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SPX Gestao de Recursos Ltda

CIK 1589176 · latest 13F filed 19 August 2026 · Read the filing on EDGAR

SPX Gestao de Recursos Ltda reported 77 US-listed holdings worth $898.0 million in its 13F for the quarter ended 30 June 2026, filed 19 August 2026. Its largest: XP Inc. (8.7%), Latam Airlines Group SA (6.8%) and Transportadora De Gas Sur (6.0%). Against the quarter before, it opened 38 positions, added to 18, trimmed 20 and sold out of 32.

Reported holdings$898.0M-25.2% on Q1 2026
Positions77+4 on Q1 2026
The largest ten49.4%of its reported holdings
Latest 13FQ2 2026filed 19 August 2026
Where the money is
OpenedAdded toTrimmed
XP8.7%LTM6.8%TGS6.0%PAM5.0%VINP4.8%ARCO4.0%STNE3.6%EMBJ3.6%BBD3.4%TEO3.4%HAL3.3%RIO3.3%MSFT2.7%IFS2.5%63 more38.8%

The 14 largest of its 77 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $749.6 million in 52 positions$750MQ3 24Q4 2024: $662.6 million in 80 positions$663MQ4 24Q1 2025: $773.4 million in 92 positions$773MQ1 25Q2 2025: $1.07 billion in 97 positions$1.07BQ2 25Q3 2025: $1.19 billion in 134 positions$1.19BQ3 25Q4 2025: $977.0 million in 67 positions$977MQ4 25Q1 2026: $1.20 billion in 73 positions$1.20BQ1 26Q2 2026: $898.0 million in 79 positions$898MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +20.3% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
90105120135Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +20.3%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 38Added 18Held 3Trimmed 20Sold out 32
Opened: 38Added: 18Held: 3Trimmed: 20Sold out: 32

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 38

  1. Halliburton Co. HAL$29.8 million
  2. Microsoft Corp. MSFT$24.0 million
  3. Alphabet Inc. GOOGL$21.9 million
  4. Freeport-McMoRan Inc. FCX$21.6 million
  5. Mastercard Inc. MA$16.3 million
  6. Visa Inc. V$15.6 million
  7. Lumentum Holdings Inc. LITE$7.6 million
  8. Western Digital Corp. WDC$7.2 million

and 30 more in the table below

Added to 18

  1. XP Inc. XP+3.6 million shares · +305%
  2. Pampa Energia S A PAM+383,994 shares · +235%
  3. Rio Tinto plc RIO+259,936 shares · +534%
  4. Transportadora De Gas Sur TGS+790,454 shares · +77%
  5. Intercorp Finl Svcs Inc. IFS+401,346 shares · +200673%
  6. Telecom Argentina SA TEO+1.6 million shares · +217%
  7. Micron Technology Inc. MU+16,868 shares · +7846%
  8. Meta Platforms, Inc. META+17,547 shares · +207%

and 10 more in the table below

Trimmed 20

  1. Petroleo Brasileiro SA Petro PBRA-5.9 million shares · -86%
  2. Vale S.A. VALE-5.1 million shares · -93%
  3. Stoneco Ltd STNE-4.7 million shares · -61%
  4. NVIDIA Corp. NVDA-150,461 shares · -57%
  5. Petróleo Brasileiro S.A. (Petrobras) PBR-1.7 million shares · -95%
  6. Taiwan Semiconductor Manufacturing Company Limited TSM-30,650 shares · -52%
  7. SharkNinja, Inc. SN-92,362 shares · -89%
  8. Arcos Dorados Holdings Inc. ARCO-1.4 million shares · -24%

