SPX Gestao de Recursos Ltda
RIO DE JANEIRO, D5
$898m in 77 US stocks at the end of 30 June 2026. The top 10 are 49.4% of the money. It changed about 57.0% of the portfolio this quarter.
Value
$898m
Stocks
77
Top 10 share
49.4%
Turnover
57.0%
What changed this quarter
New
Bought for the first time this quarter.
- HalliburtonHAL3.3% of the fund
- MicrosoftMSFT2.7% of the fund
- AlphabetGOOGL2.4% of the fund
- Freeport-McMoRanFCX2.4% of the fund
- MastercardMA1.8% of the fund
- VisaV1.7% of the fund
- Lumentum HoldingsLITE0.8% of the fund
- Western DigitalWDC0.8% of the fund
- CoherentCOHR0.7% of the fund
- Applied OptoelectronicsAAOI0.6% of the fund
- Seagate Technology HoldingsSTX0.6% of the fund
- Grupo Financiero Galicia S.AGGAL0.5% of the fund
- Spotify TechnologySPOT0.4% of the fund
- Itau Unibanco Hldg S AITUB0.4% of the fund
- On Holding AGONON0.4% of the fund
- Booking HoldingsBKNG0.4% of the fund
- BroadcomAVGO0.3% of the fund
- AppleAAPL0.3% of the fund
- TeradyneTER0.2% of the fund
- ACM ResearchACMR0.2% of the fund
- Macro BankBMA0.2% of the fund
- OracleORCL0.2% of the fund
- Costco WholesaleCOST0.2% of the fund
- WalmartWMT0.2% of the fund
- NateraNTRA0.2% of the fund
Added
Bought more of a stock they already held.
- XPXP8.7% of the fund+305%
- Latam Airlines Group SALTM6.8% of the fund+19%
- Gas Transporter of the SouthTGS6.0% of the fund+77%
- Pampa EnergyPAM5.0% of the fund+235%
- EmbraerEMBJ3.6% of the fund+42%
- Telecom Argentina SATEO3.4% of the fund+217%
- Rio TintoRIO3.3% of the fund+534%
- Intercorp Financial ServicesIFS2.5% of the fund+200673%
- IsharesEWZ2.2% of the fund+18%
- Micron TechnologyMU2.2% of the fund+7846%
- Meta PlatformsMETA1.6% of the fund+207%
- Banco Santander ChileBSAC1.2% of the fund+496%
- Grupo Cibest SACIB0.9% of the fund+508%
- Axia Energia SAAXIAY0.1% of the fund+7565%
- CIA Energetica de Minas GeraCIG<0.1% of the fund+12%
- Bank of ChileBCH<0.1% of the fund+117%
Cut
Sold some of their stake.
- Vinci Compass InvestmentsVINP4.8% of the fund-5%
- Arcos Dorados HoldingsARCO4.0% of the fund-24%
- StoneCoSTNE3.6% of the fund-61%
- Banco Bradesco S ABBD3.4% of the fund-20%
- NvidiaNVDA2.5% of the fund-57%
- InterINTR2.1% of the fund-15%
- CredicorpBAP1.9% of the fund-35%
- Petroleo Brasileiro S APBR-A1.6% of the fund-86%
- Amazon.comAMZN1.6% of the fund-3%
- Taiwan Semiconductor ManufacturingTSM1.5% of the fund-52%
- Vale S AVALE0.7% of the fund-93%
- Companhia Paranaense de EnerELPC0.6% of the fund-48%
- Companhia de Saneamento BasiSBS0.2% of the fund-60%
- Ultrapar Participacoes SAUGP0.2% of the fund-27%
- SharkNinjaSN0.2% of the fund-89%
- Petrobras - Petroleo Brasileiro SAPBR0.1% of the fund-95%
- Eve HoldingEVEX0.1% of the fund-82%
- Suzano S ASUZ<0.1% of the fund-25%
- Ambev SAABEV<0.1% of the fund-28%
- Axia Energia SAAXICY<0.1% of the fund-100%
Sold out
Sold their entire stake.
