SEC 13F Intelligence

Managers / Q1 2025 · view latest →

SPX Gestao de Recursos Ltda

CIK 0001589176 · RUA HUMAITA, 275, 6 ANDAR, HUMAITA, RIO DE JANEIRO, D5, 22261000 · 552132031580

Reported Value
$777M
Q1 2025
Positions
107
Filings on Record
31
2019–present window
Filed
May 14, 2025
original filing

Summary

Spx Gestao De Recursos Ltda reported $777M in U.S.-listed holdings across 107 positions for Q1 2025.

Its largest position, Vale SA Sp Adr, represents 6.9% of the portfolio.

Compared with Q4 2024, the fund opened 62 new positions and exited 50.

Portfolio Metrics

Turnover
+35.3%
vs prior filed quarter
Top-10 Concentration
+47.2%
share of reported value
Largest Position
+6.9%
Vale SA Sp Adr
New / Exited
62 / 50
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $355MQ4 ’18Q1 ’19: $292MQ2 ’19: $657MQ3 ’19: $588MQ4 ’19: $643MQ4 ’19Q1 ’20: $557MQ2 ’20: $589MQ4 ’20: $970.3BQ1 ’21: $588.6BQ1 ’21Q2 ’21: $804.6BQ3 ’21: $530.3BQ4 ’21: $507.2BQ1 ’22: $1.57TQ1 ’22Q2 ’22: $729.0BQ3 ’22: $1.08TQ1 ’23: $1.5BQ2 ’23: $2.1BQ2 ’23Q3 ’23: $1.9BQ4 ’23: $1.3BQ2 ’24: $1.3BQ4 ’24: $666MQ4 ’24Q1 ’25: $777MQ2 ’25: $1.1BQ3 ’25: $1.2BQ4 ’25: $979MQ4 ’25Q1 ’26: $1.2Bfilingsflow.com

