SPX
SPX GESTÃO DE RECURSOS LTDA
Portfolio as of March 2026compared with February 2026
In stocks
R$15.4B
Stocks
107
Top 10: 55%
Funds
15
YTD
▲ 19.4%
AUM-weighted average
Past performance is no guarantee of future results.
Disclosed so far
Stock holdings disclosed each month
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Funds can keep positions confidential for up to 180 days, so recent months show up incomplete (hatched) until the confidentiality period ends. The portfolio shown is from the last complete month.
This month
- Buys
- +R$3.3B
- Sells
- −R$1.1B
- New positions
- 7
- Exited
- 9
Sectors
- Utilities32.6%
- Finance15.9%
- Retail Trade8.3%
- Energy Minerals7.1%
- Non-Energy Minerals6.8%
- Other6.5%
Portfolio
All of the manager's funds combined · since then: today's price vs. Mar/26
| Stock | Company | % of stock portfolio | Value | Month | Since then | Sector |
|---|---|---|---|---|---|---|
 AXIA3 | AXIA Energia SA | 12.3% | R$1.9B | AddedR$1.3B | ▲ 1.2% | Utilities |
 ENEV3 | Eneva S.A. | 8.1% | R$1.2B | AddedR$213.3M | ▲ 30.4% | Utilities |
 UGPA3 | Ultrapar Participacoes S.A. | 5.5% | R$846.9M | Trimmed−R$43.4M | ▲ 38.5% | Retail Trade |
 PETR4 | Petroleo Brasileiro SA | 5.4% | R$834.7M | AddedR$158.6M | ▲ 19.6% | Energy Minerals |
 ALOS3 | Allos S.A. | 5.4% | R$832.3M | AddedR$38.0M | ▲ 17.7% | Finance |
 CPLE3 | Companhia Paranaense de Energia | 5.2% | R$796.1M | Trimmed−R$116.1M | ▲ 14.4% | Utilities |
 AXIA6 | – | 3.9% | R$599.0M | AddedR$32.3M | – | Other |
 VALE3 | Vale S.A. | 3.3% | R$514.4M | AddedR$96.4M | ▼ 20.7% | Non-Energy Minerals |
 ITUB4 | Itau Unibanco Holding SA | 3.2% | R$491.1M | AddedR$210.9M | ▲ 12.2% | Finance |
 AXIA7 | AXIA Energia SA | 2.9% | R$453.4M | AddedR$54.4M | ▲ 5.0% | Utilities |
 SMFT3 | Smartfit Escola de Ginastica e Danca SA | 2.9% | R$444.4M | AddedR$32.0M | ▲ 33.9% | Consumer Services |
 RAIL3 | Rumo SA | 2.9% | R$440.8M | Trimmed−R$65.3M | ▲ 18.8% | Transportation |
 SUZB3 | Suzano S.A. | 2.4% | R$367.3M | Held | ▼ 18.3% | Process Industries |
 GOAU4 | Metalurgica Gerdau SA | 2.3% | R$355.0M | Trimmed−R$63.1M | ▲ 39.7% | Non-Energy Minerals |
 RDOR3 | Rede D'Or Sao Luiz SA | 2.2% | R$334.3M | AddedR$241.3M | ▲ 13.1% | Health Services |
 DIRR3 | Direcional Engenharia S.A. | 1.9% | R$288.5M | AddedR$98.7M | ▼ 14.1% | Finance |
 ISAE4 | Isa Energia Brasil SA | 1.7% | R$265.0M | Held | ▲ 0.0% | Utilities |
 PSSA3 | Porto Seguro S.A. | 1.7% | R$264.6M | AddedR$44.1M | ▲ 4.2% | Finance |
 DXCO3 | Dexco SA | 1.4% | R$210.5M | Held | ▲ 75.6% | Producer Manufacturing |
 NEOE3 | – | 1.4% | R$209.3M | AddedR$12.7M | – | Other |
