# EDGAR Filing Document

**Accession Number:** 0001589176
**File Stem:** 0001589176-25-000004
**Filing Date:** 2025-8
**Character Count:** 16385
**Document Hash:** 8abd5581ede222548cd1fb5423a060f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001589176-25-000004.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001589176-25-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPX Gestao de Recursos Ltda
- **CENTRAL INDEX KEY:** 0001589176

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18920
- **FILM NUMBER:** 251204730

**BUSINESS ADDRESS:**
- **STREET 1:** RUA HUMAITA, 275, 6 ANDAR
- **STREET 2:** HUMAITA
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22261000
- **BUSINESS PHONE:** 552132031580

**MAIL ADDRESS:**
- **STREET 1:** RUA HUMAITA, 275, 6 ANDAR
- **STREET 2:** HUMAITA
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22261000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPX Equities Gestao de Recursos Ltda
- **DATE OF NAME CHANGE:** 20131011

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SPX Gestao de Recursos Ltda<br>**Address:** RUA HUMAITA 275 6 ANDAR<br>HUMAITA<br>RIO DE JANEIRO, D5 22261000

**Form 13F File Number:** 028-18920

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Marilia Lorena<br>**Title:** Legal adn Compliance Manager<br>**Phone:** 552132033943

**Signature, Place, and Date of Signing:**

Marilia Lorena  Rio de Janeiro, D5  08-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 117

