SPX Gestao de Recursos Ltda

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

SPX Gestao de Recursos Ltda reported $1,072,042,987 across 117 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-12. Its ten largest share positions make up 48.68% of the portfolio.

Filed 2025-08-12 (acceptance time not in the bulk data set), ingested 2026-10-07 18:23:11 UTC13F-HR 0001589176-25-000004

Period: 2025-06-30
Reported value: $1.07B
Holdings: 117
Top 10 weight: 48.68%
New: 56
Sold out: 46

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
PBRadded	+3,470,112	$43.4M
CEGadded	+130,500	$42.1M
IJRadded	+332,699	$36.4M
METAadded	+46,930	$34.6M
AMZNadded	+118,400	$26M

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
MDYexited	-86,698	-$46.3M
XPreduced	-2,219,790	-$44.8M
PAGSexited	-4,147,775	-$31.6M
VALEreduced	-2,646,753	-$25.7M
MUreduced	-133,672	-$16.5M

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, Q2 2025

Share positions as resolved from 13F-HR 0001589176-25-000004, largest first. % of portfolio is the value over $1,067,924,257, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
IJRISHARES TR	787,565	$86.1M	8.06%	+332,699	Timeline
VSTVISTRA CORP	351,000	$68M	6.37%	+127,000	Timeline
PBRPETROLEO BRASILEIRO S A	4,990,500	$62.4M	5.85%	+3,470,112	Timeline
TLNTALEN ENERGY CORP	170,700	$49.6M	4.65%	+72,600	Timeline
CPACOPA HOLDINGS SA	434,244	$47.8M	4.47%	-13,537	Timeline
CEGCONSTELLATION ENERGY CORP	143,000	$46.2M	4.32%	+130,500	Timeline
METAMETA PLATFORMS INC	58,930	$43.5M	4.07%	+46,930	Timeline
BAPCREDICORP LTD	186,961	$41.8M	3.91%	+37,919	Timeline
AMZNAMAZON COM INC	173,900	$38.2M	3.57%	+118,400	Timeline
VINPVINCI COMPASS INVESTMENTS LT	3,759,784	$36.4M	3.4%	+254,754	Timeline
ARCOARCOS DORADOS HLDGS INC	4,534,496	$35.8M	3.35%	+2,027,722	Timeline
VRTVERTIV HOLDINGS CO	230,000	$29.5M	2.77%	+20,000	Timeline
VALEVALE S A	2,741,291	$26.6M	2.49%	-2,646,753	Timeline
SRESEMPRA	308,218	$23.4M	2.19%	+139,039	Timeline
TGSTRANSPORTADORA DE GAS DEL SU	837,142	$21.7M	2.03%	new	Timeline
HESS CORPHESS CORP	151,794	$21M	1.97%	new
PPCPILGRIMS PRIDE CORP	455,475	$20.5M	1.92%	new	Timeline
GOOGALPHABET INC	114,913	$20.4M	1.91%	new	Timeline
PBR-APETROLEO BRASILEIRO S A	1,724,375	$19.9M	1.86%	+486,755	Timeline
GGALGRUPO FINANCIERO GALICIA S.A	368,261	$18.6M	1.74%	+146,547	Timeline
KBESPDR SERIES TRUST	322,200	$18M	1.68%	new	Timeline
RIORIO TINTO PLC	278,840	$16.3M	1.52%	+184,704	Timeline
GOOGLALPHABET INC	80,000	$14.1M	1.32%	new	Timeline
BPBP PLC	457,113	$13.7M	1.28%	+292,763	Timeline
BBDBANCO BRADESCO S A	3,902,945	$12.1M	1.13%	+3,893,984	Timeline
EMBJEMBRAER S.A.	198,609	$11.3M	1.06%	+59,245	Timeline
BHPBHP BILLITON LIMITED	217,500	$10.5M	0.98%	+202,541	Timeline
HDBHDFC BANK LTD	123,077	$9.44M	0.88%	-80,000	Timeline
GGBGERDAU SA	2,869,104	$8.38M	0.78%	new	Timeline
