# EDGAR Filing Document

**Accession Number:** 0001589176
**File Stem:** 0001589176-26-000002
**Filing Date:** 2026-5
**Character Count:** 12597
**Document Hash:** 79cdf5293720f2fb7aeaf5899e763e10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001589176-26-000002.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001589176-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**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:** 26947984

**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:** 03-31-2026

**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:** R. Travis Otten<br>**Title:** Legal and Compliance Manager<br>**Phone:** 212 386-5824

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

R. Travis Otten  Weston, MA  05-06-2026<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:** 82

**Form 13F Information Table Value Total:** $1204320936

      (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- CRWV 100 @ 150 EXP 06/18/2026 | CALL | 99DLHHN28 |  | 8199 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| CORE SCIENTIFIC INC | COM | 21874A106 |  | 3072036 | 205350 | SH |  | DFND | 1 | 0 | 205350 | 0 |
| JABIL IN | COM | 466313103 |  | 1062520 | 4000 | SH |  | DFND | 1 | 0 | 4000 | 0 |
| CALL- IGV 100 @ 90  EXP 06/18/2026 | CALL | 99DLC3QX3 |  | 196989 | 1300 | SH | Call | DFND | 1 | 0 | 1300 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 2062949 | 1780 | SH |  | DFND | 1 | 0 | 1780 | 0 |
| NAYAX LTD | SHS | M7S750159 |  | 1149344 | 20524 | SH |  | DFND | 1 | 0 | 20524 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 8514367 | 29260 | SH |  | DFND | 1 | 0 | 29260 | 0 |
| SOLSTICE ADVANCED MATERI-W/I | COM SHS | 83443Q103 |  | 2254336 | 29600 | SH |  | DFND | 1 | 0 | 29600 | 0 |
| PUT - EWY 100 @ 100 EXP 05/15/2026 | PUT | 99DSPL5M1 |  | 611618 | 2091 | SH | Put | DFND | 1 | 0 | 2091 | 0 |
| ISHARES MSCI BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 18932720 | 493168 | SH |  | DFND | 1 | 0 | 493168 | 0 |
| CANTOR EQUITY PARTNERS-CL A | CL A ORD SHS | G1827P106 |  | 3321450 | 305000 | SH |  | DFND | 1 | 0 | 305000 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 11031603 | 104170 | SH |  | DFND | 1 | 0 | 104170 | 0 |
| PUT - EEM 100 @ 56  EXP 04/17/2026 | PUT | 99DQX52N2 |  | 2302140 | 17000 | SH | Put | DFND | 1 | 0 | 17000 | 0 |
| PUT - SMH 100 @ 375 EXP 04/10/2026 | PUT | 99DSN51Z3 |  | 476000 | 700 | SH | Put | DFND | 1 | 0 | 700 | 0 |
| STONECO LTD-A | COM CL A | G85158106 |  | 109119558 | 7728014 | SH |  | DFND | 1 | 0 | 7728014 | 0 |
| PUT - JETS 100 @ 22 EXP 04/17/2026 | PUT | 99DRRS1M0 |  | 221700 | 6000 | SH | Put | DFND | 1 | 0 | 6000 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 |  | 35956472 | 1732842 | SH |  | DFND | 1 | 0 | 1732842 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 72636 | 215 | SH |  | DFND | 1 | 0 | 215 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 45902080 | 263200 | SH |  | DFND | 1 | 0 | 263200 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 128900719 | 6874705 | SH |  | DFND | 1 | 0 | 6874705 | 0 |
| GRINDR INC | COM | 39854F101 |  | 5510622 | 455800 | SH |  | DFND | 1 | 0 | 455800 | 0 |
| STATE STREET CONSUMER STAPLES | STATE STREET CON | 81369Y308 |  | 120191780 | 1466111 | SH |  | DFND | 1 | 0 | 1466111 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 4470596 | 489660 | SH |  | DFND | 1 | 0 | 489660 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 4851662 | 8480 | SH |  | DFND | 1 | 0 | 8480 | 0 |
| XP INC - CLASS A | CL A | G98239109 |  | 22601870 | 1187073 | SH |  | DFND | 1 | 0 | 1187073 | 0 |
| LAM RESEARCH | COM NEW | 512807306 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| LUXEXPERIENCE BV | ADS | 55406W103 |  | 4187280 | 523410 | SH |  | DFND | 1 | 0 | 523410 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2391033 | 7490 | SH |  | DFND | 1 | 0 | 7490 | 0 |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 |  | 88135163 | 5539608 | SH |  | DFND | 1 | 0 | 5539608 | 0 |
| CALL- IWM 100 @ 280 EXP 06/18/2026 | CALL | 99D7LNWD7 |  | 184000 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| CALL- IWM 100 @ 290 EXP 06/18/2026 | CALL | 99D7T9F31 |  | 78500 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 13046033 | 62640 | SH |  | DFND | 1 | 0 | 62640 | 0 |
| COMPHANIA DE BEBIDAS DAS AMERICAS  AMBEV | SPONSORED ADR | 02319V103 |  | 205591 | 70408 | SH |  | DFND | 1 | 0 | 70408 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 3227866 | 298600 | SH |  | DFND | 1 | 0 | 298600 | 0 |
| PAGAYA TECHNOLOGIES LTD -A | CL A NEW | M7S64L123 |  | 2098165 | 180100 | SH |  | DFND | 1 | 0 | 180100 | 0 |
| APPLIED OPTOELR | COM | 03823U102 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| IREN LTD | ORDINARY SHARES | Q4982L109 |  | 992406 | 28950 | SH |  | DFND | 1 | 0 | 28950 | 0 |
| ULTRAPAR PARTICIPACOES | SP ADR REP COM | 90400P101 |  | 2860384 | 519126 | SH |  | DFND | 1 | 0 | 519126 | 0 |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 |  | 2007 | 16 | SH |  | DFND | 1 | 0 | 16 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 15357745 | 4254223 | SH |  | DFND | 1 | 0 | 4254223 | 0 |
| AXIA ENERGIA SA | SPONSORED ADR | 15234Q207 |  | 14495 | 1285 | SH |  | DFND | 1 | 0 | 1285 | 0 |
| CREDICORP | COM | G2519Y108 |  | 22861750 | 67403 | SH |  | DFND | 1 | 0 | 67403 | 0 |
| AXIA ENERGIA SA | SPON ADS PF CL C | 15236F100 |  | 7305862 | 669035 | SH |  | DFND | 1 | 0 | 669035 | 0 |
| ISHARES MSCI CHN | MSCI CHINA ETF | 46429B671 |  | 54606960 | 972000 | SH |  | DFND | 1 | 0 | 972000 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 25538619 | 224792 | SH |  | DFND | 1 | 0 | 224792 | 0 |
| TRANSPORT GAS SUR B ADR | SPONSORED ADS B | 893870204 |  | 35479957 | 1025136 | SH |  | DFND | 1 | 0 | 1025136 | 0 |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 |  | 880053 | 368223 | SH |  | DFND | 1 | 0 | 368223 | 0 |
| NU HOLDINGS LTD/CAYMAN ISL-A | ORD SHS CL A | G6683N103 |  | 36927379 | 2569755 | SH |  | DFND | 1 | 0 | 2569755 | 0 |
| GRUPO CIBEST SA-ADR | SPON ADS | 40090E106 |  | 1182580 | 16242 | SH |  | DFND | 1 | 0 | 16242 | 0 |
| ISHRS BRAZIL SM | BRAZIL SM-CP ETF | 464289131 |  | 53568 | 3617 | SH |  | DFND | 1 | 0 | 3617 | 0 |
| EMBRAER SA | SPONSORED ADR | 29082A107 |  | 20964169 | 353289 | SH |  | DFND | 1 | 0 | 353289 | 0 |
| BANCO SANTANDER | ADS REP 1 UNIT | 05967A107 |  | 515216 | 86883 | SH |  | DFND | 1 | 0 | 86883 | 0 |
