# EDGAR Filing Document

**Accession Number:** 0001589176
**File Stem:** 0001589176-23-000002
**Filing Date:** 2023-2
**Character Count:** 12543
**Document Hash:** 20b12c3532d9b1e7b7dd69aa33248f5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001589176-23-000002.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001589176-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPX Gestao de Recursos Ltda
- **CENTRAL INDEX KEY:** 0001589176
- **IRS NUMBER:** 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:** 23598845

**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:** 12-31-2022

**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:** 55 21 3203.3943

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

Marilia Lorena  Rio de Janeiro, D5  02-08-2023<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:** 81

**Form 13F Information Table Value Total:** $926347172

      (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

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| TOPGOLF CALLAWAY BRANDS CORP | COM | 131193104 |  | 11158750 | 565000 | SH |  | DFND | 1 | 0 | 565000 | 0 |
| DOMINOS PIZZA | COM | 25754A201 |  | 12993464 | 37510 | SH |  | DFND | 1 | 0 | 37510 | 0 |
| GRAPHIC PACKA | COM | 388689101 |  | 8275821 | 371947 | SH |  | DFND | 1 | 0 | 371947 | 0 |
| CALL- GLD 100 @ 170 EXP 01/20/2023 | CALL | 99VSQY4S0 |  | 3591600 | 15000 | SH | Call | DFND | 1 | 0 | 15000 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 16140988 | 274600 | SH |  | DFND | 1 | 0 | 274600 | 0 |
| ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN | ISHS 1-5YR INVS | 464288646 |  | 154217013 | 3095484 | SH |  | DFND | 1 | 0 | 3095484 | 0 |
| HYATT HOTELS CORP-CL A | COM CL A | 448579102 |  | 19177209 | 212020 | SH |  | DFND | 1 | 0 | 212020 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 9676737 | 40350 | SH |  | DFND | 1 | 0 | 40350 | 0 |
| T-MOBILE US INC     COM STK | COM | 872590104 |  | 15550780 | 111077 | SH |  | DFND | 1 | 0 | 111077 | 0 |
| PUT - BA 100 @ 170  EXP 02/17/2023 | PUT | 99P4F27Y6 |  | 122250 | 300 | SH | Put | DFND | 1 | 0 | 300 | 0 |
| ITIQUIRA ACQUISITION CORP | UNIT 02/03/2026 | G49773123 |  | 20060000 | 2000000 | SH |  | DFND | 1 | 0 | 2000000 | 0 |
| SHELL PLC-ADR | SPON ADS | 780259305 |  | 44198439 | 776092 | SH |  | DFND | 1 | 0 | 776092 | 0 |
| LIVE NATION ENTMT INC | COM | 538034109 |  | 9163836 | 131400 | SH |  | DFND | 1 | 0 | 131400 | 0 |
| CNH INDUSTRAL NV | SHS | N20944109 |  | 23544458 | 1466031 | SH |  | DFND | 1 | 0 | 1466031 | 0 |
| HEALTH CARE SPDR ETF | SBI HEALTHCARE | 81369Y209 |  | 15711053 | 115650 | SH |  | DFND | 1 | 0 | 115650 | 0 |
| WARNER MUSIC GROUP CORP-CL A | COM CL A | 934550203 |  | 14629360 | 417743 | SH |  | DFND | 1 | 0 | 417743 | 0 |
| CSX CORP | COM | 126408103 |  | 15467385 | 499270 | SH |  | DFND | 1 | 0 | 499270 | 0 |
| NOMAD HOLDINGS LTD. ORDINARY SHARES (VIR | USD ORD SHS | G6564A105 |  | 4435835 | 257299 | SH |  | DFND | 1 | 0 | 257299 | 0 |
| IAA INC | COM | 449253103 |  | 9729600 | 243240 | SH |  | DFND | 1 | 0 | 243240 | 0 |
| SKECHERS USA | CL A | 830566105 |  | 9213898 | 219640 | SH |  | DFND | 1 | 0 | 219640 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 16828802 | 57070 | SH |  | DFND | 1 | 0 | 57070 | 0 |
