BW Gestao de Investimentos Ltda.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), BW Gestao de Investimentos Ltda. reported 98 stock positions worth $1.3 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.9% of the portfolio, followed by Tenet Healthcare (THC, 6.4%) and RB Global (RBA, 5.6%). Compared with Q2 2025, it opened 44 new positions, sold out of 27, added to 24 and reduced 24. The biggest buy was a new position in iShares Core S&P 500 ETF (IVV) and the biggest sale an exit from SS SPDR S&P Regional Bank (KRE).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $1.3B (Q3 2025)
- SEC Filing
- 0001568280-25-000008 ↗ filed Nov 13, 2025
Holdings Value
Holdings 98 stocks · $1.3B
| IVV iShares Core S&P 500 ETF | 7.85% | 155,000 | $103.7M | New |
| THC Tenet Healthcare Corp. | 6.43% | 417,995 | $84.9M | Reduce -2.8% |
| RBA RB Global Inc. | 5.62% | 685,556 | $74.3M | Reduce -8.0% |
| PATH Uipath Inc. Class A | 3.76% | 3,712,150 | $49.7M | Add +239.9% |
| FOUR SHIFT4 Payments Inc. Class A | 3.71% | 632,838 | $49.0M | Add +50.0% |
| XLV SS Health Care Select Sector | 3.17% | 301,000 | $41.9M | Add +31.4% |
| NTNX Nutanix Inc. Class A | 3.13% | 556,654 | $41.4M | Add +9.5% |
| PRGO Perrigo Co. PLC | 2.67% | 1,582,119 | $35.2M | Add +7.7% |
| ECL Ecolab Inc. | 2.44% | 117,824 | $32.3M | Reduce -7.6% |
| ALIT Alight Inc. Class A | 2.24% | 9,069,880 | $29.6M | Add +81.7% |
| EWZ iShares MSCI Brazil ETF | 1.95% | 832,800 | $25.8M | New |
| CPRI Capri Holdings Ltd. | 1.91% | 1,267,373 | $25.2M | Add +3.2% |
| CVS CVS Health Corp. | 1.77% | 310,000 | $23.4M | Add +47.6% |
| DKS Dick's Sporting Goods Inc. | 1.76% | 104,428 | $23.2M | New |
| BIRK Birkenstock Holding PLC | 1.73% | 506,075 | $22.9M | Reduce -4.6% |
| AA Alcoa Corp. | 1.72% | 690,000 | $22.7M | New |
| EXE Expand Energy Corp. | 1.71% | 212,249 | $22.5M | Add +365.5% |
| GLOB Globant SA | 1.66% | 381,956 | $21.9M | Reduce -10.7% |
| COPX Global X Copper Miners ETF | 1.63% | 359,999 | $21.5M | New |
| OC Owens Corning | 1.54% | 144,000 | $20.4M | New |
| FTAI Ftai Aviation Ltd. | 1.53% | 121,347 | $20.2M | Add +90.8% |
| VRNS Varonis Systems Inc. | 1.39% | 319,751 | $18.4M | New |
| EQT Eqt Corp. | 1.37% | 333,013 | $18.1M | Add +250.5% |
| WIX Wix.com Ltd. | 1.18% | 88,000 | $15.6M | New |
| GFR Greenfire Resources Ltd. | 1.14% | 3,271,730 | $15.1M | Reduce -0.8% |
| AER Aercap Holdings NV | 1.11% | 121,043 | $14.6M | Reduce -37.6% |
| TECK Teck Resources Ltd.-CLS B | 1.08% | 323,600 | $14.2M | New |
| PENN Penn Entertainment Inc. | 1.06% | 726,182 | $14.0M | No change |
| KWEB Kranesh Csi China Internet | 1.03% | 323,100 | $13.6M | Reduce -44.9% |
| KVUE Kenvue Inc. | 1.01% | 820,760 | $13.3M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 1.00% | 215,555 | $13.3M | Add +68.1% |
| NRG NRG Energy Inc. | 0.98% | 80,000 | $13.0M | Reduce -47.4% |
| NOG Northern Oil and Gas Inc. | 0.97% | 517,641 | $12.8M | No change |
| CINT Ci&t Inc./United States-A | 0.96% | 2,452,677 | $12.6M | Reduce -14.9% |
