Institutional Manager · CIK 0001589176
SPX Gestao de Recursos Ltda
RIO DE JANEIRO, D5 · File #028-18920
Latest AUM
$978.9M
Positions
73
Top-10 Concentration
61.2%
Filings
10
Portfolio Value Over Time
2024-06
2024-06
2024-12
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | VALE SA SP ADR | VALE | -10,673,385 | -$139.1M | +$24.0M |
| EXITED | ISHARES MSCI EMERGING MARKETS ETF | 464287234 | -1,480,000 | -$79.0M | $0 |
| ADD | STONECO LTD-A | STNE | +4,783,158 | +$70.7M | -$1.9M |
| NEW | KRANESHARES CSI CHINA | 500767306 | +2,075,400 | +$70.7M | $0 |
| NEW | STATE STREET SPDR S&P 500 ETF | SPY | +81,424 | +$55.5M | $0 |
| EXITED | ISHARES MSCI BRAZIL ETF | 464286400 | -1,600,000 | -$49.6M | $0 |
| EXITED | VISTRA CORP | 92840M102 | -212,500 | -$41.6M | $0 |
| ADD | XP INC - CLASS A | XP | +2,195,087 | +$35.9M | -$4.8M |
| REDUCE | PETROLEO BRASILEIRO ADR | 71654V408 | -3,029,424 | -$35.9M | -$6.4M |
| REDUCE | LATAM AIRLINES GROUP-SP ADR | LTM | -606,858 | -$32.8M | +$8.2M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202573 pos · $978.9M
- 13F HOLDINGS REPORTQ/E Sep 2025167 pos · $1.20B
- 13F HOLDINGS REPORTQ/E Jun 2025117 pos · $1.07B
- 13F HOLDINGS REPORTQ/E Mar 2025107 pos · $776.6M
- 13F HOLDINGS REPORTQ/E Dec 202495 pos · $665.9M
- 13F HOLDINGS REPORTQ/E Dec 202471 pos · $756.5M
- 13F HOLDINGS REPORTQ/E Jun 202480 pos · $671.2M
- 13F HOLDINGS REPORT (Amended)Q/E Jun 202471 pos · $1.29B
- 13F HOLDINGS REPORTQ/E Jun 202486 pos · $1.15B
- 13F HOLDINGS REPORTQ/E Dec 2023102 pos · $1.90B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | STONECO LTD-A | STNE | 5,236,620 | $77.4M | 7.95% |
| 2 | KRANESHARES CSI CHINA | 500767306 | 2,075,400 | $70.7M | 7.25% |
| 3 | XP INC - CLASS A | XP | 4,195,379 | $68.7M | 7.05% |
| 4 | PETROLEO BRASILEIRO ADR | 71654V408 | 4,887,558 | $57.9M | 5.95% |
| 5 | CREDICORP | BAP | 199,083 | $57.1M | 5.87% |
| 6 | STATE STREET SPDR S&P 500 ETF | SPY | 81,424 | $55.5M | 5.70% |
| 7 | ARCOS DORADOS HOLDINGS INC | ARCO | 7,551,676 | $55.4M | 5.69% |
| 8 | FIRST SOLAR INC | FSLR | 204,250 | $53.4M | 5.48% |
| 9 | VINCI COMPASS INVESTMENTS LTD | VINP | 4,000,725 | $52.2M | 5.36% |
| 10 | COPA HOLDINGS SA | CPA | 393,542 | $47.5M | 4.87% |
| 11 | AURA MINERALS INC | AUGO | 877,211 | $44.2M | 4.54% |
| 12 | TRANSPORT GAS SUR B ADR | 893870204 | 1,206,803 | $37.5M | 3.85% |
| 13 | RIO TINTO PLC | RTNTF | 468,415 | $37.5M | 3.85% |
| 14 | MICRON TECHNOLOGY INC | MU | 90,000 | $25.7M | 2.64% |
| 15 | ALIBABA GROUP HOLDING LTD | BBAAY | 150,000 | $22.0M | 2.26% |
| 16 | BP PLC | BPPFF | 523,230 | $18.2M | 1.87% |
| 17 | GERDAU SA | GGB | 4,894,496 | $18.1M | 1.85% |
| 18 | LATAM AIRLINES GROUP-SP ADR | LTM | 328,463 | $17.7M | 1.82% |
| 19 | PETROLEO BRASILEIRO SA PETRO | 71654V101 | 1,173,051 | $13.2M | 1.36% |
| 20 | SHARKNINJA INC | SN | 104,170 | $11.7M | 1.20% |