# SPX Gestao de Recursos Ltda

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1589176. Source: https://holderbook.com/funds/1589176-spx-gestao-de-recursos-ltda/

- Reported value: $1.8B
- Positions: 79
- Weight of the ten largest: 49.4%
- Filed: 2026-08-06

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| XP INC | [XP](https://holderbook.com/stocks/XP/) | $156.5M | 9,626,264 | 8.7% | 6 |
| LATAM AIRLINES GROUP SA | [LTM](https://holderbook.com/stocks/LTM/) | $122.0M | 2,093,276 | 6.8% | 6 |
| TRANSPORTADORA DE GAS DEL SU | [TGS](https://holderbook.com/stocks/TGS/) | $108.0M | 3,631,180 | 6.0% | 5 |
| PAMPA ENERGIA S A | [PAM](https://holderbook.com/stocks/PAM/) | $90.0M | 1,095,274 | 5.0% | 2 |
| VINCI COMPASS INVESTMENTS LT | [VINP](https://holderbook.com/stocks/VINP/) | $86.4M | 8,883,034 | 4.8% | 13 |
| ARCOS DORADOS HLDGS INC | [ARCO](https://holderbook.com/stocks/ARCO/) | $72.6M | 9,002,654 | 4.0% | 6 |
| STONECO LTD | [STNE](https://holderbook.com/stocks/STNE/) | $65.1M | 6,008,070 | 3.6% | 5 |
| EMBRAER S.A. | [EMBJ](https://holderbook.com/stocks/EMBJ/) | $64.2M | 1,006,450 | 3.6% | 2 |
| BANCO BRADESCO S A | [BBD](https://holderbook.com/stocks/BBD/) | $61.5M | 17,726,598 | 3.4% | 6 |
| TELECOM ARGENTINA S A | [TEO](https://holderbook.com/stocks/TEO/) | $60.3M | 4,640,822 | 3.4% | 2 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $59.5M | 1,752,600 | 3.3% | 1 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $58.6M | 617,172 | 3.3% | 12 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $48.1M | 128,914 | 2.7% | 1 |
| INTERCORP FINL SVCS INC | [IFS](https://holderbook.com/stocks/IFS/) | $45.7M | 803,092 | 2.5% | 2 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $45.1M | 225,478 | 2.5% | 6 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $43.8M | 122,500 | 2.4% | 1 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $43.3M | 688,152 | 2.4% | 1 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $40.1M | 1,162,696 | 2.2% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $39.4M | 34,166 | 2.2% | 7 |
| INTER & CO INC | [INTR](https://holderbook.com/stocks/INTR/) | $37.1M | 6,829,866 | 2.1% | 4 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $34.3M | 87,934 | 1.9% | 8 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $32.6M | 63,404 | 1.8% | 1 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $31.2M | 91,034 | 1.7% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $29.3M | 52,054 | 1.6% | 6 |
| PETROLEO BRASILEIRO S A | [PBRA](https://holderbook.com/stocks/PBRA/) | $29.1M | 1,985,796 | 1.6% | 12 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $29.0M | 121,492 | 1.6% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $27.3M | 57,242 | 1.5% | 2 |
| BANCO SANTANDER CHILE NEW | [BSAC](https://holderbook.com/stocks/BSAC/) | $22.2M | 673,420 | 1.2% | 2 |
| GRUPO CIBEST SA | [CIB](https://holderbook.com/stocks/CIB/) | $15.7M | 197,454 | 0.9% | 2 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $15.2M | 17,750 | 0.8% | 1 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $14.4M | 22,600 | 0.8% | 1 |
| COHERENT CORP | [COHR](https://holderbook.com/stocks/COHR/) | $13.2M | 33,500 | 0.7% | 1 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $12.0M | 796,986 | 0.7% | 18 |
| COMPANHIA PARANAENSE DE ENER | [ELPC](https://holderbook.com/stocks/ELPC/) | $10.9M | 932,662 | 0.6% | 11 |
| APPLIED OPTOELECTRONICS INC | [AAOI](https://holderbook.com/stocks/AAOI/) | $10.5M | 71,000 | 0.6% | 1 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $10.0M | 10,400 | 0.6% | 1 |
| GRUPO FINANCIERO GALICIA S.A | [GGAL](https://holderbook.com/stocks/GGAL/) | $8.5M | 170,000 | 0.5% | 1 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $7.9M | 17,252 | 0.4% | 1 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $7.8M | 958,338 | 0.4% | 1 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $7.7M | 216,824 | 0.4% | 1 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $7.1M | 39,922 | 0.4% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $5.4M | 14,196 | 0.3% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $4.5M | 15,600 | 0.3% | 1 |
