BW Gestao de Investimentos Ltda.

Name: BW Gestao de Investimentos Ltda. 13F holdings, Q1 2026
Creator: BW Gestao de Investimentos Ltda.
Published: 2026-04-28

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
VALE Vale SA-SP ADR	0.35%	500,000	$8.0M	New
VIST Vista Energy Sab DE CV	0.35%	105,222	$7.9M	Add +136.4%
CG The Carlyle Group Inc.	0.34%	160,000	$7.7M	New
SKM SK Telecom Co. Ltd.-Spon ADR	0.34%	264,247	$7.7M	New
ALB Albemarle Corp.	0.34%	42,621	$7.7M	Reduce -67.8%
PFSI Pennymac Financial Services	0.34%	87,500	$7.6M	Reduce -2.8%
NOW ServiceNow Inc.	0.34%	72,311	$7.6M	New
ALLY Ally Financial Inc.	0.33%	189,968	$7.5M	New
LUV Southwest Airlines Co.	0.32%	190,089	$7.1M	Reduce -15.0%
TKR Timken Co.	0.31%	70,183	$7.1M	Reduce -43.7%
AS Amer Sports Inc.	0.31%	210,953	$6.9M	Add +170.3%
SEI Solaris Energy Infrastructur	0.31%	122,832	$6.9M	Reduce -9.9%
SNOW Snowflake Inc.	0.30%	44,205	$6.7M	New
FOUR SHIFT4 Payments Inc. Class A	0.30%	151,827	$6.6M	Reduce -78.0%
FITB Fifth Third Bancorp	0.28%	135,000	$6.3M	New
EVR Evercore Inc. Class A	0.28%	21,010	$6.3M	Reduce -2.3%
AGI Alamos Gold Inc. Class A	0.28%	140,461	$6.2M	New
TCBI Texas Capital Bancshares Inc.	0.27%	65,000	$6.2M	New
CNOB Connectone Bancorp Inc.	0.27%	230,000	$6.2M	Add +41.5%
BTI British American Tob-SP ADR	0.27%	105,229	$6.2M	Add +35.0%
BANR Banner Corporation	0.27%	100,000	$6.1M	New
IBOC International Bancshares CRP	0.27%	90,000	$6.1M	Add +28.6%
APO Apollo Global Management Inc.	0.27%	53,772	$6.0M	New
BFH Bread Financial Holdings Inc.	0.27%	80,000	$6.0M	New
PNC PNC Financial Services Group	0.27%	28,753	$6.0M	New
CNR Core Natural Resources Inc.	0.27%	57,071	$6.0M	Reduce -44.3%
ARKK ARK Innovation ETF	0.26%	87,577	$5.9M	No change
B Barrick Mining Corp.	0.25%	140,461	$5.7M	Reduce -54.1%
CDE Coeur Mining Inc.	0.25%	300,000	$5.6M	Reduce -8.7%
NEM Newmont Corp.	0.25%	51,963	$5.6M	Add +788.6%
EPAM Epam Systems Inc.	0.25%	41,300	$5.6M	Reduce -0.1%
AER Aercap Holdings NV	0.24%	40,000	$5.5M	No change
CCJ Cameco Corp.	0.24%	50,000	$5.4M	Reduce -78.5%
PPG PPG Industries Inc.	0.24%	50,000	$5.3M	New
INTU Intuit Inc.	0.23%	11,877	$5.1M	New
CSTM Constellium SE	0.23%	207,096	$5.1M	Reduce -62.1%
AEM Agnico Eagle Mines Ltd.	0.23%	25,000	$5.1M	New
BIRK Birkenstock Holding PLC	0.22%	139,100	$5.0M	Reduce -67.3%
V Visa Inc. Class A	0.22%	16,327	$4.9M	Add +169.0%
HUBS HubSpot Inc.	0.22%	20,150	$4.9M	New
PRGO Perrigo Co. PLC	0.22%	456,548	$4.9M	Reduce -64.3%
AMD Advanced Micro Devices	0.21%	23,700	$4.8M	New
INTC Intel Corp.	0.21%	108,000	$4.8M	New
QCOM Qualcomm Inc.	0.21%	36,900	$4.8M	New
ZS Zscaler Inc.	0.21%	32,984	$4.6M	New
NVDA Nvidia Corp.	0.20%	26,400	$4.6M	New
TEAM Atlassian Corp. Class A	0.20%	67,442	$4.6M	New
SGML Sigma Lithium Corp.	0.20%	372,952	$4.6M	Add +43.3%
OKTA Okta Inc.	0.20%	56,431	$4.4M	New