| PINTEREST INC- CLASS A | CL A | 72352L106 |  | 1966680 | 81000 | SH |  | DFND | 1 | 0 | 81000 | 0 |
| CALL- EEM 100 @ 40  EXP 02/17/2023 | CALL | 99CBPC127 |  | 5314400 | 102200 | SH | Call | DFND | 1 | 0 | 102200 | 0 |
| EMBRAER SA | SPONSORED ADS | 29082A107 |  | 34306997 | 3138792 | SH |  | DFND | 1 | 0 | 3138792 | 0 |
| UNITED STATES OIL FUND LP -ETF | UNITS | 91232N207 |  | 9962631 | 142100 | SH |  | DFND | 1 | 0 | 142100 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 13044614 | 244007 | SH |  | DFND | 1 | 0 | 244007 | 0 |
| SIX FLAGS ENTERTAINMENT CORPORATION NEW | COM | 83001A102 |  | 7105200 | 305600 | SH |  | DFND | 1 | 0 | 305600 | 0 |
| UTILITIES SPDR | SBI INT-UTILS | 81369Y886 |  | 13756242 | 195124 | SH |  | DFND | 1 | 0 | 195124 | 0 |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 53487000 | 1890000 | SH |  | DFND | 1 | 0 | 1890000 | 0 |
| ENERGY SPDR | ENERGY | 81369Y506 |  | 5018416 | 57373 | SH |  | DFND | 1 | 0 | 57373 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 6935000 | 182500 | SH |  | DFND | 1 | 0 | 182500 | 0 |
| CALL- FXI 100 @ 33  EXP 03/17/2023 | CALL | 99P48YM19 |  | 2675000 | 50000 | SH | Call | DFND | 1 | 0 | 50000 | 0 |
| CALL- SPY 100 @ 390 EXP 01/20/2023 | CALL | 99VSRH159 |  | 17800000 | 40000 | SH | Call | DFND | 1 | 0 | 40000 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 8793279 | 296070 | SH |  | DFND | 1 | 0 | 296070 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 18337936 | 267200 | SH |  | DFND | 1 | 0 | 267200 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 6696631 | 247382 | SH |  | DFND | 1 | 0 | 247382 | 0 |
| VANECK GOLD MINERS ETF | GOLD MINERS ETF | 92189F106 |  | 114554020 | 3997000 | SH |  | DFND | 1 | 0 | 3997000 | 0 |
| BOYD GAMING | COM | 103304101 |  | 8619121 | 158062 | SH |  | DFND | 1 | 0 | 158062 | 0 |
| EMERSON ELECTRIC CO | COM | 291011104 |  | 22513582 | 234370 | SH |  | DFND | 1 | 0 | 234370 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 21343470 | 211489 | SH |  | DFND | 1 | 0 | 211489 | 0 |
| HASBRO | COM | 418056107 |  | 11091618 | 181800 | SH |  | DFND | 1 | 0 | 181800 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 24191017 | 5136097 | SH |  | DFND | 1 | 0 | 5136097 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 6374700 | 162000 | SH |  | DFND | 1 | 0 | 162000 | 0 |
| SOCQUIMICH ADR | SPON ADR SER B | 833635105 |  | 8225995 | 103031 | SH |  | DFND | 1 | 0 | 103031 | 0 |
| NATURA  HOLDING-ADR | ADS | 63884N108 |  | 163544 | 37770 | SH |  | DFND | 1 | 0 | 37770 | 0 |
| SANOFI-ADR | SPONSORED ADR | 80105N105 |  | 1088077 | 22467 | SH |  | DFND | 1 | 0 | 22467 | 0 |
| ISHARES MSCI SOUTH KOREA ETF | MSCI STH KOR ETF | 464286772 |  | 6441375 | 114047 | SH |  | DFND | 1 | 0 | 114047 | 0 |
| HPX CORP-A -CW25 | *W EXP 07/14/202 | G32219126 |  | 312061 | 743003 | SH |  | DFND | 1 | 0 | 743003 | 0 |
| CALL- EWZ 100 @ 29  EXP 01/20/2023 | CALL | 99O6XDPW2 |  | 1864400 | 31600 | SH | Call | DFND | 1 | 0 | 31600 | 0 |
| INTER  CO INC - CL A | CLASS A COM | G4R20B107 |  | 213293 | 89997 | SH |  | DFND | 1 | 0 | 89997 | 0 |
| ISHARES MSCI TAIWAN ETF | MSCI TAIWAN ETF | 46434G772 |  | 6367368 | 158550 | SH |  | DFND | 1 | 0 | 158550 | 0 |
| COMPANIA | SPON ADS | 20441B605 |  | 4002314 | 556650 | SH |  | DFND | 1 | 0 | 556650 | 0 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 5575231 | 37919 | SH |  | DFND | 1 | 0 | 37919 | 0 |
| EQUINOR ASA | SPONSORED ADR | 29446M102 |  | 10877825 | 303765 | SH |  | DFND | 1 | 0 | 303765 | 0 |
| GSK PLC-SPON ADR | SPONSORED ADR | 37733W204 |  | 4813161 | 136971 | SH |  | DFND | 1 | 0 | 136971 | 0 |
| CENTRAIS ELETRICAS BR-SP ADR | SPONSORED ADR | 15234Q207 |  | 2341531 | 295275 | SH |  | DFND | 1 | 0 | 295275 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 5134710 | 147000 | SH |  | DFND | 1 | 0 | 147000 | 0 |
| TIM SA-ADR | SPONSORED ADR | 88706T108 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 146290 | 15747 | SH |  | DFND | 1 | 0 | 15747 | 0 |
| COMPANHIA SIDERURGICA NACIONAL | SPONSORED ADR | 20440W105 |  | 386996 | 140216 | SH |  | DFND | 1 | 0 | 140216 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 |  | 874712 | 388761 | SH |  | DFND | 1 | 0 | 388761 | 0 |
| COMPANHIA BRASILEIRA DE DISTRIBUIACAO SA | SPONSORED ADR | 20440T300 |  | 3575007 | 1153228 | SH |  | DFND | 1 | 0 | 1153228 | 0 |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 |  | 1754513 | 864292 | SH |  | DFND | 1 | 0 | 864292 | 0 |
| GETNET ADQUIRENCIA E SER | SPONSORED ADS | 37428A103 |  | 139857 | 82269 | SH |  | DFND | 1 | 0 | 82269 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 140699 | 25397 | SH |  | DFND | 1 | 0 | 25397 | 0 |
| PUT - XLE 100 @ 84  EXP 02/17/2023 | PUT | 99D0TJVL6 |  | 268740 | 1000 | SH | Put | DFND | 1 | 0 | 1000 | 0 |
| CENTRAIS ELEC BRAS-ADR PREF | SPON ADR PFD B | 15234Q108 |  | 605709 | 73867 | SH |  | DFND | 1 | 0 | 73867 | 0 |
| PUT - XLE 100 @ 85  EXP 02/17/2023 | PUT | 99P6BBH16 |  | 1499515 | 4925 | SH | Put | DFND | 1 | 0 | 4925 | 0 |
| TELEFONICA BRASIL SA-ADR | NEW ADR | 87936R205 |  | 169977 | 23773 | SH |  | DFND | 1 | 0 | 23773 | 0 |
| SUZANO SA | SPON ADS | 86959K105 |  | 1578783 | 170864 | SH |  | DFND | 1 | 0 | 170864 | 0 |
| SENDAS DISTRIBUIDORA SA-W/I | SPON ADS | 81689T104 |  | 1179896 | 64440 | SH |  | DFND | 1 | 0 | 64440 | 0 |
| ISHRS BRAZIL SM | BRAZIL SM-CP ETF | 464289131 |  | 54312 | 4652 | SH |  | DFND | 1 | 0 | 4652 | 0 |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 |  | 8247708 | 486017 | SH |  | DFND | 1 | 0 | 486017 | 0 |
| EVE HOLDING INC | COM | 29970N104 |  | 10066 | 1398 | SH |  | DFND | 1 | 0 | 1398 | 0 |
| ZANITE ACQ CL A -CW25 | *W EXP 05/09/202 | 29970N112 |  | 407895 | 1631573 | SH |  | DFND | 1 | 0 | 1631573 | 0 |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 |  | 8816 | 3061 | SH |  | DFND | 1 | 0 | 3061 | 0 |
| XP INC - CLASS A | CL A | G98239109 |  | 91626 | 5973 | SH |  | DFND | 1 | 0 | 5973 | 0 |
| AZUL SA | SPONSR ADR PFD | 05501U106 |  | 1570 | 257 | SH |  | DFND | 1 | 0 | 257 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 |  | 7487 | 703 | SH |  | DFND | 1 | 0 | 703 | 0 |
| FARMLAND PARTNER | COM | 31154R109 |  | 1134 | 91 | SH |  | DFND | 1 | 0 | 91 | 0 |
| CALL- XLE 100 @ 135 EXP 02/17/2023 | CALL | 99P6BBG17 |  | 147 | 736 | SH | Call | DFND | 1 | 0 | 736 | 0 |

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