SPX Gestao de Recursos Ltda

13F filer, CIK 1589176, RIO DE JANEIRO, Brazil

SPX Gestao de Recursos Ltda reported $665,911,773 across 95 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-07. Its ten largest share positions make up 50.91% of the portfolio.

Filed 2025-02-07 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001589176-25-000001

Period: 2024-12-31
Reported value: $666M
Holdings: 95
Top 10 weight: 50.91%
New: 65
Sold out: 41

Part of the filer group SPX Gestao de Recursos Ltda

SPX Capital Management LLC

How groups are built

Largest buys vs the previous quarter

Security	Shares change	Approx. value
MDYnew	+113,906	$64.9M
IJRnew	+519,486	$59.9M
VRTnew	+190,000	$21.6M
AMZNnew	+95,300	$20.9M
DELLnew	+171,000	$19.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
RSPreduced	-733,105	-$128M
EEMexited	-2,310,955	-$106M
VALEreduced	-3,256,181	-$28.9M
RIOreduced	-406,294	-$23.9M
EWYexited	-345,857	-$22.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001589176-25-000001, largest first. % of portfolio is the value over $662,639,866, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
MDYSTATE STR SPDR S&P MIDCAP 40	113,906	$64.9M	9.79%	new	Timeline
IJRISHARES TR	519,486	$59.9M	9.03%	new	Timeline
CPACOPA HOLDINGS SA	388,686	$34.2M	5.15%	+3,657	Timeline
VINPVINCI COMPASS INVESTMENTS LT	3,368,286	$33.9M	5.12%	-194,349	Timeline
VALEVALE S A	3,524,033	$31.3M	4.72%	-3,256,181	Timeline
RSPINVESCO EXCHANGE TRADED FD T	161,895	$28.4M	4.28%	-733,105	Timeline
BPBP PLC	752,724	$22.3M	3.36%	+540,752	Timeline
VRTVERTIV HOLDINGS CO	190,000	$21.6M	3.26%	new	Timeline
AMZNAMAZON COM INC	95,300	$20.9M	3.16%	new	Timeline
PBRPETROLEO BRASILEIRO S A	1,566,449	$20.1M	3.04%	+1,030,727	Timeline
DELLDELL TECHNOLOGIES INC	171,000	$19.7M	2.97%	new	Timeline
VSTVISTRA CORP	131,333	$18.1M	2.73%	+48,000	Timeline
CEGCONSTELLATION ENERGY CORP	70,000	$15.7M	2.36%	new	Timeline
BAPCREDICORP LTD	83,606	$15.3M	2.31%	-39,535	Timeline
TLNTALEN ENERGY CORP	74,810	$15.1M	2.27%	+23,000	Timeline
STNESTONECO LTD	1,813,588	$14.5M	2.18%	+1,759,429	Timeline
XSHQINVESCO EXCH TRADED FD TR II	314,950	$13.3M	2.01%	new	Timeline
HUBBHUBBELL INC	30,310	$12.7M	1.92%	+7,000	Timeline
SLYVSPDR SERIES TRUST	141,500	$12.3M	1.86%	new	Timeline
OUSMALPS ETF TR	278,800	$12.2M	1.84%	new	Timeline
PEGPUBLIC SVC ENTERPRISE GROUP	114,630	$9.69M	1.46%	+1,000	Timeline
PAGSPAGSEGURO DIGITAL LTD	1,499,584	$9.39M	1.42%	-2,931,394	Timeline
BHPBHP BILLITON LIMITED	190,933	$9.32M	1.41%	new	Timeline
WMTWALMART INC	100,000	$9.04M	1.36%	new	Timeline
XOPSPDR SERIES TRUST	65,970	$8.73M	1.32%	new	Timeline
ITUBITAU UNIBANCO HLDG S A	1,702,655	$8.45M	1.27%	+1,477,993	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	40,000	$7.9M	1.19%	+20,000	Timeline
HDBHDFC BANK LTD	114,700	$7.32M	1.11%	new	Timeline
PBR-APETROLEO BRASILEIRO S A	584,828	$6.92M	1.04%	-789,342	Timeline
KBESPDR SERIES TRUST	112,734	$6.25M	0.94%	new	Timeline
COMPANHIA PARANAENSE DE ENE…COMPANHIA PARANAENSE DE ENERGI	1,030,320	$6.11M	0.92%	+83,758
ABEVAMBEV SA	2,969,700	$5.49M	0.83%	+2,962,551	Timeline
ONONON HLDG AG	100,000	$5.48M	0.83%	new	Timeline
NOWSERVICENOW INC	5,000	$5.3M	0.8%	new	Timeline
MUMICRON TECHNOLOGY INC	60,000	$5.05M	0.76%	new	Timeline
MELIMERCADOLIBRE INC	2,680	$4.56M	0.69%	new	Timeline
SPOTSPOTIFY TECHNOLOGY S A	10,000	$4.47M	0.68%	new	Timeline
NFLXNETFLIX INC.	5,000	$4.46M	0.67%	new	Timeline
BEBLOOM ENERGY CORP	200,000	$4.44M	0.67%	new	Timeline
SNOWSNOWFLAKE INC	20,000	$3.09M	0.47%	new	Timeline
EDNEMPRESA DIST Y COMERCIAL NOR	68,460	$2.94M	0.44%	new	Timeline
UBERUBER TECHNOLOGIES INC	45,000	$2.71M	0.41%	new	Timeline
FSLRFIRST SOLAR INC	15,000	$2.64M	0.4%	new	Timeline
AAPLAPPLE INC	10,000	$2.5M	0.38%	+9,695	Timeline
CCLCARNIVAL CORP	100,000	$2.49M	0.38%	new	Timeline
HOODROBINHOOD MKTS INC	64,500	$2.4M	0.36%	new	Timeline
OKLOOKLO INC	100,000	$2.12M	0.32%	new	Timeline
IBNICICI BK LTD	70,300	$2.1M	0.32%	new	Timeline
DECKDECKERS OUTDOOR CORP	10,000	$2.03M	0.31%	new	Timeline
BSACBANCO SANTANDER CHILE NEW	96,355	$1.82M	0.27%	+60,889	Timeline
HIMSHIMS & HERS HEALTH INC	75,000	$1.81M	0.27%	new	Timeline
NEENEXTERA ENERGY INC	25,000	$1.79M	0.27%	new	Timeline
SUZSUZANO S A	162,031	$1.64M	0.25%	+23,716	Timeline
SOFISOFI TECHNOLOGIES INC	100,000	$1.54M	0.23%	new	Timeline
TRMBTRIMBLE INC	20,000	$1.41M	0.21%	new	Timeline
EWZISHARES INC	62,743	$1.41M	0.21%	new	Timeline
NCLHNORWEGIAN CRUISE LINE HLDGS	50,000	$1.29M	0.19%	new	Timeline
SRPTSAREPTA THERAPEUTICS INC	10,000	$1.22M	0.18%	new	Timeline
RIORIO TINTO PLC	20,628	$1.21M	0.18%	-406,294	Timeline
PTCTPTC THERAPEUTICS INC	25,000	$1.13M	0.17%	new	Timeline
NXTNEXTPOWER INC	30,000	$1.1M	0.17%	new	Timeline
REALTHE REALREAL INC	100,000	$1.09M	0.16%	new	Timeline
INTRINTER & CO INC	186,349	$786K	0.12%	-697,615	Timeline
FXIISHARES TR	25,370	$772K	0.12%	new	Timeline
CENTRAIS ELETRICAS BRASILEIRCENTRAIS ELETRICAS BRASILEIR	81,858	$522K	0.08%	-10,187
ULTAULTA BEAUTY INC	1,200	$522K	0.08%	new	Timeline
DNAGINKGO BIOWORKS HOLDINGS INC	50,000	$491K	0.07%	new	Timeline
AMBWQAMBIPAR EMERGENCY RESPONSE WT	1,592,965	$462K	0.07%	-135,743	Timeline
ELPCCOMPANHIA PARANAENSE DE ENER	68,091	$355K	0.05%	+16,780	Timeline
AMBIPAR EMERGENCY RESPONSE …AMBIPAR EMERGENCY RESPONSE --	46,961	$248K	0.04%	-5,561
VIVTELEFONICA BRASIL SA	15,870	$120K	0.02%	new	Timeline
ENICENEL CHILE SA	40,255	$116K	0.02%	new	Timeline
TELFYTELEFONICA SA-SPON ADR	18,938	$76.1K	0.01%	new	Timeline
EMBJEMBRAER S.A.	999	$36.6K	0.01%	new	Timeline
SIDCOMPANHIA SIDERURGICA NACION	13,289	$19.1K	<0.01%	new	Timeline
TIMBTIM S A	1,101	$12.9K	<0.01%	new	Timeline
ASAIYSENDAS DISTRIBUIDORA S A	1,664	$7.44K	<0.01%	new	Timeline
BSBRBANCO SANTANDER BRASIL S A	381	$1.49K	<0.01%	-17,091	Timeline
CIGCIA ENERGETICA DE MINAS GERA	553	$979	<0.01%	-3,490,672	Timeline
WALDWWALDENCAST PLC	1,988	$338	<0.01%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
PUT - CVNA 100 @ 220 EXP 01…PUT - CVNA 100 @ 220 EXP 01/17/20… PUT	put	500	$1.23M	new
CALL- BA 100 @ 200 EXP 03/…CALL- BA 100 @ 200 EXP 03/21/2025 CALL	call	1,000	$455K	new
CALL- BA 100 @ 180 EXP 01/…CALL- BA 100 @ 180 EXP 01/17/2025 CALL	call	1,000	$415K	new
CALL- HON 100 @ 280 EXP 06/…CALL- HON 100 @ 280 EXP 06/20/2025 CALL	call	1,500	$397K	new
CALL- BA 100 @ 200 EXP 02/…CALL- BA 100 @ 200 EXP 02/21/2025 CALL	call	1,000	$268K	new
PUT - XHB 100 @ 105 EXP 01/…PUT - XHB 100 @ 105 EXP 01/17/2025 PUT	put	1,000	$245K	new
PUT - AAPL 100 @ 240 EXP 01…PUT - AAPL 100 @ 240 EXP 01/17/20… PUT	put	1,000	$109K	new
CALL- AMZN 100 @ 240 EXP 01…CALL- AMZN 100 @ 240 EXP 01/17/20… CALL	call	2,000	$64.2K	new
CALL- INTC 100 @ 25 EXP 01/…CALL- INTC 100 @ 25 EXP 01/17/2025 CALL	call	8,000	$28.8K	new
PUT - AAPL 100 @ 200 EXP 01…PUT - AAPL 100 @ 200 EXP 01/17/20… PUT	put	2,000	$22.8K	new
CALL- AMAT 100 @ 185 EXP 01…CALL- AMAT 100 @ 185 EXP 01/17/20… CALL	call	500	$13K	new
CALL- IWM 100 @ 255 EXP 01/…CALL- IWM 100 @ 255 EXP 01/17/2025 CALL	call	3,000	$11K	new
PUT - XLU 100 @ 76 EXP 01/…PUT - XLU 100 @ 76 EXP 01/17/2025 PUT	put	80	$8.57K	new
CALL- NVDA 100 @ 165 EXP 01…CALL- NVDA 100 @ 165 EXP 01/17/20… CALL	call	500	$5.75K	new
PUT - XLU 100 @ 76.5 EXP 01…PUT - XLU 100 @ 76.5 EXP 01/03/20… PUT	put	4	$368	new