**Form 13F Information Table Value Total:** $1072042987

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                       | Form 13F File Number   |
|:---|:---|:---|
|  | SPX Capital Management LLC |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| CALL- ORCL 100 @ 230 EXP 08/15/2025 | CALL | 99DF0L785 |  | 229000 | 400 | SH | Call | DFND | 1 | 0 | 400 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 1824768 | 1200 | SH |  | DFND | 1 | 0 | 1200 | 0 |
| CALL- TSLA 100 @ 400 EXP 07/18/2025 | CALL | 99DGT6N87 |  | 57300 | 600 | SH | Call | DFND | 1 | 0 | 600 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 2024102 | 6100 | SH |  | DFND | 1 | 0 | 6100 | 0 |
| NAYAX LTD | SHS | M7S750159 |  | 960609 | 19109 | SH |  | DFND | 1 | 0 | 19109 | 0 |
| NIKE INC CL B | CL B | 654106103 |  | 1420800 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| ALPHABET INC CLASS A COMMON STOCK | CAP STK CL A | 02079K305 |  | 14098400 | 80000 | SH |  | DFND | 1 | 0 | 80000 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 49634439 | 170700 | SH |  | DFND | 1 | 0 | 170700 | 0 |
| PUT - AAPL 100 @ 175 EXP 07/18/2025 | PUT | 99DGCSKJ6 |  | 30240 | 2160 | SH | Put | DFND | 1 | 0 | 2160 | 0 |
| GE VERNOVA LLC | COM | 36828A101 |  | 5291500 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| PUT - AAPL 100 @ 195 EXP 07/18/2025 | PUT | 99DGCSK23 |  | 225000 | 1800 | SH | Put | DFND | 1 | 0 | 1800 | 0 |
| GAMBLING.COM GROUP LTD | ORDINARY SHARES | G3R239101 |  | 1977307 | 166300 | SH |  | DFND | 1 | 0 | 166300 | 0 |
| AT  T INC | COM | 00206R102 |  | 2894000 | 100000 | SH |  | DFND | 1 | 0 | 100000 | 0 |
| CALL- IWM 100 @ 219 EXP 07/18/2025 | CALL | 99DLW52W4 |  | 233200 | 800 | SH | Call | DFND | 1 | 0 | 800 | 0 |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 |  | 56705 | 500 | SH |  | DFND | 1 | 0 | 500 | 0 |
| DOORDASH INC - A | CL A | 25809K105 |  | 2465100 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| URANIUM ENERGY | COM | 916896103 |  | 510000 | 75000 | SH |  | DFND | 1 | 0 | 75000 | 0 |
| SUNRUN INC | COM | 86771W105 |  | 818000 | 100000 | SH |  | DFND | 1 | 0 | 100000 | 0 |
| CLOUDFLARE INC - CLASS A | CL A COM | 18915M107 |  | 1174980 | 6000 | SH |  | DFND | 1 | 0 | 6000 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 38151921 | 173900 | SH |  | DFND | 1 | 0 | 173900 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 43495644 | 58930 | SH |  | DFND | 1 | 0 | 58930 | 0 |
| SPROT PHYS SILVR | TR UNIT | 85207K107 |  | 1836000 | 150000 | SH |  | DFND | 1 | 0 | 150000 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 |  | 62431155 | 4990500 | SH |  | DFND | 1 | 0 | 4990500 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 19899288 | 1724375 | SH |  | DFND | 1 | 0 | 1724375 | 0 |
| RENATUS TACTICAL ACQUISITION | UNIT 05/15/2030 | G7490F119 |  | 254600 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| ISHARES MSCI SOUTH KOREA ETF | MSCI STH KOR ETF | 464286772 |  | 5311720 | 74000 | SH |  | DFND | 1 | 0 | 74000 | 0 |
| BANK OF AMERICA | COM | 060505104 |  | 3549000 | 75000 | SH |  | DFND | 1 | 0 | 75000 | 0 |
| CALL- AMZN 100 @ 240 EXP 08/15/2025 | CALL | 99DDCDB15 |  | 138000 | 400 | SH | Call | DFND | 1 | 0 | 400 | 0 |
| CALL- AMZN 100 @ 225 EXP 07/18/2025 | CALL | 99DGG7FQ8 |  | 457500 | 1500 | SH | Call | DFND | 1 | 0 | 1500 | 0 |
| CALL- AMZN 100 @ 230 EXP 07/18/2025 | CALL | 99DGG7G79 |  | 166500 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 5599000 | 100000 | SH |  | DFND | 1 | 0 | 100000 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 976500 | 90000 | SH |  | DFND | 1 | 0 | 90000 | 0 |
| CORE SCIENTIFIC INC | COM | 21874A106 |  | 1684809 | 98700 | SH |  | DFND | 1 | 0 | 98700 | 0 |
| CALL- FTNT 100 @ 110 EXP 07/18/2025 | CALL | 99DKM2K61 |  | 216560 | 2000 | SH | Call | DFND | 1 | 0 | 2000 | 0 |
| GOLDMAN SACHS | COM | 38141G104 |  | 7077500 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| CARRIER GLOBAL CORP | COM | 14448C104 |  | 1463800 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 4369500 | 75000 | SH |  | DFND | 1 | 0 | 75000 | 0 |
| LUXEXPERIENCE BV | ADS | 55406W103 |  | 1234670 | 155500 | SH |  | DFND | 1 | 0 | 155500 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 1814000 | 40000 | SH |  | DFND | 1 | 0 | 40000 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 2403600 | 30000 | SH |  | DFND | 1 | 0 | 30000 | 0 |
