This website is operated by SPX Gestão de Recursos Ltda., SPX Equities Gestão de Recursos Ltda. and SPX International Asset Management Ltd. (collectively, “SPX” or the “SPX Entities”).
Information about investments
The content of this website is for informational purposes only and is not intended to provide specific investment advice for you, and should not be relied upon in that regard. No representation is given that the products or services discussed on or accessible through this website are suitable for you or any particular investor. You should not act or rely on any information provided herein without seeking the advice of a professional.
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No information provided on this website constitutes a solicitation, offer or recommendation to buy or sell shares of any investment fund managed or sponsored by any of the SPX Entities, nor should it be construed as such in any jurisdiction where such a solicitation, offer or recommendation would be illegal or which would subject the SPX Entities to any registration requirement within such jurisdiction that they have not separately undertaken. None of the SPX Entities is registered with the U.S. Securities and Exchange Commission (the “SEC”) or with the Commodity Futures Trading Commission (the “CFTC”). Shares of investment funds managed or sponsored by SPX have not been registered with the SEC or the CFTC, and investors in such funds will not have the protections afforded by registration with the SEC or the CFTC.
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SPX makes investment decisions through a methodical research-driven process
Construction of macroeconomic scenarios and microeconomic analyses based on interaction among fund managers, economists, and analysts
Democratic discussion forums where independent thinking and a diversity of ideas are encouraged to avoid group thinking
Constant dialogue with outside consultants
Fund managers compare the internally constructed scenarios with those priced in by the markets to identify imbalances and asymmetries that represent investment opportunities
Synergy between areas facilitates identification of opportunities
Specialists in each market segment choose the best strategy to capture the opportunity identified
The size of an allocation reflects the degree of conviction in the strategy
Execution of products validated by Compliance
Executive Committee approves and supervises the strategies defined in a continuous monitoring process
Risk limits defined for fund on a global basis with no specific limits per market sector
We do not work with predetermined stop-loss limits
Changes in scenarios and prices may change the size of our allocations
A model of partnership and meritocratic management
Executive Committee is comprised of the four controlling partners. It is responsible for developing SPX’s strategy, assessing the team’s performance, and defining profit distribution.
2Investment management committee
Comprised of all senior partners. The committee’s purpose is to discuss the funds’ investment strategies through individual presentations, demonstrating the fundamentals of allocations and the percentage of risk allocated.
3Macro analysis committee
Comprised of the research and management teams, who discuss specific topics such as the political and economic outlooks, inflation, balance of payments, fiscal policy and economic activity. Its goal is to analyze and understand the key tendencies in the global economy.
Comprised of the equity research and management teams. The research team presents their assessments based on frequent contact and on-site visits with companies, as well as information from a wide array of sources including their competitors, suppliers, and other analysts.
Portfolio managers present their portfolios to the committee every week, and the research team puts forward new ideas and updated information on the sectors and companies therein. Daily meetings are also held for portfolio managers to interact dynamically with researchers and discuss relevant information and facts that may change their views of the overall market and/or specific stocks and sectors.
Comprised of the commodities research and management teams. They present and discuss their latest projections for the balance of supply and demand in each commodity.
Researchers and portfolio managers seek to identify imbalances in supply and demand that could lead to significant price changes. Opportunities for allocations are discussed and explored.
6Risk and Compliance committees
These are two distinct committees. Each is comprised of Executive Committee members and the respective teams. The committees are responsible for defining the policies, controls, and guidelines to be implemented by each team. Both risk management and compliance teams are independent and report directly to the Executive Committee