| AMTM Amentum Holdings Inc. | 0.93% | 511,477 | $12.2M | Reduce -28.5% |
| PLNT Planet Fitness Inc. Class A | 0.90% | 115,061 | $11.9M | Add +35.3% |
| GT Goodyear Tire & Rubber Co. | 0.89% | 1,568,436 | $11.7M | Reduce -25.5% |
| MSFT Microsoft Corp. | 0.86% | 22,056 | $11.4M | Reduce -60.4% |
| CCJ Cameco Corp. | 0.86% | 135,000 | $11.3M | Add +237.5% |
| CLVT Clarivate PLC | 0.83% | 2,865,021 | $11.0M | No change |
| JEF Jefferies Financial Group Inc. | 0.79% | 160,000 | $10.5M | Add +110.5% |
| EAT Brinker International Inc. | 0.77% | 80,000 | $10.1M | Add +250.9% |
| TER Teradyne Inc. | 0.76% | 72,895 | $10.0M | New |
| JBS JBS NV-A | 0.75% | 662,000 | $9.9M | Add +10.0% |
| HLI Houlihan Lokey Inc. | 0.75% | 48,000 | $9.9M | Add +57.9% |
| HUT Hut 8 Corp. | 0.74% | 280,000 | $9.7M | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.71% | 2,462,421 | $9.4M | New |
| HPE Hewlett Packard Enterprise | 0.67% | 360,000 | $8.8M | Add +215.8% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.64% | 200,000 | $8.5M | Reduce -12.3% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.61% | 200,000 | $8.1M | New |
| AMZN Amazon.com Inc. | 0.59% | 35,420 | $7.8M | Reduce -70.8% |
| WCN Waste Connections Inc. | 0.55% | 41,630 | $7.3M | Reduce -15.8% |
| CW Curtiss-Wright Corp. | 0.49% | 12,000 | $6.5M | Add +57.9% |
| NGD New Gold Inc. | 0.48% | 880,000 | $6.3M | New |
| MNDY Monday.com Ltd. | 0.48% | 32,520 | $6.3M | New |
| EPAM Epam Systems Inc. | 0.47% | 41,300 | $6.2M | No change |
| CLS Celestica Inc. | 0.45% | 24,000 | $5.9M | Reduce -54.9% |
| RRC Range Resources Corp. | 0.44% | 154,967 | $5.8M | New |
| AR Antero Resources Corp. | 0.44% | 171,601 | $5.8M | New |
| BX Blackstone Inc. | 0.43% | 33,430 | $5.7M | Reduce -76.0% |
| RBLX Roblox Corp. Class A | 0.42% | 40,000 | $5.5M | Add +75.4% |
| LTM Latam Airlines Group SA-ADR | 0.41% | 120,000 | $5.4M | New |
| NI Nisource Inc. | 0.39% | 120,000 | $5.2M | New |
| IAG Iamgold Corp. | 0.39% | 400,000 | $5.2M | New |
| ANF Abercrombie & Fitch Co. Class A | 0.39% | 60,000 | $5.1M | New |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 30,000 | $5.1M | Add +31.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.36% | 300,000 | $4.8M | New |
| FCX Freeport-McMoran Inc. | 0.36% | 120,000 | $4.7M | Add +215.8% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.35% | 191,000 | $4.6M | New |
| CCL Carnival Corp. | 0.35% | 160,000 | $4.6M | Reduce -57.9% |
| AUGO Aura Minerals Inc. | 0.31% | 111,729 | $4.2M | New |
| EIS iShares MSCI Israel ETF | 0.30% | 40,000 | $4.0M | New |
| ALB Albemarle Corp. | 0.29% | 46,930 | $3.8M | New |
| STNE Stoneco Ltd. Class A | 0.29% | 200,000 | $3.8M | New |
| EEFT Euronet Worldwide Inc. | 0.28% | 42,744 | $3.8M | New |
| B Barrick Mining Corp. | 0.25% | 100,000 | $3.3M | New |
| ELF Elf Beauty Inc. | 0.24% | 24,000 | $3.2M | Reduce -29.8% |
| VTEX Vtex Class A | 0.23% | 700,757 | $3.1M | Reduce -6.2% |
| CVNA Carvana Co. | 0.23% | 8,000 | $3.0M | Add +110.5% |
| CENX Century Aluminum Company | 0.22% | 100,000 | $2.9M | New |
| AS Amer Sports Inc. | 0.21% | 80,000 | $2.8M | New |
| SHW The Sherwin-Williams Co. | 0.20% | 7,814 | $2.7M | Reduce -39.5% |
| SRAD Sportradar Group AG-A | 0.20% | 100,002 | $2.7M | Reduce -59.5% |
| AAPL Apple Inc. | 0.15% | 7,966 | $2.0M | No change |
| V Visa Inc. Class A | 0.15% | 5,786 | $2.0M | New |
| EOG EOG Resources Inc. | 0.13% | 15,488 | $1.7M | New |
| CTRA Coterra Energy Inc. | 0.13% | 71,014 | $1.7M | New |
| TTMI TTM Technologies | 0.10% | 24,000 | $1.4M | New |
| BTDR Bitdeer Technologies Group-A | 0.10% | 80,001 | $1.4M | New |
| CNNE Cannae Holdings Inc. | 0.10% | 71,015 | $1.3M | New |
| CNX CNX Resources Corp. | 0.09% | 38,789 | $1.2M | New |
| CRK Comstock Resources Inc. | 0.09% | 57,682 | $1.1M | New |
| OPEN Opendoor Technologies Inc. | 0.07% | 123,400 | $983K | New |
| TSLA Tesla Inc. | 0.06% | 1,890 | $841K | New |
| CPRT Copart Inc. | 0.06% | 18,655 | $839K | No change |
| LOW Lowe's Cos Inc. | 0.06% | 3,215 | $808K | Reduce -53.8% |
| GPOR Gulfport Energy Corp. | 0.06% | 4,311 | $780K | New |
| TENB Tenable Holdings Inc. | 0.05% | 22,047 | $643K | New |
Options reported separately and not counted above: IWM puts ($266.2M), TSLA puts ($213.5M), SPY puts ($133.2M), ARKK puts ($86.3M), XRT puts ($51.7M), PCG calls ($42.2M), ITB puts ($32.2M), XLV puts ($32.0M), KVUE calls ($26.0M), EIX calls ($25.9M), KRE puts ($19.0M), PATH calls ($13.4M), and 8 more.
Portfolio Sells Q2 2025 → Q3 2025
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −2.76 |
| GLOB Globant SA | Reduce -10.7% | 1.66% | −2.03 |
| AMZN Amazon.com Inc. | Reduce -70.8% | 0.59% | −1.94 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −1.92 |
| RBA RB Global Inc. | Reduce -8.0% | 5.62% | −1.88 |
| MSFT Microsoft Corp. | Reduce -60.4% | 0.86% | −1.76 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.59 |
| BX Blackstone Inc. | Reduce -76.0% | 0.43% | −1.54 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −1.39 |
| NRG NRG Energy Inc. | Reduce -47.4% | 0.98% | −1.33 |
| GT Goodyear Tire & Rubber Co. | Reduce -25.5% | 0.89% | −1.18 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −1.10 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.07 |
| AER Aercap Holdings NV | Reduce -37.6% | 1.11% | −1.04 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.98 |
| KWEB Kranesh Csi China Internet | Reduce -44.9% | 1.03% | −0.88 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.82 |
| ECL Ecolab Inc. | Reduce -7.6% | 2.44% | −0.81 |
| THC Tenet Healthcare Corp. | Reduce -2.8% | 6.43% | −0.75 |
| BIRK Birkenstock Holding PLC | Reduce -4.6% | 1.73% | −0.74 |
| CINT Ci&t Inc./United States-A | Reduce -14.9% | 0.96% | −0.68 |
| AMTM Amentum Holdings Inc. | Reduce -28.5% | 0.93% | −0.67 |
| CCL Carnival Corp. | Reduce -57.9% | 0.35% | −0.66 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −0.52 |
| DNN Denison Mines Corp. | Sold out | 0.00% | −0.51 |
