BW Gestao de Investimentos Ltda.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), BW Gestao de Investimentos Ltda. reported 81 stock positions worth $1.1 billion. Its top holding was RB Global (RBA) at 7.5% of the portfolio, followed by Tenet Healthcare (THC, 7.2%) and SHIFT4 Payments Class A (FOUR, 4.0%). Compared with Q1 2025, it opened 32 new positions, sold out of 30, added to 36 and reduced 7. The biggest buy was a new position in SS SPDR S&P Regional Bank (KRE) and the biggest sale an exit from iShares MSCI Brazil ETF (EWZ).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001568280
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001568280-25-000004 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $1.1B $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 81 stocks · $1.1B
RBA RB Global Inc. 7.50% 745,298 $79.1M Add +35.4%
THC Tenet Healthcare Corp. 7.17% 429,855 $75.7M Reduce -18.9%
FOUR SHIFT4 Payments Inc. Class A 3.96% 421,927 $41.8M Add +25.6%
PRGO Perrigo Co. PLC 3.72% 1,469,524 $39.3M Add +13.2%
NTNX Nutanix Inc. Class A 3.69% 508,556 $38.9M Add +43.3%
GLOB Globant SA 3.68% 427,828 $38.9M Add +133.5%
ECL Ecolab Inc. 3.26% 127,505 $34.4M Add +14.3%
XLV SS Health Care Select Sector 2.93% 229,000 $30.9M Add +1928.0%
KRE SS SPDR S&P Regional Bank 2.76% 489,562 $29.1M New
ALIT Alight Inc. Class A 2.68% 4,991,011 $28.2M Add +38.9%
MSFT Microsoft Corp. 2.63% 55,685 $27.7M Add +38.8%
AMZN Amazon.com Inc. 2.53% 121,496 $26.7M Add +139.7%
BIRK Birkenstock Holding PLC 2.47% 530,574 $26.1M Add +52.4%
NRG NRG Energy Inc. 2.31% 152,000 $24.4M Add +566.7%
AER Aercap Holdings NV 2.15% 194,045 $22.7M Add +2.6%
GT Goodyear Tire & Rubber Co. 2.07% 2,104,785 $21.8M Reduce -1.0%
CPRI Capri Holdings Ltd. 2.06% 1,228,299 $21.7M Add +6.6%
BX Blackstone Inc. 1.97% 139,230 $20.8M Add +15.3%
XLF SS Financial Select Sector 1.92% 387,400 $20.3M New
KWEB Kranesh Csi China Internet 1.91% 586,800 $20.1M Add +73.1%
CINT Ci&t Inc./United States-A 1.63% 2,882,650 $17.2M Add +9.2%
AMTM Amentum Holdings Inc. 1.60% 715,065 $16.9M Add +81.3%
META Meta Platforms Inc. Class A 1.59% 22,700 $16.8M Add +497.2%
GFR Greenfire Resources Ltd. 1.39% 3,296,823 $14.7M Add +95.8%
NOG Northern Oil and Gas Inc. 1.39% 517,641 $14.7M Add +10.7%
AVGO Broadcom Inc. 1.39% 53,200 $14.7M Add +133.3%
CVS CVS Health Corp. 1.37% 210,000 $14.5M Add +40.0%
PATH Uipath Inc. Class A 1.33% 1,092,150 $14.0M Add +2.3%
PENN Penn Entertainment Inc. 1.23% 726,182 $13.0M Add +3.7%
CLVT Clarivate PLC 1.17% 2,865,021 $12.3M Reduce -12.5%
ONON On Holding AG Class A filed as ON HLDG AG 1.13% 228,000 $11.9M Add +650.0%
CALF PCR US SM CP CSH CWS ETF-Usd 1.10% 291,259 $11.6M No change
GOOGL Alphabet Inc. Class A 1.07% 64,071 $11.3M Add +116.7%
CCL Carnival Corp. 1.01% 379,999 $10.7M Add +100.0%
QQQ Invesco QQQ Trust Series 1 0.98% 18,764 $10.4M New
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.89% 128,225 $9.4M New
PLNT Planet Fitness Inc. Class A 0.88% 85,061 $9.3M New
WCN Waste Connections Inc. 0.88% 49,458 $9.2M Add +27.8%
JBS JBS NV-A 0.83% 602,000 $8.8M New
FLUT Flutter Entertainment PLC-Di 0.82% 30,400 $8.7M New
CLS Celestica Inc. 0.79% 53,200 $8.3M Add +133.3%
FTAI Ftai Aviation Ltd. 0.69% 63,610 $7.3M New
EPAM Epam Systems Inc. 0.69% 41,300 $7.3M No change
SRAD Sportradar Group AG-A 0.66% 247,000 $6.9M Add +712.5%
EQT Eqt Corp. 0.53% 95,001 $5.5M Reduce -16.7%
CPA Copa Holdings SA Class A 0.52% 50,000 $5.5M New
HLI Houlihan Lokey Inc. 0.52% 30,400 $5.5M New
DNN Denison Mines Corp. 0.51% 2,930,000 $5.3M New
EXE Expand Energy Corp. 0.51% 45,600 $5.3M New
VTEX Vtex Class A 0.47% 746,757 $4.9M Add +1301.0%
AMD Advanced Micro Devices 0.46% 34,200 $4.9M New
SHW The Sherwin-Williams Co. 0.42% 12,914 $4.4M Add +58.2%
PAAS Pan American Silver Corp. 0.41% 151,999 $4.3M New
ELF Elf Beauty Inc. 0.40% 34,200 $4.3M New
JEF Jefferies Financial Group Inc. 0.39% 76,000 $4.2M New
XP XP Inc. Class A 0.39% 204,177 $4.1M Add +2.1%
EAT Brinker International Inc. 0.39% 22,800 $4.1M Add +50.0%
AGI Alamos Gold Inc. Class A 0.38% 152,000 $4.0M New
MELI MercadoLibre Inc. 0.38% 1,520 $4.0M New
CW Curtiss-Wright Corp. 0.35% 7,600 $3.7M New
CYBR Cyberark Software Ltd./Israel 0.29% 7,600 $3.1M New
CCJ Cameco Corp. 0.28% 40,000 $3.0M New
AEM Agnico Eagle Mines Ltd. 0.26% 22,800 $2.7M New
NXE Nexgen Energy Ltd. 0.26% 388,200 $2.7M New
UAL United Airlines Holdings Inc. 0.23% 30,400 $2.4M Add +166.7%
RBLX Roblox Corp. Class A 0.23% 22,800 $2.4M New
HPE Hewlett Packard Enterprise 0.22% 114,000 $2.3M New
IE Ivanhoe Electric Inc. / US 0.22% 253,223 $2.3M New
FCX Freeport-McMoran Inc. 0.16% 38,000 $1.6M New
AAPL Apple Inc. 0.15% 7,966 $1.6M No change
LOW Lowe's Cos Inc. 0.15% 6,965 $1.5M No change
CVNA Carvana Co. 0.12% 3,800 $1.3M New
EC Ecopetrol SA-Sponsored ADR 0.10% 114,000 $1.0M No change
CPRT Copart Inc. 0.09% 18,655 $915K New
E Eni SPA-Sponsored ADR 0.08% 25,000 $811K New
UEC Uranium Energy Corp. 0.06% 100,000 $680K New
MPT Medical Properties Trust Inc. 0.05% 120,000 $517K No change
RIG Transocean Ltd. 0.04% 150,000 $389K New
EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 0.04% 14,558 $386K Reduce -20.9%
CIB Grupo Cibest SA-ADR 0.03% 7,600 $351K Reduce -39.8%
VIST Vista Energy Sab DE CV 0.03% 7,332 $351K Reduce -67.5%

Options reported separately and not counted above: SPY puts ($364.5M), IWM puts ($237.4M), ARKK puts ($70.3M), IWM calls ($64.7M), SPY calls ($61.8M), EWZ calls ($57.7M), QQQ puts ($55.2M), THC calls ($52.8M), PCG calls ($39.0M), CVS calls ($34.5M), ARKK calls ($31.6M), FOUR calls ($29.7M), and 13 more.

Portfolio Sells Q1 2025 → Q2 2025
EWZ iShares MSCI Brazil ETF Sold out 0.00% −7.31
ORCL Oracle Corp. Sold out 0.00% −4.75
TLN Talen Energy Corp. Sold out 0.00% −3.65
VST Vistra Corp. Sold out 0.00% −2.31
CROX Crocs Inc. Sold out 0.00% −1.85
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.79
APG Api Group Corp. Sold out 0.00% −1.62
EQH Equitable Holdings Inc. Sold out 0.00% −1.28
R Ryder System Inc. Sold out 0.00% −1.22
CZR Caesars Entertainment Inc. Sold out 0.00% −1.03
ALB Albemarle Corp. Sold out 0.00% −0.95
DECK Deckers Outdoor Corp. Sold out 0.00% −0.92
THC Tenet Healthcare Corp. Reduce -18.9% 7.17% −0.89
COPX Global X Copper Miners ETF Sold out 0.00% −0.84
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.79
TSLA Tesla Inc. Sold out 0.00% −0.58
GAP The Gap Inc. Sold out 0.00% −0.53
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.43
SQM Quimica Y Minera Chil-SP ADR Sold out 0.00% −0.36
APP AppLovin Corp. Class A Sold out 0.00% −0.34
IGV iShares Expanded Tech-Softwa Sold out 0.00% −0.30
CLVT Clarivate PLC Reduce -12.5% 1.17% −0.29
YUM Yum! Brands Inc. Sold out 0.00% −0.28
SE Sea Ltd.-ADR Sold out 0.00% −0.22
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.22
SCI Service Corp. International Sold out 0.00% −0.20
EQT Eqt Corp. Reduce -16.7% 0.53% −0.16
GT Goodyear Tire & Rubber Co. Reduce -1.0% 2.07% −0.15
MUSA Murphy USA Inc. Sold out 0.00% −0.15
ARKK ARK Innovation ETF Sold out 0.00% −0.13
HRB H&R Block Inc. Sold out 0.00% −0.12
WEN The Wendy's Co. Sold out 0.00% −0.11
VIST Vista Energy Sab DE CV Reduce -67.5% 0.03% −0.09
CENX Century Aluminum Company Sold out 0.00% −0.08
NVDA Nvidia Corp. Sold out 0.00% −0.05
EDN Emp Distrib Y Comerc Nor-ADR Reduce -20.9% 0.04% −0.03
CIB Grupo Cibest SA-ADR Reduce -39.8% 0.03% −0.02

Portfolio Buys Q1 2025 → Q2 2025
KRE SS SPDR S&P Regional Bank New 2.76% +2.76
XLV SS Health Care Select Sector Add +1928.0% 2.93% +2.74
NRG NRG Energy Inc. Add +566.7% 2.31% +2.07
XLF SS Financial Select Sector New 1.92% +1.92
AMZN Amazon.com Inc. Add +139.7% 2.53% +1.44
META Meta Platforms Inc. Class A Add +497.2% 1.59% +1.34
RBA RB Global Inc. Add +35.4% 7.50% +1.26
GLOB Globant SA Add +133.5% 3.68% +1.24
QQQ Invesco QQQ Trust Series 1 New 0.98% +0.98
ONON On Holding AG Class A Add +650.0% 1.13% +0.97
AVGO Broadcom Inc. Add +133.3% 1.39% +0.96
MSFT Microsoft Corp. Add +38.8% 2.63% +0.92
IFF Intl Flavors & Fragrances New 0.89% +0.89
NTNX Nutanix Inc. Class A Add +43.3% 3.69% +0.88
PLNT Planet Fitness Inc. Class A New 0.88% +0.88
FOUR SHIFT4 Payments Inc. Class A Add +25.6% 3.96% +0.86
JBS JBS NV-A New 0.83% +0.83
FLUT Flutter Entertainment PLC-Di New 0.82% +0.82
AMTM Amentum Holdings Inc. Add +81.3% 1.60% +0.79
FTAI Ftai Aviation Ltd. New 0.69% +0.69
BIRK Birkenstock Holding PLC Add +52.4% 2.47% +0.67
CCL Carnival Corp. Add +100.0% 1.01% +0.59
CLS Celestica Inc. Add +133.3% 0.79% +0.58
SRAD Sportradar Group AG-A Add +712.5% 0.66% +0.58