| HDFC BK LTD | SPONSORED ADS | 40415F101 |  | 9436314 | 123077 | SH |  | DFND | 1 | 0 | 123077 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 46154680 | 143000 | SH |  | DFND | 1 | 0 | 143000 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 4789053 | 249300 | SH |  | DFND | 1 | 0 | 249300 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 68027310 | 351000 | SH |  | DFND | 1 | 0 | 351000 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 4652530 | 47000 | SH |  | DFND | 1 | 0 | 47000 | 0 |
| MONGODB INC | CL A | 60937P106 |  | 1259940 | 6000 | SH |  | DFND | 1 | 0 | 6000 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 3569900 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| PUT - EEM 100 @ 46.5 EXP 07/18/2025 | PUT | 99DLMG771 |  | 782500 | 50000 | SH | Put | DFND | 1 | 0 | 50000 | 0 |
| CANTOR EQUITY PARTNERS-CL A | CL A ORD SHS | G1827P106 |  | 110300 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| ISHARES MSCI EMERGING MARKETS ETF | MSCI EMG MKT ETF | 464287234 |  | 5788800 | 120000 | SH |  | DFND | 1 | 0 | 120000 | 0 |
| ISHARES MSCI BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 5770000 | 200000 | SH |  | DFND | 1 | 0 | 200000 | 0 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 2492500 | 50000 | SH |  | DFND | 1 | 0 | 50000 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1855750 | 25000 | SH |  | DFND | 1 | 0 | 25000 | 0 |
| SNOWFLAKE INC-CLASS A | CL A | 833445109 |  | 6713100 | 30000 | SH |  | DFND | 1 | 0 | 30000 | 0 |
| COMPANHIA PARANAENSE DE ENERGI | SPON ADS | 20441B605 |  | 8363354 | 916030 | SH |  | DFND | 1 | 0 | 916030 | 0 |
| CALL- EWZ 100 @ 28  EXP 07/18/2025 | CALL | 99DKZQ272 |  | 234120 | 2000 | SH | Call | DFND | 1 | 0 | 2000 | 0 |
| VERTIV HOLDINGS LLC | COM CL A | 92537N108 |  | 29534300 | 230000 | SH |  | DFND | 1 | 0 | 230000 | 0 |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 |  | 26617936 | 2741291 | SH |  | DFND | 1 | 0 | 2741291 | 0 |
| DATADOG INC - CLASS A | CL A COM | 23804L103 |  | 1208970 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| CALL- ADSK 100 @ 310 EXP 07/18/2025 | CALL | 99DGFJZ32 |  | 294505 | 500 | SH | Call | DFND | 1 | 0 | 500 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 1802360 | 164000 | SH |  | DFND | 1 | 0 | 164000 | 0 |
| CANTOR EQUITY PARTNERS I INC | SHS CL A | G1827K107 |  | 476000 | 40000 | SH |  | DFND | 1 | 0 | 40000 | 0 |
| XP INC - CLASS A | CL A | G98239109 |  | 5612065 | 277825 | SH |  | DFND | 1 | 0 | 277825 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3732000 | 40000 | SH |  | DFND | 1 | 0 | 40000 | 0 |
| CALL- UBER 100 @ 90 EXP 07/18/2025 | CALL | 99DHXXBW1 |  | 488670 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| CALL- UBER 100 @ 100 EXP 07/18/2025 | CALL | 99DHXX3J9 |  | 73000 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| GLOBAL X URANIUM | GLOBAL X URANIUM | 37954Y871 |  | 776200 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| PUT - XOP 100 @ 125 EXP 07/18/2025 | PUT | 99DGTTYN2 |  | 246500 | 1000 | SH | Put | DFND | 1 | 0 | 1000 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 3870000 | 50000 | SH |  | DFND | 1 | 0 | 50000 | 0 |
| GRINDR INC | COM | 39854F101 |  | 955670 | 42100 | SH |  | DFND | 1 | 0 | 42100 | 0 |
| PUT - MU 100 @ 105  EXP 07/18/2025 | PUT | 99DGDMFB1 |  | 5600 | 200 | SH | Put | DFND | 1 | 0 | 200 | 0 |
| CALL- MU 100 @ 145  EXP 07/18/2025 | CALL | 99DGDPFZ1 |  | 4700 | 200 | SH | Call | DFND | 1 | 0 | 200 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 7425530 | 47000 | SH |  | DFND | 1 | 0 | 47000 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2465000 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| CALL- NVDA 100 @ 170 EXP 08/08/2025 | CALL | 99DM7FN05 |  | 218750 | 700 | SH | Call | DFND | 1 | 0 | 700 | 0 |
| PUT - HYG 100 @ 77  EXP 07/18/2025 | PUT | 99DDJX2S5 |  | 1085 | 500 | SH | Put | DFND | 1 | 0 | 500 | 0 |
| CALL- GGAL 100 @ 60 EXP 07/18/2025 | CALL | 99DGCF5B8 |  | 16000 | 800 | SH | Call | DFND | 1 | 0 | 800 | 0 |
| EMBRAER SA | SPONSORED ADR | 29082A107 |  | 11302838 | 198609 | SH |  | DFND | 1 | 0 | 198609 | 0 |