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
EEMISHARES TR	2,310,955	$106M	shares
EWYISHARES INC	345,857	$22.1M	shares
SPYSTATE STR SPDR S&P 500 ETF T	28,717	$16.5M	shares
XLFSELECT SECTOR SPDR TR	344,320	$15.6M	shares
NVDANVIDIA CORPORATION	128,063	$15.6M	shares
XPXP INC	734,861	$13.2M	shares
SRESEMPRA	154,760	$12.9M	shares
BBDBANCO BRADESCO S A	3,608,320	$9.6M	shares
METAMETA PLATFORMS INC	13,500	$7.73M	shares
EGEVEREST GROUP LTD	17,828	$6.99M	shares
MSFTMICROSOFT CORP	14,300	$6.15M	shares
PUT - EEM 100 @ 45 EXP 11/…PUT - EEM 100 @ 45 EXP 11/08/2024	60,000	$4.95M	put
ASMLASML HLDG NV	5,000	$4.17M	shares
GGBGERDAU SA	945,138	$3.31M	shares
XLVSELECT SECTOR SPDR TR	15,000	$2.31M	shares
LTMLATAM AIRLINES GROUP SA	82,912	$2.19M	shares
CALL- DIS 100 @ 100 EXP 12/…CALL- DIS 100 @ 100 EXP 12/20/2024	2,000	$780K	call
AXIAYAXIA ENERGIA SA	91,101	$659K	shares
CSANYCOSAN S A	65,543	$627K	shares
PUT - SPY 100 @ 540 EXP 10/…PUT - SPY 100 @ 540 EXP 10/18/2024	4,000	$387K	put
EVEXEVE HLDG INC	107,689	$349K	shares
PUT - IWM 100 @ 200 EXP 10/…PUT - IWM 100 @ 200 EXP 10/18/2024	10,000	$305K	put
CALL- META 100 @ 560 EXP 10…CALL- META 100 @ 560 EXP 10/18/20…	100	$223K	call
CALL- ASML 100 @ 900 EXP 10…CALL- ASML 100 @ 900 EXP 10/18/20…	100	$130K	call
BRF SABRF SA	12,352	$54K	shares
PUT - BRKB 100 @ 430 EXP 10…PUT - BRKB 100 @ 430 EXP 10/18/20…	700	$45.1K	put
CIG-CCIA ENERGETICA DE MINAS GERA	16,244	$42.7K	shares
PUT - BRKB 100 @ 430 EXP 10…PUT - BRKB 100 @ 430 EXP 10/25/20…	400	$39.4K	put
PUT - BRKB 100 @ 430 EXP 11…PUT - BRKB 100 @ 430 EXP 11/01/20…	200	$29.8K	put
PUT - BRKB 100 @ 425 EXP 10…PUT - BRKB 100 @ 425 EXP 10/18/20…	583	$28.9K	put
PUT - TLT 100 @ 92 EXP 11/…PUT - TLT 100 @ 92 EXP 11/15/2024	400	$14.6K	put
PUT - BRKB 100 @ 425 EXP 10…PUT - BRKB 100 @ 425 EXP 10/25/20…	128	$9.96K	put
PUT - BRKB 100 @ 415 EXP 11…PUT - BRKB 100 @ 415 EXP 11/01/20…	100	$9.17K	put
PUT - BRKB 100 @ 415 EXP 10…PUT - BRKB 100 @ 415 EXP 10/18/20…	200	$6.21K	put
PUT - TLT 100 @ 93 EXP 11/…PUT - TLT 100 @ 93 EXP 11/15/2024	75	$3.86K	put
SANBANCO SANTANDER SA	719	$3.67K	shares
PUT - IP 100 @ 42.5 EXP 10/…PUT - IP 100 @ 42.5 EXP 10/18/2024	350	$1.75K	put
CALL- EWZ 100 @ 37 EXP 12/…CALL- EWZ 100 @ 37 EXP 12/20/2024	557	$1.36K	call
BBDOBANCO BRADESCO S A	229	$561	shares
PUT - BRKB 100 @ 405 EXP 10…PUT - BRKB 100 @ 405 EXP 10/18/20…	8	$175	put
PUT - BRKB 100 @ 410 EXP 10…PUT - BRKB 100 @ 410 EXP 10/18/20…	1	$26	put

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001589176-25-000001	base		2025-02-07	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC