SA | GGB | 4,491,042 | $13.9M | 1.16% |
| 24 | ITAU UNIBANCO HOLDING SA | 465562106 | 1,674,082 | $12.3M | 1.02% |
| 25 | TRANSPORT GAS SUR B ADR | 893870204 | 578,365 | $12.2M | 1.01% |
| 26 | NU HOLDINGS LTD/CAYMAN ISL-A | NU | 654,165 | $10.5M | 0.87% |
| 27 | MICROSOFT CORPORATION | MSFT | 20,000 | $10.4M | 0.86% |
| 28 | SHARKNINJA INC | SN | 90,670 | $9.4M | 0.78% |
| 29 | STONECO LTD-A | STNE | 453,462 | $8.6M | 0.71% |
| 30 | COMPANHIA PARANAENSE DE ENERGI | 20441B605 | 849,336 | $8.3M | 0.69% |
| 31 | META PLATFORMS INC | META | 11,030 | $8.1M | 0.67% |
| 32 | HDFC BK LTD | HDB | 222,000 | $7.6M | 0.63% |
| 33 | COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV | ABEV | 3,242,594 | $7.2M | 0.60% |
| 34 | AMAZON.COM INC | AMZN | 32,880 | $7.2M | 0.60% |
| 35 | BROADCOM INC | AVGO | 21,000 | $6.9M | 0.58% |
| 36 | CORE NATURAL RESOURCES INC | CNR | 82,000 | $6.8M | 0.57% |
| 37 | SEA LTD-ADR | SE | 38,000 | $6.8M | 0.56% |
| 38 | BLUE OWL CAPITAL INC | OWL | 381,360 | $6.5M | 0.54% |
| 39 | ALIBABA GROUP HOLDING LTD | BBAAY | 33,500 | $6.0M | 0.50% |
| 40 | CORPAY INC | CPAY | 19,960 | $5.7M | 0.48% |
| 41 | FUTU HOLDINGS LTD-ADR | FUTU | 31,000 | $5.4M | 0.45% |
| 42 | BASIC SANITATION COMPANY OF THE STATE OF | SBS | 210,516 | $5.2M | 0.44% |
| 43 | CREDO TECHNOLOGY GROUP HOLDI | CRDO | 34,000 | $5.0M | 0.41% |
| 44 | COHERENT CORP | COHR | 45,000 | $4.8M | 0.40% |
| 45 | CENTRAIS ELETRICAS BR-SP ADR | 15234Q207 | 473,209 | $4.7M | 0.39% |
| 46 | IREN LTD | IREN | 72,600 | $3.4M | 0.28% |
| 47 | MICRON TECHNOLOGY INC | MU | 20,000 | $3.3M | 0.28% |
| 48 | CENTRUS ENERGY CORP | LEU | 10,600 | $3.3M | 0.27% |
| 49 | LUXEXPERIENCE BV | 55406W103 | 373,910 | $3.2M | 0.26% |
| 50 | CANTALOUPE INC | CTLPP | 298,600 | $3.2M | 0.26% |
| 51 | ENERGY FUELS INC | UUUU | 196,000 | $3.0M | 0.25% |
| 52 | AFYA LTD-CLASS A | AFYA | 185,577 | $2.9M | 0.24% |
| 53 | URANIUM ENERGY | UEC | 215,000 | $2.9M | 0.24% |
| 54 | INTL BUSINESS MACHINES CORP | INTR | 10,000 | $2.8M | 0.23% |
| 55 | CALL- TLT 100 @ 93 EXP 12/19/2025 | 99DHJ2G83 | 31,765 | $2.7M | 0.23% |
| 56 | EQT CORP | EQT | 50,000 | $2.7M | 0.23% |
| 57 | GRINDR INC | GRND | 177,300 | $2.7M | 0.22% |
| 58 | TAKE TWO | TTWO | 10,000 | $2.6M | 0.21% |
| 59 | ISHARES MSCI SOUTH KOREA ETF | 464286772 | 30,000 | $2.4M | 0.20% |
| 60 | WESTERN DIGITAL | WDC | 20,000 | $2.4M | 0.20% |
| 61 | EVE HOLDING INC | EVEX-WT | 588,991 | $2.2M | 0.19% |
| 62 | ELI LILLY & CO | LLY | 2,800 | $2.1M | 0.18% |
| 63 | HUT 8 MINING CORP | HUT | 60,800 | $2.1M | 0.18% |
| 64 | NEWMONT CORP | NEMCL | 25,000 | $2.1M | 0.18% |
| 65 | ROCKET LAB CORP | RKLB | 42,400 | $2.0M | 0.17% |
| 66 | UBER TECHNOLOGIES INC | UBER | 20,000 | $2.0M | 0.16% |
| 67 | JAMES HARDIE IND | G4253H101 | 101,600 | $2.0M | 0.16% |
| 68 | CONOCOPHILLIPS COM STK | COP | 20,000 | $1.9M | 0.16% |
| 69 | STATE STREET SPDR S&P OIL & GA | 78468R556 | 14,000 | $1.9M | 0.15% |
| 70 | TRANSDIGM GROUP INC | TDG | 1,400 | $1.8M | 0.15% |
| 71 | IONQ INC | IONQ-WT | 30,000 | $1.8M | 0.15% |
| 72 | GAMBLING.COM GROUP LTD | GAMB | 208,800 | $1.7M | 0.14% |
| 73 | BLOOM ENERGY CORP- A | BE | 20,000 | $1.7M | 0.14% |
| 74 | GENERAL MILLS | 370334104 | 32,180 | $1.6M | 0.13% |
| 75 | RIOT PLATFORMS INC | RIOT | 84,000 | $1.6M | 0.13% |
| 76 | TAIWAN SEMI ADR | 874039100 | 5,600 | $1.6M | 0.13% |
| 77 | CALL- EEM 100 @ 54 EXP 10/17/2025 | 99DM6ZFL5 | 32,000 | $1.6M | 0.13% |
| 78 | DOORDASH INC - A | DASH | 5,600 | $1.5M | 0.13% |
| 79 | RIGETTI COMPUTING INC | RGTIW | 50,000 | $1.5M | 0.12% |
| 80 | PAGAYA TECHNOLOGIES LTD -A | PGYWW | 50,000 | $1.5M | 0.12% |
| 81 | GINKGO BIOWORKS HOLDINGS INC | DNABW | 100,000 | $1.5M | 0.12% |
| 82 | NIKE INC CL B | NKE | 20,000 | $1.4M | 0.12% |
| 83 | NRG ENERGY INC | NRG | 8,400 | $1.4M | 0.11% |
| 84 | SUZANO SA | SUZ | 144,213 | $1.4M | 0.11% |
| 85 | PAYPAL HOLDINGS INC | PYPL | 20,000 | $1.3M | 0.11% |
| 86 | CATERPILLAR INC | CAT | 2,800 | $1.3M | 0.11% |
| 87 | DELL TECHNOLOGIES -C | DELL | 9,000 | $1.3M | 0.11% |
| 88 | SNOWFLAKE INC-CLASS A | SNOW | 5,600 | $1.3M | 0.10% |
| 89 | NEBIUS GROUP NV | NBIS | 11,200 | $1.3M | 0.10% |
| 90 | HONEYWELL INTERNATIONAL INC | 438516106 | 5,600 | $1.2M | 0.10% |
| 91 | QUANTUM COMPUTING INC | QUBT | 64,000 | $1.2M | 0.10% |
| 92 | ARISTA NETWORKS | ANET | 8,000 | $1.2M | 0.10% |
| 93 | D-WAVE QUANTUM INC | QBTS | 44,000 | $1.1M | 0.09% |
| 94 | UIPATH INC - CLASS A | PATH | 80,000 | $1.1M | 0.09% |
| 95 | ASP ISOTOPES INC | ASPI | 109,600 | $1.1M | 0.09% |
| 96 | ADVANCED MICRO DEVICES | AMD | 6,500 | $1.1M | 0.09% |
| 97 | EATON CORP PLC | ETN | 2,800 | $1.0M | 0.09% |
| 98 | ISHARE CHINA LARGE CAP ETF | 464287184 | 25,370 | $1.0M | 0.09% |
| 99 | BWX TECHNOLOGIES INC | BWXT | 5,500 | $1.0M | 0.08% |
| 100 | ARCHER AVIATION INC | ACHR-WT | 105,000 | $1.0M | 0.08% |
| 101 | PUT - SPY 100 @ 663 EXP 10/10/2025 | 99DNJRJH2 | 2,716 | $964,180 | 0.08% |
| 102 | COREWEAVE INC | CRWV | 7,000 | $957,950 | 0.08% |
| 103 | CALL- MRVL 100 @ 81 EXP 10/17/2025 | 99DNZ6T06 | 1,700 | $933,300 | 0.08% |
| 104 | NAYAX LTD | NYAX | 19,109 | $909,779 | 0.08% |
| 105 | MASTEC INC | MTZ | 4,200 | $893,802 | 0.07% |
| 106 | JPMORGAN CHASE & CO | VYLD | 2,800 | $883,204 | 0.07% |
| 107 | SHELL PLC-ADR | RYDAF | 12,198 | $872,523 | 0.07% |
| 108 | BITMINE IMMERSION TECHNOLOGIES | 09175A206 | 16,800 | $872,424 | 0.07% |
| 109 | CHEVRON CORP | CVX | 5,600 | $869,624 | 0.07% |
| 110 | FIVE BELOW | FIVE | 5,600 | $866,320 | 0.07% |
| 111 | GRUPO FINANCIERO GALICIA | GGAL | 30,000 | $826,800 | 0.07% |
| 112 | BANK OF AMERICA | 060505104 | 15,000 | $773,850 | 0.06% |
| 113 | BITDEER TECHNOLOGIES GROUP-A | BTDR | 42,000 | $717,780 | 0.06% |
| 114 | COMPNHIA ENRG | 204409601 | 320,778 | $676,842 | 0.06% |
| 115 | INDIVIOR PLC | INDV | 28,000 | $675,080 | 0.06% |
| 116 | NETAPP INC | NTAP | 5,600 | $663,376 | 0.06% |
| 117 | CIA PARANAENSE DE ENER-ADR | 20441B704 | 70,929 | $635,524 | 0.05% |
| 118 | CALL- MU 100 @ 180 EXP 12/19/2025 | 99D9YZPC2 | 500 | $590,000 | 0.05% |
| 119 | JBS NV-A | JBS | 39,281 | $586,465 | 0.05% |
| 120 | BED BATH & BEYOND INC | BBBY-WT | 56,000 | $548,240 | 0.05% |
| 121 | CENTRAIS ELEC BRAS-ADR PREF | 15234Q108 | 50,366 | $521,792 | 0.04% |
| 122 | DROPBOX INC-CLASS A | DBX | 16,800 | $507,528 | 0.04% |
| 123 | CALL- KWEB 100 @ 44 EXP 10/17/2025 | 99DM6XYR6 | 10,000 | $460,000 | 0.04% |
| 124 | CALL- UBER 100 @ 110 EXP 11/21/2025 | 99DJDLN28 | 2,000 | $438,000 | 0.04% |
| 125 | PUT - QQQ 100 @ 585 EXP 10/17/2025 | 99DM4G3P3 | 1,100 | $411,400 | 0.03% |
| 126 | CALL- GDXJ 100 @ 100 EXP 11/21/2025 | 99DLQC2S5 | 600 | $376,500 | 0.03% |
| 127 | SOLAREDGE TECHNOLOGIES INC | SEDG | 8,000 | $296,000 | 0.02% |
| 128 | CALL- FXI 100 @ 43 EXP 11/21/2025 | 99DJNHD35 | 3,000 | $288,000 | 0.02% |
| 129 | CANADIAN SOLAR INC | CSIQ | 22,000 | $286,880 | 0.02% |
| 130 | SHOALS TECHNOLOGIES GROUP -A | SHLS | 38,000 | $281,580 | 0.02% |
| 131 | NEXTRACKER INC-CL A | NXT | 3,700 | $273,763 | 0.02% |
| 132 | SUNRUN INC | RUN | 15,500 | $267,995 | 0.02% |
| 133 | PUT - TLT 100 @ 89 EXP 12/19/2025 | 99DHJ33Q5 | 1,179 | $259,604 | 0.02% |
| 134 | JINKOSOLAR HOLDING CO-ADR | JKS | 10,500 | $252,315 | 0.02% |
| 135 | ARRAY TECHNOLOGIES INC | ARRY | 27,000 | $220,050 | 0.02% |
| 136 | BRAZIL POTASH CORP | GRO | 74,572 | $200,599 | 0.02% |
| 137 | EIGHTCO HOLDINGS INC | ORBS | 16,800 | $153,720 | 0.01% |
| 138 | CALL- FSLR 100 @ 240 EXP 11/21/2025 | 99DN4NST1 | 100 | $120,500 | 0.01% |
| 139 | CALL- DDOG 100 @ 150 EXP 10/17/2025 | 99DJ8TD44 | 500 | $117,450 | 0.01% |
| 140 | CALL- EEM 100 @ 54 EXP 11/21/2025 | 99DM6ZMR4 | 1,000 | $110,500 | 0.01% |
| 141 | CALL- NVDA 100 @ 180 EXP 10/17/2025 | 99DHCF1P9 | 100 | $102,389 | 0.01% |
| 142 | CALL- FSLR 100 @ 250 EXP 11/21/2025 | 99DN4PM96 | 100 | $91,750 | 0.01% |
| 143 | CALL- CROX 100 @ 90 EXP 10/24/2025 | 99DNKJRJ5 | 400 | $89,652 | 0.01% |
| 144 | ULTRAPAR PARTICIPACOES | UGP | 21,469 | $88,023 | 0.01% |
| 145 | CALL- HUT 100 @ 45 EXP 12/19/2025 | 99DGRWTD5 | 200 | $70,008 | 0.01% |
| 146 | AMBIPAR EMERGENCY RESPONS-28 | AMBWQ | 1,592,965 | $66,905 | 0.01% |
| 147 | CALL- META 100 @ 780 EXP 10/17/2025 | 99DJX4ZL9 | 100 | $44,115 | 0.00% |
| 148 | PUT - QQQ 100 @ 570 EXP 10/17/2025 | 99DM4FHZ8 | 200 | $38,000 | 0.00% |
| 149 | CALL- IWM 100 @ 242 EXP 10/03/2025 | 99DNDHGM2 | 200 | $36,324 | 0.00% |
| 150 | PUT - QQQ 100 @ 565 EXP 10/17/2025 | 99DMDK6F3 | 200 | $30,800 | 0.00% |
| 151 | CALL- META 100 @ 800 EXP 10/17/2025 | 99DJX5KZ1 | 140 | $30,240 | 0.00% |
| 152 | CALL- AMZN 100 @ 250 EXP 10/17/2025 | 99DJ8XX19 | 1,000 | $26,500 | 0.00% |
| 153 | PUT - SPY 100 @ 620 EXP 10/17/2025 | 99DLCXB88 | 300 | $22,551 | 0.00% |
| 154 | PUT - XLU 100 @ 83.5 EXP 10/17/2025 | 99DNWBPX0 | 1,000 | $22,010 | 0.00% |
| 155 | PUT - HYG 100 @ 80.5 EXP 10/17/2025 | 99DNWB6N3 | 1,000 | $19,010 | 0.00% |
| 156 | CALL- XHB 100 @ 130 EXP 11/21/2025 | 99DMNDZX7 | 500 | $12,810 | 0.00% |
| 157 | PUT - INTC 100 @ 27 EXP 10/17/2025 | 99DJ2H8Y6 | 1,000 | $11,500 | 0.00% |
| 158 | VASTA PLATFORM LTD | G9440A109 | 1,550 | $7,704 | 0.00% |
| 159 | AMBIPAR EMERGENCY RESPONSE | AMBWQ | 6,642 | $5,314 | 0.00% |
| 160 | WALDENCAST ACQ CL A -CW27 | WALDW | 1,988 | $76 | 0.00% |
| 161 | CALL- AMD 100 @ 180 EXP 10/17/2025 | 99DGQ47S9 | 0 | $0 | 0.00% |
| 162 | TELEFONICA BRASIL SA-ADR | VIV | 0 | $0 | 0.00% |
| 163 | PAMPA ENERGIA SA | 697660207 | 0 | $0 | 0.00% |
| 164 | CALL- AMD 100 @ 190 EXP 10/17/2025 | 99DGQ49K4 | 0 | $0 | 0.00% |
| 165 | CALL- VST 100 @ 212.5 EXP 10/03/2025 | 99DNNHBB0 | 0 | $0 | 0.00% |
| 166 | BHP BILLITON LTD -SPON ADR | BHPLF | 0 | $0 | 0.00% |
| 167 | CALL- NVDA 100 @ 185 EXP 10/17/2025 | 99DHCF1T1 | 0 | $0 | 0.00% |