13F HOLDINGS REPORT
SPX Gestao de Recursos Ltda
Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001589176-26-000001
Total Value
$978.9M
Positions
73
Other Managers
1
Confidential Omitted
No
Holdings (73)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | STONECO LTD-A | STNE | 5,236,620 | $77.4M | 7.91% |
| 2 | KRANESHARES CSI CHINA | 500767306 | 2,075,400 | $70.7M | 7.22% |
| 3 | XP INC - CLASS A | XP | 4,195,379 | $68.7M | 7.02% |
| 4 | PETROLEO BRASILEIRO ADR | 71654V408 | 4,887,558 | $57.9M | 5.92% |
| 5 | CREDICORP | BAP | 199,083 | $57.1M | 5.84% |
| 6 | STATE STREET SPDR S&P 500 ETF | SPY | 81,424 | $55.5M | 5.67% |
| 7 | ARCOS DORADOS HOLDINGS INC | ARCO | 7,551,676 | $55.4M | 5.66% |
| 8 | FIRST SOLAR INC | FSLR | 204,250 | $53.4M | 5.45% |
| 9 | VINCI COMPASS INVESTMENTS LTD | VINP | 4,000,725 | $52.2M | 5.33% |
| 10 | COPA HOLDINGS SA | CPA | 393,542 | $47.5M | 4.85% |
| 11 | AURA MINERALS INC | AUGO | 877,211 | $44.2M | 4.52% |
| 12 | TRANSPORT GAS SUR B ADR | 893870204 | 1,206,803 | $37.5M | 3.83% |
| 13 | RIO TINTO PLC | RTNTF | 468,415 | $37.5M | 3.83% |
| 14 | MICRON TECHNOLOGY INC | MU | 90,000 | $25.7M | 2.62% |
| 15 | ALIBABA GROUP HOLDING LTD | BBAAY | 150,000 | $22.0M | 2.25% |
| 16 | BP PLC | BPPFF | 523,230 | $18.2M | 1.86% |
| 17 | GERDAU SA | GGB | 4,894,496 | $18.1M | 1.84% |
| 18 | LATAM AIRLINES GROUP-SP ADR | LTM | 328,463 | $17.7M | 1.81% |
| 19 | PETROLEO BRASILEIRO SA PETRO | 71654V101 | 1,173,051 | $13.2M | 1.35% |
| 20 | SHARKNINJA INC | SN | 104,170 | $11.7M | 1.19% |
| 21 | BANCO BRADESCO | 059460303 | 3,437,249 | $11.4M | 1.17% |
| 22 | EVE HOLDING INC | EVEX-WT | 2,845,692 | $11.4M | 1.16% |
| 23 | CORPAY INC | CPAY | 29,260 | $8.8M | 0.90% |
| 24 | CIA PARANAENSE DE ENER-ADR | 20441B704 | 918,127 | $8.7M | 0.89% |
| 25 | GLOBANT SA | GLOB | 133,160 | $8.7M | 0.89% |
| 26 | BASIC SANITATION COMPANY OF THE STATE OF | SBS | 348,052 | $8.3M | 0.85% |
| 27 | AMAZON.COM INC | AMZN | 32,460 | $7.5M | 0.77% |
| 28 | BLUE OWL CAPITAL INC | OWL | 489,660 | $7.3M | 0.75% |
| 29 | AXIA ENERGIA-ADR PREF C | 15236F100 | 680,091 | $5.9M | 0.60% |
| 30 | GRINDR INC | GRND | 401,800 | $5.4M | 0.56% |
| 31 | VALE SA SP ADR | VALE | 395,018 | $5.1M | 0.53% |
| 32 | LUXEXPERIENCE BV | 55406W103 | 523,410 | $4.4M | 0.45% |
| 33 | TALEN ENERGY CORP | TLN | 9,490 | $3.6M | 0.36% |
| 34 | CANTOR EQUITY PARTNERS-CL A | G1827P106 | 305,000 | $3.4M | 0.35% |
| 35 | CANTALOUPE INC | CTLPP | 298,600 | $3.2M | 0.32% |