COMPANHIA PARANAENSE DE ENE…COMPANHIA PARANAENSE DE ENERGI	916,030	$8.36M	0.78%	-194,783
SLYVSPDR SERIES TRUST	104,095	$8.3M	0.78%	-109,095	Timeline
CNRCORE NATURAL RESOURCES INC	112,109	$7.82M	0.73%	new	Timeline
XSHQINVESCO EXCH TRADED FD TR II	189,080	$7.7M	0.72%	-177,161	Timeline
STNESTONECO LTD	477,213	$7.65M	0.72%	new	Timeline
NVDANVIDIA CORPORATION	47,000	$7.43M	0.7%	+12,000	Timeline
GSGOLDMAN SACHS GROUP INC	10,000	$7.08M	0.66%	new	Timeline
SNOWSNOWFLAKE INC	30,000	$6.71M	0.63%	+15,000	Timeline
EEMISHARES TR	120,000	$5.79M	0.54%	new	Timeline
EWZISHARES INC	200,000	$5.77M	0.54%	new	Timeline
BTUPEABODY ENGR CORP	422,200	$5.67M	0.53%	new	Timeline
XPXP INC	277,825	$5.61M	0.53%	-2,219,790	Timeline
OKLOOKLO INC	100,000	$5.6M	0.52%	+50,000	Timeline
ITUBITAU UNIBANCO HLDG S A	793,180	$5.39M	0.5%	+119,113	Timeline
EWYISHARES INC	74,000	$5.31M	0.5%	new	Timeline
GEVGE VERNOVA INC	10,000	$5.29M	0.5%	-2,500	Timeline
AXIAYAXIA ENERGIA SA	670,083	$4.98M	0.47%	+76,033	Timeline
ABEVAMBEV SA	1,990,483	$4.8M	0.45%	-573,891	Timeline
OWLBLUE OWL CAPITAL INC	249,300	$4.79M	0.45%	+189,000	Timeline
SNSHARKNINJA INC	47,000	$4.65M	0.44%	+31,300	Timeline
NEMNEWMONT CORP	75,000	$4.37M	0.41%	new	Timeline
SBSCOMPANHIA DE SANEAMENTO BASI	186,068	$4.09M	0.38%	-274,578	Timeline
MRVLMARVELL TECHNOLOGY INC	50,000	$3.87M	0.36%	new	Timeline
UBERUBER TECHNOLOGIES INC	40,000	$3.73M	0.35%	-27,500	Timeline
ETNEATON CORP PLC	10,000	$3.57M	0.33%	new	Timeline
BACBANK OF AMER CORP	75,000	$3.55M	0.33%	new	Timeline
BMABANCO MACRO S A	41,483	$2.91M	0.27%	-40,388	Timeline
TAT&T INC	100,000	$2.89M	0.27%	+50,000	Timeline
HIMSHIMS & HERS HEALTH INC	50,000	$2.49M	0.23%	new	Timeline
DASHDOORDASH INC	10,000	$2.47M	0.23%	new	Timeline
MUMICRON TECHNOLOGY INC	20,000	$2.46M	0.23%	-133,672	Timeline
WFCWELLS FARGO & CO	30,000	$2.4M	0.23%	new	Timeline
CPAYCORPAY INC	6,100	$2.02M	0.19%	+3,000	Timeline
GRSDGRANDSTAND LTD	166,300	$1.98M	0.19%	new	Timeline
CCJCAMECO CORP	25,000	$1.86M	0.17%	new	Timeline
PSLVSPROTT ASSET MANAGEMENT LP	150,000	$1.84M	0.17%	-50,000	Timeline
TDGTRANSDIGM GROUP INC	1,200	$1.82M	0.17%	+400	Timeline
SNDKSANDISK CORP	40,000	$1.81M	0.17%	new	Timeline
CTLPCANTALOUPE INC	164,000	$1.8M	0.17%	+95,000	Timeline
CORZCORE SCIENTIFIC INC NEW	98,700	$1.68M	0.16%	+47,500	Timeline
SUZSUZANO S A	172,511	$1.62M	0.15%	-8,335	Timeline
CARRCARRIER GLOBAL CORPORATION	20,000	$1.46M	0.14%	new	Timeline
NKENIKE INC	20,000	$1.42M	0.13%	new	Timeline
MDBMONGODB INC	6,000	$1.26M	0.12%	new	Timeline
LUXELUXEXPERIENCE BV	155,500	$1.23M	0.12%	+65,000	Timeline
DDOGDATADOG INC	9,000	$1.21M	0.11%	new	Timeline
NETCLOUDFLARE INC	6,000	$1.17M	0.11%	-19,000	Timeline
ACHRARCHER AVIATION INC	90,000	$976K	0.09%	0	Timeline
NYAXNAYAX LTD	19,109	$961K	0.09%	+16,509	Timeline
GRNDGRINDR INC	42,100	$956K	0.09%	0	Timeline
LTMLATAM AIRLINES GROUP SA	23,474	$954K	0.09%	-164,739	Timeline
