SPX Gestao de Recursos Ltda

Q4 2025 13F-HR Holdings

Location
Rio De Janeiro, D5
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
73
Total value ($000)
$978,948
Net value change ($000)
-224,318 (-18.6%)
New positions
13
Sold out positions
78
Turnover %
49.7%
Sector allocation + QoQ delta (equities-only)

Holdings aggregated across other managers listed in the original SEC filing. View detailed breakdown

Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
KWEB 70,667 NEW
STNE 68,875 803.2%
SPY 55,525 NEW
XP 31,093 82.7%
FSLR 27,719 108.1%
TGS 25,357 208.5%
BAP 22,896 66.9%
MU 22,341 667.7%
BABA 16,000 267.2%
AUGO 14,237 47.5%
Top Reduces (Value $000, Stocks/ETFs)
VALE -115,056 -95.7%
EEM -79,032 -100.0%
EWZ -49,600 -100.0%
PBR -42,311 -42.2%
VST -41,633 -100.0%
TLN -24,786 -87.5%
LTM -24,583 -58.1%
GEV -17,648 -100.0%
INTR -15,987 -84.5%
EMBJ -13,974 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,926 (0.2% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type