BW Gestao de Investimentos Ltda.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 28, 2026), BW Gestao de Investimentos Ltda. reported 257 stock positions worth $2.2 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.7% of the portfolio, followed by RB Global (RBA, 3.1%) and Tenet Healthcare (THC, 2.7%). Compared with Q4 2025, it opened 127 new positions, sold out of 56, added to 52 and reduced 71. The biggest buy was a new position in Global X Copper Miners ETF (COPX) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001568280
- Portfolio Value
- $2.2B (Q1 2026)
- SEC Filing
- 0001568280-26-000003 ↗ filed Apr 28, 2026
Holdings Value
Holdings 257 stocks · $2.2B
| IVV iShares Core S&P 500 ETF | 8.72% | 300,036 | $196.0M | Reduce -59.4% |
| RBA RB Global Inc. | 3.09% | 725,236 | $69.5M | Reduce -7.7% |
| THC Tenet Healthcare Corp. | 2.69% | 320,480 | $60.5M | Reduce -10.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.84% | 900,000 | $41.3M | Reduce -21.7% |
| ECHO Echostar Corp. Class A | 1.77% | 340,534 | $39.9M | Add +31.0% |
| SOC Sable Offshore Corp. | 1.56% | 2,129,105 | $35.2M | Add +45.1% |
| COPX Global X Copper Miners ETF | 1.39% | 410,050 | $31.3M | New |
| AVGO Broadcom Inc. | 1.38% | 99,900 | $30.9M | Add +399.5% |
| XLV SS Health Care Select Sector | 1.31% | 201,000 | $29.5M | Reduce -24.4% |
| AAL American Airlines Group Inc. | 1.18% | 2,468,000 | $26.5M | Add +307.9% |
| SHW The Sherwin-Williams Co. | 1.11% | 77,858 | $25.0M | Add +41.0% |
| NTNX Nutanix Inc. Class A | 1.06% | 629,564 | $23.9M | Reduce -5.0% |
| BX Blackstone Inc. | 1.00% | 195,580 | $22.5M | Add +31.5% |
| ECL Ecolab Inc. | 0.97% | 82,354 | $21.9M | Reduce -31.8% |
| DKS Dick's Sporting Goods Inc. | 0.96% | 108,365 | $21.5M | Add +4.2% |
| CPRI Capri Holdings Ltd. | 0.94% | 1,197,136 | $21.1M | Reduce -5.5% |
| SO The Southern Co. | 0.90% | 209,292 | $20.2M | New |
| AEP American Electric Power | 0.89% | 153,248 | $20.1M | Reduce -9.8% |
| AA Alcoa Corp. | 0.89% | 302,358 | $20.1M | Add +290.4% |
| MDLN Medline Inc. Class A | 0.87% | 440,000 | $19.6M | Add +193.3% |
| XEL Xcel Energy Inc. | 0.86% | 244,237 | $19.4M | Add +0.7% |
| FIX Comfort Systems USA Inc. | 0.86% | 14,023 | $19.3M | New |
| MSFT Microsoft Corp. | 0.85% | 51,809 | $19.2M | Add +72.8% |
| ROST Ross Stores Inc. | 0.85% | 87,691 | $19.0M | Add +1025.0% |
| PH Parker Hannifin Corp. | 0.84% | 21,068 | $18.9M | Add +53.7% |
| TLN Talen Energy Corp. | 0.84% | 58,984 | $18.8M | Add +1.6% |
| ED Consolidated Edison Inc. | 0.82% | 163,042 | $18.5M | Reduce -9.9% |
| GLOB Globant SA | 0.81% | 395,524 | $18.2M | Add +10.0% |
| PATH Uipath Inc. Class A | 0.81% | 1,638,950 | $18.2M | Reduce -46.0% |
| CENX Century Aluminum Company | 0.81% | 308,758 | $18.1M | Add +68.1% |
| PAAS Pan American Silver Corp. | 0.77% | 316,199 | $17.3M | Add +102.7% |
| FCX Freeport-McMoran Inc. | 0.76% | 289,832 | $17.0M | Add +40.1% |
| VG Venture Global Inc. Class A | 0.75% | 1,074,345 | $16.9M | New |
| AAPL Apple Inc. | 0.75% | 66,396 | $16.9M | Add +98.4% |
| SLV iShares Silver Trust | 0.73% | 240,475 | $16.4M | New |
