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Asset Manager ← All Institutions

SPX Gestao de Recursos Ltda

RUA HUMAITA, 275, 6 ANDAR HUMAITA, RIO DE JANEIRO, D5 22261000 • 552132031580

Q4 2025 · Filed 2026-02-13
Market Value
$955M
-19.2%
Holdings
133
-23
New Purchases
10
Added To
20
Closed
76
Reduced
23
Top 10 Concentration
62.4%
Turnover
64.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KWEB 7.40% 0.00% +7.40% $71M
STNE 8.11% 0.73% +7.38% $77M
SPY 5.81% 0.00% +5.81% $56M
XP 7.19% 3.18% +4.01% $69M
FSLR 5.59% 2.17% +3.42% $53M
BAP 5.98% 2.90% +3.08% $57M
TGS 3.93% 1.03% +2.90% $38M
MU 2.69% 0.28% +2.41% $26M
ARCO 5.80% 3.62% +2.18% $55M
AUGO 4.63% 2.54% +2.09% $44M
BABA 2.30% 0.51% +1.79% $22M
VINP 5.46% 3.67% +1.79% $52M
EVEX 1.19% 0.19% +1.00% $11M
GLOB 0.91% 0.00% +0.91% $9M
CPA 4.97% 4.09% +0.88% $47M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VALE 0.54% 10.17% -9.63% $5M
EEM 0.00% 6.69% -6.69% $0
EWZ 0.00% 4.20% -4.20% $0
VST 0.00% 3.52% -3.52% $0
PBR 6.06% 8.48% -2.42% $58M
TLN 0.37% 2.40% -2.03% $4M
LTM 1.86% 3.58% -1.72% $18M
GEV 0.00% 1.49% -1.49% $0
INTR 0.31% 1.60% -1.29% $3M
ERJ 0.00% 1.18% -1.18% $0
NVDA 0.28% 1.41% -1.12% $3M
ITUB 0.02% 1.04% -1.02% $159K
NU 0.00% 0.89% -0.89% $0
MSFT 0.00% 0.88% -0.88% $0
ELP 0.00% 0.70% -0.70% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 35.3%
Energy 19.1%
Technology 15.9%
Basic Materials 10.3%
Industrials 8.3%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 19 $117M 12.3%
Large Cap 61 $308M 32.2%
Mid Cap 31 $389M 40.7%
Small Cap 17 $141M 14.8%
Micro Cap 5 $141K 0.0%

Portfolio Analytics

Avg Market Cap
$238.3B
Median Market Cap
$18.6B
Avg P/E
32.7
Median P/E
21.9
Avg Dividend Yield
0.02%
Avg Beta
1.26
# Stocks
126
# ETFs / Funds
7