- Select Sector Spdr TRXLP-100%
- Ishares TRMCHI-100%
- Nu HoldingsNU-100%
- Copa HoldingsCPA-100%
- BPBP-100%
- GerdauGGB-100%
- AlcoaAA-100%
- CorpayCPAY-100%
- Vaneck ETF TrustOIH-100%
- Central Puerto S ACEPU-100%
- GrindrGRND-100%
- ShellSHEL-100%
- Blue Owl CapitalOWL-100%
- Luxexperience BVLUXE-100%
- Cantor Equity Partners II IN-100%
- Cantaloupe-100%
- Core ScientificCORZ-100%
- Talen EnergyTLN-100%
- Solstice Advanced MaterialsSOLS-100%
- Pagaya TechnologiesPGY-100%
- TransDigm GroupTDG-100%
- NayaxNYAX-100%
- JabilJBL-100%
- IrenIREN-100%
- Banco Santander Brasil S ABSBR-100%
Holdings
- Latam Airlines Group SALTM
- Share
- 6.8%
- Value
- $61m
- Shares
- 1,046,638
+19%
- Banco Bradesco S ABBD
- Share
- 3.4%
- Value
- $31m
- Shares
- 8,863,299
-20%
- IsharesEWZ
- Share
- 2.2%
- Value
- $20m
- Shares
- 581,348
+18%
- Petroleo Brasileiro S APBR-A
- Share
- 1.6%
- Value
- $15m
- Shares
- 992,898
-86%
- Grupo Cibest SACIB
- Share
- 0.9%
- Value
- $8m
- Shares
- 98,727
+508%
- Vale S AVALE
- Share
- 0.7%
- Value
- $6m
- Shares
- 398,493
-93%
- Companhia Paranaense de EnerELPC
- Share
- 0.6%
- Value
- $5m
- Shares
- 466,331
-48%
- Grupo Financiero Galicia S.AGGAL
- Share
- 0.5%
- Value
- $4m
- Shares
- 85,000
New
- Itau Unibanco Hldg S AITUB
- Share
- 0.4%
- Value
- $4m
- Shares
- 479,169
New
- Companhia de Saneamento BasiSBS
- Share
- 0.2%
- Value
- $2m
- Shares
- 352,413
-60%
- Ultrapar Participacoes SAUGP
- Share
- 0.2%
- Value
- $2m
- Shares
- 378,023
-27%
- Axia Energia SAAXIAY
- Share
- 0.1%
- Value
- $1m
- Shares
- 98,495
+7565%
- CIA Energetica de Minas GeraCIG
- Share
- <0.1%
- Value
- $865,393
- Shares
- 412,092
+12%
- Ishares TRFXI
- Share
- <0.1%
- Value
- $801,438
- Shares
- 25,370
Held
- Vnet GroupVNET
- Share
- <0.1%
- Value
- $641,496
- Shares
- 79,788
New
- Suzano S ASUZ
- Share
- <0.1%
- Value
- $291,939
- Shares
- 37,621
-25%
- Ambev SAABEV
- Share
- <0.1%
- Value
- $159,738
- Shares
- 50,872
-28%
- Azul S AAZUL
- Share
- <0.1%
- Value
- $140,927
- Shares
- 15,676
New
- TIM S ATIMB
- Share
- <0.1%
- Value
- $121,451
- Shares
- 5,670
New
- Axia Energia SAAXICY
- Share
- <0.1%
- Value
- $19,085
- Shares
- 1,809
-100%
- Cosan S ACSANY
- Share
- <0.1%
- Value
- $1,224
- Shares
- 425
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| XPXP | 8.7% | $78m | 4,813,132 | +305% |
| Latam Airlines Group SALTM | 6.8% | $61m | 1,046,638 | +19% |
| Gas Transporter of the SouthTGS | 6.0% | $54m | 1,815,590 | +77% |
| Pampa EnergyPAM | 5.0% | $45m | 547,637 | +235% |
| Vinci Compass InvestmentsVINP | 4.8% | $43m | 4,441,517 | -5% |
| Arcos Dorados HoldingsARCO | 4.0% | $36m | 4,501,327 | -24% |
| StoneCoSTNE | 3.6% | $33m | 3,004,035 | -61% |
| EmbraerEMBJ | 3.6% | $32m | 503,225 | +42% |
| Banco Bradesco S ABBD | 3.4% | $31m | 8,863,299 | -20% |
| Telecom Argentina SATEO | 3.4% | $30m | 2,320,411 | +217% |
| HalliburtonHAL | 3.3% | $30m | 876,300 | New |
| Rio TintoRIO | 3.3% | $29m | 308,586 | +534% |
| MicrosoftMSFT | 2.7% | $24m | 64,457 | New |
| Intercorp Financial ServicesIFS | 2.5% | $23m | 401,546 | +200673% |
| NvidiaNVDA | 2.5% | $23m | 112,739 | -57% |
| AlphabetGOOGL | 2.4% | $22m | 61,250 | New |
| Freeport-McMoRanFCX | 2.4% | $22m | 344,076 | New |
| IsharesEWZ | 2.2% | $20m | 581,348 | +18% |
| Micron TechnologyMU | 2.2% | $20m | 17,083 | +7846% |
| InterINTR | 2.1% | $19m | 3,414,933 | -15% |
