SPX Gestao de Recursos Ltda
Long book
$1.20B
Q1 2026
Positions
73
Top-10 weight
61%
concentration
Last quarter
-2.6%
SPY +14.8%
Turnover
45%
of book per quarter
Strategy in plain words
auto-generated from filingsSPX Gestao de Recursos Ltda is a diversified fundamental manager, running a $1.20B US long book across 73 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: PETROLEO BRASIL-SP PREF ADR, SS CONSUMER STAPLES SEL SECT, STONECO LTD-A, VALE SA-SP ADR, ISHARES MSCI CHINA ETF.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.7%
Q2 2024
+5.5%
Q3 2024
-7.6%
Q4 2024
-2.0%
Q1 2025
+15.8%
Q2 2025
+9.7%
Q3 2025
+6.4%
Q4 2025
+8.5%
Q1 2026
-2.6%
Sector allocation
Financials 37%
Technology 35%
Consumer discretionary 13%
Industrials 12%
Services media 2%
Other 1%
Utilities 1%
Materials 0%
Long book by quarter
What does SPX Gestao own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| STNE STONECO LTD-A | Technology | 7.7M | $109.1M | 9.1% | +47.6% |
| VINP VINCI COMPASS INVESTMENTS LT | Financials | 4.7M | $49.3M | 4.1% | +16.8% |
| ARCO ARCOS DORADOS HOLDINGS INC-A | Consumer discretionary | 5.9M | $49.1M | 4.1% | -21.2% |
| NVDA NVIDIA CORP | Technology | 263.2K | $45.9M | 3.8% | +1715.2% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 2.6M | $36.9M | 3.1% | New |
| INTR INTER & CO INC - CL A | Financials | 4.0M | $32.0M | 2.7% | +1059.2% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 224.8K | $25.5M | 2.1% | -42.9% |
| BAP CREDICORP LTD | Financials | 67.4K | $22.9M | 1.9% | -66.1% |
| XP XP INC - CLASS A | Financials | 1.2M | $22.6M | 1.9% | -71.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 62.6K | $13.0M | 1.1% | +93.0% |
| SN SHARKNINJA INC | Industrials | 104.2K | $11.0M | 0.9% | Held |
| AA ALCOA CORP | Industrials | 155.3K | $10.3M | 0.9% | New |
| CPAY CORPAY INC | Services media | 29.3K | $8.5M | 0.7% | Held |
| EVEX EVE HOLDING INC | Industrials | 2.3M | $5.7M | 0.5% | -19.4% |
| GRND GRINDR INC | Technology | 455.8K | $5.5M | 0.5% | +13.4% |
| META META PLATFORMS INC-CLASS A | Technology | 8.5K | $4.9M | 0.4% | +90.1% |
| OWL BLUE OWL CAPITAL INC | Financials | 489.7K | $4.5M | 0.4% | Held |
| UTE0 CANTALOUPE INC | — | 298.6K | $3.2M | 0.3% | Held |
| CORZ CORE SCIENTIFIC INC | Financials | 205.3K | $3.1M | 0.3% | +95.9% |
| TLN TALEN ENERGY CORP | Utilities | 7.5K | $2.4M | 0.2% | -21.1% |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 29.6K | $2.3M | 0.2% | New |
| PGY PAGAYA TECHNOLOGIES LTD -A | Financials | 180.1K | $2.1M | 0.2% | +49.7% |
| TDG TRANSDIGM GROUP INC | Industrials | 1.8K | $2.1M | 0.2% | +27.1% |
| NYAX NAYAX LTD | Technology | 20.5K | $1.1M | 0.1% | -14.3% |
| JBL JABIL INC | Technology | 4.0K | $1.1M | 0.1% | New |
| IREN IREN LTD | Financials | 28.9K | $992K | 0.1% | +65.4% |
| STLD STEEL DYNAMICS INC | Industrials | 419 | $75K | 0.0% | New |
| MU MICRON TECHNOLOGY INC | Technology | 215 | $73K | 0.0% | -99.8% |
| IFS INTERCORP FINANCIAL SERVICES | Financials | 200 | $10K | 0.0% | New |
| SCCO SOUTHERN COPPER CORP | Materials | 1 | $172 | 0.0% | New |
| AAOI APPLIED OPTOELECTRONICS INC | Technology | 0 | $0 | 0.0% | Held |
| LRCX LAM RESEARCH CORP | Industrials | 0 | $0 | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 82 | $1.20B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 73 | $978.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 167 | $1.20B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 117 | $1.07B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 107 | $776.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 95 | $665.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Dec 12, 2024 | 71 | $756.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 26, 2024 | 80 | $671.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Aug 23, 2024 | 86 | $1.15B | canonical | SEC ↗ |
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