FXIISHARES TR	25,370	$933K	0.09%	0	Timeline
RUNSUNRUN INC	100,000	$818K	0.08%	new	Timeline
URAGLOBAL X FDS	20,000	$776K	0.07%	new	Timeline
ELPCCOMPANHIA PARANAENSE DE ENER	70,929	$604K	0.06%	+2,257	Timeline
UECURANIUM ENERGY CORP	75,000	$510K	0.05%	new	Timeline
CEPOCANTOR EQUITY PARTNERS I INC	40,000	$476K	0.04%	new	Timeline
CENTRAIS ELETRICAS BRASILEIRCENTRAIS ELETRICAS BRASILEIR	45,939	$380K	0.04%	+135
GROBRAZIL POTASH CORP	202,999	$276K	0.03%	+15,639	Timeline
RTACURENATUS TACTICAL ACQUIS	20,000	$255K	0.02%	new	Timeline
AMBWQAMBIPAR EMERGENCY RESPONSE WT	1,592,965	$241K	0.02%	0	Timeline
CEPTCANTOR EQUITY PARTNERS II IN	10,000	$110K	0.01%	new	Timeline
BABAALIBABA GROUP HLDG LTD	500	$56.7K	0.01%	-31,000	Timeline
AMBIPAR EMERGENCY RESPONSE …AMBIPAR EMERGENCY RESPONSE --	8,942	$44.9K	<0.01%	0
CIGCIA ENERGETICA DE MINAS GERA	21,593	$42.3K	<0.01%	-28,202	Timeline
ENICENEL CHILE SA	371	$1.35K	<0.01%	new	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	1	$618	<0.01%	new	Timeline
WALDWWALDENCAST PLC	1,988	$193	<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 - EEM 100 @ 46.5 EXP 07…PUT - EEM 100 @ 46.5 EXP 07/18/20… PUT	put	50,000	$782K	new
CALL- UBER 100 @ 90 EXP 07/…CALL- UBER 100 @ 90 EXP 07/18/2025 CALL	call	1,000	$489K	new
CALL- AMZN 100 @ 225 EXP 07…CALL- AMZN 100 @ 225 EXP 07/18/20… CALL	call	1,500	$458K	new
CALL- ADSK 100 @ 310 EXP 07…CALL- ADSK 100 @ 310 EXP 07/18/20… CALL	call	500	$295K	new
PUT - XOP 100 @ 125 EXP 07/…PUT - XOP 100 @ 125 EXP 07/18/2025 PUT	put	1,000	$246K	new
CALL- EWZ 100 @ 28 EXP 07/…CALL- EWZ 100 @ 28 EXP 07/18/2025 CALL	call	2,000	$234K	new
CALL- IWM 100 @ 219 EXP 07/…CALL- IWM 100 @ 219 EXP 07/18/2025 CALL	call	800	$233K	new
CALL- ORCL 100 @ 230 EXP 08…CALL- ORCL 100 @ 230 EXP 08/15/20… CALL	call	400	$229K	new
PUT - AAPL 100 @ 195 EXP 07…PUT - AAPL 100 @ 195 EXP 07/18/20… PUT	put	1,800	$225K	new
CALL- NVDA 100 @ 170 EXP 08…CALL- NVDA 100 @ 170 EXP 08/08/20… CALL	call	700	$219K	new
CALL- FTNT 100 @ 110 EXP 07…CALL- FTNT 100 @ 110 EXP 07/18/20… CALL	call	2,000	$217K	new
CALL- AMZN 100 @ 230 EXP 07…CALL- AMZN 100 @ 230 EXP 07/18/20… CALL	call	1,000	$166K	new
CALL- AMZN 100 @ 240 EXP 08…CALL- AMZN 100 @ 240 EXP 08/15/20… CALL	call	400	$138K	new
CALL- UBER 100 @ 100 EXP 07…CALL- UBER 100 @ 100 EXP 07/18/20… CALL	call	1,000	$73K	new
CALL- TSLA 100 @ 400 EXP 07…CALL- TSLA 100 @ 400 EXP 07/18/20… CALL	call	600	$57.3K	new
PUT - AAPL 100 @ 175 EXP 07…PUT - AAPL 100 @ 175 EXP 07/18/20… PUT	put	2,160	$30.2K	new
CALL- GGAL 100 @ 60 EXP 07/…CALL- GGAL 100 @ 60 EXP 07/18/2025 CALL	call	800	$16K	new
PUT - MU 100 @ 105 EXP 07/…PUT - MU 100 @ 105 EXP 07/18/2025 PUT	put	200	$5.6K	new
CALL- MU 100 @ 145 EXP 07/…CALL- MU 100 @ 145 EXP 07/18/2025 CALL	call	200	$4.7K	new
PUT - HYG 100 @ 77 EXP 07/…PUT - HYG 100 @ 77 EXP 07/18/2025 PUT	put	500	$1.08K	new

