How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to SPX Gestao de Recursos Ltda

13F Portfolio OverlapQ2 2026SPX Gestao de Recursos Ltda portfolio →

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Most similar hedge funds by 13F overlap

SPX Gestao de Recursos Ltda is an institutional investor managing $898M across 79 U.S. equity positions as of Q2 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to SPX Gestao de Recursos Ltda are Fundamenta S.A., Navi International - Administradora e Gestora de Recursos Financeiros Ltda., ARGA Investment, with shared positions in $TGS, $PAM, $EMBJ, $ARCO, $TEO, $BAP. The full ranking of 25 similar funds is below.

#1Fundamenta Capital S.A.Active

Substantial overlap · 8 shared positions

$TGS $PAM $EMBJ $ARCO $TEO $BAP

$172M

14 positions

#2Navi International - Administradora e Gestora de Recursos Financeiros Ltda.Active

Notable overlap · 5 shared positions

$XP $LTM $INTR $VALE $ITUB

$148M

12 positions

#3ARGA Investment Management, LPActive

Notable overlap · 3 shared positions

$XP $SOBO $ITUB

$3.9B

121 positions

#4INCA Investments LLCActive

Notable overlap · 6 shared positions

$LTM $BAP $ARCO $BSAC $GGAL $ITUB

$353M

10 positions

#5Oaktree Fund Advisors, LLCActive

Notable overlap · 4 shared positions

$XP $EMBJ $FCX $ITUB

$58M

14 positions

#6Seafarer Capital Partners, LLCActive

Notable overlap · 4 shared positions

$XP $BAP $ARCO $ITUB

$434M

9 positions

#7Itau Unibanco Holding S.A.Passive

Notable overlap · 8 shared positions

$SOBO $EMBJ $BAP $VALE $CIB $BSAC

$5.3B

400 positions

#8ATMOS CAPITAL GESTAO DE RECURSOS LTDA.Smart money

Notable overlap · 3 shared positions

$XP $INTR $BKNG

$832M

17 positions

#9ABS Direct Equity Fund LLCPassive

Notable overlap · 5 shared positions

$PAM $TGS $TEO $BSAC $GGAL

$159M

111 positions

#10ABS Investment Management LLCPassive

Notable overlap · 5 shared positions

$PAM $TGS $TEO $BSAC $GGAL

$159M

111 positions

#11Absolute Gestao de Investimentos Ltda.

Notable overlap · 6 shared positions

$PAM $XP $GGAL $STNE $TEO $COHR

$994M

41 positions

#12Fourth Sail Capital LPActive

Notable overlap · 4 shared positions

$XP $STNE $BAP $GGAL

$660M

26 positions

#13Moerus Capital Management LLCActive

Notable overlap · 3 shared positions

$ARCO $SOBO $GGAL

$224M

14 positions

#14MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLCActive

Notable overlap · 7 shared positions

$FCX $BAP $IFS $XP $VALE $GGAL

$292M

32 positions

#15VPR Management LLCActive

Some overlap · 7 shared positions

$FCX $RIO $SOBO $XP $VALE $ITUB

$249M

66 positions

#16PING CAPITAL MANAGEMENT, INC.Active

Some overlap · 3 shared positions

$PAM $TGS $GGAL

$401M

93 positions

#17Carrhae Capital LLPSmart money

Some overlap · 5 shared positions

$EMBJ $HAL $SOBO $GGAL $ITUB

$3.6B

29 positions

#18Banco BTG Pactual S.A.Passive

Some overlap · 6 shared positions

$RIO $FCX $CIB $INTR $GGAL $STX

$1.2B

194 positions

#19Moneda S.A. Administradora General de FondosActive

Some overlap · 4 shared positions

$LTM $TGS $CIB $VALE

$122M

31 positions

#20Greenline Partners, LLCActive

Some overlap · 3 shared positions

$RIO $FCX $VALE

$983M

149 positions

#21Incline Global Management LLCActive

Some overlap · 3 shared positions

$STNE $LITE $COHR

$357M

20 positions

#22Ninety One North America, Inc.Active

Some overlap · 4 shared positions

$BAP $LTM $XP $BKNG

$2.1B

106 positions

#23RWC ASSET ADVISORS (US) LLC

Some overlap · 3 shared positions

$EMBJ $VALE $GGAL

$464M

14 positions

#24HARDING LOEVNER LPActive

Some overlap · 4 shared positions

$BAP $RIO $SPOT $ITUB

$10.6B

82 positions

#25Hosking Partners LLPActive

Some overlap · 4 shared positions

$FCX $BAP $STX $BKNG

$3.0B

98 positions

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View SPX Gestao de Recursos Ltda’s holdings

Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.