BW Gestao de Investimentos Ltda.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 2, 2024), BW Gestao de Investimentos Ltda. reported 62 stock positions worth $1.1 billion. Its top holding was Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) at 15.3% of the portfolio, followed by PCR US SM CP CSH CWS ETF-Usd (CALF, 8.3%) and Invesco S&P 500 Equal Weight (RSP, 6.3%). Compared with Q4 2023, it opened 23 new positions, sold out of 19, added to 16 and reduced 18. The biggest buy was Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, shares +455%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −72%).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001568280
Portfolio Value
$1.1B (Q1 2024)
SEC Filing
0001568280-24-000003 ↗ filed May 2, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $1.1B $1.1B Q1 2024 Q2 2024: $758.4M Q2 2024 Q3 2024: $604.0M Q3 2024 Q4 2024: $2.1B Q4 2024 Q1 2025: $883.8M Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.3B Q3 2025 Q4 2025: $2.8B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 62 stocks · $1.1B
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 15.35% 2,195,600 $170.7M Add +455.0%
CALF PCR US SM CP CSH CWS ETF-Usd 8.31% 1,880,000 $92.4M New
RSP Invesco S&P 500 Equal Weight 6.26% 410,890 $69.6M Reduce -71.9%
QQQ Invesco QQQ Trust Series 1 5.43% 136,000 $60.4M New
RBA RB Global Inc. 4.80% 701,538 $53.4M Add +83.2%
THC Tenet Healthcare Corp. 4.28% 452,771 $47.6M Add +37.0%
ORCL Oracle Corp. 3.87% 342,531 $43.0M Add +21.7%
NVDA Nvidia Corp. 3.82% 47,000 $42.5M New
SPY SS SPDR S&P 500 ETF Trust-US 3.81% 81,000 $42.4M New
EWY iShares MSCI South Korea ETF 3.62% 600,000 $40.3M New
COPX Global X Copper Miners ETF 3.32% 870,000 $36.9M New
TMUS T-Mobile US Inc. 2.52% 171,863 $28.1M Reduce -8.4%
IWF iShares Russell 1000 Growth 2.43% 80,220 $27.0M Reduce -10.3%
STNE Stoneco Ltd. Class A 1.84% 1,230,000 $20.4M Add +262.2%
AER Aercap Holdings NV 1.72% 220,000 $19.1M New
AES AES Corp. 1.32% 820,000 $14.7M Add +13.9%
XLP SS Consumer Staples Sel Sect 1.26% 183,630 $14.0M Reduce -38.6%
CCI Crown Castle Inc. 1.23% 128,878 $13.6M Add +101.8%
BX Blackstone Inc. 1.21% 102,293 $13.4M Add +47.8%
WCN Waste Connections Inc. 1.21% 77,931 $13.4M Add +11.3%
META Meta Platforms Inc. Class A 1.09% 25,000 $12.1M New
VUG Vanguard Mrngstar GR ETF-Sui 1.06% 34,225 $11.8M Add +469.5%
CCK Crown Holdings Inc. 1.04% 146,515 $11.6M New
RCM R1 RCM Inc. 1.04% 893,896 $11.5M New
PM Philip Morris International 0.95% 115,000 $10.5M Reduce -42.5%
XBI SS SPDR S&P Biotech ETF 0.94% 110,000 $10.4M New
SMH Vaneck Semiconductor ETF 0.83% 41,000 $9.2M New
BLMN Bloomin' Brands Inc. 0.81% 314,219 $9.0M Reduce -13.7%
AMBP Ardagh Metal Packaging SA 0.77% 2,495,343 $8.6M Reduce -10.4%
XLK SS Technology Select Sector 0.74% 39,440 $8.2M New
XLY SS Consumer Disc Select Sect 0.70% 42,625 $7.8M No change
GFL GFL Environmental Inc.-Sub VT 0.68% 218,300 $7.5M Add +44.3%