 ODPV3 | – | 1.3% | R$200.8M | AddedR$175.1M | – | Other |
 GGPS3 | GPS Participacoes e Empreendimentos SA | 1.2% | R$181.1M | Trimmed−R$18.9M | ▼ 2.2% | Commercial Services |
 AZZA3 | Azzas 2154 SA | 1.2% | R$180.5M | Held | ▲ 5.7% | Consumer Non-Durables |
 PETR3 | Petroleo Brasileiro SA | 1.2% | R$178.1M | AddedR$20.4M | ▲ 20.3% | Energy Minerals |
 HYPE3 | Hypera S.A. | 1.2% | R$177.8M | Trimmed−R$14.3M | ▲ 17.1% | Health Technology |
 BMOB3 | Bemobi Mobile Tech SA | 1.0% | R$154.7M | Trimmed−R$3.7M | ▲ 24.6% | Technology Services |
 VBBR3 | Vibra Energia SA | 0.9% | R$131.2M | AddedR$29.0M | ▲ 16.0% | Retail Trade |
 PNVL3 | Dimed S.A. Distribuidora de Medicamentos | 0.8% | R$129.9M | AddedR$6.0M | ▲ 11.4% | Retail Trade |
 ASAI3 | Sendas Distribuidora SA | 0.8% | R$127.5M | Trimmed−R$117.0M | ▲ 47.5% | Retail Trade |
 VTRU3 | Vitru Educacao SA | 0.8% | R$123.9M | Held | ▲ 51.5% | Commercial Services |
 ITSA4 | Itausa SA | 0.8% | R$116.0M | Trimmed−R$74.5M | ▲ 13.0% | Finance |
 CBAV3 | Companhia Brasileira de Aluminio | 0.7% | R$112.2M | AddedR$10.3M | ▲ 7.3% | Non-Energy Minerals |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.7% | R$102.1M | AddedR$41.4M | ▲ 2.8% | Utilities |
 HBSA3 | Hidrovias do Brasil SA | 0.6% | R$98.3M | Trimmed−R$2.5M | ▲ 0.7% | Transportation |
 EMBJ3 | Embraer S.A. | 0.6% | R$97.1M | AddedR$7.6M | ▲ 18.0% | Electronic Technology |
 ROXO34 | Nu Holdings Ltd. | 0.6% | R$90.4M | AddedR$2.9M | ▲ 2.2% | BDR |
 PRIO3 | Prio SA | 0.6% | R$89.4M | AddedR$83.2M | ▲ 7.6% | Energy Minerals |
 NATU3 | Natura Cosmeticos SA | 0.6% | R$87.8M | AddedR$28.3M | ▼ 26.7% | Consumer Non-Durables |
 INBR32 | Inter & Co., Inc. | 0.6% | R$86.2M | AddedR$9.6M | ▼ 20.1% | BDR |
 POMO4 | Marcopolo SA | 0.5% | R$78.5M | AddedR$11.7M | ▼ 20.2% | Producer Manufacturing |
 EQTL3 | Equatorial S.A. | 0.5% | R$74.5M | AddedR$54.5M | ▲ 21.6% | Utilities |
 BBDC3 | Banco Bradesco SA | 0.5% | R$69.4M | Held | ▲ 9.1% | Finance |
 EZTC3 | EZ TEC Empreendimentos e Participacoes SA | 0.4% | R$68.0M | AddedR$3.9M | ▲ 35.9% | Finance |
 MBRF3 | MBRF Global Foods Company S.A. | 0.4% | R$62.5M | AddedR$5.2M | ▼ 14.3% | Consumer Non-Durables |
 ORVR3 | Orizon Valorizacao de Residuos SA | 0.4% | R$60.8M | AddedR$32.2M | ▲ 15.2% | Utilities |
 XPBR31 | XP Inc. | 0.4% | R$59.9M | Held | ▲ 62.5% | BDR |
 CYRE4 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 0.4% | R$58.5M | New | ▲ 29.2% | Finance |
 BBDC4 | Banco Bradesco SA | 0.4% | R$58.1M | AddedR$15.7M | ▲ 7.9% | Finance |
 GGBR4 | Gerdau S.A. | 0.4% | R$57.9M | AddedR$45.0M | ▲ 38.2% | Non-Energy Minerals |
