BW Gestao de Investimentos Ltda.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), BW Gestao de Investimentos Ltda. reported 293 stock positions worth $4.1 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 22.1% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 19.7%) and Space Exploration Techn Class A (SPCX, 2.4%). Compared with Q1 2026, it opened 134 new positions, sold out of 98, added to 66 and reduced 83. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale RB Global (RBA, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $4.1B (Q2 2026)
- SEC Filing
- 0001568280-26-000005 ↗ filed Aug 14, 2026
Holdings Value
Holdings 293 stocks · $4.1B
| SPY SS SPDR S&P 500 ETF Trust-US | 22.11% | 1,227,723 | $916.8M | New |
| IVV iShares Core S&P 500 ETF | 19.75% | 1,093,321 | $818.8M | Add +264.4% |
| SPCX Space Exploration Techn Class A | 2.42% | 587,335 | $100.4M | New |
| RBA RB Global Inc. | 1.39% | 495,048 | $57.6M | Reduce -31.7% |
| THC Tenet Healthcare Corp. | 1.26% | 279,811 | $52.3M | Reduce -12.7% |
| MU Micron Technology Inc. | 1.09% | 39,210 | $45.3M | New |
| MSFT Microsoft Corp. | 1.04% | 115,951 | $43.3M | Add +123.8% |
| ECL Ecolab Inc. | 0.97% | 144,856 | $40.4M | Add +75.9% |
| AMZN Amazon.com Inc. | 0.84% | 146,407 | $34.9M | Add +176.9% |
| COPX Global X Copper Miners ETF | 0.84% | 453,150 | $34.9M | Add +10.5% |
| ECHO Echostar Corp. Class A | 0.79% | 320,727 | $32.6M | Reduce -5.8% |
| XLV SS Health Care Select Sector | 0.77% | 201,000 | $31.9M | No change |
| GOOG Alphabet Inc. Class C | 0.77% | 90,000 | $31.8M | New |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.72% | 15,000 | $29.8M | New |
| MDLN Medline Inc. Class A | 0.66% | 690,000 | $27.2M | Add +56.8% |
| BX Blackstone Inc. | 0.61% | 216,100 | $25.4M | Add +10.5% |
| GNRC Generac Holdings Inc. | 0.58% | 82,814 | $24.2M | New |
| CENX Century Aluminum Company | 0.58% | 523,162 | $24.1M | Add +69.4% |
| SHW The Sherwin-Williams Co. | 0.57% | 68,562 | $23.6M | Reduce -11.9% |
| PH Parker Hannifin Corp. | 0.57% | 24,026 | $23.5M | Add +14.0% |
| NTNX Nutanix Inc. Class A | 0.55% | 450,526 | $23.0M | Reduce -28.4% |
| AAPL Apple Inc. | 0.54% | 77,469 | $22.4M | Add +16.7% |
| CLVT Clarivate PLC | 0.52% | 10,041,847 | $21.7M | Add +69.5% |
| XEL Xcel Energy Inc. | 0.50% | 256,306 | $20.6M | Add +4.9% |
| LIT Global X Lithium & Battery T | 0.49% | 258,000 | $20.2M | Add +50.0% |
| URA Global X Uranium ETF | 0.47% | 446,800 | $19.5M | Add +79.6% |
| ED Consolidated Edison Inc. | 0.45% | 170,209 | $18.8M | Add +4.4% |
| GLW Corning Inc. | 0.45% | 72,919 | $18.6M | New |
| SO The Southern Co. | 0.45% | 193,731 | $18.5M | Reduce -7.4% |
| MOS The Mosaic Co. | 0.45% | 873,053 | $18.5M | New |
| AMD Advanced Micro Devices | 0.43% | 31,052 | $18.0M | Add +31.0% |
| FPS Forgent Power Solutions Class A | 0.43% | 320,824 | $17.9M | Reduce -40.6% |
| AEP American Electric Power | 0.42% | 128,353 | $17.6M | Reduce -16.2% |
| CNP Centerpoint Energy Inc. | 0.41% | 384,471 | $16.9M | Add +4.0% |
| COF Capital One Financial Corp. | 0.40% | 82,997 | $16.7M | Add +64.4% |
| WMB Williams Cos Inc. | 0.40% | 221,536 | $16.5M | Add +0.7% |
| EEM iShares MSCI Emerging Market | 0.39% | 238,968 | $16.3M | Add +36.5% |
| TKR Timken Co. | 0.39% | 110,445 | $16.0M | Add +57.4% |
| BKH Black Hills Corp. | 0.39% | 215,401 | $16.0M | Add +64.8% |
| DDOG Datadog Inc. Class A | 0.38% | 60,915 | $15.9M | Add +76.0% |
| USB US Bancorp | 0.37% | 256,730 | $15.5M | New |
| RXT Rackspace Technology Inc. | 0.37% | 2,340,279 | $15.3M | New |
| BKU Bankunited Inc. | 0.37% | 315,000 | $15.3M | Add +16.7% |
| ETR Entergy Corp. | 0.37% | 132,738 | $15.2M | New |
| FLG Flagstar Bank NA | 0.37% | 1,020,000 | $15.2M | Add +7.4% |
| AAP Advance Auto Parts Inc. | 0.37% | 244,150 | $15.2M | New |
| CBRS Cerebras Systems Inc. Class A | 0.36% | 67,718 | $15.0M | New |
| SN Sharkninja Inc. | 0.35% | 96,643 | $14.7M | Reduce -8.5% |
| IDA Idacorp Inc. | 0.35% | 95,582 | $14.5M | Reduce -4.0% |
| MWH Solv Energy Inc. Class A | 0.34% | 419,201 | $14.3M | Add +738.4% |
| NUE Nucor Corp. | 0.34% | 63,796 | $14.2M | Add +219.0% |
| WFC Wells Fargo & Co. | 0.34% | 170,164 | $14.1M | New |
| FIX Comfort Systems USA Inc. | 0.33% | 6,904 | $13.7M | Reduce -50.8% |
| PPL PPL Corp. | 0.33% | 372,096 | $13.5M | New |
| VG Venture Global Inc. Class A | 0.32% | 1,207,486 | $13.4M | Add +12.4% |
| GIL Gildan Activewear Inc. | 0.32% | 258,464 | $13.3M | Add +15.2% |
| AMAT Applied Materials Inc. | 0.31% | 17,915 | $13.0M | New |
| HUT Hut 8 Corp. | 0.31% | 110,463 | $12.8M | New |
| INIO Innio NV | 0.31% | 320,000 | $12.7M | New |
| FRVO Fervo Energy Co. Class A | 0.30% | 431,147 | $12.6M | New |
| CW Curtiss-Wright Corp. | 0.30% | 16,571 | $12.6M | Reduce -5.7% |
| CAT Caterpillar Inc. | 0.30% | 11,720 | $12.5M | Add +1623.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.30% | 156,777 | $12.4M | Reduce -13.1% |
| PNFP Pinnacle Financial Partners | 0.30% | 122,442 | $12.4M | Reduce -11.0% |
| MKSI MKS Inc. | 0.30% | 27,754 | $12.3M | New |
| TPG TPG Inc. | 0.29% | 300,919 | $12.2M | New |
| COLB Columbia Banking System Inc. | 0.29% | 379,933 | $12.2M | Reduce -5.0% |
| OPTU Optimum Communications Inc. Class A | 0.29% | 8,395,938 | $12.2M | Add +414.5% |
| ZION Zions Bancorp NA | 0.29% | 173,904 | $12.0M | Reduce -34.4% |
| VLY Valley National Bancorp | 0.29% | 820,000 | $12.0M | Add +17.1% |
| EVRG Evergy Inc. | 0.29% | 137,915 | $11.9M | Add +20.9% |
| UCTT Ultra Clean Holdings Inc. | 0.28% | 82,843 | $11.8M | New |
| UNIT Uniti Group Inc. | 0.28% | 1,028,818 | $11.8M | No change |
| CPRI Capri Holdings Ltd. | 0.28% | 631,004 | $11.7M | Reduce -47.3% |
| ALLY Ally Financial Inc. | 0.28% | 254,950 | $11.7M | Add +34.2% |
| HTO H2O America | 0.27% | 185,806 | $11.3M | Reduce -15.9% |
| WCN Waste Connections Inc. | 0.27% | 67,572 | $11.3M | Add +24.6% |
| RVTY Revvity Inc. | 0.26% | 97,046 | $10.8M | Add +0.2% |
| NOW ServiceNow Inc. | 0.26% | 108,606 | $10.8M | Add +50.2% |
| DKS Dick's Sporting Goods Inc. | 0.26% | 47,305 | $10.7M | Reduce -56.4% |
| ICE Intercontinental Exchange Inc. | 0.26% | 86,399 | $10.6M | Add +311.7% |
| UNP Union Pacific Corp. | 0.25% | 38,800 | $10.6M | New |
| QNT Quantinuum Inc. Class A | 0.25% | 128,000 | $10.5M | New |
| MMM 3M Co. | 0.25% | 64,051 | $10.4M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.25% | 225,000 | $10.2M | Reduce -75.0% |
| XRX Xerox Holdings Corp. | 0.25% | 3,248,819 | $10.2M | Add +171.8% |
| AEE Ameren Corporation | 0.24% | 89,379 | $10.1M | New |
| UGI Ugi Corp. | 0.24% | 289,830 | $10.0M | Reduce -23.3% |
| DOCN Digitalocean Holdings Inc. | 0.24% | 63,393 | $10.0M | Reduce -48.3% |
| PCG P G & E Corp. | 0.24% | 587,019 | $9.9M | Add +0.7% |
| FAN First Trust Global Wind Ener | 0.23% | 386,555 | $9.7M | New |
| SOC Sable Offshore Corp. | 0.22% | 3,014,553 | $9.3M | Add +41.6% |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.22% | 3,686,140 | $9.3M | No change |
| MSM MSC Industrial Direct Co. Class A | 0.22% | 77,102 | $9.2M | New |
| TH Target Hospitality Corp. | 0.22% | 450,000 | $9.2M | New |
| ZM Zoom Communications Inc. | 0.22% | 106,065 | $9.2M | Add +164.8% |
| DLR Digital Realty Trust Inc. | 0.22% | 50,916 | $9.1M | New |
| WAL Western Alliance Bancorp | 0.22% | 109,967 | $9.0M | New |
| RBLX Roblox Corp. Class A | 0.22% | 165,638 | $9.0M | New |
| DE Deere & Co. | 0.22% | 14,075 | $8.9M | New |
Options reported separately and not counted above: MU puts ($248.2M), IWM puts ($180.3M), TSLA puts ($105.2M), QQQ puts ($90.6M), EWZ calls ($51.8M), EWZ puts ($51.8M), SMH puts ($39.4M), MSFT calls ($37.3M), PLNT calls ($36.5M), SOXX puts ($32.0M), QCOM calls ($18.5M), QXO calls ($8.6M), and 1 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $165K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| XRXDW Xerox Holdings Corp. | *W EXP 02/11/202 | 597,540 | $165K | No change |
Total filed on the 13F, all lines: $4.1B.
Portfolio Sells Q1 2026 → Q2 2026
| RBA RB Global Inc. | Reduce -31.7% | 1.39% | −1.70 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -75.0% | 0.25% | −1.59 |
| THC Tenet Healthcare Corp. | Reduce -12.7% | 1.26% | −1.43 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −1.38 |
| AAL American Airlines Group Inc. | Reduce -92.3% | 0.08% | −1.10 |
| ECHO Echostar Corp. Class A | Reduce -5.8% | 0.79% | −0.99 |
| AA Alcoa Corp. | Reduce -90.4% | 0.04% | −0.86 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −0.84 |
| PAAS Pan American Silver Corp. | Reduce -92.9% | 0.02% | −0.74 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.73 |
| DKS Dick's Sporting Goods Inc. | Reduce -56.4% | 0.26% | −0.70 |
| PATH Uipath Inc. Class A | Reduce -66.5% | 0.14% | −0.67 |
| CPRI Capri Holdings Ltd. | Reduce -47.3% | 0.28% | −0.66 |
| SWX Southwest Gas Holdings Inc. | Sold out | 0.00% | −0.64 |
| FCX Freeport-McMoran Inc. | Reduce -71.7% | 0.12% | −0.63 |
| ROST Ross Stores Inc. | Reduce -52.8% | 0.21% | −0.63 |
| GLOB Globant SA | Reduce -29.6% | 0.19% | −0.62 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.57 |
| AMRZ Amrize Ltd. | Reduce -59.5% | 0.15% | −0.55 |
| SHW The Sherwin-Williams Co. | Reduce -11.9% | 0.57% | −0.54 |
| FIX Comfort Systems USA Inc. | Reduce -50.8% | 0.33% | −0.53 |
| NTNX Nutanix Inc. Class A | Reduce -28.4% | 0.55% | −0.51 |
| TSLA Tesla Inc. | Reduce -95.8% | 0.01% | −0.48 |
| AEP American Electric Power | Reduce -16.2% | 0.42% | −0.47 |
| VST Vistra Corp. | Sold out | 0.00% | −0.47 |
| UAL United Airlines Holdings Inc. | Reduce -81.3% | 0.08% | −0.46 |
| SO The Southern Co. | Reduce -7.4% | 0.45% | −0.45 |
| FE Firstenergy Corp. | Sold out | 0.00% | −0.45 |
| NET Cloudflare Inc. Class A | Reduce -74.3% | 0.09% | −0.45 |
| WBD Warner Bros Discovery Inc. | Reduce -45.7% | 0.18% | −0.45 |
| GE General Electric | Sold out | 0.00% | −0.44 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.44 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.44 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.42 |
| PLNT Planet Fitness Inc. Class A | Reduce -15.0% | 0.20% | −0.42 |
| LITE Lumentum Holdings Inc. | Reduce -91.7% | 0.02% | −0.41 |
| PSKY Paramount Skydance Class B | Sold out | 0.00% | −0.41 |
| SF Stifel Financial Corp. | Sold out | 0.00% | −0.41 |
| AMG Affiliated Managers Group | Sold out | 0.00% | −0.41 |
| KEY Keycorp | Reduce -96.6% | 0.01% | −0.40 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.39 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.39 |
| ZION Zions Bancorp NA | Reduce -34.4% | 0.29% | −0.39 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.39 |
| VSNT Versant Media Group Inc. | Sold out | 0.00% | −0.38 |
| SOLS Solstice Adv Materials Inc. | Sold out | 0.00% | −0.37 |
| UGI Ugi Corp. | Reduce -23.3% | 0.24% | −0.37 |
| JBLU Jetblue Airways Corp. | Sold out | 0.00% | −0.36 |
| PENN Penn Entertainment Inc. | Sold out | 0.00% | −0.36 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.35 |
Portfolio Buys Q1 2026 → Q2 2026
| SPY SS SPDR S&P 500 ETF Trust-US | New | 22.11% | +22.11 |
| IVV iShares Core S&P 500 ETF | Add +264.4% | 19.75% | +11.03 |
| SPCX Space Exploration Techn Class A | New | 2.42% | +2.42 |
| MU Micron Technology Inc. | New | 1.09% | +1.09 |
| GOOG Alphabet Inc. Class C | New | 0.77% | +0.77 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.72% | +0.72 |
| GNRC Generac Holdings Inc. | New | 0.58% | +0.58 |
| GLW Corning Inc. | New | 0.45% | +0.45 |
| MOS The Mosaic Co. | New | 0.45% | +0.45 |
| USB US Bancorp | New | 0.37% | +0.37 |
| RXT Rackspace Technology Inc. | New | 0.37% | +0.37 |
| ETR Entergy Corp. | New | 0.37% | +0.37 |
| AAP Advance Auto Parts Inc. | New | 0.37% | +0.37 |
| CBRS Cerebras Systems Inc. Class A | New | 0.36% | +0.36 |
| AMZN Amazon.com Inc. | Add +176.9% | 0.84% | +0.35 |
| WFC Wells Fargo & Co. | New | 0.34% | +0.34 |
| PPL PPL Corp. | New | 0.33% | +0.33 |
| AMAT Applied Materials Inc. | New | 0.31% | +0.31 |
| HUT Hut 8 Corp. | New | 0.31% | +0.31 |
| INIO Innio NV | New | 0.31% | +0.31 |
| FRVO Fervo Energy Co. Class A | New | 0.30% | +0.30 |
| MKSI MKS Inc. | New | 0.30% | +0.30 |
| TPG TPG Inc. | New | 0.29% | +0.29 |
| UCTT Ultra Clean Holdings Inc. | New | 0.28% | +0.28 |
| CAT Caterpillar Inc. | Add +1623.5% | 0.30% | +0.28 |
| MWH Solv Energy Inc. Class A | Add +738.4% | 0.34% | +0.28 |
| UNP Union Pacific Corp. | New | 0.25% | +0.25 |
| QNT Quantinuum Inc. Class A | New | 0.25% | +0.25 |
| MMM 3M Co. | New | 0.25% | +0.25 |
| AEE Ameren Corporation | New | 0.24% | +0.24 |
| FAN First Trust Global Wind Ener | New | 0.23% | +0.23 |
| MSM MSC Industrial Direct Co. Class A | New | 0.22% | +0.22 |
| TH Target Hospitality Corp. | New | 0.22% | +0.22 |
| AMD Advanced Micro Devices | Add +31.0% | 0.43% | +0.22 |
| DLR Digital Realty Trust Inc. | New | 0.22% | +0.22 |
| WAL Western Alliance Bancorp | New | 0.22% | +0.22 |
| RBLX Roblox Corp. Class A | New | 0.22% | +0.22 |
| DE Deere & Co. | New | 0.22% | +0.22 |
| ESI Element Solutions Inc. | New | 0.21% | +0.21 |
| CHTR Charter Communications Inc. Class A | New | 0.21% | +0.21 |
| LGN Legence Corp. Class A | New | 0.21% | +0.21 |
| PB Prosperity Bancshares Inc. | New | 0.20% | +0.20 |
| DDOG Datadog Inc. Class A | Add +76.0% | 0.38% | +0.20 |
| OPTU Optimum Communications Inc. Class A | Add +414.5% | 0.29% | +0.20 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.19% | +0.19 |
| NUE Nucor Corp. | Add +219.0% | 0.34% | +0.19 |
| MSFT Microsoft Corp. | Add +123.8% | 1.04% | +0.19 |
| MAIR Madison Air Solutions Corp. Class A | New | 0.19% | +0.19 |
| GGB Gerdau SA -Spon ADR | New | 0.18% | +0.18 |
| XRX Xerox Holdings Corp. | Add +171.8% | 0.25% | +0.18 |
Options Activity Q1 2026 → Q2 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 400,000 | $260.1Mbefore exit |
| MU Micron Technology Inc. | put | Add +330.0% | 215,000 | $248.2M |
| IWM iShares Russell 2000 ETF | put | Reduce -33.3% | 600,000 | $180.3M |
| TSLA Tesla Inc. | put | Add +25.0% | 250,000 | $105.2M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +23.0% | 123,000 | $90.6M |
| EWZ iShares MSCI Brazil ETF | call | New | 1,500,000 | $51.8M |
| EWZ iShares MSCI Brazil ETF | put | New | 1,500,000 | $51.8M |
| SMH Vaneck Semiconductor ETF | put | New | 60,000 | $39.4M |
| MSFT Microsoft Corp. | call | New | 100,000 | $37.3M |
| IWM iShares Russell 2000 ETF | call | Sold out | 150,000 | $37.2Mbefore exit |
| PLNT Planet Fitness Inc. Class A | call | New | 700,000 | $36.5M |
| SOXX iShares Semiconductor ETF | put | New | 50,000 | $32.0M |
| IGV iShares Expanded Tech-Softwa | call | Sold out | 400,000 | $32.0Mbefore exit |
| COF Capital One Financial Corp. | call | Sold out | 150,000 | $27.4Mbefore exit |
| QCOM Qualcomm Inc. | call | New | 100,000 | $18.5M |
| NTNX Nutanix Inc. Class A | call | Sold out | 400,000 | $15.2Mbefore exit |
| QXO Qxo Inc. | call | New | 500,000 | $8.6M |
| CPRI Capri Holdings Ltd. | call | Sold out | 400,000 | $7.0Mbefore exit |
| OPTU Optimum Communications Inc. Class A | call | New | 4,000,000 | $5.8M |
| PATH Uipath Inc. Class A | call | Sold out | 500,000 | $5.5Mbefore exit |
| VRNS Varonis Systems Inc. | call | Sold out | 200,000 | $4.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 293 | $4.1B | SPY, IVV, SPCX, RBA, THC |
| Q1 2026 | 257 | $2.2B | IVV, RBA, THC, XLU, ECHO |
| Q4 2025 | 186 | $2.8B | IVV, RSP, RBA, THC, PATH |
| Q3 2025 | 98 | $1.3B | IVV, THC, RBA, PATH, FOUR |
| Q2 2025 | 81 | $1.1B | RBA, THC, FOUR, PRGO, NTNX |
| Q1 2025 | 79 | $883.8M | THC, EWZ, RBA, ORCL, PRGO |
| Q4 2024 | 109 | $2.1B | IVV, MDY, THC, RBA, XLV |
| Q3 2024 | 64 | $604.0M | THC, RBA, CALF, SPY, AER |
| Q2 2024 | 60 | $758.4M | CALF, RBA, THC, ORCL, RSP |
| Q1 2024 | 62 | $1.1B | HYG, CALF, RSP, QQQ, RBA |