Filed: 11/12/2025ACC: 0001589176-25-000006
📋 What this filing means
SPX GESTAO DE RECURSOS LTDA filed this quarterly 13F‑HR report disclosing 167 equity positions with a total reported market value of $1.20B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
167
Positions
$1.20B
Total AUM (reported)
68.64M
Total Shares
Allocation by class
COM$253.17M21.0%
SPONSORED ADR$241.45M20.1%
SPONSORED ADS$136.23M11.3%
CL A$101.94M8.5%
MSCI EMG MKT ETF$79.03M6.6%
COM CL A$62.10M5.2%
MSCI BRAZIL ETF$49.60M4.1%
Portfolio Concentration
Top 3$299.46M24.9%
4–10$310.80M25.8%
11–25$325.90M27.1%
Rest$267.10M22.2%
Top 3 weight
24.9%
Top 10 weight
50.7%
Voting Authority Distribution
Total shares with voting rights: 68.64M
Sole
Full voting authority
0.00
shares
% of voting shares0.0%
Shared
Joint voting authority
68.64M
shares
% of voting shares100.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole0
Shared0
Other167
Dominant voting typeShared · 100.0% of voting shares
Institutional Holdings167
Rows:
VALE SA SP ADR
DFNDShares11.07M
TypeSH
Market value$120.20M
9.99%
Sole
0.00
Shared
11.07M
None
0.00
PETROLEO BRASILEIRO ADR
DFNDShares7.92M
TypeSH
Market value$100.23M
8.33%
Sole
0.00
Shared
7.92M
None
0.00
ISHARES MSCI EMERGING MARKETS ETF
DFNDShares1.48M
TypeSH
Market value$79.03M
6.57%
Sole
0.00
Shared
1.48M
None
0.00
ISHARES MSCI BRAZIL ETF
DFNDShares1.60M
TypeSH
Market value$49.60M
4.12%
Sole
0.00
Shared
1.60M
None
0.00
COPA HOLDINGS SA
DFNDShares406.64K
TypeSH
Market value$48.32M
4.02%
Sole
0.00
Shared
406.64K
None
0.00
VINCI COMPASS INVESTMENTS LTD
DFNDShares4.04M
TypeSH
Market value$43.41M
3.61%
Sole
0.00
Shared
4.04M
None
0.00
ARCOS DORADOS HOLDINGS INC
DFNDShares6.34M
TypeSH
Market value$42.81M
3.56%
Sole
0.00
Shared
6.34M
None
0.00
RIO TINTO PLC
DFNDShares646.87K
TypeSH
Market value$42.70M
3.55%
Sole
0.00
Shared
646.87K
None
0.00
LATAM AIRLINES GROUP-SP ADR
DFNDShares935.32K
TypeSH
Market value$42.32M
3.52%
Sole
0.00
Shared
935.32K
None
0.00
VISTRA CORP
DFNDShares212.50K
TypeSH
Market value$41.63M
3.46%
Sole
0.00
Shared
212.50K
None
0.00
XP INC - CLASS A
DFNDShares2M
TypeSH
Market value$37.59M
3.12%
Sole
0.00
Shared
2M
None
0.00
CREDICORP
DFNDShares128.59K
TypeSH
Market value$34.24M
2.85%
Sole
0.00
Shared
128.59K
None
0.00
AURA MINERALS INC
DFNDShares805.92K
TypeSH
Market value$29.99M
2.49%
Sole
0.00
Shared
805.92K
None
0.00
TALEN ENERGY CORP
DFNDShares66.63K
TypeSH
Market value$28.34M
2.36%
Sole
0.00
Shared
66.63K
None
0.00
FIRST SOLAR INC
DFNDShares116.25K
TypeSH
Market value$25.64M
2.13%
Sole
0.00
Shared
116.25K
None
0.00
BP PLC
DFNDShares703.31K
TypeSH
Market value$24.24M
2.01%
Sole
0.00
Shared
703.31K
None
0.00
PETROLEO BRASILEIRO SA PETRO
DFNDShares1.74M
TypeSH
Market value$20.59M
1.71%
Sole
0.00
Shared
1.74M
None
0.00
BANCO BRADESCO
DFNDShares5.84M
TypeSH
Market value$19.75M
1.64%
Sole
0.00
Shared
5.84M
None
0.00
INTER & CO INC - CL A
DFNDShares2.05M
TypeSH
Market value$18.93M
1.57%
Sole