| SPDR S 500 ETF TRUST | TR UNIT | 78462F103 |  | 618 | 1 | SH |  | DFND | 1 | 0 | 1 | 0 |
| CENTRAIS ELETRICAS BR-SP ADR | SPONSORED ADR | 15234Q207 |  | 4978717 | 670083 | SH |  | DFND | 1 | 0 | 670083 | 0 |
| CREDICORP | COM | G2519Y108 |  | 41789523 | 186961 | SH |  | DFND | 1 | 0 | 186961 | 0 |
| WALDENCAST ACQ CL A -CW27 | *W EXP 07/27/202 | G9503X111 |  | 193 | 1988 | SH |  | DFND | 1 | 0 | 1988 | 0 |
| INVESCO S SMALLCAP QUALITY E | S SMLCAP QTY | 46138G300 |  | 7701228 | 189080 | SH |  | DFND | 1 | 0 | 189080 | 0 |
| SPDR S 600 SMALL CAP VALUE ETF | S 600 SMCP VAL | 78464A300 |  | 8302617 | 104095 | SH |  | DFND | 1 | 0 | 104095 | 0 |
| CIA PARANAENSE DE ENER-ADR | SPONSORED ADS | 20441B704 |  | 604315 | 70929 | SH |  | DFND | 1 | 0 | 70929 | 0 |
| BANCO MACRO BANSUD SA | SPON ADR B | 05961W105 |  | 2912521 | 41483 | SH |  | DFND | 1 | 0 | 41483 | 0 |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 |  | 42322 | 21593 | SH |  | DFND | 1 | 0 | 21593 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 47753813 | 434244 | SH |  | DFND | 1 | 0 | 434244 | 0 |
| BRAZIL POTASH CORP | COMMON SHARES | 10586A108 |  | 276079 | 202999 | SH |  | DFND | 1 | 0 | 202999 | 0 |
| SUZANO SA | SPON ADS | 86959K105 |  | 1623329 | 172511 | SH |  | DFND | 1 | 0 | 172511 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 5385692 | 793180 | SH |  | DFND | 1 | 0 | 793180 | 0 |
| COMPHANIA DE BEBIDAS DAS AMERICAS  AMBEV | SPONSORED ADR | 02319V103 |  | 4797064 | 1990483 | SH |  | DFND | 1 | 0 | 1990483 | 0 |
| ISHARES CORE S SMALL-CAP ETF | CORE S SCP ETF | 464287804 |  | 86072979 | 787565 | SH |  | DFND | 1 | 0 | 787565 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 20487266 | 455475 | SH |  | DFND | 1 | 0 | 455475 | 0 |
| LATAM AIRLINES GROUP-SP ADR | SPONSORED ADR | 51817R205 |  | 953983 | 23474 | SH |  | DFND | 1 | 0 | 23474 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 8377784 | 2869104 | SH |  | DFND | 1 | 0 | 2869104 | 0 |
| VINCI COMPASS INVESTMENTS LTD | COM CL A | G9451V109 |  | 36357111 | 3759784 | SH |  | DFND | 1 | 0 | 3759784 | 0 |
| GRUPO FINANCIERO GALICIA | SPONSORED ADR | 399909100 |  | 18556672 | 368261 | SH |  | DFND | 1 | 0 | 368261 | 0 |
| CENTRAIS ELEC BRAS-ADR PREF | SPON ADR PFD B | 15234Q108 |  | 379916 | 45939 | SH |  | DFND | 1 | 0 | 45939 | 0 |
| AMBIPAR EMERGENCY RESPONS-28 | *W EXP 99/99/999 | G02532110 |  | 240538 | 1592965 | SH |  | DFND | 1 | 0 | 1592965 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 35777173 | 4534496 | SH |  | DFND | 1 | 0 | 4534496 | 0 |
| STONECO LTD-A | COM CL A | G85158106 |  | 7654497 | 477213 | SH |  | DFND | 1 | 0 | 477213 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 13681392 | 457113 | SH |  | DFND | 1 | 0 | 457113 | 0 |
| ALPHABET INC CLASS C | CAP STK CL C | 02079K107 |  | 20384417 | 114913 | SH |  | DFND | 1 | 0 | 114913 | 0 |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 932601 | 25370 | SH |  | DFND | 1 | 0 | 25370 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 7818482 | 112109 | SH |  | DFND | 1 | 0 | 112109 | 0 |
| TRANSPORT GAS SUR B ADR | SPONSORED ADS B | 893870204 |  | 21681978 | 837142 | SH |  | DFND | 1 | 0 | 837142 | 0 |
| BHP BILLITON LTD -SPON ADR | SPONSORED ADR | 088606108 |  | 10459575 | 217500 | SH |  | DFND | 1 | 0 | 217500 | 0 |
| SEMPRA | COM | 816851109 |  | 23353678 | 308218 | SH |  | DFND | 1 | 0 | 308218 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 16264737 | 278840 | SH |  | DFND | 1 | 0 | 278840 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 5665924 | 422200 | SH |  | DFND | 1 | 0 | 422200 | 0 |
| SPDR S BANK ETF | S BK ETF | 78464A797 |  | 17965872 | 322200 | SH |  | DFND | 1 | 0 | 322200 | 0 |
| AMBIPAR EMERGENCY RESPONSE | CL A ORD SHS | G02532102 |  | 44932 | 8942 | SH |  | DFND | 1 | 0 | 8942 | 0 |
| HESS CORPORATION | COM | 42809H107 |  | 21029541 | 151794 | SH |  | DFND | 1 | 0 | 151794 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 |  | 1347 | 371 | SH |  | DFND | 1 | 0 | 371 | 0 |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 |  | 12060100 | 3902945 | SH |  | DFND | 1 | 0 | 3902945 | 0 |
| BASIC SANITATION COMPANY OF THE STATE OF | SPONSORED ADR | 20441A102 |  | 4087914 | 186068 | SH |  | DFND | 1 | 0 | 186068 | 0 |

---