1y return+17.8%S&P 500 +20.9%
3y return+23.2%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $130 against $195 in the S&P 500.2
SPX Gestao de Recursos LtdaS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Xp Inc - Class ACUSIP G98239109 | $78.3M | 8.7% | +305.5% |
| LTMLatam Airlines Group-sp Adr | $61.0M | 6.8% | +18.7% |
| TGSTransport Gas Sur B Adr | $54.0M | 6.0% | +77.1% |
| PAMPampa Energia Sa | $45.0M | 5.0% | +234.7% |
| Vinci Compass Investments LtdCUSIP G9451V109 | $43.2M | 4.8% | −4.9% |
| Arcos Dorados Holdings IncCUSIP G0457F107 | $36.3M | 4.0% | −24.3% |
| Stoneco Ltd-aCUSIP G85158106 | $32.6M | 3.6% | −61.1% |
| EMBJEmbraer Sa | $32.1M | 3.6% | +42.4% |
| BBDBanco Bradesco | $30.8M | 3.4% | −19.8% |
| TEOTelecom Argentina | $30.2M | 3.4% | +216.7% |
| HALHalliburton Co | $29.8M | 3.3% | New |
| RIORio Tinto PLC | $29.3M | 3.3% | +534.3% |
| MSFTMicrosoft Corporation | $24.0M | 2.7% | New |
| Intercorp Financial ServicesCUSIP P5626F128 | $22.9M | 2.5% | +200673.0% |
| NVDANvidia Corp | $22.6M | 2.5% | −57.2% |
| GOOGLAlphabet Inc Class A Common Stock | $21.9M | 2.4% | New |
| FCXFreeport-mcmoran Inc | $21.6M | 2.4% | New |
| EWZIshares Msci Brazil Etf | $20.1M | 2.2% | +17.9% |
| MUMicron Technology Inc | $19.7M | 2.2% | +7845.6% |
| Inter & Co Inc - Cl ACUSIP G4R20B107 | $18.5M | 2.1% | −15.1% |
| CredicorpCUSIP G2519Y108 | $17.1M | 1.9% | −34.8% |
| MAMastercard Incorporated | $16.3M | 1.8% | New |
| VVisa Inc. Cmn Class A | $15.6M | 1.7% | New |
| METAMeta Platforms Inc | $14.7M | 1.6% | +206.9% |
| PBR/APetroleo Brasileiro Sa Petro | $14.5M | 1.6% | −85.6% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CredicorpCUSIP G2519Y108 | September 30, 2024 | +115.3% | $17.1M |
| LTMLatam Airlines Group-sp Adr | March 31, 2025 | +86.3% | $61.0M |
| NVDANvidia Corp | March 31, 2025 | +84.6% | $22.6M |
| AAOIApplied Optoelr | March 31, 2026 | +75.2% | $5.3M |
| EMBJEmbraer Sa | December 31, 2024 | +73.9% | $32.1M |
| BBDBanco Bradesco | March 31, 2025 | +55.6% | $30.8M |
| RIORio Tinto PLC | September 30, 2023 | +49.2% | $29.3M |
| ELPCCia Paranaense De Ener-adr | December 31, 2023 | +48.0% | $5.4M |
| TSMTaiwan Semiconductor Mfg Ads Ltd Ads 1ads Equals 5ords | March 31, 2026 | +41.3% | $13.7M |
| Xp Inc - Class ACUSIP G98239109 | March 31, 2025 | +18.3% | $78.3M |
Sold off last quarter
- XLPState Street Consumer Staples was $120.2M
- MCHIIshares Msci Chn was $54.6M
- Nu Holdings Ltd/cayman Isl-aCUSIP G6683N103 was $36.9M
- Copa Holdings SaCUSIP P31076105 was $25.5M
- BPBp PLC was $16.7M
- GGBGerdau Sa was $15.4M
- AAAlcoa Corp was $10.3M
- CPAYCorpay Inc was $8.5M
- OIHVaneck Oil Services Etf was $6.7M
- CEPUCentral Puerto-sponsored Adr was $6.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −4.6% | +14.8% |
| March 31, 2026 | +7.9% | −4.6% |
| December 31, 2025 | +5.2% | +2.4% |
| September 30, 2025 | +8.8% | +7.8% |
| June 30, 2025 | +14.7% | +10.5% |
| March 31, 2025 | −2.6% | −4.6% |
| December 31, 2024 | −8.7% | +2.1% |
| September 30, 2024 | +3.5% | +5.4% |
| June 30, 2024 | −3.7% | +4.0% |
| March 31, 2024 | −1.2% | +10.0% |
| December 31, 2023 | +7.4% | +11.2% |
| September 30, 2023 | −3.1% | −3.6% |
| June 30, 2023 | +0.9% | +8.3% |
| March 31, 2023 | +4.7% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: SPX Gestao de Recursos Ltda Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1589176&type=13F-HR&dateb=&owner=include&count=40CIK 1589176
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1589176/000158917626000004/Filed August 19, 2026 · accession 0001589176-26-000004