| SUZANO SA | SPON ADS | 86959K105 |  | 499669 | 49917 | SH |  | DFND | 1 | 0 | 49917 | 0 |
| AXIA ENERGIA SA | SPON ADS PFD B1 | 15235A102 |  | 380611 | 30376 | SH |  | DFND | 1 | 0 | 30376 | 0 |
| INTER  CO INC - CL A | CLASS A COM | G4R20B107 |  | 32029464 | 4023802 | SH |  | DFND | 1 | 0 | 4023802 | 0 |
| STEEL DYNAMICS | COM | 858119100 |  | 75420 | 419 | SH |  | DFND | 1 | 0 | 419 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 49081610 | 5949286 | SH |  | DFND | 1 | 0 | 5949286 | 0 |
| TELECOM ARGENTINA | SPON ADR REP B | 879273209 |  | 8565228 | 732697 | SH |  | DFND | 1 | 0 | 732697 | 0 |
| LATAM AIRLINES GROUP-SP ADR | SPONSORED ADR | 51817R205 |  | 43604893 | 881976 | SH |  | DFND | 1 | 0 | 881976 | 0 |
| PAMPA ENERGIA SA | SPONS ADR LVL I | 697660207 |  | 14482406 | 163643 | SH |  | DFND | 1 | 0 | 163643 | 0 |
| INTERCORP FINANCIAL SERVICES | SHS | P5626F128 |  | 10040 | 200 | SH |  | DFND | 1 | 0 | 200 | 0 |
| VINCI COMPASS INVESTMENTS LTD | COM CL A | G9451V109 |  | 49291425 | 4672173 | SH |  | DFND | 1 | 0 | 4672173 | 0 |
| BANCO SANTANDER CHILE | SP ADR REP COM | 05965X109 |  | 1886399 | 56479 | SH |  | DFND | 1 | 0 | 56479 | 0 |
| CENTRAL PUERTO-SPONSORED ADR | SPONSORED ADR | 155038201 |  | 6083961 | 361495 | SH |  | DFND | 1 | 0 | 361495 | 0 |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 910783 | 25370 | SH |  | DFND | 1 | 0 | 25370 | 0 |
| ALCOA CORP | COM | 013872106 |  | 10301049 | 155300 | SH |  | DFND | 1 | 0 | 155300 | 0 |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 |  | 40339705 | 11051974 | SH |  | DFND | 1 | 0 | 11051974 | 0 |
| TAIWAN SEMI ADR | SPONSORED ADS | 874039100 |  | 20030634 | 59271 | SH |  | DFND | 1 | 0 | 59271 | 0 |
| BANCO DE CHILE | SPONSORED ADS | 059520106 |  | 53449 | 1443 | SH |  | DFND | 1 | 0 | 1443 | 0 |
| COMPNHIA ENRG C | SPONSORED ADR | 204409882 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| EVE HOLDING INC | COM | 29970N104 |  | 5688202 | 2293630 | SH |  | DFND | 1 | 0 | 2293630 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 16654168 | 354344 | SH |  | DFND | 1 | 0 | 354344 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 |  | 167828 | 42596 | SH |  | DFND | 1 | 0 | 42596 | 0 |
| VANECK OIL SERVICES ETF | OIL SERVICES ETF | 92189H607 |  | 6669465 | 16500 | SH |  | DFND | 1 | 0 | 16500 | 0 |
| BASIC SANITATION COMPANY OF THE STATE OF | SPONSORED ADR | 20441A102 |  | 5429255 | 177950 | SH |  | DFND | 1 | 0 | 177950 | 0 |
| SHELL PLC-ADR | SPON ADS | 780259305 |  | 4863900 | 52300 | SH |  | DFND | 1 | 0 | 52300 | 0 |
| BR ADVISORY PARTNERS PARTICI | SPONSORED ADS | 05616P109 |  | 7817 | 525 | SH |  | DFND | 1 | 0 | 525 | 0 |
| CIA PARANAENSE DE ENER-ADR | SPONSORED ADS | 20441B704 |  | 10771181 | 902109 | SH |  | DFND | 1 | 0 | 902109 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 4538559 | 48650 | SH |  | DFND | 1 | 0 | 48650 | 0 |
| CALL- PBR 100 @ 29  EXP 04/17/2026 | CALL | 99DRWVJC0 |  | 10896 | 3850 | SH | Call | DFND | 1 | 0 | 3850 | 0 |
| BHP BILLITON LTD -SPON ADR | SPONSORED ADR | 088606108 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 172 | 1 | SH |  | DFND | 1 | 0 | 1 | 0 |

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