Q2 2026 13F · SEC CIK 1589176

SPX Gestao de Recursos Ltda

Investment managerFiled 2026-08-19 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $898.0M
Reported positions: 77
Top holdings a year, 3 yrs: +13.0%
Average holding period: 1.2 yrs

SPX Gestao de Recursos Ltda is an investment manager that reported 77 positions worth $898.0M in its Q2 2026 13F, filed 2026-08-19. Its largest holdings were Xp Inc (XP, 8.7%), Latam Airlines G (LTM, 6.8%), Transportadora de Gas Del Su (TGS, 6.0%). A portfolio copying its top holdings returned 13.0% a year over the last 3 years, against 19.9% for the S&P 500.

SPX Gestao de Recursos Ltda holdings largest 50 of 77 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

SPX Gestao de Recursos Ltda 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
XPXp Inc	8.7%	1.9%	4,813,132	+305.5%	$78.3M
LTMLatam Airlines G	6.8%	3.6%	1,046,638	+18.7%	$61.0M
TGSTransportadora de Gas Del Su	6.0%	3.0%	1,815,590	+77.1%	$54.0M
PAMPampa Energia SA	5.0%	1.2%	547,637	+234.7%	$45.0M
VINPVinci Compass Investments Ltd	4.8%	4.1%	4,441,517	-4.9%	$43.2M
ARCOArcos Dorados Hldgs Inc	4.0%	4.1%	4,501,327	-24.3%	$36.3M
STNEStoneco Ltd	3.6%	9.1%	3,004,035	-61.1%	$32.6M
EMBJEmbraer SA ADR	3.6%	1.7%	503,225	+42.4%	$32.1M
BBDBanco Bradesco S A Sp	3.4%	3.4%	8,863,299	-19.8%	$30.8M
TEOTelecom Argentina SA	3.4%	0.7%	2,320,411	+216.7%	$30.2M
HALHalliburton Co	3.3%	—	876,300	—	$29.8M
RIORio Tinto PLC	3.3%	0.4%	308,586	+534.3%	$29.3M
MSFTMicrosoft Corp	2.7%	—	64,457	—	$24.0M
IFSIntercorp Finl Svcs Inc	2.5%	—	401,546	—	$22.9M
NVDANvidia Corporation	2.5%	3.8%	112,739	-57.2%	$22.6M
GOOGLAlphabet Inc	2.4%	—	61,250	—	$21.9M
FCXFreeport Mcmoran Inc	2.4%	—	344,076	—	$21.6M
EWZIshares Inc	2.2%	1.6%	581,348	+17.9%	$20.1M
MUMicron Technology Inc	2.2%	—	17,083	—	$19.7M
INTRInter & Co Inc	2.1%	2.7%	3,414,933	-15.1%	$18.5M
BAPCredicorp Ltd	1.9%	1.9%	43,967	-34.8%	$17.1M
MAMastercard Incorporated	1.8%	—	31,702	—	$16.3M
VVisa Inc	1.7%	—	45,517	—	$15.6M
METAMeta Platforms Inc	1.6%	0.4%	26,027	+206.9%	$14.7M
PBR-APetroleo Brasileiro S A	1.6%	10.7%	992,898	-85.6%	$14.5M
AMZNAmazon Com Inc	1.6%	1.1%	60,746	-3.0%	$14.5M
TSMTaiwan Semiconductor Manufac	1.5%	1.7%	28,621	-51.7%	$13.7M
BSACBanco Santander (Chile)	1.2%	0.2%	336,710	+496.2%	$11.1M
CIBGrupo Cibest SA Fsponsored ADR 1 ADR Rep	0.9%	0.1%	98,727	+507.9%	$7.8M
LITELumentum Hldgs Inc	0.8%	—	8,875	—	$7.6M
WDCWestern Digital Corp Com	0.8%	—	11,300	—	$7.2M
COHRCoherent Corp	0.7%	—	16,750	—	$6.6M
VALEVale S A	0.7%	7.3%	398,493	-92.8%	$6.0M
ELPCCia Paranaense de Ener-Adr	0.6%	0.9%	466,331	-48.3%	$5.4M
AAOIApplied Optoelectronics Inc	0.6%	—	35,500	—	$5.3M
STXSeagate Technology Hldngs Pl	0.6%	—	5,200	—	$5.0M
GGALGrupo Financiero Galicia S.a	0.5%	—	85,000	—	$4.3M
SPOTSpotify Technology SA	0.4%	—	8,626	—	$4.0M
ITUBItau Unibanco Hldg S A	0.4%	—	479,169	—	$3.9M
ONONOn Hldg AG	0.4%	—	108,412	—	$3.8M
BKNGBooking Holdings Inc	0.4%	—	19,961	—	$3.6M
AVGOBroadcom Inc	0.3%	—	7,098	—	$2.7M
AAPLApple Inc	0.3%	—	7,800	—	$2.3M
SBSCompanhia de Saneamento Basico	0.2%	0.5%	352,413	+98.0%	$2.0M
UGPUltrapar Participacoes SA	0.2%	0.2%	378,023	-27.2%	$1.9M
TERTeradyne Inc	0.2%	—	3,864	—	$1.9M
SNSharkninja Inc	0.2%	0.9%	11,808	-88.7%	$1.8M
ACMRACM Research, Inc.	0.2%	—	13,815	—	$1.8M
BMABanco Macro S A	0.2%	—	18,567	—	$1.7M
ORCLOracle Corp	0.2%	—	11,365	—	$1.7M

