BW Gestao de Investimentos Ltda.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), BW Gestao de Investimentos Ltda. reported 79 stock positions worth $883.8 million. Its top holding was Tenet Healthcare (THC) at 8.1% of the portfolio, followed by iShares MSCI Brazil ETF (EWZ, 7.3%) and RB Global (RBA, 6.2%). Compared with Q4 2024, it opened 31 new positions, sold out of 61, added to 22 and reduced 16. The biggest buy was iShares MSCI Brazil ETF (EWZ, shares +229%) and the biggest sale an exit from iShares Core S&P 500 ETF (IVV).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001568280
Portfolio Value
$883.8M (Q1 2025)
SEC Filing
0001568280-25-000003 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $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 $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 79 stocks · $883.8M
THC Tenet Healthcare Corp. 8.06% 529,785 $71.3M Add +20.4%
EWZ iShares MSCI Brazil ETF 7.31% 2,500,000 $64.6M Add +228.9%
RBA RB Global Inc. 6.25% 550,298 $55.2M Add +27.5%
ORCL Oracle Corp. 4.75% 300,480 $42.0M New
PRGO Perrigo Co. PLC 4.12% 1,298,444 $36.4M Add +18.3%
TLN Talen Energy Corp. 3.65% 161,758 $32.3M Add +393.8%
ECL Ecolab Inc. 3.20% 111,505 $28.3M Add +64.3%
FOUR SHIFT4 Payments Inc. Class A 3.11% 336,000 $27.5M Add +392.1%
NTNX Nutanix Inc. Class A 2.80% 354,807 $24.8M Add +50.3%
CPRI Capri Holdings Ltd. 2.57% 1,152,420 $22.7M Add +1025.2%
GLOB Globant SA 2.44% 183,200 $21.6M Add +55.1%
ALIT Alight Inc. Class A 2.41% 3,592,127 $21.3M Add +26.9%
VST Vistra Corp. 2.31% 173,490 $20.4M New
GT Goodyear Tire & Rubber Co. 2.22% 2,125,666 $19.6M Add +137.9%
AER Aercap Holdings NV 2.19% 189,045 $19.3M Reduce -32.3%
BX Blackstone Inc. 1.91% 120,716 $16.9M Add +498.6%
CROX Crocs Inc. 1.85% 154,131 $16.4M Add +32.2%
BIRK Birkenstock Holding PLC 1.81% 348,225 $16.0M Reduce -13.3%
TSM Taiwan Semiconductor-SP ADR 1.79% 95,200 $15.8M New
CINT Ci&t Inc./United States-A 1.78% 2,639,839 $15.8M Reduce -2.2%
MSFT Microsoft Corp. 1.70% 40,106 $15.1M Reduce -5.1%
APG Api Group Corp. 1.62% 399,230 $14.3M New
NOG Northern Oil and Gas Inc. 1.60% 467,641 $14.1M New
CLVT Clarivate PLC 1.46% 3,273,175 $12.9M No change
KWEB Kranesh Csi China Internet 1.34% 339,000 $11.8M New
PENN Penn Entertainment Inc. 1.29% 700,000 $11.4M New
EQH Equitable Holdings Inc. 1.28% 216,943 $11.3M New
PATH Uipath Inc. Class A 1.24% 1,067,700 $11.0M New
CALF PCR US SM CP CSH CWS ETF-Usd 1.24% 291,259 $10.9M Reduce -29.7%
R Ryder System Inc. 1.22% 75,054 $10.8M Add +81.1%
CVS CVS Health Corp. 1.15% 150,000 $10.2M Reduce -16.7%
GFR Greenfire Resources Ltd. 1.12% 1,683,625 $9.9M Add +80.9%
AMZN Amazon.com Inc. 1.09% 50,682 $9.6M Reduce -14.3%
CZR Caesars Entertainment Inc. 1.03% 364,096 $9.1M Add +55.5%
ALB Albemarle Corp. 0.95% 116,733 $8.4M Add +65.5%
DECK Deckers Outdoor Corp. 0.92% 72,800 $8.1M New
WCN Waste Connections Inc. 0.85% 38,706 $7.6M Reduce -29.5%
COPX Global X Copper Miners ETF 0.84% 190,001 $7.4M New
AMTM Amentum Holdings Inc. 0.81% 394,400 $7.2M New
GDX Vaneck Gold Miners ETF 0.79% 152,000 $7.0M New
EPAM Epam Systems Inc. 0.79% 41,300 $7.0M New
EQT Eqt Corp. 0.69% 114,001 $6.1M Add +0.6%
TSLA Tesla Inc. 0.58% 19,700 $5.1M New
GAP The Gap Inc. 0.53% 227,713 $4.7M Add +50.1%
GOOGL Alphabet Inc. Class A 0.52% 29,571 $4.6M Add +82.0%
AVGO Broadcom Inc. 0.43% 22,800 $3.8M Reduce 0.0%
TECK Teck Resources Ltd.-CLS B 0.43% 103,990 $3.8M Add +50.7%
CCL Carnival Corp. 0.42% 190,001 $3.7M New
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.36% 80,000 $3.2M New
APP AppLovin Corp. Class A 0.34% 11,400 $3.0M Reduce -40.0%
SHW The Sherwin-Williams Co. 0.32% 8,164 $2.9M No change
XP XP Inc. Class A 0.31% 200,000 $2.8M New
IGV iShares Expanded Tech-Softwa 0.30% 30,000 $2.7M New
YUM Yum! Brands Inc. 0.28% 15,700 $2.5M Reduce -50.0%
EAT Brinker International Inc. 0.26% 15,200 $2.3M New
META Meta Platforms Inc. Class A 0.25% 3,801 $2.2M Reduce -83.3%
NRG NRG Energy Inc. 0.25% 22,800 $2.2M New
SE Sea Ltd.-ADR 0.22% 15,200 $2.0M New
CMG Chipotle Mexican Grill Inc. 0.22% 39,000 $2.0M No change
CLS Celestica Inc. 0.20% 22,800 $1.8M Reduce -62.5%
SCI Service Corp. International 0.20% 22,300 $1.8M No change
AAPL Apple Inc. 0.20% 7,966 $1.8M No change
XLV SS Health Care Select Sector 0.19% 11,292 $1.6M Reduce -95.2%
LOW Lowe's Cos Inc. 0.18% 6,965 $1.6M No change
ONON On Holding AG Class A filed as ON HLDG AG 0.15% 30,400 $1.3M New
MUSA Murphy USA Inc. 0.15% 2,800 $1.3M No change
EC Ecopetrol SA-Sponsored ADR 0.13% 114,000 $1.2M New
ARKK ARK Innovation ETF 0.13% 24,667 $1.2M New
HRB H&R Block Inc. filed as BLOCK H & R INC 0.12% 20,100 $1.1M No change
VIST Vista Energy Sab DE CV 0.12% 22,532 $1.0M Reduce -25.2%
WEN The Wendy's Co. 0.11% 69,000 $1.0M No change
UAL United Airlines Holdings Inc. 0.09% 11,400 $787K New
MPT Medical Properties Trust Inc. 0.08% 120,000 $724K New
CENX Century Aluminum Company 0.08% 38,001 $705K New
SRAD Sportradar Group AG-A 0.07% 30,400 $657K New
EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 0.06% 18,400 $562K New
BANCOLOMBIA S.A.-SPONS ADR 0.06% 12,634 $508K New
NVDA Nvidia Corp. 0.05% 3,800 $412K Reduce -93.8%
VTEX Vtex Class A 0.03% 53,300 $270K No change

Options reported separately and not counted above: SPY puts ($587.4M), SPY calls ($430.7M), QQQ puts ($257.9M), IWM puts ($219.4M), QQQ calls ($211.0M), FEZ puts ($81.6M), IWM calls ($79.8M), HYG puts ($78.9M), RSP puts ($70.4M), EWZ calls ($51.7M), ARKK calls ($47.6M), FOUR calls ($36.8M), and 12 more.