ALIT Alight Inc. Class A	0.19%	7,507,026	$4.4M	Reduce -6.8%
AUGO Aura Minerals Inc.	0.19%	52,666	$4.3M	New
DDOG Datadog Inc. Class A	0.18%	34,603	$4.1M	New
DNN Denison Mines Corp.	0.18%	1,127,170	$4.0M	Reduce -39.0%
CLF Cleveland-Cliffs Inc.	0.18%	466,770	$3.9M	Reduce -19.9%
TAN Invesco Solar ETF	0.17%	70,165	$3.9M	Reduce -70.0%
HLI Houlihan Lokey Inc.	0.16%	25,816	$3.7M	Reduce -33.8%
CMC Commercial Metals Co.	0.16%	60,000	$3.7M	New
VRNS Varonis Systems Inc.	0.16%	171,584	$3.7M	Reduce -34.8%
STLD Steel Dynamics Inc.	0.16%	20,000	$3.6M	New
CE Celanese Corp.	0.16%	54,097	$3.6M	New
LOW Lowe's Cos Inc.	0.16%	15,005	$3.5M	Reduce -49.6%
TBBK The Bancorp Inc.	0.16%	65,000	$3.5M	Reduce -40.9%
NXE Nexgen Energy Ltd.	0.15%	300,000	$3.5M	Reduce -55.7%
BTU Peabody Energy Corp.	0.15%	105,101	$3.5M	New
NUE Nucor Corp.	0.15%	20,000	$3.4M	New
ICE Intercontinental Exchange Inc.	0.15%	20,984	$3.3M	Reduce -71.7%
XOP SS SPDR S&P Og Exp & Prod	0.15%	17,955	$3.3M	No change
CRWD CrowdStrike Holdings Inc. Class A	0.14%	8,279	$3.2M	New
ZM Zoom Communications Inc.	0.14%	40,058	$3.2M	New
SAIL Sailpoint Inc.	0.14%	240,664	$3.2M	New
HBM Hudbay Minerals Inc.	0.14%	150,000	$3.1M	New
HCC Warrior Met Coal Inc.	0.14%	32,869	$3.1M	New
GOOGL Alphabet Inc. Class A	0.13%	10,420	$3.0M	New
TEX Terex Corp.	0.13%	50,000	$3.0M	No change
PCTY Paylocity Holding Corp.	0.12%	25,881	$2.8M	New
CHKP Check Point Software Tech	0.12%	18,125	$2.6M	New
EQT Eqt Corp.	0.11%	40,533	$2.6M	Reduce -84.2%
DELL Dell Technologies -C	0.11%	15,700	$2.6M	New
PAM Pampa Energia SA-Spon ADR	0.11%	29,043	$2.6M	Reduce -17.2%
HPQ HP Inc.	0.11%	132,682	$2.5M	New
POR Portland General Electric Co.	0.11%	48,188	$2.5M	New
EXE Expand Energy Corp.	0.11%	22,992	$2.5M	Reduce -84.3%
MEOH Methanex Corp.	0.11%	42,106	$2.5M	New
EC Ecopetrol SA-Sponsored ADR	0.11%	161,246	$2.4M	New
KVYO Klaviyo Inc. Class A	0.10%	118,802	$2.3M	New
ARM Arm Holdings PLC-ADR	0.10%	14,980	$2.3M	New
RBRK Rubrik Inc. Class A	0.10%	46,093	$2.3M	New
BKR Baker Hughes Co.	0.10%	35,148	$2.1M	New
OPTU Optimum Communications Inc. Class A	0.09%	1,631,757	$2.1M	Add +66.4%
TWLO Twilio Inc. Class A	0.09%	16,514	$2.1M	New
STM Stmicroelectronics NV-NY SHS	0.09%	60,000	$2.1M	New
COHR Coherent Corp.	0.09%	8,600	$2.0M	New
AGBK Agi Inc. Class A	0.09%	280,641	$2.0M	New
XP XP Inc. Class A	0.09%	105,108	$2.0M	Reduce -73.0%
OUST Ouster Inc.	0.09%	106,000	$1.9M	New
BZH Beazer Homes USA Inc.	0.08%	95,300	$1.8M	New
TEL Te Connectivity PLC	0.08%	8,600	$1.8M	New
KBH KB Home	0.08%	34,400	$1.8M	New
CGNX Cognex Corp.	0.08%	35,800	$1.8M	New
ALGM Allegro Microsystems Inc.	0.08%	55,000	$1.7M	New
SR Spire Inc.	0.08%	19,000	$1.7M	New
MOG.A Moog Inc. Class A	0.08%	5,800	$1.7M	New
LDI Loandepot Inc. Class A	0.07%	1,147,784	$1.6M	New
CTRA Coterra Energy Inc.	0.07%	45,443	$1.6M	Reduce -84.0%
