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Livermore
Livermore
ZHEN

SPX Equities Gestao de Recursos Ltda

SEC CIK
0001589176
Latest filing
Aug 19, 2026

The latest 13F from SPX Equities Gestao de Recursos Ltda covers Q2 2026 (filed Aug 19, 2026): 77 long positions worth $898.0M. The top 10 holdings make up 49.4% of the portfolio, and the largest is XP Inc. (XP) at 8.7%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
40
Est. +$205.4M
Added
16
Est. +$250.7M
Reduced
20
Est. −$355.3M
Sold out
32
Est. −$342.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. XPXP Inc.
    8.7%$78.3MHistory
  2. LTMLatam Airlines Group S.A.
    6.8%$61.0MHistory
  3. TGSGas Transporter of the South Inc
    6.0%$54.0MHistory
  4. PAMPampa Energy Inc.
    5.0%$45.0MHistory
  5. VINPVinci Compass Investments Ltd.
    4.8%$43.2MHistory

Share of portfolio

Top 5 holdings and the other 72 positions, by share of portfolio value

  1. XP8.7%
  2. LTM6.8%
  3. TGS6.0%
  4. PAM5.0%
  5. VINP4.8%
  6. Other 72 positions68.7%

Biggest buys

New and added positions, by estimated amount bought

  1. XPXP Inc.
    +$59.0MAddedHistory
  2. PAMPampa Energy Inc.
    +$31.5MAddedHistory
  3. HALHalliburton Co
    +$29.8MNewHistory
  4. RIORio Tinto PLC
    +$24.7MAddedHistory
  5. MSFTMicrosoft Corp
    +$24.0MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. XPXP Inc.
    +6.83 pp1.9% → 8.7%History
  2. PAMPampa Energy Inc.
    +3.80 pp1.2% → 5.0%History
  3. HALHalliburton Co
    +3.31 pp0.0% → 3.3%History
  4. LTMLatam Airlines Group S.A.
    +3.16 pp3.6% → 6.8%History
  5. TGSGas Transporter of the South Inc
    +3.05 pp3.0% → 6.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −$120.2MSold out
  2. PBR.APetrobras - Petroleo Brasileiro SA
    −$86.1MReducedHistory
  3. VALEVale S.A.
    −$77.3MReducedHistory
  4. iShares Tr46429B671
    −$54.6MSold out
  5. STNEStoneCo Ltd.
    −$51.2MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −10.01 pp10.0% → 0.0%
  2. PBR.APetrobras - Petroleo Brasileiro SA
    −9.12 pp10.7% → 1.6%History
  3. VALEVale S.A.
    −6.68 pp7.3% → 0.7%History
  4. STNEStoneCo Ltd.
    −5.47 pp9.1% → 3.6%History
  5. iShares Tr46429B671
    −4.55 pp4.5% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$898.0M
−$302.3M (−25.2%) vs. prior quarter
Positions
77
+8 vs. prior quarter
Top 10 concentration
49.4%
Top 10 as share of value
Turnover
43.5%
Q2 2026, one quarter
Average holding period
4.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.10B (Q2 2023)

Q1 2021: $536.1MQ2 2021: $802.6MQ3 2021: $504.5MQ4 2021: $499.9MQ1 2022: $1.55BQ2 2022: $692.8MQ3 2022: $994.9MQ4 2022: $893.2MQ1 2023: $1.49BQ2 2023: $2.10BQ3 2023: $1.89BQ4 2023: $1.29BQ1 2024: $1.14BQ2 2024: $659.7MQ3 2024: $749.6MQ4 2024: $662.6MQ1 2025: $773.4MQ2 2025: $1.07BQ3 2025: $1.19BQ4 2025: $977.0MQ1 2026: $1.20BQ2 2026: $898.0M
Q1 2021Q2 2026
13F filings of SPX Equities Gestao de Recursos Ltda by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 19, 2026Amended77$898.0MXPLTMTGSvs. Q1 2026SEC
Q1 2026May 6, 202669$1.20BPBR.AState Street Consumer Staples Select Sector SPDR ETFSTNEvs. Q4 2025SEC
Q4 2025Feb 13, 202663$977.0MSTNEKraneshares TrustXPvs. Q3 2025SEC
Q3 2025Nov 12, 2025131$1.19BVALEPBRiShares Trvs. Q2 2025SEC
Q2 2025Aug 12, 202597$1.07BiShares Core S&P Small Cap ETFVSTPBRvs. Q1 2025SEC
Q1 2025May 14, 202592$773.4MVALEiShares Core S&P Small Cap ETFMDYvs. Q4 2024SEC
Q4 2024Feb 7, 202580$662.6MMDYiShares Core S&P Small Cap ETFCPAvs. Q3 2024SEC
Q3 2024Dec 12, 202452$749.6MInvesco Exchange Traded FD TiShares TrVALEvs. Q2 2024SEC
Q2 2024Aug 26, 202458$659.7MVALECPAVINPvs. Q1 2024SEC
Q1 2024Aug 23, 202478$1.14BVALEiShares Iboxx $ Investment Grade Corporate Bond ETFPBRvs. Q4 2023SEC
Q4 2023Aug 26, 2024Amended66$1.29BiShares TrVALEPBRvs. Q3 2023SEC
Q3 2023Nov 13, 202391$1.89BiShares Iboxx $ Investment Grade Corporate Bond ETFiShares TrPBRvs. Q2 2023SEC
Q2 2023Aug 8, 202395$2.10BiShares TriShares Iboxx $ Investment Grade Corporate Bond ETFiShares Trvs. Q1 2023SEC
Q1 2023Apr 25, 202357$1.49BiShares TrState Street Energy Select Sector SPDR ETFState Street Consumer Staples Select Sector SPDR ETFvs. Q4 2022SEC
Q4 2022Feb 8, 202371$893.2MiShares TrVanEck ETF TrustiShares Trvs. Q3 2022SEC
Q3 2022Nov 1, 202279$994.9MState Street Energy Select Sector SPDR ETFState Street Health Care Select Sector SPDR ETFRIOvs. Q2 2022SEC
Q2 2022Aug 11, 202263$692.8MiShares TrState Street Energy Select Sector SPDR ETFSHELvs. Q1 2022SEC
Q1 2022May 11, 202272$1.55BSPYDBX ETF TriShares Trvs. Q4 2021SEC
Q4 2021Jan 31, 202245$499.9MEMBJiShares TrITUBvs. Q3 2021SEC
Q3 2021Oct 25, 202132$504.5MEMBJiShares TriShares Incvs. Q2 2021SEC
Q2 2021Aug 5, 202137$802.6MState Street Financial Select Sector SPDR ETFState Street Utilities Select Sector SPDR ETFMELIvs. Q1 2021SEC
Q1 2021May 4, 202145$536.1MiShares IncState Street Energy Select Sector SPDR ETFLPLA–SEC

13D and 13G filings

Companies where SPX Equities Gestao de Recursos Ltda reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

SPX Equities Gestao de Recursos Ltda does not currently report owning 5% or more of any company.

Latest filings

8 filings on file made by SPX Equities Gestao de Recursos Ltda or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by SPX Equities Gestao de Recursos Ltda
CompanyFiled (ET)FormStakeChangeEvent dateFiling
Vasta Platform LtdApr 10, 202413GOld format–New–SEC
VINPVinci Compass Investments Ltd.Feb 8, 202413GOld format–New–SEC
AMBIQAmbipar Emergency ResponseDec 7, 202313G/AOld format–––SEC
AMBIQAmbipar Emergency ResponseJun 6, 202313GOld format–New–SEC
HPXHPX Corp.Mar 4, 202213G/AOld format–––SEC
WALDWaldencast plcFeb 14, 202213G/AOld format–––SEC
WALDWaldencast plcMar 29, 202113GOld format–New–SEC
Itiquira Acquisition Corp.Feb 11, 202113GOld format–New–SEC