SPX Gestao de Recursos Ltda — 13F Holdings & Portfolio
CIK 1589176 · latest 13F-HR filed 2026-08-19
SPX Gestao de Recursos Ltda manages $898.0M in 13F-reported U.S. long-equity assets across 88 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are XP (8.72%), LTM (6.79%), TGS (6.01%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 38 new positions and exited 32; 18 existing positions rose in reported value and 20 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$898.0M
Long-equity book
Holdings
88
Distinct positions
Period
2026-06-30
Filed 2026-08-19
Q/Q Activity
+38 / −32 / ↑18 / ↓20
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26XP8.7% · +306%LTM6.8% · +19%TGS6.0% · +77%PAM5.0% · +235%VINP4.8% · -5%ARCO4.0% · -24%STNE3.6% · -61%EMBJ3.6% · +42%BBD3.4% · -20%TEO3.4% · +217%HAL3.3% · newRIO3.3% · +534%MSFT2.7% · newIFS2.5% · +200673%NVDA2.5% · -57%GOOGL2.4% · newFCX2.4% · newEWZ2.2% · +18%MU2.2% · +7846%INTR2.1% · -15%BAP1.9% · -35%MA1.8% · newV1.7% · newMETA1.6% · +207%PBR.A1.6% · -86%AMZN1.6% · -3%TSM1.5% · -52%BSAC1.2% · +496%CIB0.9% · +508%LITE0.8% · newWDC0.8% · newCOHR0.7% · newVALE0.7% · -93%ELPC0.6% · -48%AAOI0.6%STX0.6% · newGGAL0.5% · newSPOT0.4% · newITUB0.4% · newONON0.4% · newBKNG0.4% · newAVGO0.3% · newAAPL0.3% · newSBS0.2% · +98%UGP0.2% · -27%TER0.2% · newSN0.2% · -89%ACMR0.2% · newBMA0.2% · newORCL0.2% · newCOST0.2% · newWMT0.2% · newNTRA0.2% · newHOOD0.2% · newPBR0.1% · -95%EVEX0.1% · -82%AXIAPC0.1% · +7565%AMAT0.1% · newCIG0.1% · +12%PURR0.1% · new
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 49.4%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 31, 2026.
Address
RUA HUMAITA 275, 5TH FLOOR
RIO DE JANEIRO 22.261-000
Brazil
RIO DE JANEIRO 22.261-000
Brazil
Phone
+55 21 3203-1550
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| CARVALHO MENDONCA RONCHI, PAULA Control | DIRECTOR since Nov 2024 | Less than 5% | Individual |
| Cabral, Leonardo, Bourbon Control | DIRECTOR since Nov 2024 | Less than 5% | Individual |
| DE ANDRADE LINHARES, LEONARDO, NMN Control | DIRECTOR since Jun 2016 | Less than 5% | Individual |
| Lemos Mazie, Guilherme Control | DIRECTOR since Aug 2025 | Less than 5% | Individual |
| Marangoni Costa, Bruno Control | DIRECTOR since May 2023 | Less than 5% | Individual |
| PRADO PIRES ALBUQUERQUE, KATHERINE, NMN Control | DIRECTOR since Jul 2019 | Less than 5% | Individual |
| SOUZA DE QUEIROZ, BERNARDO, NMN Control | DIRECTOR since Nov 2024 | Less than 5% | Individual |
| SPX CAPITAL HOLDING LTDA. Control | SHAREHOLDER since Jul 2022 | 75% or more | Foreign Entity |
| CARVALHO MENDONCA RONCHI, PAULA Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Sep 2024 | General partner, trustee or manager | Individual |
| Cabral, Leonardo, Bourbon Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Sep 2024 | General partner, trustee or manager | Individual |
| DO AMARAL XAVIER, ROGERIO, RODRIGUES ESTEVINHA Control Indirect owner via SPX CAPITAL HOLDING LTDA. | SHAREHOLDER since Jul 2022 | 25–50% | Individual |
| Lemos Mazie, Guilherme Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Apr 2025 | General partner, trustee or manager | Individual |
| Marangoni Costa, Bruno Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Sep 2024 | General partner, trustee or manager | Individual |
| PRADO PIRES ALBUQUERQUE, KATHERINE, NMN Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Jul 2022 | General partner, trustee or manager | Individual |
| SOUZA DE QUEIROZ, BERNARDO, NMN Control Indirect owner via SPX CAPITAL HOLDING LTDA. | DIRECTOR since Sep 2024 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 3 filings with changes since Aug 1, 2022
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 31, 2026 filing
- No longer listedMAFRA DA GAMA, BRUNO, NMN · DIRECTOR · Less than 5% · control person · listed since Jun 2016
- No longer listedMAFRA DA GAMA, BRUNO, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person · listed since Jul 2022
- AddedLemos Mazie, Guilherme · DIRECTOR · Less than 5% · control person
- AddedLemos Mazie, Guilherme · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
Mar 31, 2025 filing
- No longer listedDE ANDRADE LINHARES, LEONARDO, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person · listed since Jul 2022
- No longer listedParnes, Beny, NMN · DIRECTOR · Less than 5% · control person · listed since Jun 2016
- No longer listedParnes, Beny, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person · listed since Jul 2022
- AddedCARVALHO MENDONCA RONCHI, PAULA · DIRECTOR · Less than 5% · control person
- AddedCARVALHO MENDONCA RONCHI, PAULA · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- AddedCabral, Leonardo, Bourbon · DIRECTOR · Less than 5% · control person
- AddedCabral, Leonardo, Bourbon · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- AddedMarangoni Costa, Bruno · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- AddedSOUZA DE QUEIROZ, BERNARDO, NMN · DIRECTOR · Less than 5% · control person
- AddedSOUZA DE QUEIROZ, BERNARDO, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
Mar 29, 2024 filing
- AddedMarangoni Costa, Bruno · DIRECTOR · Less than 5% · control person
Aug 1, 2022 filing (earliest on record)
- ListedDE ANDRADE LINHARES, LEONARDO, NMN · DIRECTOR · Less than 5% · control person
- ListedDE ANDRADE LINHARES, LEONARDO, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- ListedDO AMARAL XAVIER, ROGERIO, RODRIGUES ESTEVINHA · SHAREHOLDER · 25–50% · indirect via SPX CAPITAL HOLDING LTDA. · control person
- ListedMAFRA DA GAMA, BRUNO, NMN · DIRECTOR · Less than 5% · control person
- ListedMAFRA DA GAMA, BRUNO, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- ListedPRADO PIRES ALBUQUERQUE, KATHERINE, NMN · DIRECTOR · Less than 5% · control person
- ListedPRADO PIRES ALBUQUERQUE, KATHERINE, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- ListedParnes, Beny, NMN · DIRECTOR · Less than 5% · control person
- ListedParnes, Beny, NMN · DIRECTOR · General partner, trustee or manager · indirect via SPX CAPITAL HOLDING LTDA. · control person
- ListedSPX CAPITAL HOLDING LTDA. · SHAREHOLDER · 75% or more · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- XP INC - CLASS A$55.7M +246.3%
- PAMPA ENERGIA SA$30.5M +210.6%
- RIO TINTO PLC$24.8M +545.4%
- INTERCORP FINANCIAL SERVICES$22.9M +227709.4%
- TELECOM ARGENTINA$21.6M +252.2%
Top Trims
- PETROLEO BRASILEIRO SA PETRO-$114.4M -88.7%
- VALE SA SP ADR-$82.1M -93.2%
- STONECO LTD-A-$76.6M -70.2%
- PETROLEO BRASILEIRO ADR-$34.7M -96.4%
- NVIDIA CORP-$23.3M -50.9%
New Positions
- HALLIBURTON CO$29.8M
- MICROSOFT CORPORATION$24.0M
- ALPHABET INC CLASS A COMMON STOCK$21.9M
- FREEPORT-MCMORAN INC$21.6M
- MASTERCARD INCORPORATED$16.3M
Exited Positions
- STATE STREET CONSUMER STAPLES$120.2M
- ISHARES MSCI CHN$54.6M
- NU HOLDINGS LTD/CAYMAN ISL-A$36.9M
- COPA HOLDINGS SA$25.5M
- BP PLC$16.7M
SPX Gestao de Recursos Ltda Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | XP INC - CLASS A | XP | G98239109 | $78.3M | 8.72% | 4,813,132 | SH |
| 2 | LATAM AIRLINES GROUP-SP ADR | LTM | 51817R205 | $61.0M | 6.79% | 1,046,638 | SH |
| 3 | TRANSPORT GAS SUR B ADR | TGS | 893870204 | $54.0M | 6.01% | 1,815,590 | SH |
| 4 | PAMPA ENERGIA SA | PAM | 697660207 | $45.0M | 5.01% | 547,637 | SH |
| 5 | VINCI COMPASS INVESTMENTS LTD | VINP | G9451V109 | $43.2M | 4.81% | 4,441,517 | SH |
| 6 | ARCOS DORADOS HOLDINGS INC | ARCO | G0457F107 | $36.3M | 4.04% | 4,501,327 | SH |
| 7 | STONECO LTD-A | STNE | G85158106 | $32.6M | 3.63% | 3,004,035 | SH |
| 8 | EMBRAER SA | EMBJ | 29082A107 | $32.1M | 3.58% | 503,225 | SH |
| 9 | BANCO BRADESCO | BBD | 059460303 | $30.8M | 3.43% | 8,863,299 | SH |
| 10 | TELECOM ARGENTINA | TEO | 879273209 | $30.2M | 3.36% | 2,320,411 | SH |
| 11 | HALLIBURTON CO | HAL | 406216101 | $29.8M | 3.31% | 876,300 | SH |
| 12 | RIO TINTO PLC | RIO | 767204100 | $29.3M | 3.26% | 308,586 | SH |
| 13 | INTERCORP FINANCIAL SERVICES | IFS | P5626F128 | $22.9M | 2.55% | 401,546 | SH |
| 14 | FREEPORT-MCMORAN INC | FCX | 35671D857 | $21.6M | 2.41% | 344,076 | SH |
| 15 | ISHARES MSCI BRAZIL ETF | EWZ | 464286400 | $20.1M | 2.23% | 581,348 | SH |
| 16 | INTER & CO INC - CL A | INTR | G4R20B107 | $18.5M | 2.07% | 3,414,933 | SH |
| 17 | CREDICORP | BAP | G2519Y108 | $17.1M | 1.91% | 43,967 | SH |
| 18 | MICRON TECHNOLOGY INC | MU | 595112103 | $16.7M | 1.86% | 14,500 | SH |
| 19 | ALPHABET INC CLASS A COMMON STOCK | GOOGL | 02079K305 | $15.7M | 1.75% | 43,900 | SH |
| 20 | VISA INC. CMN CLASS A | V | 92826C839 | $15.6M | 1.74% | 45,517 | SH |
| 21 | MASTERCARD INCORPORATED CMN CLASS A | MA | 57636Q104 | $15.2M | 1.69% | 29,622 | SH |
