BW Gestao de Investimentos Ltda.

CIK

1568280

Location

SAO PAULO, D5

Portfolio Value

Mid $2,351,073,518

Diversification

Diversified

Filing Date

Global Rank

#1,095 / 8,622 ▼ 141 · as of Mar 2026

Top Industry

Software - Infrastructure 8.2%

3Y Alpha vs SPY

-3.3%

Period ended 4 months ago

Filed Apr 28, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of BW Gestao de Investimentos Ltda.'s reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 65% that is ordinary stock — as little as 29% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+54.2%

SPY

+67.9%

Annualised alpha

-3.3%

Max drawdown

−21.4%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 65% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

248 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.1%

−7.5 pts

Top 5

22.7%

−14.8 pts

Top 10

30.4%

−15.8 pts

HHI

206

Diversified−301

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	16.9%	$398,143,775	58
Unclassified	14.2%	$334,239,966	3
Financial Services	12.3%	$289,254,011	39
Basic Materials	11.5%	$270,682,001	33
Industrials	10.8%	$253,343,588	23
Utilities	10.1%	$237,622,140	20
Consumer Cyclical	10.1%	$236,716,055	21
Energy	5.2%	$122,503,480	24
Healthcare	4.1%	$96,779,825	11
Communication Services	3.6%	$84,688,241	7
Consumer Defensive	0.6%	$15,225,046	3
Real Estate	0.5%	$11,875,390	6

