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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

Q1 2026 · Filed 2026-05-06
Market Value
$1.2B
+23.5%
Holdings
78
-55
New Purchases
21
Added To
16
Closed
15
Reduced
18
Top 10 Concentration
61.8%
Turnover
46.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
XLP 10.19% 0.00% +10.19% $120M
PBR-A 10.93% 1.38% +9.54% $129M
VALE 7.47% 0.54% +6.93% $88M
MCHI 4.63% 0.00% +4.63% $55M
NVDA 3.89% 0.28% +3.61% $46M
NU 3.13% 0.00% +3.13% $37M
INTR 2.72% 0.31% +2.41% $32M
BBD 3.42% 1.20% +2.22% $40M
LTM 3.70% 1.86% +1.84% $44M
ERJ 1.78% 0.00% +1.78% $21M
TSM 1.70% 0.00% +1.70% $20M
EWZ 1.61% 0.00% +1.61% $19M
PAM 1.23% 0.00% +1.23% $14M
STNE 9.25% 8.11% +1.14% $109M
AA 0.87% 0.00% +0.87% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KWEB 0.00% 7.40% -7.40% $0
SPY 0.00% 5.81% -5.81% $0
FSLR 0.00% 5.59% -5.59% $0
XP 1.92% 7.19% -5.27% $23M
AUGO 0.00% 4.63% -4.63% $0
BAP 1.94% 5.98% -4.04% $23M
RIO 0.38% 3.92% -3.54% $5M
PBR 3.05% 6.06% -3.01% $36M
CPA 2.17% 4.97% -2.80% $26M
MU 0.01% 2.69% -2.68% $73K
BABA 0.00% 2.30% -2.30% $2K
ARCO 4.16% 5.80% -1.64% $49M
VINP 4.18% 5.46% -1.28% $49M
TGS 3.01% 3.93% -0.92% $35M
GLOB 0.00% 0.91% -0.91% $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 10 $89M 7.5%
Large Cap 32 $602M 51.1%
Mid Cap 24 $367M 31.1%
Small Cap 10 $121M 10.3%
Micro Cap 2 $54K 0.0%

Portfolio Analytics

Avg Market Cap
$268.4B
Median Market Cap
$14.1B
Avg P/E
27.5
Median P/E
15.7
Avg Dividend Yield
0.03%
Avg Beta
0.92
# Stocks
68
# ETFs / Funds
10