| WMB Williams Cos Inc. | 0.71% | 220,000 | $16.0M | New |
| CNP Centerpoint Energy Inc. | 0.71% | 369,592 | $16.0M | Add +72.7% |
| FPS Forgent Power Solutions Class A | 0.70% | 540,000 | $15.8M | New |
| AMRZ Amrize Ltd. | 0.70% | 281,311 | $15.8M | Add +114.0% |
| ZION Zions Bancorp NA | 0.68% | 265,000 | $15.3M | New |
| CLVT Clarivate PLC | 0.67% | 5,922,942 | $15.0M | Add +36.3% |
| SWX Southwest Gas Holdings Inc. | 0.64% | 165,257 | $14.4M | Reduce -5.5% |
| IDA Idacorp Inc. | 0.63% | 99,581 | $14.2M | Add +9.7% |
| WBD Warner Bros Discovery Inc. | 0.63% | 515,928 | $14.2M | Add +24.0% |
| PLNT Planet Fitness Inc. Class A | 0.63% | 189,638 | $14.1M | Add +27.7% |
| UGI Ugi Corp. | 0.61% | 377,800 | $13.8M | Reduce -5.9% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.58% | 180,357 | $13.1M | Reduce -29.1% |
| HTO H2O America | 0.58% | 220,941 | $13.0M | Add +172.1% |
| NRG NRG Energy Inc. | 0.57% | 87,698 | $12.8M | Reduce -43.8% |
| LIT Global X Lithium & Battery T | 0.57% | 172,000 | $12.8M | New |
| FLG Flagstar Bank NA | 0.56% | 950,000 | $12.5M | Reduce -5.0% |
| GIL Gildan Activewear Inc. | 0.56% | 224,406 | $12.5M | Add +240.7% |
| BKU Bankunited Inc. | 0.54% | 270,000 | $12.2M | Add +54.3% |
| UAL United Airlines Holdings Inc. | 0.54% | 132,400 | $12.2M | Add +76.5% |
| NET Cloudflare Inc. Class A | 0.54% | 58,779 | $12.1M | New |
| URA Global X Uranium ETF | 0.54% | 248,800 | $12.0M | Reduce -7.2% |
| CW Curtiss-Wright Corp. | 0.53% | 17,575 | $12.0M | Reduce -9.8% |
| PNFP Pinnacle Financial Partners | 0.53% | 137,604 | $11.9M | New |
| SN Sharkninja Inc. | 0.50% | 105,646 | $11.2M | Add +8.4% |
| TSLA Tesla Inc. | 0.50% | 30,000 | $11.2M | New |
| AMZN Amazon.com Inc. | 0.49% | 52,871 | $11.0M | Add +22.9% |
| COLB Columbia Banking System Inc. | 0.49% | 400,000 | $11.0M | Add +14.3% |
| CIEN Ciena Corp. | 0.49% | 28,085 | $10.9M | New |
| NXT Nextpower Inc. | 0.47% | 87,706 | $10.6M | Reduce -43.7% |
| VST Vistra Corp. | 0.47% | 70,132 | $10.5M | New |
| DOCN Digitalocean Holdings Inc. | 0.47% | 122,624 | $10.5M | New |
| PCG P G & E Corp. | 0.46% | 583,172 | $10.2M | Reduce -37.0% |
| FE Firstenergy Corp. | 0.45% | 200,293 | $10.1M | Reduce -40.9% |
| EEM iShares MSCI Emerging Market | 0.44% | 175,009 | $9.9M | New |
| GE General Electric filed as GE AEROSPACE | 0.44% | 34,889 | $9.9M | New |
| XHB SS SPDR S&P Homebldrs ETF | 0.44% | 100,000 | $9.9M | New |
| CLS Celestica Inc. | 0.44% | 35,042 | $9.9M | Add +12.4% |
| LITE Lumentum Holdings Inc. | 0.44% | 14,016 | $9.8M | Reduce -60.0% |
| CINT Ci&t Inc./United States-A | 0.43% | 1,925,665 | $9.8M | Reduce -4.2% |
| UNIT Uniti Group Inc. | 0.43% | 1,028,818 | $9.7M | New |
| RSP Invesco S&P 500 Equal Weight | 0.42% | 49,778 | $9.6M | Reduce -96.7% |
| MS Morgan Stanley | 0.42% | 57,756 | $9.5M | Add +23.0% |
| EVRG Evergy Inc. | 0.42% | 114,100 | $9.3M | Reduce -48.2% |
| PSKY Paramount Skydance Class B | 0.41% | 1,029,101 | $9.3M | Add +82.2% |
| SF Stifel Financial Corp. | 0.41% | 124,967 | $9.2M | Add +73.6% |
| COF Capital One Financial Corp. | 0.41% | 50,480 | $9.2M | Reduce -53.1% |