| COMPANHIA DE SANEAMENTO BASI | [SBS](https://holderbook.com/stocks/SBS/) | $4.1M | 704,826 | 0.2% | 6 |
| ULTRAPAR PARTICIPACOES SA | [UGP](https://holderbook.com/stocks/UGP/) | $3.8M | 756,046 | 0.2% | 4 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $3.7M | 7,728 | 0.2% | 1 |
| SHARKNINJA INC | [SN](https://holderbook.com/stocks/SN/) | $3.6M | 23,616 | 0.2% | 6 |
| ACM RESH INC | [ACMR](https://holderbook.com/stocks/ACMR/) | $3.5M | 27,630 | 0.2% | 1 |
| BANCO MACRO SA | [BMA](https://holderbook.com/stocks/BMA/) | $3.4M | 37,134 | 0.2% | 1 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.3M | 22,730 | 0.2% | 1 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $3.0M | 3,200 | 0.2% | 1 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.0M | 26,410 | 0.2% | 1 |
| NATERA INC | [NTRA](https://holderbook.com/stocks/NTRA/) | $2.9M | 10,800 | 0.2% | 1 |
| ROBINHOOD MKTS INC | [HOOD](https://holderbook.com/stocks/HOOD/) | $2.9M | 28,676 | 0.2% | 1 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $2.6M | 160,960 | 0.1% | 13 |
| EVE HLDG INC | [EVEX](https://holderbook.com/stocks/EVEX/) | $2.1M | 829,264 | 0.1% | 4 |
| AXIA ENERGIA SA | [AXIA](https://holderbook.com/stocks/AXIA/) | $2.1M | 196,990 | 0.1% | 6 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.8M | 2,500 | 0.1% | 1 |
| CIA ENERGETICA DE MINAS GERA | [CIG](https://holderbook.com/stocks/CIG/) | $1.7M | 824,184 | 0.1% | 16 |
| HYPERLIQUID STRATEGIES INC | [PURR](https://holderbook.com/stocks/PURR/) | $1.7M | 218,660 | 0.1% | 1 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.6M | 4,908 | 0.1% | 1 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $1.6M | 50,740 | 0.1% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $1.5M | 3,450 | 0.1% | 1 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $1.3M | 159,576 | 0.1% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.3M | 9,180 | 0.1% | 1 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $1.3M | 51,682 | 0.1% | 1 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $1.3M | 20,740 | 0.1% | 1 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $1.2M | 582 | 0.1% | 1 |
| SUZANO S A | [SUZ](https://holderbook.com/stocks/SUZ/) | $583.9K | 75,242 | 0.0% | 18 |
| PATRIA INVESTMENTS LIMITED | [PAX](https://holderbook.com/stocks/PAX/) | $407.1K | 37,080 | 0.0% | 1 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $380.7K | 2,060 | 0.0% | 1 |
| AMBEV SA | [ABEV](https://holderbook.com/stocks/ABEV/) | $319.5K | 101,744 | 0.0% | 13 |
| AZUL S A | - | $281.9K | 31,352 | 0.0% | 1 |
| BANCO DE CHILE | [BCH](https://holderbook.com/stocks/BCH/) | $249.0K | 6,262 | 0.0% | 2 |
| TIM S A | [TIMB](https://holderbook.com/stocks/TIMB/) | $242.9K | 11,340 | 0.0% | 1 |
| AXIA ENERGIA SA | [AXIAPRC](https://holderbook.com/stocks/AXIAPRC/) | $38.2K | 3,618 | 0.0% | 3 |
| COSAN S A | [CSAN](https://holderbook.com/stocks/CSAN/) | $2.4K | 850 | 0.0% | 1 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $0 | 0 | 0.0% | 1 |
| CIA ENERGETICA DE MINAS GERA | [CIGC](https://holderbook.com/stocks/CIGC/) | $0 | 0 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -4.6% | +14.8% | -19.4% | 100% |
| Q1 2026 | +7.9% | -4.6% | +12.6% | 100% |
| Q4 2025 | +5.1% | +2.4% | +2.8% | 99% |
| Q3 2025 | +9.1% | +7.8% | +1.2% | 100% |
| Q2 2025 | +14.8% | +10.5% | +4.3% | 100% |
| Q1 2025 | -2.6% | -4.6% | +1.9% | 100% |
| Q4 2024 | -8.7% | +2.1% | -10.9% | 100% |
| Q3 2024 | +3.5% | +5.4% | -1.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.8B | 79 |
| Q1 2026 | $1.2B | 78 |
| Q4 2025 | $978.9M | 69 |
| Q3 2025 | $1.2B | 160 |
| Q2 2025 | $1.1B | 117 |
| Q1 2025 | $776.6M | 107 |
| Q4 2024 | $665.9M | 95 |
| Q3 2024 | $756.5M | 71 |
| Q2 2024 | $671.2M | 72 |
| Q1 2024 | $1.1B | 85 |
| Q4 2023 | $1.3B | 71 |
| Q3 2023 | $1.9B | 101 |