 CLSC4 | Centrais Eletricas de Santa Catarina SA | 0.3% | R$52.2M | Held | ▲ 31.4% | Utilities |
 BBAS3 | Banco do Brasil S.A. | 0.3% | R$51.0M | Trimmed−R$27.4M | ▲ 5.2% | Finance |
 CSED3 | Cruzeiro do Sul Educacional SA | 0.3% | R$45.0M | AddedR$1.9M | ▲ 32.7% | Consumer Services |
 CSAN3 | Cosan S.A. | 0.3% | R$39.7M | AddedR$2.1M | ▼ 2.0% | Utilities |
 RENT4 | Localiza Rent A Car SA | 0.2% | R$33.8M | AddedR$4.6M | ▲ 13.4% | Finance |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 0.2% | R$31.3M | AddedR$19.0M | ▲ 19.3% | Finance |
 RADL3 | Raia Drogasil S.A. | 0.2% | R$30.2M | AddedR$21.8M | ▼ 8.2% | Retail Trade |
 TIMS3 | TIM S.A. | 0.2% | R$25.2M | Trimmed−R$64.5M | ▼ 30.7% | Communications |
 WEGE3 | WEG SA | 0.2% | R$23.9M | Trimmed−R$28.6M | ▼ 4.4% | Producer Manufacturing |
 RENT3 | Localiza Rent A Car SA | 0.1% | R$22.6M | Trimmed−R$2.4M | ▲ 12.5% | Finance |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 0.1% | R$21.2M | AddedR$17.1M | ▲ 10.1% | Utilities |
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| SPX FALCON MASTER | Ações Livre | R$8.1B | ▲ 31.8% | ▲ 44.2% | Aug/26 |
| SPX RAPTOR MASTER | Multimercados Invest. no Exterior | R$3.4B | ▲ 4.2% | ▲ 8.7% | Sep/26 |
| SPX NIMITZ MASTER | Multimercados Macro | R$3.3B | ▲ 7.2% | ▲ 11.2% | Sep/26 |
| SPX HORNET EQUITY HEDGE MASTER | Multimercados Livre | R$3.2B | ▲ 24.6% | ▲ 33.9% | Aug/26 |
| SPX SEAHAWK PLUS PREVIDENCIÁRIO | Previdência Multimercado Livre | R$1.5B | ▲ 10.8% | ▲ 14.3% | Jun/26 |
| SPX SUMMIT MACRO LONG SHORT MASTER | Multimercados Invest. no Exterior | R$1.2B | ▲ 12.6% | ▲ 17.6% | Sep/26 |
| SPX LANCER PREVIDENCIÁRIO | Previdência Multimercado Livre | R$1.0B | ▲ 8.3% | ▲ 12.2% | Sep/26 |
| SPX PATRIOT MASTER | Ações Livre | R$987.5M | ▲ 33.1% | ▲ 46.5% | Aug/26 |
| LOCAL EXPLORER | Multimercados Livre | R$870.8M | – | – | Jun/26 |
| SPX LANCER PLUS PREVIDENCIÁRIO | Previdência Multimercado Livre | R$780.4M | ▲ 7.3% | ▲ 11.0% | Sep/26 |
| SPX LONG BIAS PREVIDENCIÁRIO MASTER | Previdência Multimercado Livre | R$478.2M | ▲ 24.0% | ▲ 34.0% | Aug/26 |
| SPX LONG BIAS PREVIDENCIÁRIO MASTER 2 | Previdência Multimercado Livre | R$363.9M | ▲ 27.0% | ▲ 37.5% | Aug/26 |
| SPX RANGER PREVIDENCIÁRIO | Previdência Multimercado Livre | R$307.4M | ▲ 4.3% | ▲ 7.9% | Sep/26 |
| SPX FALCON INSTITUCIONAL MASTER | Multimercados Livre | R$296.5M | ▲ 31.3% | ▲ 43.6% | Aug/26 |
| SPX SEAHAWK PLUS MASTER | Multimercados Estrat. Específica | R$219.5M | ▲ 11.6% | ▲ 14.9% | Jun/26 |
Past performance is no guarantee of future results.