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
AAL	American Airlines Group Inc.	+1,863,000	2,468,000	$26,506,320
CLVT	Clarivate PLC	+1,577,621	5,922,942	$14,985,043
SOC	Sable Offshore Corp.	+661,883	2,129,105	$35,172,814
OPTU	Optimum Communications, Inc.	+650,960	1,631,757	$2,121,284
XRX	Xerox Holdings Corp	+495,080	1,195,080	$1,541,653
PSKY	Paramount Skydance Corp	+464,187	1,029,101	$9,282,491
NTNX	Nutanix, Inc.	+366,490	1,029,564	$39,133,727
CPRI	Capri Holdings Ltd	+329,763	1,597,136	$28,141,536
MDLN	Medline Inc.	+290,000	440,000	$19,580,000
AA	Alcoa Corp	+224,903	302,358	$20,055,406
PAAS	Pan American Silver Corp	+160,219	316,199	$17,273,951
GIL	Gildan Activewear Inc.	+158,542	224,406	$12,488,193
CNP	Centerpoint Energy Inc	+155,604	369,592	$15,951,590
AMRZ	Amrize Ltd	+149,854	281,311	$15,759,042
HTO	H2o America	+139,739	220,941	$12,962,608
AS	Amer Sports, Inc.	+132,895	210,953	$6,944,572
CENX	Century Aluminum Co	+125,089	308,758	$18,121,007
VRNS	Varonis Systems Inc	+108,415	371,584	$7,977,908
BKU	BankUnited, Inc.	+95,000	270,000	$12,193,200
COF	Capital One Financial Corp	+92,874	200,480	$36,573,566
FCX	Freeport-Mcmoran Inc	+82,894	289,832	$17,036,324
RKT	Rocket Companies, Inc.	+81,423	105,966	$1,510,015
ECHO	EchoStar CORP	+80,663	340,534	$39,866,315
ROST	Ross Stores, Inc.	+79,896	87,691	$18,996,501
SF	Stifel Financial Corp	+76,967	124,967	$9,237,560
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
PATH	UiPath, Inc.	−2,393,200	2,138,950	$23,742,345
ALIT	Alight, Inc. / Delaware	−1,533,177	7,507,026	$4,374,344
PRGO	PERRIGO Co plc	−820,521	456,548	$4,903,325
CLF	Cleveland-Cliffs Inc.	−765,154	466,770	$3,944,206
DNN	Denison Mines Corp.	−721,634	1,127,170	$3,978,910
SGML	Sigma Lithium Corp	−651,784	372,952	$4,602,227
FOUR	Shift4 Payments, Inc.	−537,961	151,827	$6,639,394
SPY	Spdr S&P 500 ETF Trust	−400,000	400,000	$260,136,000
WBD	Warner Bros. Discovery, Inc.	−400,000	515,928	$14,167,382
MU	Micron Technology Inc	−389,803	50,000	$16,892,000
NXE	NexGen Energy Ltd.	−377,146	300,000	$3,480,000
QQQ	Invesco Qqq Trust, Series 1	−350,000	100,000	$57,718,000
PCG	PG&E Corp	−342,616	583,172	$10,246,332
CSTM	Constellium SE	−339,174	207,096	$5,090,419
BIRK	Birkenstock Holding plc	−285,735	139,100	$4,983,953
XP	XP Inc.	−284,630	105,108	$2,001,256
PENN	PENN Entertainment, Inc.	−282,603	534,514	$8,033,745
CTRA	Coterra Energy Inc.	−239,457	45,443	$1,596,867
SRAD	Sportradar Group AG	−219,850	13,993	$234,242
EQT	EQT Corp	−215,267	40,533	$2,579,520
SOLS	Solstice Advanced Materials Inc.	−195,507	110,000	$8,377,600