| ONON On Holding AG Class A | Reduce -12.3% | 0.64% | −0.48 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.46 |
| SRAD Sportradar Group AG-A | Reduce -59.5% | 0.20% | −0.45 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −0.41 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.39 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.38 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.38 |
| CLS Celestica Inc. | Reduce -54.9% | 0.45% | −0.34 |
| WCN Waste Connections Inc. | Reduce -15.8% | 0.55% | −0.32 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.29 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.26 |
| GFR Greenfire Resources Ltd. | Reduce -0.8% | 1.14% | −0.25 |
| VTEX Vtex Class A | Reduce -6.2% | 0.23% | −0.23 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.23 |
| IE Ivanhoe Electric Inc. / US | Sold out | 0.00% | −0.22 |
| SHW The Sherwin-Williams Co. | Reduce -39.5% | 0.20% | −0.22 |
| ELF Elf Beauty Inc. | Reduce -29.8% | 0.24% | −0.16 |
| EC Ecopetrol SA-Sponsored ADR | Sold out | 0.00% | −0.10 |
| LOW Lowe's Cos Inc. | Reduce -53.8% | 0.06% | −0.09 |
| E Eni SPA-Sponsored ADR | Sold out | 0.00% | −0.08 |
| UEC Uranium Energy Corp. | Sold out | 0.00% | −0.06 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.05 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.04 |
| EDN Emp Distrib Y Comerc Nor-ADR | Sold out | 0.00% | −0.04 |
| CIB Grupo Cibest SA-ADR | Sold out | 0.00% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | New | 7.85% | +7.85 |
| PATH Uipath Inc. Class A | Add +239.9% | 3.76% | +2.43 |
| EWZ iShares MSCI Brazil ETF | New | 1.95% | +1.95 |
| DKS Dick's Sporting Goods Inc. | New | 1.76% | +1.76 |
| AA Alcoa Corp. | New | 1.72% | +1.72 |
| COPX Global X Copper Miners ETF | New | 1.63% | +1.63 |
| OC Owens Corning | New | 1.54% | +1.54 |
| VRNS Varonis Systems Inc. | New | 1.39% | +1.39 |
| EXE Expand Energy Corp. | Add +365.5% | 1.71% | +1.20 |
| WIX Wix.com Ltd. | New | 1.18% | +1.18 |
| TECK Teck Resources Ltd.-CLS B | New | 1.08% | +1.08 |
| KVUE Kenvue Inc. | New | 1.01% | +1.01 |
| EQT Eqt Corp. | Add +250.5% | 1.37% | +0.85 |
| FTAI Ftai Aviation Ltd. | Add +90.8% | 1.53% | +0.84 |
| TER Teradyne Inc. | New | 0.76% | +0.76 |
| HUT Hut 8 Corp. | New | 0.74% | +0.74 |
| EVEX Eve Holding Inc. | New | 0.71% | +0.71 |
| KSA Ishrs MSCI Saudi Arabia ETF | New | 0.61% | +0.61 |
| CCJ Cameco Corp. | Add +237.5% | 0.86% | +0.58 |
| NGD New Gold Inc. | New | 0.48% | +0.48 |
| MNDY Monday.com Ltd. | New | 0.48% | +0.48 |
| HPE Hewlett Packard Enterprise | Add +215.8% | 0.67% | +0.45 |
| RRC Range Resources Corp. | New | 0.44% | +0.44 |
| AR Antero Resources Corp. | New | 0.44% | +0.44 |
| LTM Latam Airlines Group SA-ADR | New | 0.41% | +0.41 |
| JEF Jefferies Financial Group Inc. | Add +110.5% | 0.79% | +0.40 |
| CVS CVS Health Corp. | Add +47.6% | 1.77% | +0.40 |
| NI Nisource Inc. | New | 0.39% | +0.39 |
| IAG Iamgold Corp. | New | 0.39% | +0.39 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.39% | +0.39 |
