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SPX Gestao de Recursos Ltda

CIK:0001589176
Asset Manager
$777M AUM
117 holdings
Rio de Janeiro, RJ, Brazil
Founded:2010
250 employees
Latest filing:Jun 30, 2025

SPX Gestão de Recursos Ltda. (SPX Capital) is a major Brazilian asset management firm headquartered in Rio de Janeiro, specializing in global macro strategies but also active in traditional and alternative investments, including equities and private equity. It is one of the largest independent fund managers in Brazil and has expanded internationally.

Investment Strategy

Global macro (emphasis on fundamental analysis), multi-asset, equities, and private equity; the firm is known for diversified investment strategies across traditional and alternative asset classes.

Latest 13F Filing Activity

SPX Gestao de Recursos Ltda filed their most recent 13F report on Jun 30, 2025 disclosing 92 equity positions with a total 13F market value of $1B. The fund increased holdings in Constellation Energy Corp., Vistra Corp., Petroleo Brasileiro Adr among other positions. SPX Gestao de Recursos Ltda reduced exposure to SPDR S&P Midcap 400 Etf, Pagseguro Digital Ltd-cl A, XP Inc. - Class A among others.

Top Buys
C
CEGCONSTELLATION ENERGY CORP
+$43.6M
V
VSTVISTRA CORP
+$41.7M
P
PBRPETROLEO BRASILEIRO ADR
+$40.6M
I
IJRISHARES CORE S&P SMALL-CAP ETF
+$38.5M
M
METAMETA PLATFORMS INC
+$36.6M
Top Sells
M
MDYSPDR S&P MIDCAP 400 ETF
-$46.3M
P
PAGSPAGSEGURO DIGITAL LTD-CL A
-$31.6M
X
XPXP INC - CLASS A
-$28.7M
V
VALEVALE SA SP ADR
-$27.2M
A
AGROADECOAGRO SA
-$13.7M

Top Holdings

I
IJRISHARES CORE S&P SMALL-CAP ETF
+8.0%$86.1M
V
VSTVISTRA CORP
+6.3%$68.0M
P
PBRPETROLEO BRASILEIRO ADR
+5.8%$62.4M
T
TLNTALEN ENERGY CORP
+4.6%$49.6M
C
CPACOPA HOLDINGS SA
+4.5%$47.8M

Equity Positions (92)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
ISHARES CORE S&P SMALL-CAP ETF8.03%$86.1M787,565$112.71$109.29+$38.5M
VISTRA CORP6.35%$68.0M351,000$148.13$193.81+$41.7M
PETROLEO BRASILEIRO ADR5.82%$62.4M4,990,500$12.77$12.51+$40.6M
TALEN ENERGY CORP4.63%$49.6M170,700$232.15$290.77+$30.0M
COPA HOLDINGS SA4.45%$47.8M434,244$100.40$109.97+$6.4M

Industry Allocation

METAL MINING
+13.5%
CRUDE PETROLEUM & NATURAL GAS
+10.3%
ELECTRIC SERVICES
+7.2%
COMMERCIAL BANKS, NEC
+5.1%
SEMICONDUCTORS & RELATED DEVICES
+5.1%