BW Gestao de Investimentos Ltda.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 1, 2024), BW Gestao de Investimentos Ltda. reported 60 stock positions worth $758.4 million. Its top holding was PCR US SM CP CSH CWS ETF-Usd (CALF) at 8.4% of the portfolio, followed by RB Global (RBA, 6.2%) and Tenet Healthcare (THC, 6.0%). Compared with Q1 2024, it opened 16 new positions, sold out of 18, added to 22 and reduced 19. The biggest buy was Sherwin-Williams (SHW, shares +374%) and the biggest sale an exit from Ishr Ibx Usd Hiyld CB ETF-Ui (HYG).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $758.4M (Q2 2024)
- SEC Filing
- 0001568280-24-000005 ↗ filed Aug 1, 2024
Holdings Value
Holdings 60 stocks · $758.4M
| CALF PCR US SM CP CSH CWS ETF-Usd | 8.36% | 1,456,032 | $63.4M | Reduce -22.6% |
| RBA RB Global Inc. | 6.18% | 613,386 | $46.8M | Reduce -12.6% |
| THC Tenet Healthcare Corp. | 5.96% | 339,953 | $45.2M | Reduce -24.9% |
| ORCL Oracle Corp. | 5.36% | 287,734 | $40.6M | Reduce -16.0% |
| RSP Invesco S&P 500 Equal Weight | 4.80% | 221,650 | $36.4M | Reduce -46.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.76% | 52,400 | $28.5M | Reduce -35.3% |
| IWF iShares Russell 1000 Growth | 3.66% | 76,180 | $27.8M | Reduce -5.0% |
| AER Aercap Holdings NV | 3.55% | 288,770 | $26.9M | Add +31.3% |
| CCK Crown Holdings Inc. | 2.86% | 291,801 | $21.7M | Add +99.2% |
| TMUS T-Mobile US Inc. | 2.83% | 121,863 | $21.5M | Reduce -29.1% |
| SHW The Sherwin-Williams Co. | 2.76% | 70,242 | $21.0M | Add +373.9% |
| STNE Stoneco Ltd. Class A | 2.69% | 1,700,000 | $20.4M | Add +38.2% |
| XLP SS Consumer Staples Sel Sect | 2.64% | 261,865 | $20.1M | Add +42.6% |
| BX Blackstone Inc. | 2.17% | 132,670 | $16.4M | Add +29.7% |
| MDY State Street SPDR S&P Midcap | 2.02% | 28,645 | $15.3M | New |
| COPX Global X Copper Miners ETF | 1.96% | 329,200 | $14.9M | Reduce -62.2% |
| NTNX Nutanix Inc. Class A | 1.95% | 260,000 | $14.8M | New |
| XLY SS Consumer Disc Select Sect | 1.83% | 75,930 | $13.8M | Add +78.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.80% | 200,640 | $13.7M | New |
| RCM R1 RCM Inc. | 1.70% | 1,027,220 | $12.9M | Add +14.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.69% | 34,225 | $12.8M | No change |
| CCI Crown Castle Inc. | 1.66% | 128,878 | $12.6M | No change |
| VALE Vale SA-SP ADR | 1.51% | 1,022,595 | $11.4M | New |
| CINT Ci&t Inc./United States-A | 1.46% | 2,134,514 | $11.1M | Add +101.1% |
| MSFT Microsoft Corp. | 1.20% | 20,423 | $9.1M | Add +17.6% |
| PM Philip Morris International | 1.20% | 90,000 | $9.1M | Reduce -21.7% |