Top Holdings (78 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 PBR-A 10.93% 6,874,705 $129M $18.75 $116M +5,701,654 +486.1%
2 XLP 10.19% 1,466,111 $120M $81.98 +1,466,111 NEW
3 STNE 9.25% 7,728,014 $109M $14.12 $32M +2,491,394 +47.6%
4 VALE 7.47% 5,539,608 $88M $15.91 $83M +5,144,590 +1302.4%
5 MCHI 4.63% 972,000 $55M $56.18 +972,000 NEW
6 VINP 4.18% 4,672,173 $49M $10.55 -$3M +671,448 +16.8%
7 ARCO 4.16% 5,949,286 $49M $8.25 -$6M -1,602,390 -21.2%
8 NVDA 3.89% 263,200 $46M $174.40 $43M +248,700 +1715.2%
9 LTM 3.70% 881,976 $44M $49.44 $26M +553,513 +168.5%
10 BBD 3.42% 11,051,974 $40M $3.65 $29M +7,614,725 +221.5%
11 NU 3.13% 2,569,755 $37M $14.37 +2,569,755 NEW
12 PBR 3.05% 1,732,842 $36M $20.75 -$22M -3,154,716 -64.5%
13 TGS 3.01% 1,025,136 $35M $34.61 -$2M -181,667 -15.1%
14 INTR 2.72% 4,023,802 $32M $7.96 $29M +3,676,696 +1059.2%
15 CPA 2.17% 224,792 $26M $113.61 -$22M -168,750 -42.9%
16 BAP 1.94% 67,403 $23M $339.18 -$34M -131,680 -66.1%
17 XP 1.92% 1,187,073 $23M $19.04 -$46M -3,008,306 -71.7%
18 ERJ 1.78% 353,289 $21M $59.34 +353,289 NEW
19 TSM 1.70% 59,271 $20M $337.95 +59,271 NEW
20 EWZ 1.61% 493,168 $19M $38.39 +493,168 NEW
21 BP 1.41% 354,344 $17M $47.00 -$2M -168,886 -32.3%
22 GGB 1.30% 4,254,223 $15M $3.61 -$3M -640,273 -13.1%
23 PAM 1.23% 163,643 $14M $88.50 +163,643 NEW
24 AMZN 1.11% 62,640 $13M $208.27 $6M +30,180 +93.0%
25 SN 0.94% 104,170 $11M $105.90 -$625K
26 ELPC 0.91% 902,109 $11M $11.94 $2M -16,018 -1.7%
27 AA 0.87% 155,300 $10M $66.33 +155,300 NEW
28 TEO 0.73% 732,697 $9M $11.69 +732,697 NEW
29 OIH 0.57% 16,500 $7M $404.21 +16,500 NEW
30 CEPU 0.52% 361,495 $6M $16.83 +361,495 NEW
31 EVEX 0.48% 2,293,630 $6M $2.48 -$6M -552,062 -19.4%
32 GRND 0.47% 455,800 $6M $12.09 $70K +54,000 +13.4%
33 SBS 0.46% 177,950 $5M $30.51 -$3M -170,102 -48.9%
34 SHEL 0.41% 52,300 $5M $93.00 +52,300 NEW
35 META 0.41% 8,480 $5M $572.13 $2M +4,020 +90.1%
36 RIO 0.38% 48,650 $5M $93.29 -$33M -419,765 -89.6%
37 OWL 0.38% 489,660 $4M $9.13 -$3M
38 MYTE 0.35% 523,410 $4M $8.00 -$183K
39 CEPT 0.28% 305,000 $3M $10.89 -$113K
40 CTLP 0.27% 298,600 $3M $10.81 $57K
41 CORZ 0.26% 205,350 $3M $14.96 $2M +100,550 +95.9%
42 UGP 0.24% 519,126 $3M $5.51 $664K -63,459 -10.9%
43 TLN 0.20% 7,490 $2M $319.23 -$1M -2,000 -21.1%
44 SOLS 0.19% 29,600 $2M $76.16 +29,600 NEW
45 TDG 0.17% 1,780 $2M $1,158.96 $201K +380 +27.1%
46 BSAC 0.16% 56,479 $2M $33.40 +56,479 NEW
47 JBL 0.09% 4,000 $1M $265.63 +4,000 NEW
48 IREN 0.08% 28,950 $992K $34.28 $331K +11,450 +65.4%
49 FXI 0.08% 25,370 $911K $35.90 -$61K
50 CIG 0.07% 368,223 $880K $2.39 $170K +13,418 +3.8%
51 BSBR 0.04% 86,883 $515K $5.93 $181K +32,189 +58.9%
52 SUZ 0.04% 49,917 $500K $10.01 -$583K -66,047 -57.0%
53 ABEV 0.02% 70,408 $206K $2.92 $32K
54 ENIC 0.01% 42,596 $168K $3.94 -$114K -27,493 -39.2%
55 STLD 0.01% 419 $75K $180.00 +419 NEW
56 MU 0.01% 215 $73K $337.84 -$26M -89,785 -99.8%
57 EWZS —% 3,617 $54K $14.81 +3,617 NEW
58 BCH —% 1,443 $53K $37.04 +1,443 NEW
59 AXIA —% 1,285 $14K $11.28 $3K
60 IFS —% 200 $10K $50.20 +200 NEW
61 BRBI —% 525 $8K $14.89 +525 NEW
62 BABA —% 16 $2K $125.44 -$22M -149,984 -100.0%
63 SCCO —% 1 $172 $172.00 +1 NEW
64 FSLR —% -$53M -204,250 -100.0% SOLD
65 GOOGL —% -$14K -44 -100.0% SOLD
66 GRO —% -$141K -74,572 -100.0% SOLD
67 CIG-C —% -$1K -565 -100.0% SOLD
68 SID —% -$5K -3,107 -100.0% SOLD
69 XOP —% -$2M -15,000 -100.0% SOLD
70 AMD —% -$964K -4,500 -100.0% SOLD
71 KWEB —% -$71M -2,075,400 -100.0% SOLD
72 SPY —% -$56M -81,424 -100.0% SOLD
73 GLOB —% -$9M -133,160 -100.0% SOLD
74 HUT.TO —% -$835K -18,180 -100.0% SOLD
75 EWY —% -$153K -1,574 -100.0% SOLD
76 AFYA —% -$3M -176,892 -100.0% SOLD
77 AUGO —% -$44M -877,211 -100.0% SOLD
78 ITUB —% -$159K -22,194 -100.0% SOLD

New Positions

SymbolValue% Port
XLP $120M 10.19%
MCHI $55M 4.63%
NU $37M 3.13%
ERJ $21M 1.78%
TSM $20M 1.70%
EWZ $19M 1.61%
PAM $14M 1.23%
AA $10M 0.87%
TEO $9M 0.73%
OIH $7M 0.57%
CEPU $6M 0.52%
SHEL $5M 0.41%
SOLS $2M 0.19%
BSAC $2M 0.16%
JBL $1M 0.09%

Sold Out Positions

SymbolValue% Port
GLOB —%
SID —%
ITUB —%
AMD —%
AUGO —%
FSLR —%
AFYA —%
XOP —%
KWEB —%
SPY —%
EWY —%
GOOGL —%
GRO —%
HUT.TO —%
CIG-C —%
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