0.00
Shared
2.05M
None
0.00
GE VERNOVA LLC
DFNDShares28.70K
TypeSH
Market value$17.65M
1.47%
Sole
0.00
Shared
28.70K
None
0.00
NVIDIA CORP
DFNDShares89K
TypeSH
Market value$16.60M
1.38%
Sole
0.00
Shared
89K
None
0.00
EMBRAER SA
DFNDShares231.17K
TypeSH
Market value$13.97M
1.16%
Sole
0.00
Shared
231.17K
None
0.00
GERDAU SA
DFNDShares4.49M
TypeSH
Market value$13.92M
1.16%
Sole
0.00
Shared
4.49M
None
0.00
ITAU UNIBANCO HOLDING SA
DFNDShares1.67M
TypeSH
Market value$12.29M
1.02%
Sole
0.00
Shared
1.67M
None
0.00
TRANSPORT GAS SUR B ADR
DFNDShares578.37K
TypeSH
Market value$12.16M
1.01%
Sole
0.00
Shared
578.37K
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
VALE SA SP ADRDFND | SPONSORED ADS | 11.07M | SH | $120.20M 9.99% | 0.00 | 11.07M | 0.00 |
PETROLEO BRASILEIRO ADRDFND | SPONSORED ADR | 7.92M | SH | $100.23M 8.33% | 0.00 | 7.92M | 0.00 |
ISHARES MSCI EMERGING MARKETS ETFDFND | MSCI EMG MKT ETF | 1.48M | SH | $79.03M 6.57% | 0.00 | 1.48M | 0.00 |
ISHARES MSCI BRAZIL ETFDFND | MSCI BRAZIL ETF | 1.60M | SH | $49.60M 4.12% | 0.00 | 1.60M | 0.00 |
COPA HOLDINGS SADFND | CL A | 406.64K | SH | $48.32M 4.02% | 0.00 | 406.64K | 0.00 |
VINCI COMPASS INVESTMENTS LTDDFND | COM CL A | 4.04M | SH | $43.41M 3.61% | 0.00 | 4.04M | 0.00 |
ARCOS DORADOS HOLDINGS INCDFND | SHS CLASS -A - | 6.34M | SH | $42.81M 3.56% | 0.00 | 6.34M | 0.00 |
RIO TINTO PLCDFND | SPONSORED ADR | 646.87K | SH | $42.70M 3.55% | 0.00 | 646.87K | 0.00 |
LATAM AIRLINES GROUP-SP ADRDFND | SPONSORED ADR | 935.32K | SH | $42.32M 3.52% | 0.00 | 935.32K | 0.00 |
VISTRA CORPDFND | COM | 212.50K | SH | $41.63M 3.46% | 0.00 | 212.50K | 0.00 |
XP INC - CLASS ADFND | CL A | 2M | SH | $37.59M 3.12% | 0.00 | 2M | 0.00 |
CREDICORPDFND | COM | 128.59K | SH | $34.24M 2.85% | 0.00 | 128.59K | 0.00 |
AURA MINERALS INCDFND | SHS NEW | 805.92K | SH | $29.99M 2.49% | 0.00 | 805.92K | 0.00 |
TALEN ENERGY CORPDFND | COM | 66.63K | SH | $28.34M 2.36% | 0.00 | 66.63K | 0.00 |
FIRST SOLAR INCDFND | COM | 116.25K | SH | $25.64M 2.13% | 0.00 | 116.25K | 0.00 |
BP PLCDFND | SPONSORED ADR | 703.31K | SH | $24.24M 2.01% | 0.00 | 703.31K | 0.00 |
PETROLEO BRASILEIRO SA PETRODFND | SP ADR NON VTG | 1.74M | SH | $20.59M 1.71% | 0.00 | 1.74M | 0.00 |
BANCO BRADESCODFND | SP ADR PFD NEW | 5.84M | SH | $19.75M 1.64% | 0.00 | 5.84M | 0.00 |
INTER & CO INC - CL ADFND | CLASS A COM | 2.05M | SH | $18.93M 1.57% | 0.00 | 2.05M | 0.00 |
GE VERNOVA LLCDFND | COM | 28.70K | SH | $17.65M 1.47% | 0.00 | 28.70K | 0.00 |
NVIDIA CORPDFND | COM | 89K | SH | $16.60M 1.38% | 0.00 | 89K | 0.00 |
EMBRAER SADFND | SPONSORED ADR | 231.17K | SH | $13.97M 1.16% | 0.00 | 231.17K | 0.00 |
GERDAU SADFND | SPON ADR REP PFD | 4.49M | SH | $13.92M 1.16% | 0.00 | 4.49M | 0.00 |
ITAU UNIBANCO HOLDING SADFND | SPON ADR REP PFD | 1.67M | SH | $12.29M 1.02% | 0.00 | 1.67M | 0.00 |
TRANSPORT GAS SUR B ADRDFND | SPONSORED ADS B | 578.37K | SH | $12.16M 1.01% | 0.00 | 578.37K | 0.00 |
Page 1 of 7
…