| KGC Kinross Gold Corp. | 0.41% | 300,542 | $9.2M | New |
| KEY Keycorp | 0.41% | 456,944 | $9.2M | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.41% | 3,686,140 | $9.1M | No change |
| AMG Affiliated Managers Group | 0.41% | 33,000 | $9.1M | Reduce -21.4% |
| BKH Black Hills Corp. | 0.40% | 130,738 | $9.1M | Add +51.6% |
| WTFC Wintrust Financial Corp. | 0.40% | 65,000 | $9.0M | New |
| DAL Delta Air Lines Inc. | 0.40% | 133,836 | $8.9M | Add +8.8% |
| MT Arcelormittal-NY Registered | 0.40% | 171,149 | $8.9M | Reduce -14.4% |
| JPM JPMorgan Chase & Co. | 0.39% | 30,020 | $8.8M | Reduce -46.5% |
| FNV Franco-Nevada Corp. | 0.39% | 35,702 | $8.8M | New |
| WCN Waste Connections Inc. | 0.39% | 54,239 | $8.8M | Add +30.3% |
| CRWV Coreweave Inc. Class A | 0.39% | 112,560 | $8.7M | New |
| CELH Celsius Holdings Inc. | 0.39% | 245,377 | $8.7M | Add +25.9% |
| VLY Valley National Bancorp | 0.38% | 700,000 | $8.6M | New |
| VSNT Versant Media Group Inc. | 0.38% | 230,000 | $8.5M | New |
| RVTY Revvity Inc. | 0.38% | 96,830 | $8.5M | New |
| SOLS Solstice Adv Materials Inc. | 0.37% | 110,000 | $8.4M | Reduce -64.0% |
| JBLU Jetblue Airways Corp. | 0.36% | 1,850,000 | $8.2M | New |
| PENN Penn Entertainment Inc. | 0.36% | 534,514 | $8.0M | Reduce -34.6% |
Options reported separately and not counted above: SPY puts ($260.1M), IWM puts ($223.2M), TSLA puts ($74.3M), QQQ puts ($57.7M), IWM calls ($37.2M), IGV calls ($32.0M), COF calls ($27.4M), MU puts ($16.9M), NTNX calls ($15.2M), CPRI calls ($7.0M), PATH calls ($5.5M), VRNS calls ($4.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $54K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| XRXDW Xerox Holdings Corp. | *W EXP 02/11/202 | 597,540 | $54K | Add +70.7% |
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q4 2025 → Q1 2026
| RSP Invesco S&P 500 Equal Weight | Reduce -96.7% | 0.42% | −9.70 |
| IVV iShares Core S&P 500 ETF | Reduce -59.4% | 8.72% | −9.12 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.41 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -78.0% | 0.30% | −1.24 |
| PATH Uipath Inc. Class A | Reduce -46.0% | 0.81% | −0.94 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.81 |
| LIN Linde PLC | Sold out | 0.00% | −0.72 |
| SQM Quimica Y Minera Chil-SP ADR | Sold out | 0.00% | −0.69 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.63 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −0.62 |
| SRE Sempra | Sold out | 0.00% | −0.59 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.56 |
| CCJ Cameco Corp. | Reduce -78.5% | 0.24% | −0.51 |
| COF Capital One Financial Corp. | Reduce -53.1% | 0.41% | −0.51 |
| ETR Entergy Corp. | Sold out | 0.00% | −0.46 |
| EXE Expand Energy Corp. | Reduce -84.3% | 0.11% | −0.46 |
| PB Prosperity Bancshares Inc. | Sold out | 0.00% | −0.43 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −0.42 |
| USB US Bancorp | Sold out | 0.00% | −0.42 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.41 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.41 |
| PRGO Perrigo Co. PLC | Reduce -64.3% | 0.22% | −0.41 |