| CredicorpBAP | 1.9% | $17m | 43,967 | -35% |
| MastercardMA | 1.8% | $16m | 31,702 | New |
| VisaV | 1.7% | $16m | 45,517 | New |
| Meta PlatformsMETA | 1.6% | $15m | 26,027 | +207% |
| Petroleo Brasileiro S APBR-A | 1.6% | $15m | 992,898 | -86% |
| Amazon.comAMZN | 1.6% | $14m | 60,746 | -3% |
| Taiwan Semiconductor ManufacturingTSM | 1.5% | $14m | 28,621 | -52% |
| Banco Santander ChileBSAC | 1.2% | $11m | 336,710 | +496% |
| Grupo Cibest SACIB | 0.9% | $8m | 98,727 | +508% |
| Lumentum HoldingsLITE | 0.8% | $8m | 8,875 | New |
| Western DigitalWDC | 0.8% | $7m | 11,300 | New |
| CoherentCOHR | 0.7% | $7m | 16,750 | New |
| Vale S AVALE | 0.7% | $6m | 398,493 | -93% |
| Companhia Paranaense de EnerELPC | 0.6% | $5m | 466,331 | -48% |
| Applied OptoelectronicsAAOI | 0.6% | $5m | 35,500 | New |
| Seagate Technology HoldingsSTX | 0.6% | $5m | 5,200 | New |
| Grupo Financiero Galicia S.AGGAL | 0.5% | $4m | 85,000 | New |
| Spotify TechnologySPOT | 0.4% | $4m | 8,626 | New |
| Itau Unibanco Hldg S AITUB | 0.4% | $4m | 479,169 | New |
| On Holding AGONON | 0.4% | $4m | 108,412 | New |
| Booking HoldingsBKNG | 0.4% | $4m | 19,961 | New |
| BroadcomAVGO | 0.3% | $3m | 7,098 | New |
| AppleAAPL | 0.3% | $2m | 7,800 | New |
| Companhia de Saneamento BasiSBS | 0.2% | $2m | 352,413 | -60% |
| Ultrapar Participacoes SAUGP | 0.2% | $2m | 378,023 | -27% |
| TeradyneTER | 0.2% | $2m | 3,864 | New |
| SharkNinjaSN | 0.2% | $2m | 11,808 | -89% |
| ACM ResearchACMR | 0.2% | $2m | 13,815 | New |
| Macro BankBMA | 0.2% | $2m | 18,567 | New |
| OracleORCL | 0.2% | $2m | 11,365 | New |
| Costco WholesaleCOST | 0.2% | $1m | 1,600 | New |
| WalmartWMT | 0.2% | $1m | 13,205 | New |
| NateraNTRA | 0.2% | $1m | 5,400 | New |
| Robinhood MarketsHOOD | 0.2% | $1m | 14,338 | New |
| Petrobras - Petroleo Brasileiro SAPBR | 0.1% | $1m | 80,480 | -95% |
| Eve HoldingEVEX | 0.1% | $1m | 414,632 | -82% |
| Axia Energia SAAXIAY | 0.1% | $1m | 98,495 | +7565% |
| Applied MaterialsAMAT | 0.1% | $903,750 | 1,250 | New |
| CIA Energetica de Minas GeraCIG | <0.1% | $865,393 | 412,092 | +12% |
| Hyperliquid StrategiesPURR | <0.1% | $860,427 | 109,330 | New |
| Vertiv HoldingsVRT | <0.1% | $821,648 | 2,454 | New |
| Ishares TRFXI | <0.1% | $801,438 | 25,370 | Held |
| Lam ResearchLRCX | <0.1% | $747,494 | 1,725 | New |
| Vnet GroupVNET | <0.1% | $641,496 | 79,788 | New |
| IntelINTC | <0.1% | $640,902 | 4,590 | New |
| TerawulfWULF | <0.1% | $638,273 | 25,841 | New |
| AptivAPTV | <0.1% | $636,511 | 10,370 | New |
| ASML Holding NVASML | <0.1% | $578,927 | 291 | New |
| Suzano S ASUZ | <0.1% | $291,939 | 37,621 | -25% |
| Patria InvestmentsPAX | <0.1% | $203,569 | 18,540 | New |
| QualcommQCOM | <0.1% | $190,334 | 1,030 | New |
| Ambev SAABEV | <0.1% | $159,738 | 50,872 | -28% |
| Azul S AAZUL | <0.1% | $140,927 | 15,676 | New |
| Bank of ChileBCH | <0.1% | $124,489 | 3,131 | +117% |
| TIM S ATIMB | <0.1% | $121,451 | 5,670 | New |
| Axia Energia SAAXICY | <0.1% | $19,085 | 1,809 | -100% |
| Cosan S ACSANY | <0.1% | $1,224 | 425 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 15.9% since 30 June 2025.
Where the money is
Financial services25.4%
Technology17.3%
Utilities11.0%
Media & telecom7.9%
Retail & consumer6.7%
Materials5.7%
Industrials4.0%
Energy3.5%
Everyday goods0.3%
Health care0.2%
Other18.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.