# EDGAR Filing Document

**Accession Number:** 0001589176
**File Stem:** 0001589176-26-000001
**Filing Date:** 2026-2
**Character Count:** 11653
**Document Hash:** c4b08e8658b251ca9a49de621de921cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001589176-26-000001.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001589176-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 26630981

**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:** 12-31-2025

**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 and Compliance Manager<br>**Phone:** 552132033943

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

Marilia Lorena  Rio de Janeiro, D5  02-13-2026<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:** 73

**Form 13F Information Table Value Total:** $978948124

      (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 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 3557232 | 9490 | SH |  | DFND | 1 | 0 | 9490 | 0 |
| ULTRAPAR PARTICIPACOES | SP ADR REP COM | 90400P101 |  | 2196345 | 582585 | SH |  | DFND | 1 | 0 | 582585 | 0 |
| NAYAX LTD | SHS | M7S750159 |  | 1212275 | 23958 | SH |  | DFND | 1 | 0 | 23958 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 |  | 57917562 | 4887558 | SH |  | DFND | 1 | 0 | 4887558 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 1861790 | 1400 | SH |  | DFND | 1 | 0 | 1400 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 8805212 | 29260 | SH |  | DFND | 1 | 0 | 29260 | 0 |
| CALL- META 100 @ 650 EXP 03/20/2026 | CALL | 99DHS7VZ5 |  | 480669 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2944001 | 4460 | SH |  | DFND | 1 | 0 | 4460 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 7492417 | 32460 | SH |  | DFND | 1 | 0 | 32460 | 0 |
| PAGAYA TECHNOLOGIES LTD -A | CL A NEW | M7S64L123 |  | 2514270 | 120300 | SH |  | DFND | 1 | 0 | 120300 | 0 |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 |  | 21987000 | 150000 | SH |  | DFND | 1 | 0 | 150000 | 0 |
| COMPHANIA DE BEBIDAS DAS AMERICAS  AMBEV | SPONSORED ADR | 02319V103 |  | 173908 | 70408 | SH |  | DFND | 1 | 0 | 70408 | 0 |
| ISHARES MSCI SOUTH KOREA ETF | MSCI STH KOR ETF | 464286772 |  | 153024 | 1574 | SH |  | DFND | 1 | 0 | 1574 | 0 |
| PUT - QQQ 100 @ 590 EXP 01/16/2026 | PUT | 99DNMM329 |  | 559950 | 2500 | SH | Put | DFND | 1 | 0 | 2500 | 0 |
| CALL- SNAP 100 @ 10 EXP 01/16/2026 | CALL | 99D61BMM8 |  | 3000 | 2000 | SH | Call | DFND | 1 | 0 | 2000 | 0 |
| ADVANCED MICRO DEVICES | COM | 007903107 |  | 963720 | 4500 | SH |  | DFND | 1 | 0 | 4500 | 0 |
| HUT 8 MINING CORP | COM | 44812J104 |  | 835189 | 18180 | SH |  | DFND | 1 | 0 | 18180 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 7315520 | 489660 | SH |  | DFND | 1 | 0 | 489660 | 0 |
| LUXEXPERIENCE BV | ADS | 55406W103 |  | 4370474 | 523410 | SH |  | DFND | 1 | 0 | 523410 | 0 |
| CANTOR EQUITY PARTNERS-CL A | CL A ORD SHS | G1827P106 |  | 3434300 | 305000 | SH |  | DFND | 1 | 0 | 305000 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 53356228 | 204250 | SH |  | DFND | 1 | 0 | 204250 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 11656623 | 104170 | SH |  | DFND | 1 | 0 | 104170 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 37487252 | 468415 | SH |  | DFND | 1 | 0 | 468415 | 0 |
| XP INC - CLASS A | CL A | G98239109 |  | 68678354 | 4195379 | SH |  | DFND | 1 | 0 | 4195379 | 0 |
| IREN LTD | ORDINARY SHARES | Q4982L109 |  | 660975 | 17500 | SH |  | DFND | 1 | 0 | 17500 | 0 |
| CORE SCIENTIFIC INC | COM | 21874A106 |  | 1525888 | 104800 | SH |  | DFND | 1 | 0 | 104800 | 0 |
| GRINDR INC | COM | 39854F101 |  | 5440372 | 401800 | SH |  | DFND | 1 | 0 | 401800 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 25686900 | 90000 | SH |  | DFND | 1 | 0 | 90000 | 0 |
| STONECO LTD-A | COM CL A | G85158106 |  | 77449610 | 5236620 | SH |  | DFND | 1 | 0 | 5236620 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 2704250 | 14500 | SH |  | DFND | 1 | 0 | 14500 | 0 |
| CALL- CRWV 100 @ 150 EXP 06/18/2026 | CALL | 99DLHHN28 |  | 33612 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 3171132 | 298600 | SH |  | DFND | 1 | 0 | 298600 | 0 |
| STATE STREET SPDR S OIL  GA | S OILGAS EXP | 78468R556 |  | 1893900 | 15000 | SH |  | DFND | 1 | 0 | 15000 | 0 |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 |  | 5147085 | 395018 | SH |  | DFND | 1 | 0 | 395018 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 18060690 | 4894496 | SH |  | DFND | 1 | 0 | 4894496 | 0 |
| AXIA ENERGIA | SPONSORED ADR | 15234Q207 |  | 11771 | 1285 | SH |  | DFND | 1 | 0 | 1285 | 0 |
| ALPHABET INC CLASS A COMMON STOCK | CAP STK CL A | 02079K305 |  | 13772 | 44 | SH |  | DFND | 1 | 0 | 44 | 0 |
| CREDICORP | COM | G2519Y108 |  | 57136821 | 199083 | SH |  | DFND | 1 | 0 | 199083 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 18171778 | 523230 | SH |  | DFND | 1 | 0 | 523230 | 0 |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 |  | 709610 | 354805 | SH |  | DFND | 1 | 0 | 354805 | 0 |
| LATAM AIRLINES GROUP-SP ADR | SPONSORED ADR | 51817R205 |  | 17740287 | 328463 | SH |  | DFND | 1 | 0 | 328463 | 0 |
| INTER  CO INC - CL A | CLASS A COM | G4R20B107 |  | 2943459 | 347106 | SH |  | DFND | 1 | 0 | 347106 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 47465101 | 393542 | SH |  | DFND | 1 | 0 | 393542 | 0 |
| VINCI COMPASS INVESTMENTS LTD | COM CL A | G9451V109 |  | 52169454 | 4000725 | SH |  | DFND | 1 | 0 | 4000725 | 0 |
| TELEFONICA BRASIL SA-ADR | SPONSORED ADS | 87936R205 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| TRANSPORT GAS SUR B ADR | SPONSORED ADS B | 893870204 |  | 37519505 | 1206803 | SH |  | DFND | 1 | 0 | 1206803 | 0 |
| AXIA ENERGIA | SPON ADS PFD B1 | 15235A102 |  | 318109 | 33986 | SH |  | DFND | 1 | 0 | 33986 | 0 |
| AXIA ENERGIA-ADR PREF C | SPON ADS PF CL C | 15236F100 |  | 5862384 | 680091 | SH |  | DFND | 1 | 0 | 680091 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 |  | 44224593 | 877211 | SH |  | DFND | 1 | 0 | 877211 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 55429302 | 7551676 | SH |  | DFND | 1 | 0 | 7551676 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 158909 | 22194 | SH |  | DFND | 1 | 0 | 22194 | 0 |
| PUT - GLD 100 @ 365 EXP 03/20/2026 | PUT | 99DJXJ7S2 |  | 848226 | 2183 | SH | Put | DFND | 1 | 0 | 2183 | 0 |
| AFYA LTD-CLASS A | CL A COM | G01125106 |  | 2725906 | 176892 | SH |  | DFND | 1 | 0 | 176892 | 0 |
| JBS NV-A | CL A SHS | N4732M103 |  | 3000802 | 208100 | SH |  | DFND | 1 | 0 | 208100 | 0 |
| BRAZIL POTASH CORP | COMMON SHARES | 10586A108 |  | 140941 | 74572 | SH |  | DFND | 1 | 0 | 74572 | 0 |
| COMPANHIA SIDERURGICA NACIONAL | SPONSORED ADR | 20440W105 |  | 4971 | 3107 | SH |  | DFND | 1 | 0 | 3107 | 0 |
| CIA PARANAENSE DE ENER-ADR | SPONSORED ADS | 20441B704 |  | 8731388 | 918127 | SH |  | DFND | 1 | 0 | 918127 | 0 |
| BANCO BRADESCO | SPONSORED ADR | 059460402 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| KRANESHARES CSI CHINA | CSI CHI INTERNET | 500767306 |  | 70667370 | 2075400 | SH |  | DFND | 1 | 0 | 2075400 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 |  | 281758 | 70089 | SH |  | DFND | 1 | 0 | 70089 | 0 |
| GLOBANT SA | COM | L44385109 |  | 8704669 | 133160 | SH |  | DFND | 1 | 0 | 133160 | 0 |
| STATE STREET SPDR S 500 ETF | TR UNIT | 78462F103 |  | 55524654 | 81424 | SH |  | DFND | 1 | 0 | 81424 | 0 |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 971417 | 25370 | SH |  | DFND | 1 | 0 | 25370 | 0 |
| COMPNHIA ENRG C | SPONSORED ADR | 204409882 |  | 1466 | 565 | SH |  | DFND | 1 | 0 | 565 | 0 |
| EVE HOLDING INC | COM | 29970N104 |  | 11354311 | 2845692 | SH |  | DFND | 1 | 0 | 2845692 | 0 |
| BASIC SANITATION COMPANY OF THE STATE OF | SPONSORED ADR | 20441A102 |  | 8301040 | 348052 | SH |  | DFND | 1 | 0 | 348052 | 0 |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 |  | 11446039 | 3437249 | SH |  | DFND | 1 | 0 | 3437249 | 0 |
| EMBRAER SA | SPONSORED ADR | 29082A107 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| SUZANO SA | SPON ADS | 86959K105 |  | 1083104 | 115964 | SH |  | DFND | 1 | 0 | 115964 | 0 |
| CALL- EVEX 100 @ 5  EXP 01/16/2026 | CALL | 99DHYPXD5 |  | 13 | 4 | SH | Call | DFND | 1 | 0 | 4 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 13220285 | 1173051 | SH |  | DFND | 1 | 0 | 1173051 | 0 |
| BHP BILLITON LTD -SPON ADR | SPONSORED ADR | 088606108 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| BANCO SANTANDER | ADS REP 1 UNIT | 05967A107 |  | 334180 | 54694 | SH |  | DFND | 1 | 0 | 54694 | 0 |

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