| BIRK Birkenstock Holding PLC | Reduce -67.3% | 0.22% | −0.39 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.38 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.37 |
| EQT Eqt Corp. | Reduce -84.2% | 0.11% | −0.37 |
| SKE Skeena Resources Ltd. | Sold out | 0.00% | −0.37 |
| ALIT Alight Inc. Class A | Reduce -6.8% | 0.19% | −0.36 |
| CHRW C.H. Robinson Worldwide Inc. | Sold out | 0.00% | −0.35 |
| RS Reliance Inc. | Sold out | 0.00% | −0.35 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.35 |
| C Citigroup Inc. | Sold out | 0.00% | −0.32 |
| ALB Albemarle Corp. | Reduce -67.8% | 0.34% | −0.32 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.32 |
| NRG NRG Energy Inc. | Reduce -43.8% | 0.57% | −0.30 |
| TTMI TTM Technologies | Sold out | 0.00% | −0.28 |
| ICE Intercontinental Exchange Inc. | Reduce -71.7% | 0.15% | −0.28 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.27 |
| AUB Atlantic Union Bankshares Co. | Sold out | 0.00% | −0.26 |
| CRH CRH PLC | Reduce -96.8% | 0.01% | −0.25 |
| JPM JPMorgan Chase & Co. | Reduce -46.5% | 0.39% | −0.24 |
| TRU Transunion | Sold out | 0.00% | −0.24 |
| TAN Invesco Solar ETF | Reduce -70.0% | 0.17% | −0.23 |
| EXK Endeavour Silver Corp. | Sold out | 0.00% | −0.23 |
| B Barrick Mining Corp. | Reduce -54.1% | 0.25% | −0.21 |
| AES AES Corp. | Sold out | 0.00% | −0.21 |
| UWMC Uwm Holdings Corp. | Sold out | 0.00% | −0.20 |
| CTRA Coterra Energy Inc. | Reduce -84.0% | 0.07% | −0.19 |
| SRAD Sportradar Group AG-A | Reduce -94.0% | 0.01% | −0.19 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.18 |
Portfolio Buys Q4 2025 → Q1 2026
| COPX Global X Copper Miners ETF | New | 1.39% | +1.39 |
| AVGO Broadcom Inc. | Add +399.5% | 1.38% | +1.13 |
| SOC Sable Offshore Corp. | Add +45.1% | 1.56% | +1.10 |
| SO The Southern Co. | New | 0.90% | +0.90 |
| FIX Comfort Systems USA Inc. | New | 0.86% | +0.86 |
| AAL American Airlines Group Inc. | Add +307.9% | 1.18% | +0.85 |
| ROST Ross Stores Inc. | Add +1025.0% | 0.85% | +0.80 |
| ECHO Echostar Corp. Class A | Add +31.0% | 1.77% | +0.78 |
| VG Venture Global Inc. Class A | New | 0.75% | +0.75 |
| AA Alcoa Corp. | Add +290.4% | 0.89% | +0.75 |
| SLV iShares Silver Trust | New | 0.73% | +0.73 |
| WMB Williams Cos Inc. | New | 0.71% | +0.71 |
| FPS Forgent Power Solutions Class A | New | 0.70% | +0.70 |
| ZION Zions Bancorp NA | New | 0.68% | +0.68 |
| MDLN Medline Inc. Class A | Add +193.3% | 0.87% | +0.65 |
| LIT Global X Lithium & Battery T | New | 0.57% | +0.57 |
| CENX Century Aluminum Company | Add +68.1% | 0.81% | +0.55 |
| NET Cloudflare Inc. Class A | New | 0.54% | +0.54 |
| PNFP Pinnacle Financial Partners | New | 0.53% | +0.53 |
| TSLA Tesla Inc. | New | 0.50% | +0.50 |
| CIEN Ciena Corp. | New | 0.49% | +0.49 |
| PAAS Pan American Silver Corp. | Add +102.7% | 0.77% | +0.48 |
| SHW The Sherwin-Williams Co. | Add +41.0% | 1.11% | +0.48 |
| VST Vistra Corp. | New | 0.47% | +0.47 |
| DOCN Digitalocean Holdings Inc. | New | 0.47% | +0.47 |
| AMRZ Amrize Ltd. | Add +114.0% | 0.70% | +0.45 |
| EEM iShares MSCI Emerging Market | New | 0.44% | +0.44 |
| GE General Electric | New | 0.44% | +0.44 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.44% | +0.44 |