CCJ	Cameco Corp	−182,949	50,000	$5,430,500
B	Barrick Mining Corp	−165,498	140,461	$5,729,404
FE	Firstenergy Corp	−138,605	200,293	$10,146,843
AR	ANTERO RESOURCES Corp	−129,543	23,653	$1,003,833
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
TSLA	Tesla, Inc.	230,000	$85,502,500
SO	Southern Co	209,292	$20,200,863
FIX	Comfort Systems USA Inc	14,023	$19,337,576
VG	Venture Global, Inc.	1,074,345	$16,931,677
SLV	iShares Silver Trust	240,475	$16,385,966
WMB	Williams Companies, Inc.	220,000	$16,011,600
FPS	Forgent Power Solutions, Inc.	540,000	$15,805,800
ZION	Zions Bancorporation, National Association /Ut/	265,000	$15,269,300
NET	Cloudflare, Inc.	58,779	$12,128,458
PNFP	Pinnacle Financial Partners, Inc.	137,604	$11,853,208
CIEN	Ciena Corp	28,085	$10,903,439
VST	Vistra Corp.	70,132	$10,542,943
DOCN	DigitalOcean Holdings, Inc.	122,624	$10,518,686
GE	General Electric Co	34,889	$9,900,451
UNIT	Uniti Group Inc.	1,028,818	$9,650,312
KGC	Kinross Gold Corp	300,542	$9,172,541
KEY	Keycorp /New/	456,944	$9,161,727
WTFC	Wintrust Financial Corp	65,000	$9,031,100
FNV	FRANCO NEVADA Corp	35,702	$8,820,179
CRWV	CoreWeave, Inc.	112,560	$8,720,023
VLY	Valley National Bancorp	700,000	$8,596,000
VSNT	Versant Media Group, Inc.	230,000	$8,514,600
RVTY	Revvity, Inc.	96,830	$8,483,276
JBLU	Jetblue Airways Corp	1,850,000	$8,177,000
VALE	Vale S.A.	500,000	$7,955,000
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
FTAI	FTAI Aviation Ltd.	117,104	$23,051,922
LIN	Linde PLC	48,000	$20,466,720
SQM	Chemical & Mining Co Of Chile Inc	283,254	$19,487,875
BAC	Bank Of America Corp /De/	324,823	$17,865,265
HBAN	Huntington Bancshares Inc /Md/	1,020,000	$17,697,000
SRE	Sempra	188,347	$16,629,156
CVS	CVS HEALTH Corp	200,000	$15,872,000
KVUE	Kenvue Inc.	800,000	$13,800,000
ETR	Entergy Corp /De/	142,048	$13,129,496
PB	Prosperity Bancshares Inc	174,867	$12,085,058
WBS	Webster Financial Corp	190,021	$11,959,921
USB	US Bancorp De	221,316	$11,809,421
SSB	SouthState Bank Corp	125,005	$11,764,220
KKR	KKR & Co. Inc.	92,003	$11,728,542
HUT	Hut 8 Corp.	233,843	$10,742,747
SKE	Skeena Resources Ltd	438,147	$10,397,228
CHRW	C. H. Robinson Worldwide, Inc.	62,358	$10,024,672
RS	Reliance, Inc.	34,666	$10,013,967
CVNA	Carvana Co.	23,359	$9,857,965
C	Citigroup Inc	78,337	$9,141,144
MKTX	Marketaxess Holdings Inc	49,500	$8,971,875
TTMI	Ttm Technologies Inc	116,921	$8,067,549
AUB	Atlantic Union Bankshares Corp	210,000	$7,413,000
TRU	TransUnion	77,948	$6,684,041
EXK	Endeavour Silver Corp	684,629	$6,435,512
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