Sold out in Q2 2025

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

Security	Shares before	Value before	Type
MDYSTATE STR SPDR S&P MIDCAP 40	86,698	$46.3M	shares
PAGSPAGSEGURO DIGITAL LTD	4,147,775	$31.6M	shares
AGROADECOAGRO S A	1,227,609	$13.7M	shares
RSPINVESCO EXCHANGE TRADED FD T	71,107	$12.3M	shares
PCGPG&E CORP	698,300	$12M	shares
PEGPUBLIC SVC ENTERPRISE GROUP	145,000	$11.9M	shares
CVXCHEVRON CORPORATION	60,000	$10M	shares
SESEA LTD	75,000	$9.79M	shares
OUSMALPS ETF TR	174,159	$7.32M	shares
TSLATESLA INC	27,000	$7M	shares
VTMXVESTA REAL ESTATE CORP	253,726	$5.79M	shares
SHELSHELL PLC	76,600	$5.61M	shares
FCXFREEPORT MCMORAN INC	125,000	$4.73M	shares
EQTEQT CORP	75,000	$4.01M	shares
NRGNRG ENERGY INC	40,000	$3.82M	shares
PWRQUANTA SVCS INC	15,000	$3.81M	shares
XELXCEL ENERGY INC	52,500	$3.72M	shares
WECWEC ENERGY GROUP INC	30,000	$3.27M	shares
BSACBANCO SANTANDER CHILE NEW	118,656	$2.71M	shares
BEBLOOM ENERGY CORP	100,000	$1.97M	shares
AMDADVANCED MICRO DEVICES INC	17,700	$1.82M	shares
EXEEXPAND ENERGY CORPORATION	15,000	$1.67M	shares
WMBWILLIAMS COS INC	25,000	$1.49M	shares
ORCLORACLE CORP	10,000	$1.4M	shares
ETRENTERGY CORP NEW	15,000	$1.28M	shares
FLSFLOWSERVE CORP	25,000	$1.22M	shares
HOODROBINHOOD MKTS INC	25,000	$1.04M	shares
PUT - HYG 100 @ 78 EXP 05/…PUT - HYG 100 @ 78 EXP 05/16/2025	13,750	$1.02M	put
RGTIRIGETTI COMPUTING INC	75,000	$594K	put
PGYPAGAYA TECHNOLOGIES LTD	49,300	$517K	shares
PUT - HYG 100 @ 78 EXP 04/…PUT - HYG 100 @ 78 EXP 04/17/2025	13,750	$509K	put
CALL- FXI 100 @ 37 EXP 06/…CALL- FXI 100 @ 37 EXP 06/20/2025	3,000	$430K	call
CALL- NVDA 100 @ 120 EXP 04…CALL- NVDA 100 @ 120 EXP 04/17/20…	2,000	$206K	call
BSBRBANCO SANTANDER BRASIL S A	42,574	$201K	shares
PUT - QQQ 100 @ 445 EXP 04/…PUT - QQQ 100 @ 445 EXP 04/17/2025	500	$174K	put
CALL- QQQ 100 @ 500 EXP 04/…CALL- QQQ 100 @ 500 EXP 04/17/2025	1,000	$88.5K	call
INTRINTER & CO INC	14,231	$78K	shares
CALL- XLU 100 @ 84 EXP 04/…CALL- XLU 100 @ 84 EXP 04/25/2025	1,000	$53K	call
CALL- EWZ 100 @ 28 EXP 04/…CALL- EWZ 100 @ 28 EXP 04/17/2025	6,000	$51K	call
CALL- HOOD 100 @ 55 EXP 04/…CALL- HOOD 100 @ 55 EXP 04/17/2025	2,600	$50.7K	call
CALL- HON 100 @ 280 EXP 06/…CALL- HON 100 @ 280 EXP 06/20/2025	2,500	$31.6K	shares
CALL- TSM 100 @ 190 EXP 04/…CALL- TSM 100 @ 190 EXP 04/17/2025	300	$24K	call
CALL- AMZN 100 @ 235 EXP 05…CALL- AMZN 100 @ 235 EXP 05/16/20…	200	$9.7K	call
CALL- DELL 100 @ 115 EXP 05…CALL- DELL 100 @ 115 EXP 05/16/20…	200	$8.5K	call
CALL- RBLX 100 @ 75 EXP 04/…CALL- RBLX 100 @ 75 EXP 04/17/2025	2,000	$8.06K	call
CALL- SMH 100 @ 245 EXP 04/…CALL- SMH 100 @ 245 EXP 04/17/2025	100	$2.76K	call

How Q2 2025 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 0001589176-25-000004	base		2025-08-12	acceptance time not in the bulk data set	2026-10-07 18:23:11 UTC