BW Gestao de Investimentos Ltda.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), BW Gestao de Investimentos Ltda. reported 109 stock positions worth $2.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 59.7% of the portfolio, followed by State Street SPDR S&P Midcap (MDY, 5.9%) and Tenet Healthcare (THC, 2.6%). Compared with Q3 2024, it opened 69 new positions, sold out of 24, added to 18 and reduced 19. The biggest buy was a new position in iShares Core S&P 500 ETF (IVV) and the biggest sale PCR US SM CP CSH CWS ETF-Usd (CALF, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $2.1B (Q4 2024)
- SEC Filing
- 0001568280-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 109 stocks · $2.1B
| IVV iShares Core S&P 500 ETF | 59.66% | 2,171,290 | $1.3B | New |
| MDY State Street SPDR S&P Midcap | 5.89% | 221,400 | $126.1M | New |
| THC Tenet Healthcare Corp. | 2.59% | 440,218 | $55.6M | Add +49.8% |
| RBA RB Global Inc. | 1.82% | 431,685 | $38.9M | Reduce -5.1% |
| XLV SS Health Care Select Sector | 1.52% | 236,292 | $32.5M | New |
| PRGO Perrigo Co. PLC | 1.32% | 1,097,192 | $28.2M | Add +111.6% |
| AER Aercap Holdings NV | 1.25% | 279,045 | $26.7M | No change |
| GLOB Globant SA | 1.18% | 118,100 | $25.3M | Reduce -10.5% |
| BIRK Birkenstock Holding PLC | 1.06% | 401,734 | $22.8M | Add +101.5% |
| ALIT Alight Inc. Class A | 0.91% | 2,829,638 | $19.6M | New |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.85% | 414,266 | $18.2M | Reduce -39.2% |
| MSFT Microsoft Corp. | 0.83% | 42,252 | $17.8M | Add +51.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.82% | 30,000 | $17.6M | Reduce -44.8% |
| EWZ iShares MSCI Brazil ETF | 0.80% | 760,000 | $17.1M | New |
| CLVT Clarivate PLC | 0.78% | 3,273,175 | $16.6M | Add +215.9% |
| CINT Ci&t Inc./United States-A | 0.76% | 2,699,741 | $16.4M | Add +20.8% |
| ECL Ecolab Inc. | 0.74% | 67,855 | $15.9M | Add +26.9% |
| STNE Stoneco Ltd. Class A | 0.69% | 1,849,325 | $14.7M | Reduce -0.0% |
| NTNX Nutanix Inc. Class A | 0.67% | 236,071 | $14.4M | Reduce -18.0% |
| META Meta Platforms Inc. Class A | 0.62% | 22,738 | $13.3M | New |
| AMZN Amazon.com Inc. | 0.61% | 59,119 | $13.0M | Add +71.3% |
| CROX Crocs Inc. | 0.60% | 116,593 | $12.8M | Add +338.4% |
| WCN Waste Connections Inc. | 0.44% | 54,921 | $9.4M | Add +32.5% |
| NVDA Nvidia Corp. | 0.38% | 60,800 | $8.2M | Add +419.7% |
| CVS CVS Health Corp. | 0.38% | 180,000 | $8.1M | New |
| GT Goodyear Tire & Rubber Co. | 0.38% | 893,370 | $8.0M | New |
| PM Philip Morris International | 0.37% | 66,000 | $7.9M | Reduce -13.2% |
| CZR Caesars Entertainment Inc. | 0.37% | 234,096 | $7.8M | Add +42.7% |
| COP Conocophillips | 0.35% | 75,010 | $7.4M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.33% | 68,285 | $7.1M | Reduce -51.2% |
| CSCO Cisco Systems Inc. | 0.31% | 113,268 | $6.7M | New |
| TLN Talen Energy Corp. | 0.31% | 32,756 | $6.6M | New |
| GFR Greenfire Resources Ltd. | 0.31% | 930,592 | $6.6M | Add +41.0% |
| R Ryder System Inc. | 0.30% | 41,445 | $6.5M | New |
| GE General Electric filed as GE AEROSPACE | 0.30% | 37,982 | $6.3M | New |
| RY Royal Bank of Canada | 0.29% | 51,800 | $6.2M | New |
| APP AppLovin Corp. Class A | 0.29% | 19,000 | $6.2M | New |
| ALB Albemarle Corp. | 0.28% | 70,530 | $6.1M | Reduce -21.7% |
| BP BP PLC-Spons ADR | 0.28% | 200,000 | $5.9M | New |
| ELF Elf Beauty Inc. | 0.27% | 45,316 | $5.7M | New |
| CLS Celestica Inc. | 0.26% | 60,742 | $5.6M | Add +24.5% |
| AVGO Broadcom Inc. | 0.25% | 22,801 | $5.3M | New |
| EQT Eqt Corp. | 0.24% | 113,366 | $5.2M | New |
| MRVL Marvell Technology Inc. | 0.24% | 45,600 | $5.0M | New |
| EXE Expand Energy Corp. | 0.21% | 45,332 | $4.5M | New |
| ADBE Adobe Inc. | 0.21% | 10,000 | $4.4M | New |
| UBER Uber Technologies Inc. | 0.20% | 70,000 | $4.2M | New |
| YUM Yum! Brands Inc. | 0.20% | 31,400 | $4.2M | New |
| HWM Howmet Aerospace Inc. | 0.19% | 37,840 | $4.1M | New |
| ULTA Ulta Beauty Inc. | 0.19% | 9,500 | $4.1M | New |
| BTDR Bitdeer Technologies Group-A | 0.19% | 188,692 | $4.1M | New |
| BLMN Bloomin' Brands Inc. | 0.19% | 332,060 | $4.1M | Add +17.7% |
| ISRG Intuitive Surgical Inc. | 0.18% | 7,578 | $4.0M | New |
| FLUT Flutter Entertainment PLC-Di | 0.18% | 15,128 | $3.9M | New |
| VRTX Vertex Pharmaceuticals Inc. | 0.18% | 9,472 | $3.8M | New |
| RDDT Reddit Inc. Class A | 0.17% | 22,800 | $3.7M | New |
| PH Parker Hannifin Corp. | 0.17% | 5,750 | $3.7M | New |
| GAP The Gap Inc. | 0.17% | 151,713 | $3.6M | New |
| BX Blackstone Inc. | 0.16% | 20,166 | $3.5M | Reduce -75.4% |
| ANET Arista Networks Inc. | 0.16% | 30,400 | $3.4M | New |
| AMBP Ardagh Metal Packaging SA | 0.15% | 1,097,120 | $3.3M | Reduce -45.9% |
| WPM Wheaton Precious Metals Corp. | 0.14% | 55,000 | $3.1M | New |
| RIOT Riot Platforms Inc. | 0.14% | 301,786 | $3.1M | New |
| USFD US Foods Holding Corp. | 0.14% | 45,600 | $3.1M | New |
| GOOGL Alphabet Inc. Class A | 0.14% | 16,245 | $3.1M | Reduce -13.9% |
| PLNT Planet Fitness Inc. Class A | 0.14% | 30,000 | $3.0M | Reduce -66.9% |
| LLY Eli Lilly & Co. | 0.14% | 3,800 | $2.9M | New |
| PLTR Palantir Technologies Inc. Class A | 0.13% | 38,000 | $2.9M | New |
| TECK Teck Resources Ltd.-CLS B | 0.13% | 69,010 | $2.8M | Reduce -34.3% |
| SHW The Sherwin-Williams Co. | 0.13% | 8,164 | $2.8M | Reduce -31.8% |
| BSX Boston Scientific Corp. | 0.13% | 30,250 | $2.7M | New |
| TMUS T-Mobile US Inc. | 0.12% | 11,278 | $2.5M | Reduce -81.6% |
| HPE Hewlett Packard Enterprise | 0.11% | 113,366 | $2.4M | Add +235.4% |
| CRS Carpenter Technology | 0.11% | 14,000 | $2.4M | New |
| CMG Chipotle Mexican Grill Inc. | 0.11% | 39,000 | $2.4M | New |
| NOVT Novanta Inc. | 0.11% | 15,164 | $2.3M | New |
| ATI Ati Inc. | 0.11% | 42,000 | $2.3M | New |
| ETR Entergy Corp. | 0.11% | 30,342 | $2.3M | New |
| AAL American Airlines Group Inc. | 0.10% | 127,500 | $2.2M | Add +50.0% |
| CPRI Capri Holdings Ltd. | 0.10% | 102,420 | $2.2M | Reduce -71.7% |
| MP MP Materials Corp. | 0.10% | 133,000 | $2.1M | New |
| DPZ Domino's Pizza Inc. | 0.10% | 4,905 | $2.1M | New |
| CNI Canadian Natl Railway Co. | 0.09% | 20,000 | $2.0M | New |
| UEC Uranium Energy Corp. | 0.09% | 300,000 | $2.0M | New |
| AAPL Apple Inc. | 0.09% | 7,966 | $2.0M | No change |
| PPL PPL Corp. | 0.09% | 57,000 | $1.9M | New |
| SCI Service Corp. International | 0.08% | 22,300 | $1.8M | New |
| LOW Lowe's Cos Inc. | 0.08% | 6,965 | $1.7M | Reduce -28.4% |
| CCI Crown Castle Inc. | 0.08% | 18,878 | $1.7M | Reduce -61.4% |
| LUV Southwest Airlines Co. | 0.08% | 48,500 | $1.6M | Add +47.0% |
| VIST Vista Energy Sab DE CV | 0.08% | 30,132 | $1.6M | New |
| XEL Xcel Energy Inc. | 0.07% | 22,748 | $1.5M | New |
| MUSA Murphy USA Inc. | 0.07% | 2,800 | $1.4M | New |
| NI Nisource Inc. | 0.07% | 37,922 | $1.4M | New |
| AR Antero Resources Corp. | 0.06% | 37,999 | $1.3M | New |
| RGLD Royal Gold Inc. | 0.06% | 10,000 | $1.3M | New |
| DAL Delta Air Lines Inc. | 0.06% | 20,700 | $1.3M | No change |
| WEN The Wendy's Co. | 0.05% | 69,000 | $1.1M | New |
| HRB H&R Block Inc. filed as BLOCK H & R INC | 0.05% | 20,100 | $1.1M | New |
| IREN Iren Ltd. filed as IREN LIMITED | 0.03% | 75,561 | $742K | New |
| RRC Range Resources Corp. | 0.03% | 18,999 | $684K | New |
| SRE Sempra | 0.03% | 7,582 | $665K | New |
| WING Wingstop Inc. | 0.03% | 1,918 | $545K | New |
| TAC Transalta Corp. | 0.03% | 37,980 | $537K | New |
| MTRN Materion Corp. | 0.02% | 5,000 | $494K | New |
| HL Hecla Mining Co. | 0.02% | 100,000 | $491K | New |
| CCJ Cameco Corp. | 0.02% | 7,332 | $377K | New |
| VTEX Vtex Class A | 0.01% | 53,300 | $314K | New |
| WULF Terawulf Inc. | 0.01% | 37,598 | $213K | New |
Options reported separately and not counted above: SPY puts ($249.1M), IWM puts ($198.9M), EWZ calls ($150.8M), QQQ puts ($61.3M), RSP calls ($52.6M), EWZ puts ($40.9M), MSTR puts ($33.3M), ITB puts ($31.0M), THC calls ($29.0M), HYG puts ($23.6M), CPRI calls ($21.1M), IWM calls ($21.0M), and 8 more.
Portfolio Sells Q3 2024 → Q4 2024
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -39.2% | 0.85% | −4.39 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -44.8% | 0.82% | −4.34 |
| RBA RB Global Inc. | Reduce -5.1% | 1.82% | −4.24 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −3.31 |
| GLOB Globant SA | Reduce -10.5% | 1.18% | −3.15 |
| STNE Stoneco Ltd. Class A | Reduce -0.0% | 0.69% | −2.76 |
| IWR iShares Russell Mid-Cap ETF | Sold out | 0.00% | −2.75 |
| CPRI Capri Holdings Ltd. | Reduce -71.7% | 0.10% | −2.45 |
| ORCL Oracle Corp. | Sold out | 0.00% | −2.24 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −2.16 |
| NTNX Nutanix Inc. Class A | Reduce -18.0% | 0.67% | −2.15 |
| TMUS T-Mobile US Inc. | Reduce -81.6% | 0.12% | −1.98 |
| BX Blackstone Inc. | Reduce -75.4% | 0.16% | −1.91 |
| DVY iShares Select Dividend ETF | Sold out | 0.00% | −1.79 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -51.2% | 0.33% | −1.72 |
| CCK Crown Holdings Inc. | Sold out | 0.00% | −1.61 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −1.60 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −1.56 |
| KR Kroger Co. | Sold out | 0.00% | −1.52 |
| PM Philip Morris International | Reduce -13.2% | 0.37% | −1.16 |
| ALB Albemarle Corp. | Reduce -21.7% | 0.28% | −1.13 |
| AMBP Ardagh Metal Packaging SA | Reduce -45.9% | 0.15% | −1.11 |
| PLNT Planet Fitness Inc. Class A | Reduce -66.9% | 0.14% | −1.08 |
| AAP Advance Auto Parts Inc. | Sold out | 0.00% | −1.06 |
| CCI Crown Castle Inc. | Reduce -61.4% | 0.08% | −0.88 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.78 |
| TECK Teck Resources Ltd.-CLS B | Reduce -34.3% | 0.13% | −0.78 |
| SHW The Sherwin-Williams Co. | Reduce -31.8% | 0.13% | −0.63 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.53 |
| JBL Jabil Inc. | Sold out | 0.00% | −0.39 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.38 |
| GOOGL Alphabet Inc. Class A | Reduce -13.9% | 0.14% | −0.37 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.37 |
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −0.36 |
| LOW Lowe's Cos Inc. | Reduce -28.4% | 0.08% | −0.36 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.27 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.20 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.19 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.17 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.13 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.10 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.10 |
| IRS Irsa -SP ADR | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2024 → Q4 2024
| IVV iShares Core S&P 500 ETF | New | 59.66% | +59.66 |
| MDY State Street SPDR S&P Midcap | New | 5.89% | +5.89 |
| XLV SS Health Care Select Sector | New | 1.52% | +1.52 |
| ALIT Alight Inc. Class A | New | 0.91% | +0.91 |
| EWZ iShares MSCI Brazil ETF | New | 0.80% | +0.80 |
| META Meta Platforms Inc. Class A | New | 0.62% | +0.62 |
| CVS CVS Health Corp. | New | 0.38% | +0.38 |
| GT Goodyear Tire & Rubber Co. | New | 0.38% | +0.38 |
| COP Conocophillips | New | 0.35% | +0.35 |
| CSCO Cisco Systems Inc. | New | 0.31% | +0.31 |
| TLN Talen Energy Corp. | New | 0.31% | +0.31 |
| R Ryder System Inc. | New | 0.30% | +0.30 |
| GE General Electric | New | 0.30% | +0.30 |
| RY Royal Bank of Canada | New | 0.29% | +0.29 |
| APP AppLovin Corp. Class A | New | 0.29% | +0.29 |
| BP BP PLC-Spons ADR | New | 0.28% | +0.28 |
| ELF Elf Beauty Inc. | New | 0.27% | +0.27 |
| AVGO Broadcom Inc. | New | 0.25% | +0.25 |
| EQT Eqt Corp. | New | 0.24% | +0.24 |
| MRVL Marvell Technology Inc. | New | 0.24% | +0.24 |
| EXE Expand Energy Corp. | New | 0.21% | +0.21 |
| ADBE Adobe Inc. | New | 0.21% | +0.21 |
| UBER Uber Technologies Inc. | New | 0.20% | +0.20 |
| YUM Yum! Brands Inc. | New | 0.20% | +0.20 |
| HWM Howmet Aerospace Inc. | New | 0.19% | +0.19 |
| ULTA Ulta Beauty Inc. | New | 0.19% | +0.19 |
| BTDR Bitdeer Technologies Group-A | New | 0.19% | +0.19 |
| ISRG Intuitive Surgical Inc. | New | 0.18% | +0.18 |
| FLUT Flutter Entertainment PLC-Di | New | 0.18% | +0.18 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.18% | +0.18 |
| RDDT Reddit Inc. Class A | New | 0.17% | +0.17 |
| PH Parker Hannifin Corp. | New | 0.17% | +0.17 |
| GAP The Gap Inc. | New | 0.17% | +0.17 |
| ANET Arista Networks Inc. | New | 0.16% | +0.16 |
| NVDA Nvidia Corp. | Add +419.7% | 0.38% | +0.15 |
| WPM Wheaton Precious Metals Corp. | New | 0.14% | +0.14 |
| RIOT Riot Platforms Inc. | New | 0.14% | +0.14 |
| USFD US Foods Holding Corp. | New | 0.14% | +0.14 |
| LLY Eli Lilly & Co. | New | 0.14% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | New | 0.13% | +0.13 |
| BSX Boston Scientific Corp. | New | 0.13% | +0.13 |
| CRS Carpenter Technology | New | 0.11% | +0.11 |
| CMG Chipotle Mexican Grill Inc. | New | 0.11% | +0.11 |
| NOVT Novanta Inc. | New | 0.11% | +0.11 |
| ATI Ati Inc. | New | 0.11% | +0.11 |
| ETR Entergy Corp. | New | 0.11% | +0.11 |
| MP MP Materials Corp. | New | 0.10% | +0.10 |
| DPZ Domino's Pizza Inc. | New | 0.10% | +0.10 |
| CNI Canadian Natl Railway Co. | New | 0.09% | +0.09 |
| UEC Uranium Energy Corp. | New | 0.09% | +0.09 |
Options Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 425,000 | $249.1M |
| IWM iShares Russell 2000 ETF | put | Reduce -42.3% | 900,000 | $198.9M |
| EWZ iShares MSCI Brazil ETF | call | New | 6,697,800 | $150.8M |
| SLV iShares Silver Trust | call | Sold out | 4,200,000 | $119.3Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 120,000 | $61.3M |
| ASHR Xtrackers Harvest Csi 300 CH | call | Sold out | 2,000,000 | $57.2Mbefore exit |
| RSP Invesco S&P 500 Equal Weight | call | New | 300,000 | $52.6M |
| EWZ iShares MSCI Brazil ETF | put | New | 1,817,800 | $40.9M |
| XRT SS SPDR S&P Retail ETF | put | Sold out | 500,000 | $38.8Mbefore exit |
| MSTR Strategy Inc. | put | New | 115,000 | $33.3M |
| ITB iShares U.S. Home Constructi | put | Reduce -33.3% | 300,000 | $31.0M |
| THC Tenet Healthcare Corp. | call | New | 230,000 | $29.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -70.0% | 300,000 | $23.6M |
| CPRI Capri Holdings Ltd. | call | Reduce -9.1% | 1,000,000 | $21.1M |
| IWM iShares Russell 2000 ETF | call | New | 95,000 | $21.0M |
| NVDA Nvidia Corp. | put | Sold out | 150,000 | $18.2Mbefore exit |
| RSP Invesco S&P 500 Equal Weight | put | New | 100,000 | $17.5M |
| ARKK ARK Innovation ETF | put | Reduce -25.0% | 300,000 | $17.0M |
| KMX Carmax Inc. | put | Sold out | 200,000 | $15.5Mbefore exit |
| SNOW Snowflake Inc. | put | Sold out | 120,000 | $13.8Mbefore exit |
| SGML Sigma Lithium Corp. | call | Add +453.0% | 1,161,300 | $13.0M |
| FCX Freeport-McMoran Inc. | put | Sold out | 250,000 | $12.5Mbefore exit |
| CROX Crocs Inc. | call | New | 100,000 | $11.0M |
| TSLA Tesla Inc. | put | New | 20,000 | $8.1M |
| HOOD Robinhood Markets Inc. Class A | put | New | 200,000 | $7.5M |
| GT Goodyear Tire & Rubber Co. | call | New | 800,000 | $7.2M |
| NXE Nexgen Energy Ltd. | put | New | 150,000 | $990K |
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 |