Portfolio Sells Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Sold out 0.00% −59.66
MDY State Street SPDR S&P Midcap Sold out 0.00% −5.89
XLV SS Health Care Select Sector Reduce -95.2% 0.19% −1.33
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.82
STNE Stoneco Ltd. Class A Sold out 0.00% −0.69
META Meta Platforms Inc. Class A Reduce -83.3% 0.25% −0.37
PM Philip Morris International Sold out 0.00% −0.37
COP Conocophillips Sold out 0.00% −0.35
NVDA Nvidia Corp. Reduce -93.8% 0.05% −0.33
CSCO Cisco Systems Inc. Sold out 0.00% −0.31
GE General Electric Sold out 0.00% −0.30
RY Royal Bank of Canada Sold out 0.00% −0.29
BP BP PLC-Spons ADR Sold out 0.00% −0.28
ELF Elf Beauty Inc. Sold out 0.00% −0.27
MRVL Marvell Technology Inc. Sold out 0.00% −0.24
EXE Expand Energy Corp. Sold out 0.00% −0.21
ADBE Adobe Inc. Sold out 0.00% −0.21
UBER Uber Technologies Inc. Sold out 0.00% −0.20
HWM Howmet Aerospace Inc. Sold out 0.00% −0.19
ULTA Ulta Beauty Inc. Sold out 0.00% −0.19
BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.19
BLMN Bloomin' Brands Inc. Sold out 0.00% −0.19
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.18
FLUT Flutter Entertainment PLC-Di Sold out 0.00% −0.18
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.18
RDDT Reddit Inc. Class A Sold out 0.00% −0.17
PH Parker Hannifin Corp. Sold out 0.00% −0.17
ANET Arista Networks Inc. Sold out 0.00% −0.16
AMBP Ardagh Metal Packaging SA Sold out 0.00% −0.15
WPM Wheaton Precious Metals Corp. Sold out 0.00% −0.14
RIOT Riot Platforms Inc. Sold out 0.00% −0.14
USFD US Foods Holding Corp. Sold out 0.00% −0.14
PLNT Planet Fitness Inc. Class A Sold out 0.00% −0.14
LLY Eli Lilly & Co. Sold out 0.00% −0.14
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.13
BSX Boston Scientific Corp. Sold out 0.00% −0.13
TMUS T-Mobile US Inc. Sold out 0.00% −0.12
HPE Hewlett Packard Enterprise Sold out 0.00% −0.11
CRS Carpenter Technology Sold out 0.00% −0.11
NOVT Novanta Inc. Sold out 0.00% −0.11
ATI Ati Inc. Sold out 0.00% −0.11
ETR Entergy Corp. Sold out 0.00% −0.11
AAL American Airlines Group Inc. Sold out 0.00% −0.10
MP MP Materials Corp. Sold out 0.00% −0.10
DPZ Domino's Pizza Inc. Sold out 0.00% −0.10
CNI Canadian Natl Railway Co. Sold out 0.00% −0.09
UEC Uranium Energy Corp. Sold out 0.00% −0.09
PPL PPL Corp. Sold out 0.00% −0.09
CCI Crown Castle Inc. Sold out 0.00% −0.08
LUV Southwest Airlines Co. Sold out 0.00% −0.08

Portfolio Buys Q4 2024 → Q1 2025
EWZ iShares MSCI Brazil ETF Add +228.9% 7.31% +6.51
THC Tenet Healthcare Corp. Add +20.4% 8.06% +5.47
ORCL Oracle Corp. New 4.75% +4.75
RBA RB Global Inc. Add +27.5% 6.25% +4.43
TLN Talen Energy Corp. Add +393.8% 3.65% +3.35
PRGO Perrigo Co. PLC Add +18.3% 4.12% +2.80
FOUR SHIFT4 Payments Inc. Class A Add +392.1% 3.11% +2.78
CPRI Capri Holdings Ltd. Add +1025.2% 2.57% +2.47
ECL Ecolab Inc. Add +64.3% 3.20% +2.46
VST Vistra Corp. New 2.31% +2.31
NTNX Nutanix Inc. Class A Add +50.3% 2.80% +2.13
GT Goodyear Tire & Rubber Co. Add +137.9% 2.22% +1.85
TSM Taiwan Semiconductor-SP ADR New 1.79% +1.79
BX Blackstone Inc. Add +498.6% 1.91% +1.75
APG Api Group Corp. New 1.62% +1.62
NOG Northern Oil and Gas Inc. New 1.60% +1.60
ALIT Alight Inc. Class A Add +26.9% 2.41% +1.50
KWEB Kranesh Csi China Internet New 1.34% +1.34
PENN Penn Entertainment Inc. New 1.29% +1.29
