SPX Gestao de Recursos Ltda
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +1.3% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 37.5% of quarters (excess t = 0.44, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 73 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| PBR/A | $129M | | ADD |
| XLP | $120M | | NEW |
| STNE | $109M | | ADD |
| VALE | $88M | | ADD |
| MCHI | $55M | | NEW |
| VINP | $49M | | ADD |
| ARCO | $49M | | TRIM |
| NVDA | $46M | | ADD |
| LTM | $44M | | ADD |
| BBD | $40M | | ADD |
| NU | $37M | | NEW |
| PBR | $36M | | TRIM |
| TGS | $35M | | TRIM |
| INTR | $32M | | ADD |
| CPA | $26M | | TRIM |
| BAP | $23M | | TRIM |
| XP | $23M | | TRIM |
| EMBJ | $21M | | ADD |
| TSM | $20M | | NEW |
| EWZ | $19M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.