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
WARNER MUSIC GROUP CORP-CL A	COM CL A	934550203	25,365,077	807,805	SH		DFND	1	0	807,805	0
KENVUE INC ORD	COM	49177J102	15,084,417	751,216	SH		DFND	1	0	751,216	0
CORTEVA INC	COM	22052L104	24,326,580	475,500	SH		DFND	1	0	475,500	0
ON HOLDING AG-CLASS A	NAMEN AKT A	H5919C104	5,881,148	211,400	SH		DFND	1	0	211,400	0
ISHARES MSCI JAPAN ETF	MSCI JPN ETF NEW	46434G822	38,706,180	642,000	SH		DFND	1	0	642,000	0
HYATT HOTELS CORP-CL A	COM CL A	448579102	26,713,066	251,820	SH		DFND	1	0	251,820	0
ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN	ISHS 1-5YR INVS	464288646	272,529,638	5,469,188	SH		DFND	1	0	5,469,188	0
THE BOEING COMPANY	COM	097023105	2,372,807	12,379	SH		DFND	1	0	12,379	0
CALL- ASHR 100 @ 28 EXP 11/17/2023	CALL	99D62F6H7	1,025,000	50,000	SH	Call	DFND	1	0	50,000	0
CALL- ASHR 100 @ 27 EXP 11/17/2023	CALL	99D62F6B0	2,760,000	60,000	SH	Call	DFND	1	0	60,000	0
MICROSOFT CORPORATION	COM	594918104	41,429,558	131,210	SH		DFND	1	0	131,210	0
NETFLIX INC	COM	64110L106	16,357,632	43,320	SH		DFND	1	0	43,320	0
PETROLEO BRASILEIRO ADR	SPONSORED ADR	71654V408	197,196,568	13,155,208	SH		DFND	1	0	13,155,208	0
META PLATFORMS INC	CL A	30303M102	39,312,500	130,950	SH		DFND	1	0	130,950	0
T-MOBILE US INC COM STK	COM	872590104	25,310,256	180,723	SH		DFND	1	0	180,723	0
UNION PACIFIC CP	COM	907818108	10,548,034	51,800	SH		DFND	1	0	51,800	0
CALL- DIS 100 @ 90 EXP 11/17/2023	CALL	99D4Y69J0	259,860	2,440	SH	Call	DFND	1	0	2,440	0
AMAZON.COM INC	COM	023135106	8,005,763	62,978	SH		DFND	1	0	62,978	0
WALT DISNEY CO	COM	254687106	5,916,650	73,000	SH		DFND	1	0	73,000	0
WALMART INC	COM	931142103	24,773,157	154,900	SH		DFND	1	0	154,900	0
FINANCIAL SELECT SECTOR SPDR	FINANCIAL	81369Y605	13,040,752	393,149	SH		DFND	1	0	393,149	0
ICICI BANK LTD	ADR	45104G104	6,593,338	285,179	SH		DFND	1	0	285,179	0
INDUSTRIAL SPDR	SBI INT-INDS	81369Y704	16,624,597	163,983	SH		DFND	1	0	163,983	0
SKECHERS USA	CL A	830566105	15,098,138	308,440	SH		DFND	1	0	308,440	0
FEDEX CORP	COM	31428X106	31,177,375	117,686	SH		DFND	1	0	117,686	0
CALL- FDX 100 @ 280 EXP 10/20/2023	CALL	99D28K4Q1	26,850	300	SH	Call	DFND	1	0	300	0
HDFC BK LTD	SPONSORED ADS	40415F101	6,280,611	106,433	SH		DFND	1	0	106,433	0
EMBRAER SA	SPONSORED ADS	29082A107	33,331,011	2,429,374	SH		DFND	1	0	2,429,374	0
FIRST SOLAR INC	COM	336433107	10,422,555	64,500	SH		DFND	1	0	64,500	0
CNH INDUSTRAL NV	SHS	N20944109	6,268,683	518,073	SH		DFND	1	0	518,073	0
VALVOLINE INC	COM	92047W101	7,415,200	230,000	SH		DFND	1	0	230,000	0
PUT - NU 100 @ 5.5 EXP 10/20/2023	PUT	99D2HKQY0	400,000	200,000	SH	Put	DFND	1	0	200,000	0
CROCS INC	COM	227046109	4,334,828	49,131	SH		DFND	1	0	49,131	0
CARPENTER TECH	COM	144285103	19,005,644	282,780	SH		DFND	1	0	282,780	0
PDD HOLDINGS INC	SPONSORED ADS	722304102	4,903,500	50,000	SH		DFND	1	0	50,000	0
ISHARE CHINA LARGE CAP ETF	CHINA LG-CAP ETF	464287184	79,343,749	2,990,718	SH		DFND	1	0	2,990,718	0
ISHR DJ REAL EST	U.S. REAL ES ETF	464287739	8,787,546	112,459	SH		DFND	1	0	112,459	0
ISHARES IBOXX $ INVEST GRADE CORP BD	IBOXX INV CP ETF	464287242	340,914,215	3,341,641	SH		DFND	1	0	3,341,641	0
PUT - SPY 100 @ 450 EXP 01/19/2024	PUT	99C2FDZW3	2,808,576	1,150	SH	Put	DFND	1	0	1,150	0
PUT - SPY 100 @ 445 EXP 10/20/2023	PUT	99D2L5RP6	3,003,492	1,700	SH	Put	DFND	1	0	1,700	0
MONDELEZ INT CLA	CL A	609207105	14,587,880	210,200	SH		DFND	1	0	210,200	0
CONSUMER STAPLES SPDR	SBI CONS STPLS	81369Y308	14,795,870	215,025	SH		DFND	1	0	215,025	0
UTILITIES SPDR	SBI INT-UTILS	81369Y886	25,166,999	427,066	SH		DFND	1	0	427,066	0
BOYD GAMING	COM	103304101	10,947,088	179,962	SH		DFND	1	0	179,962	0
EMERSON ELECTRIC CO	COM	291011104	21,148,830	219,000	SH		DFND	1	0	219,000	0
DUPONT DE NEMOURS INC	COM	26614N102	28,947,260	388,085	SH		DFND	1	0	388,085	0
SCHLUMBERGER LTD	COM STK	806857108	24,057,903	412,657	SH		DFND	1	0	412,657	0
NVIDIA CORP	COM	67066G104	9,939,522	22,850	SH		DFND	1	0	22,850	0
LAS VEGAS SANDS	COM	517834107	14,283,744	311,600	SH		DFND	1	0	311,600	0
PHILIP MORRIS	COM	718172109	11,757,660	127,000	SH		DFND	1	0	127,000	0
CALL- PM 100 @ 105 EXP 12/15/2023	CALL	99D3DX5L5	60,000	2,000	SH	Call	DFND	1	0	2,000	0
CALL- PM 100 @ 97 EXP 10/20/2023	CALL	99D68D0X7	33,000	600	SH	Call	DFND	1	0	600	0
CRH PLC ORD	ORD	G25508105	9,156,329	167,300	SH		DFND	1	0	167,300	0
TRIP.COM GROUP LTD	ADS	89677Q107	3,184,088	91,052	SH		DFND	1	0	91,052	0
STREETTRACKS SPDR OIL & GAS EXPLORATION	S&P OILGAS EXP	78468R556	8,578,780	58,000	SH		DFND	1	0	58,000	0
BP PLC	SPONSORED ADR	055622104	15,776,464	407,450	SH		DFND	1	0	407,450	0
BRASKEM SA-SPON ADR	SP ADR PFD A	105532105	535,998	65,286	SH		DFND	1	0	65,286	0
WALDENCAST ACQ CL A -CW27	*W EXP 07/27/202	G9503X111	1,784	1,988	SH		DFND	1	0	1,988	0
ALIBABA GROUP HOLDING LTD	SPONSORED ADS	01609W102	45,790,306	527,903	SH		DFND	1	0	527,903	0
CENTRAIS ELETRICAS BR-SP ADR	SPONSORED ADR	15234Q207	659,442	90,211	SH		DFND	1	0	90,211	0
SHELL PLC-ADR	SPON ADS	780259305	32,264,037	501,150	SH		DFND	1	0	501,150	0
PAGSEGURO DIGITAL LTD-CL A	COM CL A	G68707101	9,318,147	1,082,247	SH		DFND	1	0	1,082,247	0
PETROLEO BRASILEIRO SA PETRO	SP ADR NON VTG	71654V101	2,270,307	165,595	SH		DFND	1	0	165,595	0
ZANITE ACQ CL A -CW25	*W EXP 05/09/202	29970N112	1,067,846	1,503,796	SH		DFND	1	0	1,503,796	0
COMPANHIA SIDERURGICA NACIONAL	SPONSORED ADR	20440W105	1,721	720	SH		DFND	1	0	720	0
VASTA PLATFORM LTD	CL A	G9440A109	3,872,243	937,589	SH		DFND	1	0	937,589	0
NATURA &CO HOLDING-ADR	ADS	63884N108	612,705	106,188	SH		DFND	1	0	106,188	0
GERDAU SA	SPON ADR REP PFD	373737105	7,909,409	1,658,157	SH		DFND	1	0	1,658,157	0
COPA HOLDINGS SA	CL A	P31076105	20,070,715	225,210	SH		DFND	1	0	225,210	0
PATRIA INVESTMENTS LTD-A	COM CL A	G69451105	5,580,947	382,781	SH		DFND	1	0	382,781	0
COMPNHIA ENRG	SP ADR N-V PFD	204409601	9,192,150	3,798,409	SH		DFND	1	0	3,798,409	0
ALBEMARLE	COM	012653101	6,769,803	39,813	SH		DFND	1	0	39,813	0
VALE SA SP ADR	SPONSORED ADS	91912E105	7,555,912	563,874	SH		DFND	1	0	563,874	0
VITRU LTD	COM	G9440D103	25,717	1,462	SH		DFND	1	0	1,462	0
SABESP	SPONSORED ADR	20441A102	3,882,618	320,348	SH		DFND	1	0	320,348	0
VINCI PARTNERS INVESTMENTS-A	COM CL A	G9451V109	1,573,860	154,300	SH		DFND	1	0	154,300	0
PUT - SPY 100 @ 440 EXP 10/20/2023	PUT	99D2L5RB7	4,024,920	3,000	SH	Put	DFND	1	0	3,000	0
SPDR S&P 500 ETF TRUST	TR UNIT	78462F103	26,552,920	62,115	SH		DFND	1	0	62,115	0
INTER & CO INC - CL A	CLASS A COM	G4R20B107	534,536	133,634	SH		DFND	1	0	133,634	0
ISHARES MSCI BRAZIL ETF	MSCI BRAZIL ETF	464286400	6,382,151	208,091	SH		DFND	1	0	208,091	0
ITAU UNIBANCO HOLDING SA	SPON ADR REP PFD	465562106	28,715,275	5,347,351	SH		DFND	1	0	5,347,351	0
ALMACENES EXITO SA-ADR-W/I	SPON ADS	02028M105	559,996	102,189	SH		DFND	1	0	102,189	0
AMBIPAR EMERGENCY RESPONS-28	*W EXP 99/99/999	G02532110	707,899	1,573,109	SH		DFND	1	0	1,573,109	0
COMPANIA	SPON ADS	20441B605	13,279,078	1,514,148	SH		DFND	1	0	1,514,148	0
TELEFONICA BRASIL SA-ADR	NEW ADR	87936R205	257,697	30,140	SH		DFND	1	0	30,140	0
ULTRAPAR PARTICIPACOES	SP ADR REP COM	90400P101	32,553	8,870	SH		DFND	1	0	8,870	0
CARMAX GROUP	COM	143130102	3,692,106	52,200	SH		DFND	1	0	52,200	0
BANCO SANTANDER	ADS REP 1 UNIT	05967A107	547,397	106,705	SH		DFND	1	0	106,705	0
COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV	SPONSORED ADR	02319V103	2,710,680	1,050,651	SH		DFND	1	0	1,050,651	0
UBS GROUP AG	SHS	H42097107	7,103,045	288,156	SH		DFND	1	0	288,156	0
BHP BILLITON LTD -SPON ADR	SPONSORED ADS	088606108	7,849	138	SH		DFND	1	0	138	0
BANCO BRADESCO	SPONSORED ADR	059460402	0	0	SH		DFND	1	0	0	0
NU HOLDINGS LTD/CAYMAN ISL-A	ORD SHS CL A	G6683N103	2,970,949	409,786	SH		DFND	1	0	409,786	0
BANCO BRADESCO	SP ADR PFD NEW	059460303	1,160,252	407,106	SH		DFND	1	0	407,106	0
SUZANO SA	SPON ADS	86959K105	237,597	22,102	SH		DFND	1	0	22,102	0
COMPANHIA BRASILEIRA DE DISTRIBUIACAO SA	SPONSORED ADR	20440T300	7,662	11,496	SH		DFND	1	0	11,496	0
AMBIPAR EMERGENCY RESPONSE	CL A ORD SHS	G02532102	640,993	92,629	SH		DFND	1	0	92,629	0
EQUINOR ASA	SPONSORED ADR	29446M102	298,389	9,100	SH		DFND	1	0	9,100	0
RIO TINTO PLC	SPONSORED ADR	767204100	7,626,490	119,838	SH		DFND	1	0	119,838	0
ISHARES JPMORGAN USD EMERGING MARKET BND	JPMORGAN USD EMG	464288281	27,726,720	336,000	SH		DFND	1	0	336,000	0
CENTRAIS ELEC BRAS-ADR PREF	SPON ADR PFD B	15234Q108	33,612	4,089	SH		DFND	1	0	4,089	0
SPDR S&P HOMEBUILDERS	S&P HOMEBUILD	78464A888	35,988	470	SH		DFND	1	0	470	0