SPX Gestao de Recursos Ltda

Key Holdings

The portfolio is characterized by a strong "home bias" toward Brazilian and Latin American equities, alongside a specific focus on the U.S. energy and utility renaissance.

• Top Position: The largest holding is Petróleo Brasileiro S.A. (PBR), representing 13.91% of the portfolio ($100.23M). This massive stake underscores a conviction play on Brazilian energy assets.
• Latin American Consumer & Transport: The manager holds substantial positions in Copa Holdings (6.71%), Arcos Dorados (5.94%), and Latam Airlines Group (5.87%), indicating a strategic bet on the recovery and growth of the Latin American travel and consumer sectors.
• U.S. Power & Utilities: A notable shift is evident in the utility sector, with Vistra Corp (VST) at 5.78% and Talen Energy (TLN) at 3.93%. These positions highlight a focus on the U.S. power market, likely driven by increasing electricity demand from data centers and AI.
• Financial Exposure: XP Inc (5.22%) and Credicorp (4.75%) represent significant bets on the financial infrastructure of emerging markets.