Latest SPX Equities Gestao de Recursos Ltda Stock Portfolio

SPX Equities Gestao de Recursos Ltda Performance:

2025 Q4: 3.76%YTD: 16.79%2024: -8.48%

Performance for 2025 Q4 is 3.76%, and YTD is 16.79%, and 2024 is -8.48%.

About SPX Equities Gestao de Recursos Ltda and 13F Hedge Fund Stock Holdings

On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, SPX Gestao de Recursos Ltda reported an equity portfolio of $978.9 Millions as of 31 Dec, 2025.

The top stock holdings of SPX Gestao de Recursos Ltda are STNE, BNDD, XP. The fund has invested 7.9% of it's portfolio in STONECO LTD-A and 7.2% of portfolio in KRANESHARES CSI CHINA.

The fund managers got completely rid off BANCO BRADESCO (BBD), ISHARES MSCI EMERGING MARKETS ETF (IJR) and ISHARES MSCI BRAZIL ETF (ACWV) stocks. They significantly reduced their stock positions in AXIA ENERGIA (EBR), COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV (ABEV) and VALE SA SP ADR (VALE). SPX Gestao de Recursos Ltda opened new stock positions in KRANESHARES CSI CHINA (BNDD), STATE STREET SPDR S&P 500 ETF (SPY) and GLOBANT SA (GLOB). The fund showed a lot of confidence in some stocks as they added substantially to ULTRAPAR PARTICIPACOES (UGP), CIA PARANAENSE DE ENER-ADR (ELP) and STONECO LTD-A (STNE).

SPX Equities Gestao de Recursos Ltda Annual Return Estimates Vs S&P 500

Our best estimate is that SPX Gestao de Recursos Ltda made a return of 3.76% in the last quarter. In trailing 12 months, it's portfolio return was 16.79%.

Performance
S&P 500

New Buys

Ticker	$ Bought
kraneshares csi china	70,667,400
state street spdr s&p 500 etf	55,524,700
globant sa	8,704,670
axia energia-adr pref c	5,862,380
cantor equity partners-cl a	3,434,300
core scientific inc	1,525,890
banco santander	334,180
axia energia	318,109

New stocks bought by SPX Equities Gestao de Recursos Ltda

Additions

Ticker	% Inc.
ultrapar participacoes	2,613
cia paranaense de ener-adr	1,194
stoneco ltd-a	1,054
jbs nv-a	429
eve holding inc	383
micron technology inc	350
alibaba group holding ltd	347
pagaya technologies ltd -a	140

Additions to existing portfolio by SPX Equities Gestao de Recursos Ltda

Reductions

Ticker	% Reduced
axia energia	-99.73
itau unibanco holding sa	-98.67
comphania de bebidas das americas ambev	-97.83
vale sa sp adr	-96.43
ishares msci south korea etf	-94.75
talen energy corp	-85.76
nvidia corp	-83.71
inter & co inc - cl a	-83.08

SPX Equities Gestao de Recursos Ltda reduced stake in above stock

Sold off

Ticker	$ Sold
ishares msci brazil etf	-49,600,000
ambipar emergency respons-28	-66,905
ishares msci emerging markets etf	-79,032,000
companhia paranaense de energi	-8,323,490
nu holdings ltd/cayman isl-a	-10,473,200
embraer sa	-13,974,300
hdfc bk ltd	-7,583,520
uranium energy	-2,868,100

SPX Equities Gestao de Recursos Ltda got rid off the above stocks

Sector Distribution

SPX Gestao de Recursos Ltda has about 87.7% of it's holdings in Others sector.

Sector	%
Others	87.7
Technology	9.1
Industrials	1.4

Market Cap. Distribution

SPX Gestao de Recursos Ltda has about 10% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	87.7
LARGE-CAP	5.8
MEGA-CAP	4.2
SMALL-CAP	1.5

Stocks belong to which Index?

About 19.7% of the stocks held by SPX Gestao de Recursos Ltda either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	80.2
S&P 500	10
RUSSELL 2000	9.7

Top 5 Winners (%)		%
MU	micron technology inc	33.8 %
	aura minerals inc	33.6 %
TGS	transport gas sur b adr	31.5 %
AMD	advanced micro devices	27.4 %
VINP	vinci compass investments ltd	21.2 %

Top 5 Winners ($)		$
VALE	vale sa sp adr	12.4 M
	aura minerals inc	11.1 M
VINP	vinci compass investments ltd	9.2 M
TGS	transport gas sur b adr	9.0 M
RIO	rio tinto plc	7.8 M

Top 5 Losers (%)		%
	brazil potash corp	-29.7 %
PGY	pagaya technologies ltd -a	-22.9 %
STNE	stoneco ltd-a	-13.2 %
IREN	iren ltd	-12.1 %
BABA	alibaba group holding ltd	-11.8 %

Top 5 Losers ($)		$
STNE	stoneco ltd-a	-11.7 M
XP	xp inc - class a	-7.5 M
PBR	petroleo brasileiro adr	-5.2 M
BABA	alibaba group holding ltd	-2.9 M
	talen energy corp	-1.9 M

SPX Equities Gestao de Recursos Ltda Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of SPX Equities Gestao de Recursos Ltda

SPX Gestao de Recursos Ltda has 58 stocks in it's portfolio. About 60.9% of the portfolio is in top 10 stocks. STNE proved to be the most loss making stock for the portfolio. VALE was the most profitable stock for SPX Gestao de Recursos Ltda last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABEV	comphania de bebidas das americas ambev	0.02	70,408	173,908	reduced	-97.83

ACHR	archer aviation inc	0.00	0.00	0.00	sold off	-100

ACWV	ishares msci south korea etf	0.02	1,574	153,024	reduced	-94.75

ACWV	ishares msci brazil etf	0.00	0.00	0.00	sold off	-100

AFYA	afya ltd-class a	0.28	176,892	2,725,910	reduced	-4.68

AMD	advanced micro devices	0.10	4,500	963,720	reduced	-30.77

AMZN	amazon.com inc	0.76	32,460	7,492,420	reduced	-1.28

ANET	arista networks	0.00	0.00	0.00	sold off	-100

ARCO	arcos dorados holdings inc	5.66	7,551,680	55,429,300	added	19.06

ARRY	array technologies inc	0.00	0.00	0.00	sold off	-100

ASPI	asp isotopes inc	0.00	0.00	0.00	sold off	-100

AVGO	broadcom inc	0.00	0.00	0.00	sold off	-100

BABA	alibaba group holding ltd	2.25	150,000	21,987,000	added	347

BAC	bank of america	0.00	0.00	0.00	sold off	-100

BAP	credicorp	5.84	199,083	57,136,800	added	54.82

BBD	banco bradesco	1.17	3,437,250	11,446,000	reduced	-41.17

BBD	banco bradesco	0.00	0.00	0.00	sold off

BE	bloom energy corp- a	0.00	0.00	0.00	sold off	-100

BHP	bhp billiton ltd -spon adr	0.00	0.00	0.00	sold off

BIL	state street spdr s&p oil & ga	0.19	15,000	1,893,900	added	7.14