MSFT Microsoft Corp. 0.66% 17,367 $7.3M Reduce -29.5%
ALB Albemarle Corp. 0.65% 55,000 $7.2M New
WY Weyerhaeuser Co. 0.60% 185,000 $6.6M Add +76.2%
FSLR First Solar Inc. 0.57% 37,307 $6.3M Reduce -68.5%
KRE SS SPDR S&P Regional Bank 0.56% 123,530 $6.2M New
XLE SS Energy Select Sector 0.51% 60,000 $5.7M New
BP BP PLC-Spons ADR 0.51% 150,000 $5.7M New
GIL Gildan Activewear Inc. 0.50% 150,000 $5.6M New
CPRI Capri Holdings Ltd. 0.49% 120,000 $5.4M New
FXI iShares China Large-Cap ETF 0.47% 217,686 $5.2M Reduce -65.7%
ECL Ecolab Inc. 0.47% 22,465 $5.2M Reduce -28.9%
SHW The Sherwin-Williams Co. 0.46% 14,822 $5.1M Reduce -68.1%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.46% 100,000 $5.1M New
AMZN Amazon.com Inc. 0.42% 25,709 $4.6M No change
KR Kroger Co. 0.41% 80,000 $4.6M New
AEM Agnico Eagle Mines Ltd. 0.41% 76,000 $4.5M Add +52.0%
GDX Vaneck Gold Miners ETF 0.40% 141,925 $4.5M New
CINT Ci&t Inc./United States-A 0.39% 1,061,212 $4.4M Add +168.7%
GOOGL Alphabet Inc. Class A 0.39% 28,593 $4.3M Add +40.5%
SO The Southern Co. 0.39% 60,000 $4.3M New
LOW Lowe's Cos Inc. 0.38% 16,770 $4.3M Reduce -57.4%
FTV Fortive Corp. 0.35% 45,000 $3.9M Reduce -35.7%
CP Canadian Pacific Kansas City 0.24% 30,000 $2.6M Reduce -45.5%
SUZ Suzano SA - Spon ADR 0.24% 206,493 $2.6M Reduce -66.6%
BIRK Birkenstock Holding PLC 0.23% 55,000 $2.6M Add +165.7%
LIN Linde PLC 0.21% 5,000 $2.3M Reduce -67.7%
AAPL Apple Inc. 0.16% 10,596 $1.8M No change
NKE Nike Inc. Class B 0.11% 12,973 $1.2M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.11% 100,000 $1.2M No change
CROX Crocs Inc. 0.02% 1,699 $244K Reduce -98.0%

Options reported separately and not counted above: IWM puts ($641.4M), SPY puts ($329.5M), BX puts ($315.0M), SPY calls ($245.8M), QQQ calls ($213.1M), QQQ puts ($139.0M), NVDA puts ($64.2M), ITB puts ($57.9M), XLI calls ($50.4M), TSN puts ($41.1M), IWM calls ($26.3M), NVDA calls ($22.6M), and 10 more.

Portfolio Sells Q4 2023 → Q1 2024
RSP Invesco S&P 500 Equal Weight Reduce -71.9% 6.26% −20.11
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −9.00
BJ Bj's Wholesale Club Holdings Sold out 0.00% −2.57
SCHD Schwab US DVD Equity ETF Sold out 0.00% −2.43
FSLR First Solar Inc. Reduce -68.5% 0.57% −1.76
KWEB Kranesh Csi China Internet Sold out 0.00% −1.76
KVUE Kenvue Inc. Sold out 0.00% −1.54
IWO iShares Russell 2000 Growth Sold out 0.00% −1.49
LW Lamb Weston Holdings Inc. Sold out 0.00% −1.30
FXI iShares China Large-Cap ETF Reduce -65.7% 0.47% −1.27
PM Philip Morris International Reduce -42.5% 0.95% −1.20
XLP SS Consumer Staples Sel Sect Reduce -38.6% 1.26% −1.20
SHW The Sherwin-Williams Co. Reduce -68.1% 0.46% −1.19
AMT American Tower Corp. Sold out 0.00% −1.11
TMUS T-Mobile US Inc. Reduce -8.4% 2.52% −0.91
CROX Crocs Inc. Reduce -98.0% 0.02% −0.88
NTNX Nutanix Inc. Class A Sold out 0.00% −0.79
IWF iShares Russell 1000 Growth Reduce -10.3% 2.43% −0.66
LOW Lowe's Cos Inc. Reduce -57.4% 0.38% −0.62
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.60
XRT SS SPDR S&P Retail ETF Sold out 0.00% −0.57
SUZ Suzano SA - Spon ADR Reduce -66.6% 0.24% −0.56
RGLD Royal Gold Inc. Sold out 0.00% −0.55
VALE Vale SA-SP ADR Sold out 0.00% −0.54
LIN Linde PLC Reduce -67.7% 0.21% −0.52
AMBP Ardagh Metal Packaging SA Reduce -10.4% 0.77% −0.45
SQM Quimica Y Minera Chil-SP ADR Sold out 0.00% −0.41
MSFT Microsoft Corp. Reduce -29.5% 0.66% −0.40
PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −0.40
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.36
BLMN Bloomin' Brands Inc. Reduce -13.7% 0.81% −0.36
ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −0.29
CP Canadian Pacific Kansas City Reduce -45.5% 0.24% −0.26
ECL Ecolab Inc. Reduce -28.9% 0.47% −0.25
FTV Fortive Corp. Reduce -35.7% 0.35% −0.24
WPM Wheaton Precious Metals Corp. Sold out 0.00% −0.23
IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.14

Portfolio Buys Q4 2023 → Q1 2024
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +455.0% 15.35% +11.85
CALF PCR US SM CP CSH CWS ETF-Usd New 8.31% +8.31
QQQ Invesco QQQ Trust Series 1 New 5.43% +5.43
NVDA Nvidia Corp. New 3.82% +3.82
SPY SS SPDR S&P 500 ETF Trust-US New 3.81% +3.81
EWY iShares MSCI South Korea ETF New 3.62% +3.62
COPX Global X Copper Miners ETF New 3.32% +3.32
RBA RB Global Inc. Add +83.2% 4.80% +1.88
AER Aercap Holdings NV New 1.72% +1.72
THC Tenet Healthcare Corp. Add +37.0% 4.28% +1.43
STNE Stoneco Ltd. Class A Add +262.2% 1.84% +1.14
META Meta Platforms Inc. Class A New 1.09% +1.09
CCK Crown Holdings Inc. New 1.04% +1.04
RCM R1 RCM Inc. New 1.04% +1.04
XBI SS SPDR S&P Biotech ETF New 0.94% +0.94
VUG Vanguard Mrngstar GR ETF-Sui Add +469.5% 1.06% +0.85
SMH Vaneck Semiconductor ETF New 0.83% +0.83
XLK SS Technology Select Sector New 0.74% +0.74
ALB Albemarle Corp. New 0.65% +0.65
KRE SS SPDR S&P Regional Bank New 0.56% +0.56
XLE SS Energy Select Sector New 0.51% +0.51
BP BP PLC-Spons ADR New 0.51% +0.51
GIL Gildan Activewear Inc. New 0.50% +0.50
CPRI Capri Holdings Ltd. New 0.49% +0.49
ORCL Oracle Corp. Add +21.7% 3.87% +0.48
AL Sumisho Air Lease Corp. New 0.46% +0.46
KR Kroger Co. New 0.41% +0.41
GDX Vaneck Gold Miners ETF New 0.40% +0.40
SO The Southern Co. New 0.39% +0.39
CCI Crown Castle Inc. Add +101.8% 1.23% +0.39
WY Weyerhaeuser Co. Add +76.2% 0.60% +0.18
BX Blackstone Inc. Add +47.8% 1.21% +0.17
CINT Ci&t Inc./United States-A Add +168.7% 0.39% +0.16
BIRK Birkenstock Holding PLC Add +165.7% 0.23% +0.12
AEM Agnico Eagle Mines Ltd. Add +52.0% 0.41% +0.09
GFL GFL Environmental Inc.-Sub VT Add +44.3% 0.68% +0.08
GOOGL Alphabet Inc. Class A Add +40.5% 0.39% +0.06
WCN Waste Connections Inc. Add +11.3% 1.21% +0.01
AES AES Corp. Add +13.9% 1.32% −0.26

Options Activity Q4 2023 → Q1 2024
IWM iShares Russell 2000 ETF put Add +103.3% 3,050,000 $641.4M
SPY SS SPDR S&P 500 ETF Trust-US put Add +57.5% 630,000 $329.5M
BX Blackstone Inc. put Add +499.4% 2,397,600 $315.0M
SPY SS SPDR S&P 500 ETF Trust-US call Add +34.3% 470,000 $245.8M
QQQ Invesco QQQ Trust Series 1 call New 480,000 $213.1M
QQQ Invesco QQQ Trust Series 1 put Add +213.0% 313,000 $139.0M
EEM iShares MSCI Emerging Market call Sold out 2,000,000 $80.4Mbefore exit
COF Capital One Financial Corp. put Sold out 600,000 $78.7Mbefore exit
XLI SS Industrial Select Sector put Sold out 600,000 $68.4Mbefore exit
TIP iShares Tips Bond ETF call Sold out 600,000 $64.5Mbefore exit
NVDA Nvidia Corp. put Add +9.2% 71,000 $64.2M
TSLA Tesla Inc. put Sold out 250,000 $62.1Mbefore exit
ITB iShares U.S. Home Constructi put Reduce -61.5% 500,000 $57.9M
CROX Crocs Inc. call Sold out 400,000 $37.4Mbefore exit
FXI iShares China Large-Cap ETF call Sold out 1,300,000 $31.2Mbefore exit
IWM iShares Russell 2000 ETF call Reduce -93.3% 125,000 $26.3M
CAT Caterpillar Inc. put Sold out 80,000 $23.7Mbefore exit
URI United Rentals Inc. put Sold out 40,000 $22.9Mbefore exit
NVDA Nvidia Corp. call New 25,000 $22.6M
SMH Vaneck Semiconductor ETF call New 100,000 $22.5M
SAN Banco Santander SA-Spon ADR put Sold out 5,359,000 $22.2Mbefore exit
XLV SS Health Care Select Sector put Sold out 150,000 $20.5Mbefore exit
ARKK ARK Innovation ETF put Reduce -33.3% 400,000 $20.0M
COIN Coinbase Global Inc. Class A put Sold out 110,000 $19.1Mbefore exit
SMH Vaneck Semiconductor ETF put Sold out 100,000 $17.5Mbefore exit
MU Micron Technology Inc. put Sold out 200,000 $17.1Mbefore exit
FSLR First Solar Inc. call New 100,000 $16.9M
NKE Nike Inc. Class B put Sold out 150,000 $16.3Mbefore exit
TMUS T-Mobile US Inc. call Sold out 100,000 $16.0Mbefore exit
KRE SS SPDR S&P Regional Bank put Reduce -72.7% 300,000 $15.1M
KRE SS SPDR S&P Regional Bank call New 300,000 $15.1M
KMX Carmax Inc. put Reduce -64.7% 150,000 $13.1M
KVUE Kenvue Inc. call Sold out 600,000 $12.9Mbefore exit
ALLY Ally Financial Inc. put Reduce -87.5% 300,000 $12.2M
AFRM Affirm Holdings Inc. put Reduce -28.6% 250,000 $9.3M
TAN Invesco Solar ETF call Sold out 150,000 $8.0Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -80.0% 100,000 $7.8M
F Ford Motor Co. put Sold out 600,000 $7.3Mbefore exit
MRVL Marvell Technology Inc. call New 100,000 $7.1M
MANU Manchester United PLC Class A call Sold out 100,000 $2.0Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
DISH NETWORK CORP (DISH 2.375 03/15/24) NOTE 2.375% 3/1 · principal Sold out 3,000 $3.0Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 293$4.1BSPY, IVV, SPCX, RBA, THC
Q1 2026 257$2.2BIVV, RBA, THC, XLU, ECHO
Q4 2025 186$2.8BIVV, RSP, RBA, THC, PATH
Q3 2025 98$1.3BIVV, THC, RBA, PATH, FOUR
Q2 2025 81$1.1BRBA, THC, FOUR, PRGO, NTNX
Q1 2025 79$883.8MTHC, EWZ, RBA, ORCL, PRGO
Q4 2024 109$2.1BIVV, MDY, THC, RBA, XLV
Q3 2024 64$604.0MTHC, RBA, CALF, SPY, AER
Q2 2024 60$758.4MCALF, RBA, THC, ORCL, RSP
Q1 2024 62$1.1BHYG, CALF, RSP, QQQ, RBA