Instuitional Investor - Spx Equities Gestao De Recursos Ltda

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vale S A	VALE	11,068,403	$120,202,857	9.99%
2.	Petroleo Brasileiro Sa Petrobras	PBR	7,916,982	$100,228,992	8.33%
3.	Ishares Trust	IEF	1,480,000	$79,032,000	6.57%
4.	Ishares Inc	EWA	1,600,000	$49,600,000	4.12%
5.	Copa Holdings Sa	CPA	406,642	$48,317,202	4.02%