KWEB Kranesh Csi China Internet Add +73.1% 1.91% +0.57
GOOGL Alphabet Inc. Class A Add +116.7% 1.07% +0.55
CPA Copa Holdings SA Class A New 0.52% +0.52
HLI Houlihan Lokey Inc. New 0.52% +0.52
DNN Denison Mines Corp. New 0.51% +0.51
EXE Expand Energy Corp. New 0.51% +0.51
AMD Advanced Micro Devices New 0.46% +0.46
VTEX Vtex Class A Add +1301.0% 0.47% +0.44
PAAS Pan American Silver Corp. New 0.41% +0.41
ELF Elf Beauty Inc. New 0.40% +0.40
JEF Jefferies Financial Group Inc. New 0.39% +0.39
AGI Alamos Gold Inc. Class A New 0.38% +0.38
MELI MercadoLibre Inc. New 0.38% +0.38
CW Curtiss-Wright Corp. New 0.35% +0.35
CYBR Cyberark Software Ltd./Israel New 0.29% +0.29
CCJ Cameco Corp. New 0.28% +0.28
GFR Greenfire Resources Ltd. Add +95.8% 1.39% +0.28
ALIT Alight Inc. Class A Add +38.9% 2.68% +0.27
AEM Agnico Eagle Mines Ltd. New 0.26% +0.26
NXE Nexgen Energy Ltd. New 0.26% +0.26
RBLX Roblox Corp. Class A New 0.23% +0.23
CVS CVS Health Corp. Add +40.0% 1.37% +0.22
HPE Hewlett Packard Enterprise New 0.22% +0.22
IE Ivanhoe Electric Inc. / US New 0.22% +0.22
FCX Freeport-McMoran Inc. New 0.16% +0.16
UAL United Airlines Holdings Inc. Add +166.7% 0.23% +0.14

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -43.8% 590,000 $364.5M
QQQ Invesco QQQ Trust Series 1 call Sold out 450,000 $211.0Mbefore exit
FEZ State Street SPDR Euro Stoxx put Sold out 1,500,000 $81.6Mbefore exit
RSP Invesco S&P 500 Equal Weight put Sold out 406,200 $70.4Mbefore exit
ARKK ARK Innovation ETF put New 1,000,000 $70.3M
IWM iShares Russell 2000 ETF call Reduce -25.0% 300,000 $64.7M
SPY SS SPDR S&P 500 ETF Trust-US call Reduce -87.0% 100,000 $61.8M
QQQ Invesco QQQ Trust Series 1 put Reduce -81.8% 100,000 $55.2M
THC Tenet Healthcare Corp. call Add +200.0% 300,000 $52.8M
PCG P G & E Corp. call New 2,800,000 $39.0M
CVS CVS Health Corp. call New 500,000 $34.5M
ORCL Oracle Corp. call Sold out 240,000 $33.6Mbefore exit
ARKK ARK Innovation ETF call Reduce -55.0% 450,000 $31.6M
FOUR SHIFT4 Payments Inc. Class A call Reduce -33.3% 300,000 $29.7M
TSLA Tesla Inc. put Add +114.9% 93,500 $29.7M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -69.5% 305,000 $24.6M
EIX Edison International call New 468,000 $24.1M
XRT SS SPDR S&P Retail ETF put New 300,000 $23.1M
AER Aercap Holdings NV call Sold out 200,000 $20.4Mbefore exit
NTNX Nutanix Inc. Class A call Add +4.0% 260,000 $19.9M
ITB iShares U.S. Home Constructi put New 200,000 $18.6M
KRE SS SPDR S&P Regional Bank put New 300,000 $17.8M
VST Vistra Corp. call Sold out 100,000 $11.7Mbefore exit
KVUE Kenvue Inc. call New 500,000 $10.5M
XLF SS Financial Select Sector call New 150,000 $7.9M
GT Goodyear Tire & Rubber Co. call Reduce -53.9% 600,000 $6.2M
VSXY Victoria's Secret & Co. call Sold out 200,000 $3.7Mbefore exit
CPRI Capri Holdings Ltd. call Sold out 150,000 $3.0Mbefore exit
SGML Sigma Lithium Corp. call Reduce -13.9% 200,000 $900K

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