XRX Xerox Holdings Corp.	0.07%	1,195,080	$1.5M	Add +70.7%
RKT Rocket Cos Inc. Class A	0.07%	105,966	$1.5M	Add +331.8%
MWH Solv Energy Inc. Class A	0.07%	50,000	$1.5M	New
HLNE Hamilton Lane Inc. Class A	0.07%	15,000	$1.5M	Reduce -67.0%
PBR Petroleo Brasileiro-Spon ADR	0.06%	70,033	$1.5M	New
GT Goodyear Tire & Rubber Co.	0.06%	218,470	$1.4M	Reduce -18.1%
TRMB Trimble Inc.	0.06%	22,100	$1.4M	New
ENLT Enlight Renewable Energy Ltd.	0.06%	21,076	$1.4M	New
TDY Teledyne Technologies Inc.	0.06%	2,300	$1.4M	New
NSC Norfolk Southern Corp.	0.06%	4,822	$1.4M	New
MDB Mongodb Inc.	0.06%	5,631	$1.4M	New
DHI D.R. Horton Inc.	0.06%	10,000	$1.4M	New
ON On Semiconductor	0.06%	21,000	$1.3M	New
JAN Janus Living Inc. Class-A-1	0.05%	50,000	$1.2M	New
BOBS Bob's Discount Furniture	0.05%	100,000	$1.2M	New
FRSH Freshworks Inc. Class A	0.05%	135,332	$1.1M	New
CBC Central Bancompany	0.05%	45,000	$1.1M	Add +28.6%
PICS Pics NV	0.05%	100,000	$1.0M	New
PLTR Palantir Technologies Inc. Class A	0.05%	6,997	$1.0M	New
AR Antero Resources Corp.	0.04%	23,653	$1.0M	Reduce -84.6%
QLYS Qualys Inc.	0.04%	11,309	$993K	New
CNNE Cannae Holdings Inc.	0.04%	71,015	$807K	No change
LLY Eli Lilly & Co.	0.04%	865	$796K	New
HD Home Depot Inc.	0.03%	2,319	$763K	New
LEN Lennar Corp. Class A	0.03%	8,380	$728K	New
UNH Unitedhealth Group Inc.	0.03%	2,642	$715K	New
RRC Range Resources Corp.	0.03%	15,390	$695K	Reduce -84.3%
CNX CNX Resources Corp.	0.03%	17,056	$658K	Reduce -84.3%
BMY Bristol-Myers Squibb Co.	0.03%	10,516	$638K	New
CRK Comstock Resources Inc.	0.02%	24,772	$522K	Reduce -83.7%
MPC Marathon Petroleum Corp.	0.02%	2,130	$520K	New
CAT Caterpillar Inc.	0.02%	680	$482K	No change
MRK Merck & Co. Inc.	0.02%	3,785	$455K	New
TRGP Targa Resources Corp.	0.02%	1,675	$420K	New
PLD Prologis Inc.	0.02%	3,138	$415K	New
GPOR Gulfport Energy Corp.	0.02%	1,895	$401K	Reduce -83.9%
FLUT Flutter Entertainment PLC-Di	0.02%	3,728	$380K	Reduce -76.1%
SCHW Schwab (charles) Corp.	0.02%	3,935	$370K	New
KO The Coca-Cola Co.	0.02%	4,817	$366K	New
CTVA Corteva Inc.	0.01%	3,979	$333K	New
AON Aon PLC Class A	0.01%	954	$308K	New
SYK Stryker Corp.	0.01%	812	$267K	New
TMO Thermo Fisher Scientific Inc.	0.01%	533	$262K	New
AU Anglogold Ashanti PLC	0.01%	2,632	$256K	New
SPG Simon Property Group Inc.	0.01%	1,304	$243K	New
SLB SLB Ltd. filed as SLB LIMITED	0.01%	4,654	$239K	New
MCO Moody's Corp.	0.01%	539	$235K	New
SRAD Sportradar Group AG-A	0.01%	13,993	$234K	Reduce -94.0%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.01%	3,517	$228K	New
MTD Mettler-Toledo International	0.01%	161	$203K	New
CPT Camden Property Trust	0.01%	2,077	$203K	New
CRH CRH PLC	0.01%	1,910	$201K	Reduce -96.8%
DOC Healthpeak Properties Inc.	0.01%	11,304	$186K	New

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