EQH Equitable Holdings Inc. New 1.28% +1.28
GLOB Globant SA Add +55.1% 2.44% +1.26
CROX Crocs Inc. Add +32.2% 1.85% +1.26
PATH Uipath Inc. Class A New 1.24% +1.24
DECK Deckers Outdoor Corp. New 0.92% +0.92
R Ryder System Inc. Add +81.1% 1.22% +0.92
COPX Global X Copper Miners ETF New 0.84% +0.84
AMTM Amentum Holdings Inc. New 0.81% +0.81
GFR Greenfire Resources Ltd. Add +80.9% 1.12% +0.81
GDX Vaneck Gold Miners ETF New 0.79% +0.79
EPAM Epam Systems Inc. New 0.79% +0.79
ALB Albemarle Corp. Add +65.5% 0.95% +0.67
CZR Caesars Entertainment Inc. Add +55.5% 1.03% +0.66
TSLA Tesla Inc. New 0.58% +0.58
EQT Eqt Corp. Add +0.6% 0.69% +0.45
CCL Carnival Corp. New 0.42% +0.42
GOOGL Alphabet Inc. Class A Add +82.0% 0.52% +0.37
GAP The Gap Inc. Add +50.1% 0.53% +0.36
SQM Quimica Y Minera Chil-SP ADR New 0.36% +0.36
XP XP Inc. Class A New 0.31% +0.31
IGV iShares Expanded Tech-Softwa New 0.30% +0.30
TECK Teck Resources Ltd.-CLS B Add +50.7% 0.43% +0.30
EAT Brinker International Inc. New 0.26% +0.26
NRG NRG Energy Inc. New 0.25% +0.25
SE Sea Ltd.-ADR New 0.22% +0.22
ONON On Holding AG Class A New 0.15% +0.15
EC Ecopetrol SA-Sponsored ADR New 0.13% +0.13
ARKK ARK Innovation ETF New 0.13% +0.13
UAL United Airlines Holdings Inc. New 0.09% +0.09
MPT Medical Properties Trust Inc. New 0.08% +0.08
CENX Century Aluminum Company New 0.08% +0.08

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +147.1% 1,050,000 $587.4M
SPY SS SPDR S&P 500 ETF Trust-US call New 770,000 $430.7M
QQQ Invesco QQQ Trust Series 1 put Add +358.3% 550,000 $257.9M
IWM iShares Russell 2000 ETF put Add +22.2% 1,100,000 $219.4M
QQQ Invesco QQQ Trust Series 1 call New 450,000 $211.0M
FEZ State Street SPDR Euro Stoxx put New 1,500,000 $81.6M
IWM iShares Russell 2000 ETF call Add +321.1% 400,000 $79.8M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +233.3% 1,000,000 $78.9M
RSP Invesco S&P 500 Equal Weight put Add +306.2% 406,200 $70.4M
RSP Invesco S&P 500 Equal Weight call Sold out 300,000 $52.6Mbefore exit
EWZ iShares MSCI Brazil ETF call Reduce -70.1% 2,000,000 $51.7M
ARKK ARK Innovation ETF call New 1,000,000 $47.6M
EWZ iShares MSCI Brazil ETF put Sold out 1,817,800 $40.9Mbefore exit
FOUR SHIFT4 Payments Inc. Class A call New 450,000 $36.8M
ORCL Oracle Corp. call New 240,000 $33.6M
MSTR Strategy Inc. put Sold out 115,000 $33.3Mbefore exit
ITB iShares U.S. Home Constructi put Sold out 300,000 $31.0Mbefore exit
AER Aercap Holdings NV call New 200,000 $20.4M
NTNX Nutanix Inc. Class A call New 250,000 $17.5M
ARKK ARK Innovation ETF put Sold out 300,000 $17.0Mbefore exit
THC Tenet Healthcare Corp. call Reduce -56.5% 100,000 $13.4M
GT Goodyear Tire & Rubber Co. call Add +62.5% 1,300,000 $12.0M
VST Vistra Corp. call New 100,000 $11.7M
TSLA Tesla Inc. put Add +117.5% 43,500 $11.3M
CROX Crocs Inc. call Sold out 100,000 $11.0Mbefore exit
PENN Penn Entertainment Inc. call New 600,000 $9.8M
HOOD Robinhood Markets Inc. Class A put Sold out 200,000 $7.5Mbefore exit
ALIT Alight Inc. Class A call New 1,000,000 $5.9M
VSXY Victoria's Secret & Co. call New 200,000 $3.7M
CPRI Capri Holdings Ltd. call Reduce -85.0% 150,000 $3.0M
SGML Sigma Lithium Corp. call Reduce -80.0% 232,300 $2.4M
NXE Nexgen Energy Ltd. put Sold out 150,000 $990Kbefore exit

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