SPX Gestao de Recursos Ltda
Sector Allocation
- Financials27.2%$244.0M
- Technology22.0%$197.4M
- Energy13.1%$117.7M
- Industrials10.6%$94.9M
- Consumer Discretionary6.5%$58.2M
- Materials6.4%$57.2M
- Utilities6.0%$54.4M
- Other3.9%$35.4M
- Communication Services3.8%$34.2M
- Consumer Staples0.3%$3.2M
AUM History
13fpro.ai/research/fund/spx-gestao-de-recursos-ltda-1589176
Conviction and streaks
Diversifying · top 10 = 49.4%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
XP
$78.3MLTM
$61.0MTGS
$54.0MPAM
$45.0MVINP
$43.2MARCO
$36.3MSTNE
$32.6MEMBJ
$32.1MSOBO
$30.8MTEO
$30.2MHAL
$29.8MRIO
$29.3MMSFT
$24.0MIFS
$22.9MNVDA
$22.6MGOOGL
$21.9MFCX
$21.6M- ISHARES$20.1M
MU
$19.7MINTR
$18.5M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/spx-gestao-de-recursos-ltda-1589176
SPX Gestao de Recursos Ltda 13F holdings — Q2 2026
$898.0M portfolio (-25.4% QoQ) · 79 holdings · Q2 2026 13F · top 10 are 49% of the stock portfolio
$78.3M
8.7% of stocks
+305%This quarter-5.8%Since filed6 qtrsHeld$61.0M
6.8% of stocks
+19%This quarter-24.5%Since filed6 qtrsHeld$54.0M
6.0% of stocks
+77%This quarter-10.9%Since filed5 qtrsHeld$45.0M
5.0% of stocks
+235%This quarter-7.5%Since filed2 qtrsHeld$43.2M
4.8% of stocks
-5%This quarter-7.7%Since filed7+ qtrsHeld$36.3M
4.0% of stocks
-24%This quarter-15.6%Since filed6 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$32.6M
3.6% of stocks
-61%This quarter-24.8%Since filed5 qtrsHeld$32.1M
3.6% of stocks
+42%This quarter-1.2%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$30.8M
3.4% of stocks
-20%This quarter+1.0%Since filed6 qtrsHeld$30.2M
3.4% of stocks
+217%This quarter-13.5%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row
All holdings — SPX Gestao de Recursos Ltda (Q2 2026)
79 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | HALLIBURTON CO | Energy | $29.8M | 3.3% | 876K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | RIO TINTO PLCadr | Materials | $29.3M | 3.3% | 309K | +534% | 7+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | MICROSOFT CORP | Technology | $24.0M | 2.7% | 64K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Intercorp Financial Services Inc. | Financials | $22.9M | 2.5% | 402K | New | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | NVIDIA CORP | Technology | $22.6M | 2.5% | 113K | -57% | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Alphabet Inc. | Technology | $21.9M | 2.4% | 61K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | FREEPORT-MCMORAN INC | Materials | $21.6M | 2.4% | 344K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | — | ISHARES MSCI BRAZIL ETF - MSCI BRAZIL ETFetf/fund | — | $20.1M | 2.2% | 581K | +18% | — | — | 13F |
| 19 | MICRON TECHNOLOGY INC | Technology | $19.7M | 2.2% | 17K | +7846% | 7+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Inter & Co, Inc. | Financials | $18.5M | 2.1% | 3.41M | -15% | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | CREDICORP LTD | Financials | $17.1M | 1.9% | 44K | -35% | 7+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Mastercard Inc | Financials | $16.3M | 1.8% | 32K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | VISA INC. | Financials | $15.6M | 1.7% | 46K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | Meta Platforms, Inc. | Technology | $14.7M | 1.6% | 26K | +207% | 6 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | — | PETROLEO BRASILEIRO SA PETRO - SP ADR NON VTGadr | — | $14.5M | 1.6% | 993K | -86% | — | — | 13F |
| 26 | $AMZN | AMAZON COM INC | Consumer Discretionary | $14.5M | 1.6% | 61K | -3% | |||
| 27 | $TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Technology | $13.7M | 1.5% | 29K | -52% | |||
| 28 | $BSAC | BANCO SANTANDER CHILE | Financials | $11.1M | 1.2% | 337K | +496% | |||
| 29 | $CIB | Grupo Cibest S.A. | Financials | $7.8M | 0.9% | 99K | +508% | |||
| 30 | $LITE | Lumentum Holdings Inc. | Technology | $7.6M | 0.8% | 8,875 | New | |||
| 31 | $WDC | WESTERN DIGITAL CORP | Technology | $7.2M | 0.8% | 11K | New | |||
| 32 | $COHR | COHERENT CORP. | Technology | $6.6M | 0.7% | 17K | New | |||
| 33 | $VALE | Vale S.A. | Materials | $6.0M | 0.7% | 398K | -93% | |||
| 34 | $ELPC | ENERGY CO OF PARANA | Utilities | $5.4M | 0.6% | 466K | -48% | |||
| 35 | $AAOI | APPLIED OPTOELECTRONICS, INC. | Technology | $5.3M | 0.6% | 36K | New | |||
| 36 | $STX | Seagate Technology Holdings plc | Technology | $5.0M | 0.6% | 5,200 | New | |||
| 37 | $GGAL | GRUPO FINANCIERO GALICIA SA | Financials | $4.3M | 0.5% | 85K | New | |||
| 38 | $SPOT | Spotify Technology S.A. | Communication Services | $4.0M | 0.4% | 8,626 | New | |||
| 39 | $ITUB | Itau Unibanco Holding S.A. | Financials | $3.9M | 0.4% | 479K | New | |||
| 40 | $ONON | On Holding AG | Consumer Discretionary | $3.8M | 0.4% | 108K | New | |||
| 41 | $BKNG | Booking Holdings Inc. | Consumer Discretionary | $3.6M | 0.4% | 20K | New | |||
| 42 | $AVGO | Broadcom Inc. | Technology | $2.7M | 0.3% | 7,098 | New | |||
| 43 | $AAPL | Apple Inc. | Technology | $2.3M | 0.3% | 7,800 | New | |||
| 44 | $SBS | COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP | Utilities | $2.0M | 0.2% | 352K | +98% | |||
| 45 | $UGP | ULTRAPAR HOLDINGS INC | Energy | $1.9M | 0.2% | 378K | -27% | |||
| 46 | $TER | TERADYNE, INC | Technology | $1.9M | 0.2% | 3,864 | New | |||
| 47 | $SN | SharkNinja, Inc. | Technology | $1.8M | 0.2% | 12K | -89% | |||
| 48 | $ACMR | ACM Research, Inc. | Technology | $1.8M | 0.2% | 14K | New | |||
| 49 | $BMA | Macro Bank Inc. | Financials | $1.7M | 0.2% | 19K | New | |||
| 50 | $ORCL | ORACLE CORP | Technology | $1.7M | 0.2% | 11K | New | |||
| 51 | $COST | COSTCO WHOLESALE CORP /NEW | Consumer Staples | $1.5M | 0.2% | 1,600 | New | |||
| 52 | $WMT | Walmart Inc. | Consumer Staples | $1.5M | 0.2% | 13K | New | |||
| 53 | $NTRA | Natera, Inc. | Healthcare | $1.5M | 0.2% | 5,400 | New | |||
| 54 | $HOOD | Robinhood Markets, Inc. | Financials | $1.4M | 0.2% | 14K | New | |||
| 55 | $PBR | PETROBRAS - PETROLEO BRASILEIRO SA | Energy | $1.3M | 0.1% | 80K | -95% | |||
| 56 | $EVEX | Eve Holding, Inc. | Industrials | $1.0M | 0.1% | 415K | -82% | |||
| 57 | $AXIA | AXIA Energia S.A. | Utilities | $1.0M | 0.1% | 98K | +7565% | |||
| 58 | $AMAT | APPLIED MATERIALS INC /DE | Technology | $904K | 0.1% | 1,250 | New | |||
| 59 | $CIG | ENERGY CO OF MINAS GERAIS | Utilities | $865K | 0.1% | 412K | +12% | |||
| 60 | $PURR | Hyperliquid Strategies Inc | Financials | $860K | 0.1% | 109K | New | |||
| 61 | $VRT | Vertiv Holdings Co | Technology | $822K | 0.1% | 2,454 | New | |||
| 62 | — | ISHARE CHINA LARGE CAP ETF - CHINA LG-CAP ETF | — | $801K | 0.1% | 25K | — | |||
| 63 | $LRCX | LAM RESEARCH CORP | Technology | $747K | 0.1% | 1,725 | New | |||
| 64 | $VNET | VNET Group, Inc. | Technology | $641K | 0.1% | 80K | New | |||
| 65 | $INTC | INTEL CORP | Technology | $641K | 0.1% | 4,590 | New | |||
| 66 | $WULF | TERAWULF INC. | Financials | $638K | 0.1% | 26K | New | |||
| 67 | $APTV | Aptiv PLC | Industrials | $637K | 0.1% | 10K | New | |||
| 68 | $ASML | ASML HOLDING NV | Technology | $579K | 0.1% | 291 | New | |||
| 69 | $SUZ | Suzano S.A. | Materials | $292K | 0.0% | 38K | -25% | |||
| 70 | $PAX | Patria Investments Ltd | Financials | $204K | 0.0% | 19K | New | |||
| 71 | $QCOM | QUALCOMM INC/DE | Technology | $190K | 0.0% | 1,030 | New | |||
| 72 | $ABEV | AMBEV S.A. | Consumer Staples | $160K | 0.0% | 51K | -28% | |||
| 73 | $AZUL | AZUL SA | Industrials | $141K | 0.0% | 16K | New | |||
| 74 | $BCH | BANK OF CHILE | Financials | $124K | 0.0% | 3,131 | +117% | |||
| 75 | $TIMB | TIM S.A. | Communication Services | $121K | 0.0% | 5,670 | New | |||
| 76 | — | AXIA ENERGIA SA - SPON ADS PF CL C | — | $19K | 0.0% | 1,809 | -100% | |||
| 77 | $CSAN | Cosan S.A. | Consumer Discretionary | $1K | 0.0% | 425 | New | |||
| 78 | $BHP | BHP Group Ltd | Materials | $0 | 0.0% | 0 | New | |||
| 79 | — | COMPNHIA ENRG C - SPONSORED ADR | — | $0 | 0.0% | 0 | New |
What changed in Q2 2026
Against the previous quarter's 13F: 38 new, 19 added to, 19 trimmed, 41 sold out. Share-count changes; largest moves by dollar size first.
New positions (38)
first bought this quarter
first bought this quarter
first bought this quarter
first bought this quarter
$MAMastercard Inc$16.3M
first bought this quarter
$VVISA INC.$15.6M
first bought this quarter
+32 more in the Excel export
Added to (19)
now $78.3M · held 6 qtrs
now $45.0M · held 2 qtrs, 2 adds in a row
now $29.3M · held 7+ qtrs
now $54.0M · held 5 qtrs
now $30.2M · held 2 qtrs, 2 adds in a row
now $19.7M · held 7+ qtrs
+13 more in the Excel export
Trimmed (19)
- PETROLEO BRASILEIRO SA PETRO - SP ADR NON VTG-86%
now $14.5M
$VALEVale S.A.-93%
now $6.0M · held 7+ qtrs
now $32.6M · held 5 qtrs
now $22.6M · held 6 qtrs
$PBRPETROBRAS - PETROLEO BRASILEIRO SA-95%
now $1.3M · held 7+ qtrs, 3 trims in a row
$TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD-52%
now $13.7M · held 2 qtrs
+13 more in the Excel export
Holdings by quarter
Every 13F SPX Gestao de Recursos Ltda has filed, 40 earlier quarters. Pick one to see what it held then.
Is it too late to follow SPX Gestao de Recursos Ltda?
Q2 2026 13F filed with the SEC on Aug 6, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of SPX Gestao de Recursos Ltda's top 20 holdings: 69/100 (our AI quality score, weighted by position size; 8 of the 20 are scored)
Top 10 since filing
-11.3%
Value-weighted move of the 10 largest stock positions
Turnover
44%
Last quarter; 182% over the last 4
Top 10 weight
49%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
57%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
SPX Gestao de Recursos Ltda disclosed 79 positions worth $898.0M in its Form 13F-HR for Q2 2026, led by $XP (XP Inc.) at 8.7% of the equity portfolio, followed by $LTM and $TGS. During the quarter the fund opened 38 new positions and exited 41 — including a new stake in $HAL. The portfolio is most concentrated in Financials (27.2% of disclosed assets). All figures are sourced directly from SPX Gestao de Recursos Ltda’s Form 13F-HR filing with the SEC under CIK 1589176.
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Every holding in SPX Gestao de Recursos Ltda's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.