| 22 | PETROLEO BRASILEIRO SA PETRO | PBR.A | 71654V101 | $14.5M | 1.62% | 992,898 | SH |
| 23 | AMAZON.COM INC CMN | AMZN | 023135106 | $14.5M | 1.61% | 60,746 | SH |
| 24 | MICROSOFT CORPORATION | MSFT | 594918104 | $14.0M | 1.56% | 37,500 | SH |
| 25 | META PLATFORMS INC-CLASS A CMN CLASS A | META | 30303M102 | $14.0M | 1.56% | 24,792 | SH |
| 26 | TAIWAN SEMICONDUCTOR MFG ADS LTD ADS 1ADS EQUALS 5ORDS | TSM | 874039100 | $13.7M | 1.52% | 28,621 | SH |
| 27 | NVIDIA CORPORATION CMN | NVDA | 67066G104 | $12.3M | 1.37% | 61,339 | SH |
| 28 | BANCO SANTANDER CHILE | BSAC | 05965X109 | $11.1M | 1.23% | 336,710 | SH |
| 29 | NVIDIA CORP | NVDA | 67066G104 | $10.3M | 1.15% | 51,400 | SH |
| 30 | MICROSOFT CORPORATION CMN | MSFT | 594918104 | $10.1M | 1.12% | 26,957 | SH |
| 31 | GRUPO CIBEST SA-ADR | CIB | 40090E106 | $7.8M | 0.87% | 98,727 | SH |
| 32 | WESTERN DIGITAL | WDC | 958102105 | $7.2M | 0.80% | 11,300 | SH |
| 33 | COHERENT CORP | COHR | 19247G107 | $6.6M | 0.74% | 16,750 | SH |
| 34 | LUMENTUM HOLDINGS INC | LITE | 55024U109 | $6.4M | 0.72% | 7,500 | SH |
| 35 | ALPHABET INC. CMN CLASS A | GOOGL | 02079K305 | $6.2M | 0.69% | 17,350 | SH |
| 36 | VALE SA SP ADR | VALE | 91912E105 | $6.0M | 0.67% | 398,493 | SH |
| 37 | CIA PARANAENSE DE ENER-ADR | ELPC | 20441B704 | $5.4M | 0.61% | 466,331 | SH |
| 38 | APPLIED OPTOELR | AAOI | 03823U102 | $5.3M | 0.59% | 35,500 | SH |
| 39 | SEAGATE TECHNOLOGY HOLDINGS | STX | G7997R103 | $5.0M | 0.56% | 5,200 | SH |
| 40 | GRUPO FINANCIERO GALICIA | GGAL | 399909100 | $4.3M | 0.47% | 85,000 | SH |
| 41 | SPOTIFY TECHNOLOGY S.A. CMN | SPOT | L8681T102 | $4.0M | 0.44% | 8,626 | SH |
| 42 | ITAU UNIBANCO HOLDING SA | ITUB | 465562106 | $3.9M | 0.44% | 479,169 | SH |
| 43 | ON HOLDING AG CMN CLASS A | ONON | H5919C104 | $3.8M | 0.43% | 108,412 | SH |
| 44 | BOOKING HOLDINGS INC. CMN | BKNG | 09857L108 | $3.6M | 0.40% | 19,961 | SH |
| 45 | MICRON TECHNOLOGY, INC. CMN | MU | 595112103 | $3.0M | 0.33% | 2,583 | SH |
| 46 | BROADCOM INC. CMN | AVGO | 11135F101 | $2.7M | 0.30% | 7,098 | SH |
| 47 | APPLE INC. CMN | AAPL | 037833100 | $2.3M | 0.25% | 7,800 | SH |
| 48 | BASIC SANITATION COMPANY OF THE STATE OF | SBS | 20441A102 | $2.0M | 0.23% | 352,413 | SH |
| 49 | ULTRAPAR PARTICIPACOES | UGP | 90400P101 | $1.9M | 0.21% | 378,023 | SH |
| 50 | TERADYNE INC CMN | TER | 880770102 | $1.9M | 0.21% | 3,864 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-06 | $898.0M | 88 | 0001589176-26-000003 |
| 2026-06-30 | 2026-08-19 | $898.0M | 88 | 0001589176-26-000004 |
| 2026-03-31 | 2026-05-06 | $1.20B | 82 | 0001589176-26-000002 |
| 2025-12-31 | 2026-02-13 | $978.9M | 73 | 0001589176-26-000001 |
Filer Information
Address
RUA HUMAITA, 275, 6 ANDARHUMAITA
RIO DE JANEIRO, D5 22261000
Phone
552132031580
Filing Manager
SPX Gestao de Recursos Ltda
RIO DE JANEIRO, D5
Signatory
R. Travis Otten
Legal and Compliance Manager