SPX Equities Gestao de Recursos Ltda 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ON HOLDING AG-CLASS A	NAMEN AKT A	H5919C104	13,074,468	396,196	SH		DFND	1	0	396,196	0
TOPGOLF CALLAWAY BRANDS CORP	COM	131193104	18,105,145	912,098	SH		DFND	1	0	912,098	0
PUT - NKE 100 @ 108 EXP 07/21/2023	PUT	99D4L73F6	206,100	1,800	SH	Put	DFND	1	0	1,800	0
CROWN CASTLE INC	COM	22822V101	9,274,716	81,400	SH		DFND	1	0	81,400	0
ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN	ISHS 1-5YR INVS	464288646	249,468,720	4,972,468	SH		DFND	1	0	4,972,468	0
CORTEVA INC	COM	22052L104	22,157,910	386,700	SH		DFND	1	0	386,700	0
PUT - PBR 100 @ 14 EXP 07/21/2023	PUT	99P6K93T5	4,462,400	80,000	SH	Put	DFND	1	0	80,000	0
T-MOBILE US INC COM STK	COM	872590104	28,830,640	207,564	SH		DFND	1	0	207,564	0
PETROLEO BRASILEIRO ADR	SPONSORED ADR	71654V408	96,317,209	6,964,368	SH		DFND	1	0	6,964,368	0
HYATT HOTELS CORP-CL A	COM CL A	448579102	28,738,956	250,820	SH		DFND	1	0	250,820	0
WALT DISNEY CO	COM	254687106	14,570,496	163,200	SH		DFND	1	0	163,200	0
ZOOMINFO TECHNOLOGIES INC-A	COMMON STOCK	98980F104	20,243,447	797,300	SH		DFND	1	0	797,300	0
CALL- BA 100 @ 225 EXP 08/18/2023	CALL	99P6TWLL2	190,000	500	SH	Call	DFND	1	0	500	0
CALL- ASHR 100 @ 29 EXP 08/18/2023	CALL	99D3NKJQ6	887,500	71,000	SH	Call	DFND	1	0	71,000	0
WALMART INC	COM	931142103	15,780,872	100,400	SH		DFND	1	0	100,400	0
META PLATFORMS INC	CL A	30303M102	43,705,619	152,295	SH		DFND	1	0	152,295	0
MARATHON PETROLEUM CORP	COM	56585A102	891,407	7,645	SH		DFND	1	0	7,645	0
CANADIAN NATURAL RESOURCES LIMITED	COM	136385101	562,600	10,000	SH		DFND	1	0	10,000	0
CNH INDUSTRAL NV	SHS	N20944109	24,637,406	1,710,931	SH		DFND	1	0	1,710,931	0
CHEVRON CORP	COM	166764100	2,438,925	15,500	SH		DFND	1	0	15,500	0
CALL- CVX 100 @ 165 EXP 08/18/2023	CALL	99D3Z0T60	201,000	1,000	SH	Call	DFND	1	0	1,000	0
WARNER MUSIC GROUP CORP-CL A	COM CL A	934550203	21,493,072	823,805	SH		DFND	1	0	823,805	0
HEALTH CARE SPDR ETF	SBI HEALTHCARE	81369Y209	73,383,762	552,880	SH		DFND	1	0	552,880	0
CALL- CNHI 100 @ 15 EXP 07/21/2023	CALL	99D3BC0D6	12,500	1,000	SH	Call	DFND	1	0	1,000	0
FEDEX CORP	COM	31428X106	36,713,990	148,100	SH		DFND	1	0	148,100	0
CENOVUS ENERGY INC	COM	15135U109	305,640	18,000	SH		DFND	1	0	18,000	0
PUT - NU 100 @ 5.5 EXP 10/20/2023	PUT	99D2HKQY0	2,116,000	200,000	SH	Put	DFND	1	0	200,000	0
INDUSTRIAL SPDR	SBI INT-INDS	81369Y704	76,282,090	710,791	SH		DFND	1	0	710,791	0
CARPENTER TECH	COM	144285103	20,657,524	368,030	SH		DFND	1	0	368,030	0
INVESCO S&P 500 EQUAL WEIGHT T	S&P500 EQL TEC	46137V282	9,293,244	31,600	SH		DFND	1	0	31,600	0
NU HOLDINGS LTD/CAYMAN ISL-A	ORD SHS CL A	G6683N103	4,636,969	587,702	SH		DFND	1	0	587,702	0
SKECHERS USA	CL A	830566105	19,928,650	378,440	SH		DFND	1	0	378,440	0
MONDELEZ INT CLA	CL A	609207105	17,790,066	243,900	SH		DFND	1	0	243,900	0
ISHARES IBOXX H/Y CORP BOND	IBOXX HI YD ETF	464288513	176,555,331	2,351,876	SH		DFND	1	0	2,351,876	0
ISHARES IBOXX $ INVEST GRADE CORP BD	IBOXX INV CP ETF	464287242	203,015,656	1,877,341	SH		DFND	1	0	1,877,341	0
NETFLIX INC	COM	64110L106	25,182,813	57,170	SH		DFND	1	0	57,170	0
PUT - SCCO 100 @ 65 EXP 08/18/2023	PUT	99D3W6426	143,750	1,250	SH	Put	DFND	1	0	1,250	0
EMBRAER SA	SPONSORED ADS	29082A107	32,528,659	2,104,053	SH		DFND	1	0	2,104,053	0
VALERO ENERGY	COM	91913Y100	1,002,211	8,544	SH		DFND	1	0	8,544	0
CALL- SU 100 @ 32 EXP 07/21/2023	CALL	99D3YFXZ9	7,000	1,000	SH	Call	DFND	1	0	1,000	0
PUT - FCX 100 @ 35 EXP 08/18/2023	PUT	99P6W02J4	350,000	7,000	SH	Put	DFND	1	0	7,000	0
U-HAUL HOLDING CO	COM SER N	023586506	5,165,604	101,946	SH		DFND	1	0	101,946	0
UTILITIES SPDR	SBI INT-UTILS	81369Y886	47,902,080	732,000	SH		DFND	1	0	732,000	0
SPDR S&P 500 ETF TRUST	TR UNIT	78462F103	123,570,949	278,765	SH		DFND	1	0	278,765	0
ISHARE CHINA LARGE CAP ETF	CHINA LG-CAP ETF	464287184	44,795,008	1,647,481	SH		DFND	1	0	1,647,481	0
SCHLUMBERGER LTD	COM STK	806857108	19,508,352	397,157	SH		DFND	1	0	397,157	0
ENERGY SPDR	ENERGY	81369Y506	18,558,790	228,641	SH		DFND	1	0	228,641	0
GODADDY INC	CL A	380237107	20,424,091	271,850	SH		DFND	1	0	271,850	0
PENN ENTERTAINMENT INC	COM	707569109	7,432,863	309,316	SH		DFND	1	0	309,316	0
MATERIALS SPDR	SBI MATERIALS	81369Y100	22,096,042	266,635	SH		DFND	1	0	266,635	0
DUPONT DE NEMOURS INC	COM	26614N102	31,582,552	442,085	SH		DFND	1	0	442,085	0
SNOWFLAKE INC-CLASS A	CL A	833445109	12,538,575	71,250	SH		DFND	1	0	71,250	0
VANECK GOLD MINERS ETF	GOLD MINERS ETF	92189F106	53,593,060	1,779,909	SH		DFND	1	0	1,779,909	0
EMERSON ELECTRIC CO	COM	291011104	23,274,883	257,494	SH		DFND	1	0	257,494	0
MATCH GROUP INC	COM	57667L107	8,370,000	200,000	SH		DFND	1	0	200,000	0
BOYD GAMING	COM	103304101	14,676,056	211,562	SH		DFND	1	0	211,562	0
PHILLIPS 66	COM	718546104	581,532	6,097	SH		DFND	1	0	6,097	0
ITAU UNIBANCO HOLDING SA	SPON ADR REP PFD	465562106	16,154,837	2,738,108	SH		DFND	1	0	2,738,108	0
OUTFRONT MEDIA INC	COM	69007J106	10,701,987	680,788	SH		DFND	1	0	680,788	0
RTX CORP	COM	75513E101	30,806,461	314,480	SH		DFND	1	0	314,480	0
LAS VEGAS SANDS	COM	517834107	13,485,000	232,500	SH		DFND	1	0	232,500	0
CALL- LVS 100 @ 62.5 EXP 09/15/2023	CALL	99D1W39D8	349,000	2,000	SH	Call	DFND	1	0	2,000	0
AFYA LTD-CLASS A	CL A COM	G01125106	4,316,359	307,433	SH		DFND	1	0	307,433	0
CENTRAIS ELETRICAS BR-SP ADR	SPONSORED ADR	15234Q207	828,307	100,158	SH		DFND	1	0	100,158	0
PAGSEGURO DIGITAL LTD-CL A	COM CL A	G68707101	9,714,260	1,029,053	SH		DFND	1	0	1,029,053	0
WALDENCAST ACQ CL A -CW27	*W EXP 07/27/202	G9503X111	994	1,988	SH		DFND	1	0	1,988	0
ARCO PLATFORM LTD - CLASS A	COM CL A	G04553106	6,719,927	553,536	SH		DFND	1	0	553,536	0
ISHARES MSCI CHN	MSCI CHINA ETF	46429B671	5,853,558	130,835	SH		DFND	1	0	130,835	0
NATURA &CO HOLDING-ADR	ADS	63884N108	450,464	64,629	SH		DFND	1	0	64,629	0
ALIBABA GROUP HOLDING LTD	SPONSORED ADS	01609W102	39,008,967	468,014	SH		DFND	1	0	468,014	0
VTEX -CLASS A	SHS CL A	G9470A102	2,535,778	528,287	SH		DFND	1	0	528,287	0
COMPANHIA BRASILEIRA DE DISTRIBUIACAO SA	SPONSORED ADR	20440T300	336,686	87,451	SH		DFND	1	0	87,451	0
INVESCO QQQ TRUST SERIES 1	UNIT SER 1	46090E103	19,455,874	52,666	SH		DFND	1	0	52,666	0
UBS GROUP AG	SHS	H42097107	14,947,726	737,431	SH		DFND	1	0	737,431	0
ISHARES MSCI BRAZIL ETF	MSCI BRAZIL ETF	464286400	6,562,924	202,372	SH		DFND	1	0	202,372	0
VASTA PLATFORM LTD	CL A	G9440A109	2,331,208	695,883	SH		DFND	1	0	695,883	0
INTER & CO INC - CL A	CLASS A COM	G4R20B107	425,608	135,977	SH		DFND	1	0	135,977	0
COPA HOLDINGS SA	CL A	P31076105	14,980,273	135,470	SH		DFND	1	0	135,470	0
GERDAU SA	SPON ADR REP PFD	373737105	5,754,643	1,102,422	SH		DFND	1	0	1,102,422	0
PUT - SPY 100 @ 424 EXP 07/21/2023	PUT	99D3JBF69	185,881	3,150	SH	Put	DFND	1	0	3,150	0
COMPANIA	SPON ADS	20441B605	9,489,382	1,102,135	SH		DFND	1	0	1,102,135	0
PATRIA INVESTMENTS LTD-A	COM CL A	G69451105	19,114,581	1,336,684	SH		DFND	1	0	1,336,684	0
PUT - SPY 100 @ 415 EXP 07/21/2023	PUT	99P796L13	26,565	770	SH	Put	DFND	1	0	770	0
XP INC - CLASS A	CL A	G98239109	26,908,104	1,146,978	SH		DFND	1	0	1,146,978	0
VINCI PARTNERS INVESTMENTS-A	COM CL A	G9451V109	323,758	34,738	SH		DFND	1	0	34,738	0
CENTRAIS ELEC BRAS-ADR PREF	SPON ADR PFD B	15234Q108	164,497	17,444	SH		DFND	1	0	17,444	0
VALE SA SP ADR	SPONSORED ADS	91912E105	11,469,497	854,657	SH		DFND	1	0	854,657	0
AMBIPAR EMERGENCY RESPONS-28	*W EXP 99/99/999	G02532110	711,114	1,421,940	SH		DFND	1	0	1,421,940	0
ARCOS DORADOS HOLDINGS INC	SHS CLASS -A -	G0457F107	2,569,070	250,641	SH		DFND	1	0	250,641	0
AMBIPAR EMERGENCY RESPONSE	CL A ORD SHS	G02532102	209,510	21,599	SH		DFND	1	0	21,599	0
ZANITE ACQ CL A -CW25	*W EXP 05/09/202	29970N112	1,323,491	1,503,796	SH		DFND	1	0	1,503,796	0
ADECOAGRO SA	COM	L00849106	1,683,817	179,895	SH		DFND	1	0	179,895	0
SABESP	SPONSORED ADR	20441A102	241,903	20,431	SH		DFND	1	0	20,431	0
VESTA REAL ESTATE CORPORATION	ADS	92540K109	1,395,126	43,300	SH		DFND	1	0	43,300	0
GSK PLC-SPON ADR	SPONSORED ADR	37733W204	4,944,052	138,722	SH		DFND	1	0	138,722	0
TENARIS S A ADR	SPONSORED ADS	88031M109	16,276,837	543,467	SH		DFND	1	0	543,467	0
STONECO LTD-A	COM CL A	G85158106	123,425	9,688	SH		DFND	1	0	9,688	0
COSAN SA -ADR -W/I	ADS	22113B103	38,419	2,575	SH		DFND	1	0	2,575	0
GOL LINHAS AEREAS INTEL	SPON ADR PFD NEW	38045R206	83,483	15,290	SH		DFND	1	0	15,290	0
BANCO BRADESCO	SPONSORED ADR	059460402	19,839	6,591	SH		DFND	1	0	6,591	0
COMPNHIA ENRG	SP ADR N-V PFD	204409601	6,629,956	2,520,896	SH		DFND	1	0	2,520,896	0
ISHRS BRAZIL SM	BRAZIL SM-CP ETF	464289131	6,024	400	SH		DFND	1	0	400	0
SUZANO SA	SPON ADS	86959K105	2,722,509	295,283	SH		DFND	1	0	295,283	0
BANCO BRADESCO	SP ADR PFD NEW	059460303	1,752,172	506,408	SH		DFND	1	0	506,408	0
ISHARES JPMORGAN USD EMERGING MARKET BND	JPMORGAN USD EMG	464288281	24,317,740	281,000	SH		DFND	1	0	281,000	0
COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV	SPONSORED ADR	02319V103	358,392	112,702	SH		DFND	1	0	112,702	0
AZUL SA	SPONSR ADR PFD	05501U106	1,506	110	SH		DFND	1	0	110	0
SPDR S&P HOMEBUILDERS	S&P HOMEBUILD	78464A888	833,675	10,382	SH		DFND	1	0	10,382	0