SPX Gestao de Recursos Ltda

CIK 0001589176 · Q1 2026

13F Equity AUM

$1.2B

+23.0% QoQ

Positions

+9 QoQ

AUM Rank

#2,501

Top 20%

Skill Alpha (FF)

-2.2%/yr^ns

No Clear Edge

Rank #5,513 · Top 67%

vs S&P -6.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 41.6%Top 10: 60.5%Top 20: 83.1%

PJX10.7%

XLP10.0%

STNE9.1%

VALE7.3%

MCHI4.5%

VINP4.1%

ARCO4.1%

NVDA3.8%

LTM3.6%

BBD3.4%

Others (67)39.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services34.6%

Energy18.4%

Technology16.6%

Basic Materials10.1%

Industrials8.0%

Consumer Cyclical6.4%

Utilities3.6%

Other2.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 77Median: 0.37%Avg: 1.30%

0–0.5%

45(6.2%)

0.5–1%

8(5.8%)

1–3%

13(24.4%)

3–5%

7(26.6%)

5%+

4(37.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 67Unique: 10vs 20 funds

0.9%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.2%

JPMORGAN CHASE & CO

1.2%

BlackRock, Inc.

1.4%

BANK OF AMERICA CORP /DE/

1.1%

STATE STREET CORP

1.4%

VANGUARD CAPITAL MANAGEMENT LLC

1.2%

FMR LLC

1.2%

GEODE CAPITAL MANAGEMENT, LLC

0.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New31Increased18Decreased22Exited22

New Positions

XLP10.0%

+1.5M

MCHI4.5%

+972K

NU3.1%

+2.6M

TSM1.7%

+59K

EWZ1.6%

+493K

PAM1.2%

+164K

AA0.9%

+155K

TEO0.7%

+733K

OIH0.6%

+17K

CEPU0.5%

+361K

Increased

BBD3.4%

+7.6M(+222%)

PJX10.7%

+5.7M(+486%)

VALE7.3%

+5.1M(+1302%)

INTR2.7%

+3.7M(+1059%)

STNE9.1%

+2.5M(+48%)

VINP4.1%

+671K(+17%)

LTM3.6%

+554K(+169%)

EMBJ1.7%

+353K

NVDA3.8%

+249K(+1715%)

CORZ0.3%

+101K(+96%)

Decreased

PBR3.0%

-3,154,716(-65%)

XP1.9%

-3,008,306(-72%)

ARCO4.1%

-1,602,390(-21%)

GGB1.3%

-640,273(-13%)

EVEX0.5%

-552,062(-19%)

RIO0.4%

-419,765(-90%)

TGS3.0%

-181,667(-15%)

SAJA0.5%

-170,102(-49%)

BP1.4%

-168,886(-32%)

CPA2.1%

-168,750(-43%)

Exited

-2,075,400

-81,424

-204,250

-877,211

-133,160

-208,100

-176,892

-15,000

-4,500

PUT - GLD 100 @ 365 …

-2,183

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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