| BLMN Bloomin' Brands Inc. | 1.16% | 457,704 | $8.8M | Add +45.7% |
| ETN Eaton Corp. PLC | 1.14% | 27,566 | $8.6M | New |
| CROX Crocs Inc. | 1.09% | 56,699 | $8.3M | Add +3237.2% |
| KRE SS SPDR S&P Regional Bank | 1.08% | 166,905 | $8.2M | Add +35.1% |
| KR Kroger Co. | 1.05% | 160,000 | $8.0M | Add +100.0% |
| GIL Gildan Activewear Inc. | 1.05% | 209,784 | $8.0M | Add +39.9% |
| WCN Waste Connections Inc. | 1.05% | 45,361 | $8.0M | Reduce -41.8% |
| AAP Advance Auto Parts Inc. | 1.04% | 125,000 | $7.9M | New |
| CPRI Capri Holdings Ltd. | 1.04% | 237,420 | $7.9M | Add +97.8% |
| LOW Lowe's Cos Inc. | 0.99% | 34,210 | $7.5M | Add +104.0% |
| ECL Ecolab Inc. | 0.98% | 31,265 | $7.4M | Add +39.2% |
| AMBP Ardagh Metal Packaging SA | 0.97% | 2,159,543 | $7.3M | Reduce -13.5% |
| PLNT Planet Fitness Inc. Class A | 0.83% | 86,000 | $6.3M | New |
| AMZN Amazon.com Inc. | 0.78% | 30,495 | $5.9M | Add +18.6% |
| FXI iShares China Large-Cap ETF | 0.75% | 217,686 | $5.7M | No change |
| LIN Linde PLC | 0.72% | 12,500 | $5.5M | Add +150.0% |
| MLM Martin Marietta Materials | 0.71% | 10,000 | $5.4M | New |
| ALB Albemarle Corp. | 0.69% | 55,120 | $5.3M | Add +0.2% |
| XLE SS Energy Select Sector | 0.60% | 50,000 | $4.6M | Reduce -16.7% |
| GOOGL Alphabet Inc. Class A | 0.57% | 23,736 | $4.3M | Reduce -17.0% |
| VST Vistra Corp. | 0.57% | 50,000 | $4.3M | New |
| WY Weyerhaeuser Co. | 0.56% | 150,000 | $4.3M | Reduce -18.9% |
| GPN Global Payments Inc. | 0.51% | 40,000 | $3.9M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.42% | 250,000 | $3.2M | Add +150.0% |
| BIRK Birkenstock Holding PLC | 0.39% | 54,875 | $3.0M | Reduce -0.2% |
| CZR Caesars Entertainment Inc. | 0.39% | 74,096 | $2.9M | New |
| FCX Freeport-McMoran Inc. | 0.32% | 50,000 | $2.4M | New |
| WM Waste Management Inc. | 0.28% | 10,000 | $2.1M | New |
| CP Canadian Pacific Kansas City | 0.21% | 20,000 | $1.6M | Reduce -33.3% |
| AAPL Apple Inc. | 0.16% | 5,596 | $1.2M | Reduce -47.2% |
| GFR Greenfire Resources Ltd. | 0.15% | 165,894 | $1.1M | New |
| VVV Valvoline Inc. | 0.08% | 13,340 | $576K | New |
| SUZ Suzano SA - Spon ADR | 0.06% | 46,493 | $477K | Reduce -77.5% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.04% | 30,000 | $269K | New |
Options reported separately and not counted above: IWM puts ($304.3M), SLV calls ($111.6M), SPY puts ($108.8M), IWM calls ($60.9M), XLK calls ($56.6M), QQQ puts ($47.9M), SPY calls ($43.5M), QQQ calls ($38.3M), CPRI calls ($33.1M), XLE calls ($27.3M), GE puts ($23.8M), ARKK calls ($22.0M), and 11 more.
Portfolio Sells Q1 2024 → Q2 2024
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −15.35 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −5.43 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −3.82 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −3.62 |
| RSP Invesco S&P 500 Equal Weight | Reduce -46.1% | 4.80% | −1.46 |
| COPX Global X Copper Miners ETF | Reduce -62.2% | 1.96% | −1.36 |
| AES AES Corp. | Sold out | 0.00% | −1.32 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.09 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.94 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −0.83 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.74 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.68 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.57 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.51 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.46 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.41 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −0.40 |
| SO The Southern Co. | Sold out | 0.00% | −0.39 |
| FTV Fortive Corp. | Sold out | 0.00% | −0.35 |
| SUZ Suzano SA - Spon ADR | Reduce -77.5% | 0.06% | −0.17 |
| WCN Waste Connections Inc. | Reduce -41.8% | 1.05% | −0.16 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -35.3% | 3.76% | −0.05 |
| WY Weyerhaeuser Co. | Reduce -18.9% | 0.56% | −0.04 |
| CP Canadian Pacific Kansas City | Reduce -33.3% | 0.21% | −0.03 |
| AAPL Apple Inc. | Reduce -47.2% | 0.16% | −0.01 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -22.6% | 8.36% | +0.05 |
| XLE SS Energy Select Sector | Reduce -16.7% | 0.60% | +0.09 |
| BIRK Birkenstock Holding PLC | Reduce -0.2% | 0.39% | +0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -17.0% | 0.57% | +0.18 |
| AMBP Ardagh Metal Packaging SA | Reduce -13.5% | 0.97% | +0.20 |
| PM Philip Morris International | Reduce -21.7% | 1.20% | +0.26 |
| TMUS T-Mobile US Inc. | Reduce -29.1% | 2.83% | +0.31 |
| IWF iShares Russell 1000 Growth | Reduce -5.0% | 3.66% | +1.23 |
| RBA RB Global Inc. | Reduce -12.6% | 6.18% | +1.37 |
| ORCL Oracle Corp. | Reduce -16.0% | 5.36% | +1.49 |
| THC Tenet Healthcare Corp. | Reduce -24.9% | 5.96% | +1.68 |
Portfolio Buys Q1 2024 → Q2 2024
| SHW The Sherwin-Williams Co. | Add +373.9% | 2.76% | +2.30 |
| MDY State Street SPDR S&P Midcap | New | 2.02% | +2.02 |
| NTNX Nutanix Inc. Class A | New | 1.95% | +1.95 |
| AER Aercap Holdings NV | Add +31.3% | 3.55% | +1.83 |
| CCK Crown Holdings Inc. | Add +99.2% | 2.86% | +1.82 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 1.80% | +1.80 |
| VALE Vale SA-SP ADR | New | 1.51% | +1.51 |
| XLP SS Consumer Staples Sel Sect | Add +42.6% | 2.64% | +1.38 |
| ETN Eaton Corp. PLC | New | 1.14% | +1.14 |
| XLY SS Consumer Disc Select Sect | Add +78.1% | 1.83% | +1.12 |
| CINT Ci&t Inc./United States-A | Add +101.1% | 1.46% | +1.07 |
| CROX Crocs Inc. | Add +3237.2% | 1.09% | +1.07 |
| AAP Advance Auto Parts Inc. | New | 1.04% | +1.04 |
| BX Blackstone Inc. | Add +29.7% | 2.17% | +0.96 |
| STNE Stoneco Ltd. Class A | Add +38.2% | 2.69% | +0.85 |
| PLNT Planet Fitness Inc. Class A | New | 0.83% | +0.83 |
| MLM Martin Marietta Materials | New | 0.71% | +0.71 |
| RCM R1 RCM Inc. | Add +14.9% | 1.70% | +0.67 |
| KR Kroger Co. | Add +100.0% | 1.05% | +0.64 |
| LOW Lowe's Cos Inc. | Add +104.0% | 0.99% | +0.61 |
| VST Vistra Corp. | New | 0.57% | +0.57 |
| GIL Gildan Activewear Inc. | Add +39.9% | 1.05% | +0.55 |
| CPRI Capri Holdings Ltd. | Add +97.8% | 1.04% | +0.55 |
| MSFT Microsoft Corp. | Add +17.6% | 1.20% | +0.55 |
| KRE SS SPDR S&P Regional Bank | Add +35.1% | 1.08% | +0.52 |
| ECL Ecolab Inc. | Add +39.2% | 0.98% | +0.51 |
| LIN Linde PLC | Add +150.0% | 0.72% | +0.51 |
| GPN Global Payments Inc. | New | 0.51% | +0.51 |
| CZR Caesars Entertainment Inc. | New | 0.39% | +0.39 |
| AMZN Amazon.com Inc. | Add +18.6% | 0.78% | +0.36 |
| BLMN Bloomin' Brands Inc. | Add +45.7% | 1.16% | +0.35 |
| FCX Freeport-McMoran Inc. | New | 0.32% | +0.32 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +150.0% | 0.42% | +0.32 |
| WM Waste Management Inc. | New | 0.28% | +0.28 |
| GFR Greenfire Resources Ltd. | New | 0.15% | +0.15 |
| VVV Valvoline Inc. | New | 0.08% | +0.08 |
| ALB Albemarle Corp. | Add +0.2% | 0.69% | +0.04 |
| IRS Irsa -SP ADR | New | 0.04% | +0.04 |
Options Activity Q1 2024 → Q2 2024
| IWM iShares Russell 2000 ETF | put | Reduce -50.8% | 1,500,000 | $304.3M |
| SLV iShares Silver Trust | call | New | 4,200,000 | $111.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -68.3% | 200,000 | $108.8M |
| IWM iShares Russell 2000 ETF | call | Add +140.0% | 300,000 | $60.9M |
| XLK SS Technology Select Sector | call | New | 250,000 | $56.6M |
| XLI SS Industrial Select Sector | call | Sold out | 400,000 | $50.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -68.0% | 100,000 | $47.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -83.0% | 80,000 | $43.5M |
| TSN Tyson Foods Inc. Class A | put | Sold out | 700,000 | $41.1Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -83.3% | 80,000 | $38.3M |
| CPRI Capri Holdings Ltd. | call | New | 1,000,000 | $33.1M |
| XLE SS Energy Select Sector | call | New | 300,000 | $27.3M |
| GE General Electric | put | New | 150,000 | $23.8M |
| NVDA Nvidia Corp. | call | Sold out | 250,000 | $22.6Mbefore exit |
| SMH Vaneck Semiconductor ETF | call | Sold out | 100,000 | $22.5Mbefore exit |
| ARKK ARK Innovation ETF | call | New | 500,000 | $22.0M |
| ARKK ARK Innovation ETF | put | Add +25.0% | 500,000 | $22.0M |
| ITB iShares U.S. Home Constructi | put | Reduce -60.0% | 200,000 | $20.2M |
| CAT Caterpillar Inc. | put | New | 60,000 | $20.0M |
| URI United Rentals Inc. | put | New | 30,000 | $19.4M |
| NVDA Nvidia Corp. | put | Reduce -78.9% | 150,000 | $18.5M |
| FSLR First Solar Inc. | call | Sold out | 100,000 | $16.9Mbefore exit |
| SNOW Snowflake Inc. | put | New | 120,000 | $16.2M |
| PLNT Planet Fitness Inc. Class A | call | New | 210,000 | $15.5M |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 300,000 | $15.1Mbefore exit |
| KRE SS SPDR S&P Regional Bank | call | Sold out | 300,000 | $15.1Mbefore exit |
| KMX Carmax Inc. | put | Sold out | 150,000 | $13.1Mbefore exit |
| BX Blackstone Inc. | put | Reduce -95.8% | 100,000 | $12.4M |
| ALLY Ally Financial Inc. | put | Sold out | 300,000 | $12.2Mbefore exit |
| AFRM Affirm Holdings Inc. | put | Sold out | 250,000 | $9.3Mbefore exit |
| TAN Invesco Solar ETF | put | New | 200,000 | $8.0M |
| RCL Royal Caribbean Cruises Ltd. | put | New | 50,000 | $8.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 100,000 | $7.8Mbefore exit |
| MRVL Marvell Technology Inc. | call | Sold out | 100,000 | $7.1Mbefore exit |
| XRT SS SPDR S&P Retail ETF | put | New | 30,000 | $2.2M |
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 |