Portfolio Composition

By security type
Other: 27.0%Common Stock: 27.0%ADR: 26.9%ETP: 18.7%Closed-End Fund: 0.3%
  • Other · 27.0% · $210M
  • Common Stock · 27.0% · $210M
  • ADR · 26.9% · $209M
  • ETP · 18.7% · $146M
  • Closed-End Fund · 0.3% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XP INC - CLASS ANEW+2.50M2.50M+$34M$34M
ARCOS DORADOS HOLDINGS INCNEW+2.51M2.51M+$20M$20M
ADECOAGRO SANEW+1.23M1.23M+$14M$14M
GGALGRUPO FINANCIERO GALICIANEW+221.7K221.7K+$12M$12M
SRESEMPRANEW+169.2K169.2K+$12M$12M
PCGPG&E CORPNEW+698.3K698.3K+$12M$12M
CHVCHEVRON CORPNEW+60.0K60.0K+$10M$10M
SESEA LTD-ADRNEW+75.0K75.0K+$10M$10M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VALE SA SP ADRSPONSORED ADS6.92%$54M5.39M
2ISHARES CORE S&P SMALL-CAP ETFCORE S&P SCP ETF6.12%$48M454.9K
3MDYSPDR S&P MIDCAP 400 ETFhistory →UTSER1 S&PDCRP5.96%$46M86.7K
4COPA HOLDINGS SACL A5.33%$41M447.8K
5VINCI PARTNERS INVESTMENTS-ACOM CL A4.57%$35M3.51M
6XP INC - CLASS ACL A4.42%$34M2.50M
7PAGSEGURO DIGITAL LTD-CL ACOM CL A4.08%$32M4.15M
8CREDICORPCOM3.57%$28M149.0K
9VSTVISTRA CORPhistory →COM3.39%$26M224.0K
10PBRPETROLEO BRASILEIRO ADRhistory →SPONSORED ADR2.81%$22M1.52M
11ARCOS DORADOS HOLDINGS INCSHS CLASS -A -2.60%$20M2.51M
12TLNTALEN ENERGY CORPhistory →COM2.52%$20M98.1K
13SPDR S&P 600 SMALL CAP VALUE ETFS&P 600 SMCP VAL2.15%$17M213.2K
14PETROLEO BRASILEIRO SA PETROSP ADR NON VTG2.08%$16M1.24M
15VRTVERTIV HOLDINGS LLChistory →COM CL A1.95%$15M210.0K
16INVESCO S&P SMALLCAP QUALITY ES&P SMLCAP QTY1.86%$14M366.2K
17ADECOAGRO SACOM1.77%$14M1.23M
18HDBHDFC BK LTDhistory →SPONSORED ADS1.74%$13M203.1K
19MUMICRON TECHNOLOGY INChistory →COM1.72%$13M153.7K
20INVESCO S&P 500 EQUAL WEIGHT ES&P500 EQL WGT1.59%$12M71.1K
21GGALGRUPO FINANCIERO GALICIAhistory →SPONSORED ADR1.56%$12M221.7K
22SRESEMPRAhistory →COM1.55%$12M169.2K
23PCGPG&E CORPhistory →COM1.54%$12M698.3K
24PEGPUBLIC SERVICE ENTERPRISE GROUP INChistory →COM1.54%$12M145.0K
25AMZNAMAZON.COM INChistory →COM1.36%$11M55.5K
26CHVCHEVRON CORPhistory →COM1.29%$10M60.0K
27SESEA LTD-ADRhistory →SPONSORD ADS1.26%$10M75.0K
28BASIC SANITATION COMPANY OF THE STATE OFSPONSORED ADR1.06%$8M460.6K
29ELP1COMPANHIA PARANAENSE DE ENERGIhistory →SPON ADS1.05%$8M1.11M
30OSHARES U.S. SMALL-CAP QUALIOSHARES US SMLCP0.94%$7M174.2K
31TSLATESLA INCCOM0.90%$7M27.0K
32METAMETA PLATFORMS INCCL A0.89%$7M12.0K
33EMBJEMBRAER SASPONSORED ADR0.83%$6M139.4K
34BMABANCO MACRO BANSUD SASPON ADR B0.80%$6M81.9K
35ABEVCOMPHANIA DE BEBIDAS DAS AMERICAS AMBEVSPONSORED ADR0.77%$6M2.56M
36LTMLATAM AIRLINES GROUP-SP ADRSPONSORED ADR0.76%$6M188.2K
37VESTA REAL ESTATE CORPORATIONADS0.75%$6M253.7K
38RIORIO TINTO PLCSPONSORED ADR0.73%$6M94.1K
39SHELSHELL PLC-ADRSPON ADS0.72%$6M76.6K
40BPBP PLCSPONSORED ADR0.72%$6M164.3K
41UBERUBER TECHNOLOGIES INCCOM0.63%$5M67.5K
42FCXFREEPORT-MCMORAN INCCL B0.61%$5M125.0K
43CENTRAIS ELETRICAS BR-SP ADRSPONSORED ADR0.54%$4M594.0K
44BABAALIBABA GROUP HOLDING LTDSPONSORED ADS0.54%$4M31.5K
45EQTEQT CORPCOM0.52%$4M75.0K
46NRANRG ENERGY INCCOM NEW0.49%$4M40.0K
47GEVGE VERNOVA LLCCOM0.49%$4M12.5K
48PWRQUANTA SVCSCOM0.49%$4M15.0K
49NVDANVIDIA CORPCOM0.49%$4M35.0K
50XELXCEL ENERGY INCCOM0.48%$4M52.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.2B82May 6, 202613F-HRchanges · EDGAR ↗
Q4 2025$979M73Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.2B167Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.1B117Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$777M107May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$666M95Feb 7, 202513F-HRchanges · EDGAR ↗
Q2 2024$1.3B71Aug 26, 2024RESTATEMENTchanges · EDGAR ↗
Q4 2023$1.3B71Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.9B102Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.1B108Aug 8, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.5B58Apr 25, 202313F-HRchanges · EDGAR ↗
Q4 2022under review81Feb 8, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.08T99Nov 1, 202213F-HRchanges · EDGAR ↗
Q2 2022$729.0B72Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.57T79May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$507.2B56Jan 31, 202213F-HRchanges · EDGAR ↗
Q3 2021$530.3B38Oct 25, 202113F-HRchanges · EDGAR ↗
Q2 2021$804.6B43Aug 5, 202113F-HRchanges · EDGAR ↗
Q1 2021$588.6B111May 4, 202113F-HRchanges · EDGAR ↗
Q4 2020$970.3B113Feb 3, 202113F-HRchanges · EDGAR ↗
Q3 2020under review122Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$589M45Aug 5, 202013F-HRchanges · EDGAR ↗
Q1 2020$557M39Apr 28, 202013F-HRchanges · EDGAR ↗
Q4 2019$643M36Jan 28, 202013F-HRchanges · EDGAR ↗
Q3 2019$588M32Oct 16, 201913F-HRchanges · EDGAR ↗
Q2 2019$657M36Jul 10, 201913F-HRchanges · EDGAR ↗
Q1 2019$292M37Apr 9, 201913F-HRchanges · EDGAR ↗
Q4 2018$355M40Jan 23, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • SPX Capital Management LLC

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.