248 tracked positions · $2,351,073,518 total · filing declares 270 positions · $3,008,905,839 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 248 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT	Reduced	400,000	-400,000	$260,136,000	−52.3%	11.06%
TSLA	Tesla, Inc. PUT + SHARES Consumer Cyclical	NEW	230,000	NEW	$85,502,500	NEW	3.64%
RBA	Rb Global Inc. Industrials	Reduced	725,236	-60,711	$69,513,870	−14.0%	2.96%
THC	Tenet Healthcare Corp Healthcare	Reduced	320,480	-36,955	$60,477,780	−14.9%	2.57%
QQQ	Invesco Qqq Trust, Series 1 PUT	Reduced	100,000	-350,000	$57,718,000	−79.1%	2.45%
ECHO	EchoStar CORP Communication Services	Added	340,534	+80,663	$39,866,315	+41.1%	1.70%
NTNX	Nutanix, Inc. CALL + SHARES Technology	Added	1,029,564	+366,490	$39,133,727	+14.2%	1.66%
COF	Capital One Financial Corp CALL + SHARES Financial Services	Added	200,480	+92,874	$36,573,566	+40.2%	1.56%
SOC	Sable Offshore Corp. Energy	Added	2,129,105	+661,883	$35,172,814	+165.8%	1.50%
AVGO	Broadcom Inc. Technology	Reduced	99,900	-120,100	$30,920,049	−59.4%	1.32%
CPRI	Capri Holdings Ltd CALL + SHARES Consumer Cyclical	Added	1,597,136	+329,763	$28,141,536	−9.0%	1.20%
AAL	American Airlines Group Inc. Industrials	Added	2,468,000	+1,863,000	$26,506,320	+185.8%	1.13%
SHW	Sherwin Williams Co Basic Materials	Added	77,858	+22,644	$24,957,381	+39.5%	1.06%
PATH	UiPath, Inc. CALL + SHARES Technology	Reduced	2,138,950	-2,393,200	$23,742,345	−68.0%	1.01%
BX	Blackstone Inc. Financial Services	Added	195,580	+46,804	$22,489,744	−1.9%	0.96%
ECL	Ecolab Inc. Basic Materials	Reduced	82,354	-38,433	$21,907,811	−30.9%	0.93%
DKS	Dick's Sporting Goods, Inc. Consumer Cyclical	Added	108,365	+4,317	$21,487,695	+4.3%	0.91%
SO	Southern Co Utilities	NEW	209,292	NEW	$20,200,863	NEW	0.86%
AEP	American Electric Power Co Inc Utilities	Reduced	153,248	-16,613	$20,087,747	+2.6%	0.85%
AA	Alcoa Corp Basic Materials	Added	302,358	+224,903	$20,055,406	+387.3%	0.85%
MDLN	Medline Inc. Healthcare	Added	440,000	+290,000	$19,580,000	+210.8%	0.83%
XEL	Xcel Energy Inc Utilities	Added	244,237	+1,780	$19,402,187	+8.3%	0.83%
FIX	Comfort Systems USA Inc Industrials	NEW	14,023	NEW	$19,337,576	NEW	0.82%
MSFT	Microsoft Corp Technology	Added	51,809	+21,833	$19,178,137	+32.3%	0.82%
ROST	Ross Stores, Inc. Consumer Cyclical	Added	87,691	+79,896	$18,996,501	+1252.8%	0.81%
PH	Parker-Hannifin Corp Industrials	Added	21,068	+7,359	$18,860,916	+56.5%	0.80%
TLN	Talen Energy Corp Utilities	Added	58,984	+907	$18,829,462	−13.5%	0.80%
ED	Consolidated Edison Inc Utilities	Reduced	163,042	-18,023	$18,453,093	+2.6%	0.78%
GLOB	Globant S.A. Technology	Added	395,524	+36,037	$18,237,611	−22.4%	0.78%
CENX	Century Aluminum Co Basic Materials	Added	308,758	+125,089	$18,121,007	+151.8%	0.77%
PAAS	Pan American Silver Corp Basic Materials	Added	316,199	+160,219	$17,273,951	+113.8%	0.73%
FCX	Freeport-Mcmoran Inc Basic Materials	Added	289,832	+82,894	$17,036,324	+62.1%	0.72%
VG	Venture Global, Inc. Energy	NEW	1,074,345	NEW	$16,931,677	NEW	0.72%
MU	Micron Technology Inc PUT Technology	Reduced	50,000	-389,803	$16,892,000	−86.5%	0.72%
AAPL	Apple Inc. Technology	Added	66,396	+32,930	$16,850,640	+85.2%	0.72%
SLV	iShares Silver Trust	NEW	240,475	NEW	$16,385,966	NEW	0.70%
WMB	Williams Companies, Inc. Energy	NEW	220,000	NEW	$16,011,600	NEW	0.68%
CNP	Centerpoint Energy Inc Utilities	Added	369,592	+155,604	$15,951,590	+94.4%	0.68%
FPS	Forgent Power Solutions, Inc. Industrials	NEW	540,000	NEW	$15,805,800	NEW	0.67%
AMRZ	Amrize Ltd Basic Materials	Added	281,311	+149,854	$15,759,042	+121.7%	0.67%
ZION	Zions Bancorporation, National Association /Ut/ Financial Services	NEW	265,000	NEW	$15,269,300	NEW	0.65%
CLVT	Clarivate PLC Technology	Added	5,922,942	+1,577,621	$14,985,043	+3.2%	0.64%
SWX	Southwest Gas Holdings, Inc. Utilities	Reduced	165,257	-9,590	$14,360,833	+2.6%	0.61%
IDA	Idacorp Inc Utilities	Added	99,581	+8,841	$14,237,095	+24.0%	0.61%
WBD	Warner Bros. Discovery, Inc. Communication Services	Reduced	515,928	-400,000	$14,167,382	−46.3%	0.60%
PLNT	Planet Fitness, Inc. Consumer Cyclical	Added	189,638	+41,086	$14,105,274	−12.5%	0.60%
UGI	Ugi Corp /Pa/ Utilities	Reduced	377,800	-23,794	$13,759,476	−8.5%	0.59%
IFF	International Flavors & Fragrances Inc Basic Materials	Reduced	180,357	-73,947	$13,084,900	−23.6%	0.56%
HTO	H2o America Utilities	Added	220,941	+139,739	$12,962,608	+225.9%	0.55%
NRG	Nrg Energy, Inc. Utilities	Reduced	87,698	-68,197	$12,816,185	−48.4%	0.55%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.