| EAT Brinker International Inc. | Add +250.9% | 0.77% | +0.38 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.36% | +0.36 |
| YPF YPF S.A.-Sponsored ADR | New | 0.35% | +0.35 |
| AUGO Aura Minerals Inc. | New | 0.31% | +0.31 |
| EIS iShares MSCI Israel ETF | New | 0.30% | +0.30 |
| ALB Albemarle Corp. | New | 0.29% | +0.29 |
| STNE Stoneco Ltd. Class A | New | 0.29% | +0.29 |
| EEFT Euronet Worldwide Inc. | New | 0.28% | +0.28 |
| B Barrick Mining Corp. | New | 0.25% | +0.25 |
| XLV SS Health Care Select Sector | Add +31.4% | 3.17% | +0.24 |
| HLI Houlihan Lokey Inc. | Add +57.9% | 0.75% | +0.23 |
| CENX Century Aluminum Company | New | 0.22% | +0.22 |
| AS Amer Sports Inc. | New | 0.21% | +0.21 |
| FCX Freeport-McMoran Inc. | Add +215.8% | 0.36% | +0.20 |
| RBLX Roblox Corp. Class A | Add +75.4% | 0.42% | +0.19 |
| V Visa Inc. Class A | New | 0.15% | +0.15 |
| CW Curtiss-Wright Corp. | Add +57.9% | 0.49% | +0.14 |
| EOG EOG Resources Inc. | New | 0.13% | +0.13 |
| CTRA Coterra Energy Inc. | New | 0.13% | +0.13 |
| AEM Agnico Eagle Mines Ltd. | Add +31.6% | 0.38% | +0.13 |
Options Activity Q2 2025 → Q3 2025
| TSLA Tesla Inc. | put | Add +413.4% | 480,000 | $213.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -66.1% | 200,000 | $133.2M |
| IWM iShares Russell 2000 ETF | call | Sold out | 300,000 | $64.7Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 100,000 | $61.8Mbefore exit |
| EWZ iShares MSCI Brazil ETF | call | Sold out | 2,000,000 | $57.7Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 100,000 | $55.2Mbefore exit |
| XRT SS SPDR S&P Retail ETF | put | Add +100.0% | 600,000 | $51.7M |
| CVS CVS Health Corp. | call | Sold out | 500,000 | $34.5Mbefore exit |
| ITB iShares U.S. Home Constructi | put | Add +50.0% | 300,000 | $32.2M |
| XLV SS Health Care Select Sector | put | New | 230,000 | $32.0M |
| ARKK ARK Innovation ETF | call | Sold out | 450,000 | $31.6Mbefore exit |
| FOUR SHIFT4 Payments Inc. Class A | call | Sold out | 300,000 | $29.7Mbefore exit |
| KVUE Kenvue Inc. | call | Add +220.0% | 1,600,000 | $26.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 305,000 | $24.6Mbefore exit |
| NTNX Nutanix Inc. Class A | call | Sold out | 260,000 | $19.9Mbefore exit |
| PATH Uipath Inc. Class A | call | New | 1,000,000 | $13.4M |
| PENN Penn Entertainment Inc. | call | Sold out | 600,000 | $10.7Mbefore exit |
| HUT Hut 8 Corp. | call | New | 300,000 | $10.4M |
| XLF SS Financial Select Sector | call | Sold out | 150,000 | $7.9Mbefore exit |
| ALIT Alight Inc. Class A | call | Reduce -1.9% | 981,000 | $3.2M |
| ARIS Aris Mining Corp. | put | New | 200,000 | $2.0M |
| THC Tenet Healthcare Corp. | call | Reduce -97.3% | 8,000 | $1.6M |
| UEC Uranium Energy Corp. | put | New | 100,000 | $1.3M |
| SGML Sigma Lithium Corp. | call | Reduce -27.4% | 145,200 | $931K |
| SGML Sigma Lithium Corp. | put | New | 100,000 | $641K |
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 |