What SPX Gestao de Recursos Ltda bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +17.2% /yr; S&P 500 +20.1%
3 years: +13.0% /yr; S&P 500 +19.9%
5 years: +6.1% /yr; S&P 500 +10.4%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$898.0M	77
Q1 2026	$1.2B	69
Q4 2025	$977.0M	63
Q3 2025	$1.2B	131
Q2 2025	$1.1B	97
Q1 2025	$773.4M	92
Q4 2024	$662.6M	80
Q3 2024	$749.6M	52
Q2 2024	$659.7M	58
Q1 2024	$1.1B	78
Q3 2023	$1.9B	91
Q2 2023	$2.1B	95

Questions about SPX Gestao de Recursos Ltda's portfolio

What stocks does SPX Gestao de Recursos Ltda own?

SPX Gestao de Recursos Ltda's latest 13F, for Q2 2026 and filed Aug 19, 2026, lists 77 positions worth $898.0M. The largest are Xp Inc (XP) at 8.7%, Latam Airlines G (LTM) at 6.8%, Transportadora de Gas Del Su (TGS) at 6.0%, Pampa Energia SA (PAM) at 5.0% and Vinci Compass Investments Ltd (VINP) at 4.8%.

What did SPX Gestao de Recursos Ltda buy last quarter?

In Q2 2026, SPX Gestao de Recursos Ltda added Rio Tinto PLC (RIO) (+534.3% shares), Grupo Cibest SA Fsponsored ADR 1 ADR Rep (CIB) (+507.9% shares) and Banco Santander (Chile) (BSAC) (+496.2% shares), compared with its Q1 2026 filing.

What did SPX Gestao de Recursos Ltda sell last quarter?

In Q2 2026, SPX Gestao de Recursos Ltda cut from its top 50 Select Sector Spdr Tr (XLP), cut from its top 50 Ishares Tr (MCHI), cut from its top 50 Nu Hldgs Ltd (NU), cut from its top 50 Petroleo Brasileiro S A Sponsored ADR (b (PBR), cut from its top 50 Copa Holdings SA (CPA), Vale S A (VALE) (-92.8% shares), Sharkninja Inc (SN) (-88.7% shares) and Petroleo Brasileiro S A (PBR-A) (-85.6% shares), compared with its Q1 2026 filing.

How has SPX Gestao de Recursos Ltda's portfolio performed?

A portfolio copying SPX Gestao de Recursos Ltda's 20 largest 13F holdings each quarter, from the day each filing was public, returned +13.0% a year over the last 3 years, against +19.9% for the S&P 500. Over 1 year: +17.2% against +20.1%. Over 5 years: +6.1% a year against +10.4%.

When is SPX Gestao de Recursos Ltda's next 13F filing due?

13F filings are due 45 days after each quarter ends. SPX Gestao de Recursos Ltda's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.