SPX Gestão de Recursos

SPX Gestão de Recursos

SPX Capital was established in 2010 by Rogério Xavier, a former partner at Banco Pactual's asset management division, alongside a small group of senior traders and analysts. The firm emerged from the Pactual tradition of disciplined, globally-aware macro trading, launching at a time when Brazilian institutional investors were seeking alternatives to large-bank managed funds. Xavier structured SPX as an independent partnership, recruiting from the country's top economics and engineering programs. SPX deploys capital across four principal verticals. The flagship global macro strategy trades liquid instruments — currencies, rates, equities, and commodities — across developed and emerging markets, running with a variable net exposure informed by a central research process. A long-biased Brazilian equities book invests in public companies where SPX sees structural undervaluation or catalysts for re-rating. In private markets, the firm manages dedicated private credit and special situations strategies that originate loans to mid-sized Brazilian corporates, often alongside bank partners. Since 2019, SPX has built a real asset platform targeting energy transition infrastructure, including direct equity stakes in small-scale hydro, solar, and transmission assets through a separately capitalized subsidiary. The firm participates in direct co-investments and operates SPVs, but does not run a traditional fund-of-funds program. SPX remains concentrated in Rio de Janeiro. While exact professional headcount and assets under management are not regularly published, press reports and regulatory filings in Brazil occasionally reference the firm's standing among the country's largest independent managers by estimated assets. In April 2024, the firm was reported in specialized press as evaluating a minority stake sale to a global strategic investor — a transaction that would be unusual for a Brazilian macro manager and signals institutionalization ambitions or succession planning. SPX also maintains a corporate venture practice, having incubated an energy trading platform spun out as a separate operating entity. Structurally, SPX differs from most large Brazilian asset managers by running an independent partnership model rather than a bank-owned platform. The key-person risk around Xavier is partially mitigated by a multi-portfolio-manager structure across its strategies and a long-standing internal pipeline of promoted analysts. Its combination of liquid macro, public equities, and private direct investments under one roof is unusual in Brazil, resembling a multi-strategy model closer to global firms like Millennium or Citadel than to a typical emerging-market stock-picker.