| 36 | JBS NV-A | JBS | 208,100 | $3.0M | 0.31% |
| 37 | META PLATFORMS INC | META | 4,460 | $2.9M | 0.30% |
| 38 | INTER & CO INC - CL A | INTR | 347,106 | $2.9M | 0.30% |
| 39 | AFYA LTD-CLASS A | AFYA | 176,892 | $2.7M | 0.28% |
| 40 | NVIDIA CORP | NVDA | 14,500 | $2.7M | 0.28% |
| 41 | PAGAYA TECHNOLOGIES LTD -A | PGYWW | 120,300 | $2.5M | 0.26% |
| 42 | ULTRAPAR PARTICIPACOES | UGP | 582,585 | $2.2M | 0.22% |
| 43 | STATE STREET SPDR S&P OIL & GA | 78468R556 | 15,000 | $1.9M | 0.19% |
| 44 | TRANSDIGM GROUP INC | TDG | 1,400 | $1.9M | 0.19% |
| 45 | CORE SCIENTIFIC INC | 21874A106 | 104,800 | $1.5M | 0.16% |
| 46 | NAYAX LTD | NYAX | 23,958 | $1.2M | 0.12% |
| 47 | SUZANO SA | SUZ | 115,964 | $1.1M | 0.11% |
| 48 | ISHARE CHINA LARGE CAP ETF | 464287184 | 25,370 | $971,417 | 0.10% |
| 49 | ADVANCED MICRO DEVICES | AMD | 4,500 | $963,720 | 0.10% |
| 50 | PUT - GLD 100 @ 365 EXP 03/20/2026 | 99DJXJ7S2 | 2,183 | $848,226 | 0.09% |
| 51 | HUT 8 MINING CORP | HUT | 18,180 | $835,189 | 0.09% |
| 52 | COMPNHIA ENRG | 204409601 | 354,805 | $709,610 | 0.07% |
| 53 | IREN LTD | IREN | 17,500 | $660,975 | 0.07% |
| 54 | PUT - QQQ 100 @ 590 EXP 01/16/2026 | 99DNMM329 | 2,500 | $559,950 | 0.06% |
| 55 | CALL- META 100 @ 650 EXP 03/20/2026 | 99DHS7VZ5 | 100 | $480,669 | 0.05% |
| 56 | BANCO SANTANDER | BSBR | 54,694 | $334,180 | 0.03% |
| 57 | AXIA ENERGIA | 15235A102 | 33,986 | $318,109 | 0.03% |
| 58 | ENEL CHILE S.A. | ENIC | 70,089 | $281,758 | 0.03% |
| 59 | COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV | ABEV | 70,408 | $173,908 | 0.02% |
| 60 | ITAU UNIBANCO HOLDING SA | 465562106 | 22,194 | $158,909 | 0.02% |
| 61 | ISHARES MSCI SOUTH KOREA ETF | 464286772 | 1,574 | $153,024 | 0.02% |
| 62 | BRAZIL POTASH CORP | GRO | 74,572 | $140,941 | 0.01% |
| 63 | CALL- CRWV 100 @ 150 EXP 06/18/2026 | 99DLHHN28 | 100 | $33,612 | 0.00% |
| 64 | ALPHABET INC CLASS A COMMON STOCK | GOOG | 44 | $13,772 | 0.00% |
| 65 | AXIA ENERGIA | 15234Q207 | 1,285 | $11,771 | 0.00% |
| 66 | COMPANHIA SIDERURGICA NACIONAL | 20440W105 | 3,107 | $4,971 | 0.00% |
| 67 | CALL- SNAP 100 @ 10 EXP 01/16/2026 | 99D61BMM8 | 2,000 | $3,000 | 0.00% |
| 68 | COMPNHIA ENRG C | 204409882 | 565 | $1,466 | 0.00% |
| 69 | CALL- EVEX 100 @ 5 EXP 01/16/2026 | 99DHYPXD5 | 4 | $13 | 0.00% |
| 70 | TELEFONICA BRASIL SA-ADR | VIV | 0 | $0 | 0.00% |
| 71 | EMBRAER SA | EMBJ | 0 | $0 | 0.00% |
| 72 | BANCO BRADESCO | 059460402 | 0 | $0 | 0.00% |
| 73 | BHP BILLITON LTD -SPON ADR | BHPLF | 0 | $0 | 0.00% |