| HTO H2O America | Add +172.1% | 0.58% | +0.44 |
| UNIT Uniti Group Inc. | New | 0.43% | +0.43 |
| AAPL Apple Inc. | Add +98.4% | 0.75% | +0.43 |
| CNP Centerpoint Energy Inc. | Add +72.7% | 0.71% | +0.42 |
| PH Parker Hannifin Corp. | Add +53.7% | 0.84% | +0.41 |
| GIL Gildan Activewear Inc. | Add +240.7% | 0.56% | +0.41 |
| KGC Kinross Gold Corp. | New | 0.41% | +0.41 |
| KEY Keycorp | New | 0.41% | +0.41 |
| WTFC Wintrust Financial Corp. | New | 0.40% | +0.40 |
| FNV Franco-Nevada Corp. | New | 0.39% | +0.39 |
| CRWV Coreweave Inc. Class A | New | 0.39% | +0.39 |
| FCX Freeport-McMoran Inc. | Add +40.1% | 0.76% | +0.39 |
| VLY Valley National Bancorp | New | 0.38% | +0.38 |
| VSNT Versant Media Group Inc. | New | 0.38% | +0.38 |
| RVTY Revvity Inc. | New | 0.38% | +0.38 |
| JBLU Jetblue Airways Corp. | New | 0.36% | +0.36 |
| VALE Vale SA-SP ADR | New | 0.35% | +0.35 |
| CG The Carlyle Group Inc. | New | 0.34% | +0.34 |
| SKM SK Telecom Co. Ltd.-Spon ADR | New | 0.34% | +0.34 |
| MSFT Microsoft Corp. | Add +72.8% | 0.85% | +0.34 |
| NOW ServiceNow Inc. | New | 0.34% | +0.34 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -46.7% | 400,000 | $260.1M |
| IWM iShares Russell 2000 ETF | put | Reduce -30.8% | 900,000 | $223.2M |
| QQQ Invesco QQQ Trust Series 1 | call | Sold out | 150,000 | $92.1Mbefore exit |
| MU Micron Technology Inc. | call | Sold out | 300,000 | $85.6Mbefore exit |
| KWEB Kranesh Csi China Internet | call | Sold out | 2,400,000 | $81.7Mbefore exit |
| TSLA Tesla Inc. | put | New | 200,000 | $74.3M |
| AVGO Broadcom Inc. | call | Sold out | 200,000 | $69.2Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -66.7% | 100,000 | $57.7M |
| IWM iShares Russell 2000 ETF | call | Reduce -50.0% | 150,000 | $37.2M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 50,000 | $34.1Mbefore exit |
| IGV iShares Expanded Tech-Softwa | call | New | 400,000 | $32.0M |
| ITB iShares U.S. Home Constructi | put | Sold out | 300,000 | $28.9Mbefore exit |
| COF Capital One Financial Corp. | call | New | 150,000 | $27.4M |
| XRT SS SPDR S&P Retail ETF | put | Sold out | 300,000 | $25.6Mbefore exit |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 300,000 | $19.4Mbefore exit |
| MU Micron Technology Inc. | put | New | 50,000 | $16.9M |
| PATH Uipath Inc. Class A | put | Sold out | 1,000,000 | $16.4Mbefore exit |
| NTNX Nutanix Inc. Class A | call | New | 400,000 | $15.2M |
| WBD Warner Bros Discovery Inc. | call | Sold out | 500,000 | $14.4Mbefore exit |
| SGML Sigma Lithium Corp. | call | Sold out | 764,400 | $10.1Mbefore exit |
| KVUE Kenvue Inc. | call | Sold out | 500,000 | $8.6Mbefore exit |
| CLF Cleveland-Cliffs Inc. | call | Sold out | 649,300 | $8.6Mbefore exit |
| CPRI Capri Holdings Ltd. | call | New | 400,000 | $7.0M |
| VRNS Varonis Systems Inc. | call | New | 200,000 | $4.3M |
| ALIT Alight Inc. Class A | call | Sold out | 981,000 | $1.9Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| XRXDW Xerox Holdings Corp. | *W EXP 02/11/202 | Add +70.7% | 597,540 | $54K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |