BW Gestao de Investimentos Ltda.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), BW Gestao de Investimentos Ltda. reported 64 stock positions worth $604.0 million. Its top holding was Tenet Healthcare (THC) at 8.1% of the portfolio, followed by RB Global (RBA, 6.1%) and PCR US SM CP CSH CWS ETF-Usd (CALF, 5.2%). Compared with Q2 2024, it opened 24 new positions, sold out of 20, added to 17 and reduced 21. The biggest buy was a new position in Globant (GLOB) and the biggest sale an exit from Invesco S&P 500 Equal Weight (RSP).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $604.0M (Q3 2024)
- SEC Filing
- 0001568280-24-000007 ↗ filed Nov 14, 2024
Holdings Value
Holdings 64 stocks · $604.0M
| THC Tenet Healthcare Corp. | 8.08% | 293,816 | $48.8M | Reduce -13.6% |
| RBA RB Global Inc. | 6.06% | 454,940 | $36.6M | Reduce -25.8% |
| CALF PCR US SM CP CSH CWS ETF-Usd | 5.24% | 680,973 | $31.7M | Reduce -53.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.16% | 54,300 | $31.2M | Add +3.6% |
| AER Aercap Holdings NV | 4.38% | 279,045 | $26.4M | Reduce -3.4% |
| GLOB Globant SA | 4.33% | 132,000 | $26.2M | New |
| STNE Stoneco Ltd. Class A | 3.45% | 1,850,000 | $20.8M | Add +8.8% |
| VALE Vale SA-SP ADR | 3.31% | 1,713,884 | $20.0M | Add +67.6% |
| NTNX Nutanix Inc. Class A | 2.82% | 287,907 | $17.1M | Add +10.7% |
| IWR iShares Russell Mid-Cap ETF | 2.75% | 188,660 | $16.6M | New |
| CPRI Capri Holdings Ltd. | 2.55% | 362,420 | $15.4M | Add +52.6% |
| CINT Ci&t Inc./United States-A | 2.51% | 2,235,212 | $15.2M | Add +4.7% |
| ECL Ecolab Inc. | 2.26% | 53,455 | $13.6M | Add +71.0% |
| PRGO Perrigo Co. PLC | 2.25% | 518,595 | $13.6M | New |
| ORCL Oracle Corp. | 2.24% | 79,531 | $13.6M | Reduce -72.4% |
| IWF iShares Russell 1000 Growth | 2.16% | 34,745 | $13.0M | Reduce -54.4% |
| TMUS T-Mobile US Inc. | 2.09% | 61,278 | $12.6M | Reduce -49.7% |
| BX Blackstone Inc. | 2.08% | 81,866 | $12.5M | Reduce -38.3% |
| FOUR SHIFT4 Payments Inc. Class A | 2.05% | 140,000 | $12.4M | New |
| MSFT Microsoft Corp. | 1.98% | 27,823 | $12.0M | Add +36.2% |
| DVY iShares Select Dividend ETF | 1.79% | 79,945 | $10.8M | New |
| BIRK Birkenstock Holding PLC | 1.63% | 199,425 | $9.8M | Add +263.4% |
| CCK Crown Holdings Inc. | 1.61% | 101,618 | $9.7M | Reduce -65.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.60% | 25,120 | $9.6M | Reduce -26.6% |
| XLY SS Consumer Disc Select Sect | 1.56% | 46,935 | $9.4M | Reduce -38.2% |
| PM Philip Morris International | 1.53% | 76,000 | $9.2M | Reduce -15.6% |
| KR Kroger Co. | 1.52% | 160,000 | $9.2M | No change |
| ALB Albemarle Corp. | 1.41% | 90,120 | $8.5M | Add +63.5% |
| AMBP Ardagh Metal Packaging SA | 1.26% | 2,026,343 | $7.6M | Reduce -6.2% |
| WCN Waste Connections Inc. | 1.23% | 41,461 | $7.4M | Reduce -8.6% |
| PLNT Planet Fitness Inc. Class A | 1.22% | 90,600 | $7.4M | Add +5.3% |
| CLVT Clarivate PLC | 1.22% | 1,036,233 | $7.4M | New |
| CZR Caesars Entertainment Inc. | 1.13% | 164,096 | $6.8M | Add +121.5% |
| AAP Advance Auto Parts Inc. | 1.06% | 165,000 | $6.4M | Add +32.0% |
| AMZN Amazon.com Inc. | 1.06% | 34,520 | $6.4M | Add +13.2% |
| CCI Crown Castle Inc. | 0.96% | 48,878 | $5.8M | Reduce -62.1% |
| TECK Teck Resources Ltd.-CLS B | 0.91% | 105,000 | $5.5M | New |
| GFR Greenfire Resources Ltd. | 0.81% | 659,819 | $4.9M | Add +297.7% |
| CP Canadian Pacific Kansas City | 0.78% | 55,000 | $4.7M | Add +175.0% |
| BLMN Bloomin' Brands Inc. | 0.77% | 282,060 | $4.7M | Reduce -38.4% |
| SHW The Sherwin-Williams Co. | 0.76% | 11,967 | $4.6M | Reduce -83.0% |
| CROX Crocs Inc. | 0.64% | 26,593 | $3.9M | Reduce -53.1% |
| VRT Vertiv Holdings Co. Class A | 0.53% | 32,400 | $3.2M | New |
| GOOGL Alphabet Inc. Class A | 0.52% | 18,876 | $3.1M | Reduce -20.5% |
| LOW Lowe's Cos Inc. | 0.44% | 9,725 | $2.6M | Reduce -71.6% |
| CLS Celestica Inc. | 0.41% | 48,800 | $2.5M | New |
| JBL Jabil Inc. | 0.39% | 19,800 | $2.4M | New |
| DUK Duke Energy Corp. | 0.38% | 20,000 | $2.3M | New |
| MU Micron Technology Inc. | 0.37% | 21,600 | $2.2M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.36% | 250,000 | $2.2M | New |
| AAPL Apple Inc. | 0.31% | 7,966 | $1.9M | Add +42.4% |
| FLEX Flex Ltd. | 0.27% | 48,700 | $1.6M | New |
| NVDA Nvidia Corp. | 0.24% | 11,700 | $1.4M | New |
| AEM Agnico Eagle Mines Ltd. | 0.20% | 15,000 | $1.2M | New |
| UAL United Airlines Holdings Inc. | 0.19% | 20,500 | $1.2M | New |
| DAL Delta Air Lines Inc. | 0.17% | 20,700 | $1.1M | New |
| FCX Freeport-McMoran Inc. | 0.17% | 20,000 | $998K | Reduce -60.0% |
| LUV Southwest Airlines Co. | 0.16% | 33,000 | $978K | New |
| AAL American Airlines Group Inc. | 0.16% | 85,000 | $955K | New |
| STX Seagate Technology Holdings | 0.13% | 7,030 | $770K | New |
| HPE Hewlett Packard Enterprise | 0.11% | 33,800 | $692K | New |
| WDC Western Digital Corp. | 0.10% | 9,120 | $623K | New |
| DELL Dell Technologies -C | 0.10% | 4,920 | $583K | New |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.06% | 30,000 | $341K | No change |
Options reported separately and not counted above: IWM puts ($344.6M), SLV calls ($119.3M), HYG puts ($80.3M), ITB puts ($57.2M), ASHR calls ($57.2M), CPRI calls ($46.7M), XRT puts ($38.8M), ARKK puts ($19.0M), NVDA puts ($18.2M), KMX puts ($15.5M), SNOW puts ($13.8M), FCX puts ($12.5M), and 1 more.
Portfolio Sells Q2 2024 → Q3 2024
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −4.80 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -53.2% | 5.24% | −3.12 |
| ORCL Oracle Corp. | Reduce -72.4% | 2.24% | −3.11 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −2.64 |
| MDY State Street SPDR S&P Midcap | Sold out | 0.00% | −2.02 |
| SHW The Sherwin-Williams Co. | Reduce -83.0% | 0.76% | −2.01 |
| COPX Global X Copper Miners ETF | Sold out | 0.00% | −1.96 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −1.80 |
| RCM R1 RCM Inc. | Sold out | 0.00% | −1.70 |
| IWF iShares Russell 1000 Growth | Reduce -54.4% | 2.16% | −1.50 |
| CCK Crown Holdings Inc. | Reduce -65.2% | 1.61% | −1.25 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −1.14 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −1.08 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −1.05 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.75 |
| TMUS T-Mobile US Inc. | Reduce -49.7% | 2.09% | −0.74 |
| LIN Linde PLC | Sold out | 0.00% | −0.72 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.71 |
| CCI Crown Castle Inc. | Reduce -62.1% | 0.96% | −0.70 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.60 |
| VST Vistra Corp. | Sold out | 0.00% | −0.57 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.56 |
| LOW Lowe's Cos Inc. | Reduce -71.6% | 0.44% | −0.56 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.51 |
| CROX Crocs Inc. | Reduce -53.1% | 0.64% | −0.45 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.42 |
| BLMN Bloomin' Brands Inc. | Reduce -38.4% | 0.77% | −0.39 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.28 |
| XLY SS Consumer Disc Select Sect | Reduce -38.2% | 1.56% | −0.27 |
| FCX Freeport-McMoran Inc. | Reduce -60.0% | 0.17% | −0.16 |
| RBA RB Global Inc. | Reduce -25.8% | 6.06% | −0.11 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -26.6% | 1.60% | −0.09 |
| BX Blackstone Inc. | Reduce -38.3% | 2.08% | −0.09 |
| VVV Valvoline Inc. | Sold out | 0.00% | −0.08 |
| SUZ Suzano SA - Spon ADR | Sold out | 0.00% | −0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -20.5% | 0.52% | −0.05 |
| WCN Waste Connections Inc. | Reduce -8.6% | 1.23% | +0.18 |
| AMBP Ardagh Metal Packaging SA | Reduce -6.2% | 1.26% | +0.30 |
| PM Philip Morris International | Reduce -15.6% | 1.53% | +0.33 |
| AER Aercap Holdings NV | Reduce -3.4% | 4.38% | +0.83 |
| THC Tenet Healthcare Corp. | Reduce -13.6% | 8.08% | +2.12 |
Portfolio Buys Q2 2024 → Q3 2024
| GLOB Globant SA | New | 4.33% | +4.33 |
| IWR iShares Russell Mid-Cap ETF | New | 2.75% | +2.75 |
| PRGO Perrigo Co. PLC | New | 2.25% | +2.25 |
| FOUR SHIFT4 Payments Inc. Class A | New | 2.05% | +2.05 |
| VALE Vale SA-SP ADR | Add +67.6% | 3.31% | +1.81 |
| DVY iShares Select Dividend ETF | New | 1.79% | +1.79 |
| CPRI Capri Holdings Ltd. | Add +52.6% | 2.55% | +1.51 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.6% | 5.16% | +1.40 |
| ECL Ecolab Inc. | Add +71.0% | 2.26% | +1.28 |
| BIRK Birkenstock Holding PLC | Add +263.4% | 1.63% | +1.23 |
| CLVT Clarivate PLC | New | 1.22% | +1.22 |
| CINT Ci&t Inc./United States-A | Add +4.7% | 2.51% | +1.05 |
| TECK Teck Resources Ltd.-CLS B | New | 0.91% | +0.91 |
| NTNX Nutanix Inc. Class A | Add +10.7% | 2.82% | +0.88 |
| MSFT Microsoft Corp. | Add +36.2% | 1.98% | +0.78 |
| STNE Stoneco Ltd. Class A | Add +8.8% | 3.45% | +0.76 |
| CZR Caesars Entertainment Inc. | Add +121.5% | 1.13% | +0.75 |
| ALB Albemarle Corp. | Add +63.5% | 1.41% | +0.72 |
| GFR Greenfire Resources Ltd. | Add +297.7% | 0.81% | +0.67 |
| CP Canadian Pacific Kansas City | Add +175.0% | 0.78% | +0.57 |
| VRT Vertiv Holdings Co. Class A | New | 0.53% | +0.53 |
| CLS Celestica Inc. | New | 0.41% | +0.41 |
| JBL Jabil Inc. | New | 0.39% | +0.39 |
| PLNT Planet Fitness Inc. Class A | Add +5.3% | 1.22% | +0.38 |
| DUK Duke Energy Corp. | New | 0.38% | +0.38 |
| MU Micron Technology Inc. | New | 0.37% | +0.37 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 0.36% | +0.36 |
| AMZN Amazon.com Inc. | Add +13.2% | 1.06% | +0.29 |
| FLEX Flex Ltd. | New | 0.27% | +0.27 |
| NVDA Nvidia Corp. | New | 0.24% | +0.24 |
| AEM Agnico Eagle Mines Ltd. | New | 0.20% | +0.20 |
| UAL United Airlines Holdings Inc. | New | 0.19% | +0.19 |
| DAL Delta Air Lines Inc. | New | 0.17% | +0.17 |
| LUV Southwest Airlines Co. | New | 0.16% | +0.16 |
| AAL American Airlines Group Inc. | New | 0.16% | +0.16 |
| AAPL Apple Inc. | Add +42.4% | 0.31% | +0.15 |
| STX Seagate Technology Holdings | New | 0.13% | +0.13 |
| HPE Hewlett Packard Enterprise | New | 0.11% | +0.11 |
| WDC Western Digital Corp. | New | 0.10% | +0.10 |
| DELL Dell Technologies -C | New | 0.10% | +0.10 |
| AAP Advance Auto Parts Inc. | Add +32.0% | 1.06% | +0.02 |
Options Activity Q2 2024 → Q3 2024
| IWM iShares Russell 2000 ETF | put | Add +4.0% | 1,560,000 | $344.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 200,000 | $108.8Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 1,000,000 | $80.3M |
| IWM iShares Russell 2000 ETF | call | Sold out | 300,000 | $60.9Mbefore exit |
| ITB iShares U.S. Home Constructi | put | Add +125.0% | 450,000 | $57.2M |
| ASHR Xtrackers Harvest Csi 300 CH | call | New | 2,000,000 | $57.2M |
| XLK SS Technology Select Sector | call | Sold out | 250,000 | $56.6Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 100,000 | $47.9Mbefore exit |
| CPRI Capri Holdings Ltd. | call | Add +10.0% | 1,100,000 | $46.7M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 80,000 | $43.5Mbefore exit |
| XRT SS SPDR S&P Retail ETF | put | Add +1566.7% | 500,000 | $38.8M |
| QQQ Invesco QQQ Trust Series 1 | call | Sold out | 80,000 | $38.3Mbefore exit |
| XLE SS Energy Select Sector | call | Sold out | 300,000 | $27.3Mbefore exit |
| GE General Electric | put | Sold out | 150,000 | $23.8Mbefore exit |
| ARKK ARK Innovation ETF | call | Sold out | 500,000 | $22.0Mbefore exit |
| CAT Caterpillar Inc. | put | Sold out | 60,000 | $20.0Mbefore exit |
| URI United Rentals Inc. | put | Sold out | 30,000 | $19.4Mbefore exit |
| ARKK ARK Innovation ETF | put | Reduce -20.0% | 400,000 | $19.0M |
| KMX Carmax Inc. | put | New | 200,000 | $15.5M |
| PLNT Planet Fitness Inc. Class A | call | Sold out | 210,000 | $15.5Mbefore exit |
| FCX Freeport-McMoran Inc. | put | New | 250,000 | $12.5M |
| BX Blackstone Inc. | put | Sold out | 100,000 | $12.4Mbefore exit |
| TAN Invesco Solar ETF | put | Sold out | 200,000 | $8.0Mbefore exit |
| RCL Royal Caribbean Cruises Ltd. | put | Sold out | 50,000 | $8.0Mbefore exit |
| SGML Sigma Lithium Corp. | call | New | 210,000 | $2.6M |
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 |