and 12 more in the table below

Sold out of 32

  1. Select Sector SPDR Trust XLP$120.2 million last quarter
  2. iShares Trust MCHI$54.6 million last quarter
  3. Nu Holdings Ltd. NU$36.9 million last quarter
  4. Copa Holdings SA CPA$25.5 million last quarter
  5. BP plc BP$16.7 million last quarter
  6. Gerdau SA GGB$15.4 million last quarter
  7. Alcoa Corp. AA$10.3 million last quarter
  8. Corpay, Inc. CPAY$8.5 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
XP Inc. XP4.8M$78.3 million8.72%+3.6M
Latam Airlines Group SA LTM1.0M$61.0 million6.79%+164.7K
Transportadora De Gas Sur TGS1.8M$54.0 million6.01%+790.5K
Pampa Energia S A PAM547.6K$45.0 million5.01%+384.0K
Vinci Partners Investme VINP4.4M$43.2 million4.81%-230.7K
Arcos Dorados Holdings Inc. ARCO4.5M$36.3 million4.04%-1.4M
Stoneco Ltd STNE3.0M$32.6 million3.63%-4.7M
Embraer S.a. EMBJ503.2K$32.1 million3.58%+149.9K
Banco Bradesco S.A. BBD8.9M$30.8 million3.43%-2.2M
Telecom Argentina SA TEO2.3M$30.2 million3.36%+1.6M
Halliburton Co. HAL876.3K$29.8 million3.31%new
Rio Tinto plc RIO308.6K$29.3 million3.26%+259.9K
Microsoft Corp. MSFT64.5K$24.0 million2.68%new
Intercorp Finl Svcs Inc. IFS401.5K$22.9 million2.55%+401.3K
NVIDIA Corp. NVDA112.7K$22.6 million2.51%-150.5K
Alphabet Inc. GOOGL61.2K$21.9 million2.44%new
Freeport-McMoRan Inc. FCX344.1K$21.6 million2.41%new
iShares Inc. EWZ581.3K$20.1 million2.23%+88.2K
Micron Technology Inc. MU17.1K$19.7 million2.20%+16.9K
Inter & Co Inc - Cl A INTR3.4M$18.5 million2.07%-608.9K
Credicorp Ltd BAP44.0K$17.1 million1.91%-23.4K
Mastercard Inc. MA31.7K$16.3 million1.81%new
Visa Inc. V45.5K$15.6 million1.74%new
Meta Platforms, Inc. META26.0K$14.7 million1.63%+17.5K
Petroleo Brasileiro SA Petro PBRA992.9K$14.5 million1.62%-5.9M
Amazon.com Inc. AMZN60.7K$14.5 million1.61%-1.9K
Taiwan Semiconductor Manufacturing Company Limited TSM28.6K$13.7 million1.52%-30.6K
Banco Santander Chile New BSAC336.7K$11.1 million1.23%+280.2K
Grupo Cibest American Depositary S CIB98.7K$7.8 million0.87%+82.5K
Lumentum Holdings Inc. LITE8.9K$7.6 million0.85%new
Western Digital Corp. WDC11.3K$7.2 million0.80%new
Coherent Corp. COHR16.8K$6.6 million0.74%new
Vale S.A. VALE398.5K$6.0 million0.67%-5.1M
Companhia Paranaense De Ener ELPC466.3K$5.4 million0.61%-435.8K
Applied Optoelectronics, Inc. AAOI35.5K$5.3 million0.59%+35.5K
Seagate Technology Holdings plc STX5.2K$5.0 million0.56%new
Grupo Financiero Galicia S A GGAL85.0K$4.3 million0.47%new
Spotify Technology S.A. SPOT8.6K$4.0 million0.44%new
Itaú Unibanco Holding S.A. ITUB479.2K$3.9 million0.44%new
On Holding AG ONON108.4K$3.8 million0.43%new
Booking Holdings Inc. BKNG20.0K$3.6 million0.40%new
Broadcom Inc. AVGO7.1K$2.7 million0.30%new
Apple Inc. AAPL7.8K$2.3 million0.25%new
Companhia De Saneamento Basico Do Estado De Sao Paulo - Sabesp SBS352.4K$2.0 million0.23%-537.3K
Ultrapar Participacoes SA UGP378.0K$1.9 million0.21%-141.1K
Teradyne, Inc. TER3.9K$1.9 million0.21%new
SharkNinja, Inc. SN11.8K$1.8 million0.20%-92.4K
ACM Research, Inc. ACMR13.8K$1.8 million0.20%new
Banco Macro SA BMA18.6K$1.7 million0.19%new
Oracle Corp. ORCL11.4K$1.7 million0.19%new
Costco Wholesale Corp. COST1.6K$1.5 million0.17%new
Walmart Inc. WMT13.2K$1.5 million0.17%new
Natera, Inc. NTRA5.4K$1.5 million0.16%new
Robinhood Markets, Inc. HOOD14.3K$1.4 million0.16%new
Petróleo Brasileiro S.A. (Petrobras) PBR80.5K$1.3 million0.14%-1.7M
Eve Hldg Inc. EVEX414.6K$1.0 million0.12%-1.9M
Centrais Eletricas Brasileir AXIAY98.5K$1.0 million0.12%+97.2K
Applied Materials Inc. AMAT1.2K$903,7500.10%new
Cia Energetica De Minas Gera CIG412.1K$865,3930.10%+43.9K
Hyperliquid Strategies Inc. PURR109.3K$860,4270.10%new
Vertiv Holdings Co. VRT2.5K$821,6480.09%new
iShares Trust FXI25.4K$801,4380.09%no change
Lam Research Corp. LRCX1.7K$747,4940.08%+1.7K
21VIANET Group Inc. VNET79.8K$641,4960.07%new
Intel Corp. INTC4.6K$640,9020.07%new
Terawulf Inc. WULF25.8K$638,2730.07%new
Aptiv plc APTV10.4K$636,5110.07%new
ASML Holding N.V. ASML291$578,9270.06%new
Suzano S.a. SUZ37.6K$291,9390.03%-12.3K
Patria Investments Limited PAX18.5K$203,5690.02%new
Qualcomm Inc. QCOM1.0K$190,3340.02%new
Ambev S.A. ABEV50.9K$159,7380.02%-19.5K
Azul Sa-Spon ADR AZUL15.7K$140,9270.02%new
Banco De Chile BCH3.1K$124,4890.01%+1.7K
Tim S A Sponsored ADR ISIN#US88706T1088 TIMB5.7K$121,4510.01%new
Centrais Elet Bras SA AXICY1.8K$19,0850.00%-667.2K
Cosan S A CSANY425$1,2240.00%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 32 it sold out of are in the box above.