Top Holdings (133 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 STNE 8.11% 5,236,620 $77M $14.79 $69M +4,783,158 +1054.8%
2 KWEB 7.40% 2,075,400 $71M $34.05 +2,075,400 NEW
3 XP 7.19% 4,195,379 $69M $16.37 $31M +2,195,087 +109.7%
4 PBR 6.06% 4,887,558 $58M $11.85 -$42M -3,029,424 -38.3%
5 BAP 5.98% 199,083 $57M $287.00 $23M +70,491 +54.8%
6 SPY 5.81% 81,424 $56M $681.92 +81,424 NEW
7 ARCO 5.80% 7,551,676 $55M $7.34 $13M +1,209,055 +19.1%
8 FSLR 5.59% 204,250 $53M $261.23 $28M +88,000 +75.7%
9 VINP 5.46% 4,000,725 $52M $13.04 $9M -37,671 -0.9%
10 CPA 4.97% 393,542 $47M $120.61 -$852K -13,100 -3.2%
11 AUGO 4.63% 877,211 $44M $50.42 $14M +71,289 +8.8%
12 TGS 3.93% 1,206,803 $38M $31.09 $25M +628,438 +108.7%
13 RIO 3.92% 468,415 $37M $80.03 -$5M -178,451 -27.6%
14 MU 2.69% 90,000 $26M $285.41 $22M +70,000 +350.0%
15 BABA 2.30% 150,000 $22M $146.58 $16M +116,500 +347.8%
16 BP 1.90% 523,230 $18M $34.73 -$6M -180,079 -25.6%
17 GGB 1.89% 4,894,496 $18M $3.69 $4M +403,454 +9.0%
18 LTM 1.86% 328,463 $18M $54.01 -$25M -606,858 -64.9%
19 PBR-A 1.38% 1,173,051 $13M $11.27 -$7M -569,178 -32.7%
20 SN 1.22% 104,170 $12M $111.90 $2M +13,500 +14.9%
21 BBD 1.20% 3,437,249 $11M $3.33 -$8M -2,405,224 -41.2%
22 EVEX 1.19% 2,845,692 $11M $3.99 $9M +2,256,701 +383.1%
23 ELPC 0.91% 918,127 $9M $9.51 $8M +847,198 +1194.4%
24 GLOB 0.91% 133,160 $9M $65.37 +133,160 NEW
25 SBS 0.87% 348,052 $8M $23.85 $3M +137,536 +65.3%
26 AMZN 0.78% 32,460 $7M $230.82 $273K -420 -1.3%
27 OWL 0.77% 489,660 $7M $14.94 $859K +108,300 +28.4%
28 GRND 0.57% 401,800 $5M $13.54 $3M +224,500 +126.6%
29 VALE 0.54% 395,018 $5M $13.03 -$115M -10,673,385 -96.4%
30 MYTE 0.46% 523,410 $4M $8.35 $1M +149,500 +40.0%
31 TLN 0.37% 9,490 $4M $374.84 -$25M -57,140 -85.8%
32 CEPT 0.36% 305,000 $3M $11.26 +305,000 NEW
33 CTLP 0.33% 298,600 $3M $10.62 $15K
34 META 0.31% 4,460 $3M $660.09 -$5M -6,570 -59.6%
35 INTR 0.31% 347,106 $3M $8.48 -$16M -1,703,824 -83.1%
36 AFYA 0.29% 176,892 $3M $15.41 -$169K -8,685 -4.7%
37 NVDA 0.28% 14,500 $3M $186.50 -$14M -74,496 -83.7%
38 UGP 0.23% 582,585 $2M $3.77 $2M +561,116 +2613.6%
39 XOP 0.20% 15,000 $2M $126.26 $43K +1,000 +7.1%
40 TDG 0.19% 1,400 $2M $1,329.85 $17K
41 CORZ 0.16% 104,800 $2M $14.56 +104,800 NEW
42 SUZ 0.11% 115,964 $1M $9.34 -$272K -28,249 -19.6%
43 FXI 0.10% 25,370 $971K $38.29 -$72K
44 AMD 0.10% 4,500 $964K $214.16 -$88K -2,000 -30.8%
45 HUT.TO 0.09% 18,180 $835K $45.94 -$1M -42,620 -70.1%
46 CIG 0.07% 354,805 $710K $2.00 $33K +34,027 +10.6%
47 IREN 0.07% 17,500 $661K $37.77 -$3M -55,100 -75.9%
48 BSBR 0.03% 54,694 $334K $6.11 +54,694 NEW
49 ENIC 0.03% 70,089 $282K $4.02 +70,089 NEW
50 ABEV 0.02% 70,408 $174K $2.47 -$7M -3,172,186 -97.8%
51 ITUB 0.02% 22,194 $159K $7.16 -$12M -1,651,888 -98.7%
52 EWY 0.02% 1,574 $153K $97.22 -$2M -28,426 -94.8%
53 GRO 0.01% 74,572 $141K $1.89 -$60K
54 GOOGL —% 44 $14K $313.00 +44 NEW
55 AXIA —% 1,285 $12K $9.16 -$5M -471,924 -99.7%
56 SID —% 3,107 $5K $1.60 +3,107 NEW
57 CIG-C —% 565 $1K $2.59 +565 NEW
58 COP —% -$2M -20,000 -100.0% SOLD
59 BAC —% -$774K -15,000 -100.0% SOLD
60 FIVE —% -$866K -5,600 -100.0% SOLD
61 TTWO —% -$3M -10,000 -100.0% SOLD
62 ANET —% -$1M -8,000 -100.0% SOLD
63 HON —% -$1M -5,600 -100.0% SOLD
64 NEM —% -$2M -25,000 -100.0% SOLD
65 LLY —% -$2M -2,800 -100.0% SOLD
66 ETN —% -$1M -2,800 -100.0% SOLD
67 CSIQ —% -$287K -22,000 -100.0% SOLD
68 ASPI —% -$1M -109,600 -100.0% SOLD
69 DASH —% -$2M -5,600 -100.0% SOLD
70 TSM —% -$2M -5,600 -100.0% SOLD
71 UBER —% -$2M -20,000 -100.0% SOLD
72 BTDR —% -$718K -42,000 -100.0% SOLD
73 ACHR —% -$1M -105,000 -100.0% SOLD
74 SHLS —% -$282K -38,000 -100.0% SOLD
75 PATH —% -$1M -80,000 -100.0% SOLD
76 NKE —% -$1M -20,000 -100.0% SOLD
77 EEM —% -$79M -1,480,000 -100.0% SOLD
78 SNOW —% -$1M -5,600 -100.0% SOLD
79 ARRY —% -$220K -27,000 -100.0% SOLD
80 GAMB —% -$2M -208,800 -100.0% SOLD
81 NRG —% -$1M -8,400 -100.0% SOLD
82 UEC —% -$3M -215,000 -100.0% SOLD
83 IONQ —% -$2M -30,000 -100.0% SOLD
84 COHR —% -$5M -45,000 -100.0% SOLD
85 RUN —% -$268K -15,500 -100.0% SOLD
86 IBM —% -$3M -10,000 -100.0% SOLD
87 NU —% -$10M -654,165 -100.0% SOLD
88 DBX —% -$508K -16,800 -100.0% SOLD
89 CRWV —% -$958K -7,000 -100.0% SOLD
90 SHEL —% -$873K -12,198 -100.0% SOLD
91 DNA —% -$1M -100,000 -100.0% SOLD
92 WDC —% -$2M -20,000 -100.0% SOLD
93 SEDG —% -$296K -8,000 -100.0% SOLD
94 HDB —% -$8M -222,000 -100.0% SOLD
95 FUTU —% -$5M -31,000 -100.0% SOLD
96 CRDO —% -$5M -34,000 -100.0% SOLD
97 VST —% -$42M -212,500 -100.0% SOLD
98 GIS —% -$2M -32,180 -100.0% SOLD
99 GEV —% -$18M -28,700 -100.0% SOLD
100 NTAP —% -$663K -5,600 -100.0% SOLD

New Positions

SymbolValue% Port
KWEB $71M 7.40%
SPY $56M 5.81%
GLOB $9M 0.91%
CEPT $3M 0.36%
CORZ $2M 0.16%
BSBR $334K 0.03%
ENIC $282K 0.03%
GOOGL $14K —%
SID $5K —%
CIG-C $1K —%

Sold Out Positions

SymbolValue% Port
CVX —%
UBER —%
ACHR —%
CNR —%
SE —%
ANET —%
SNOW —%
LEU —%
BE —%
VST —%
NKE —%
SHEL —%
PATH —%
IBM —%
GEV —%
View SEC EDGAR Filings for SPX Gestao de Recursos Ltda →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms