BW Gestao de Investimentos Ltda.

CIK

1568280

Location

SAO PAULO, D5

Portfolio Value

Mid $2,431,761,902

Diversification

Diversified

Filing Date

Global Rank

#1,073 / 8,603 ▼ 187 · as of Mar 2026

Top Industry

Software - Infrastructure 7.7%

3Y Alpha vs SPY

-23.1%

Period ended 3 months ago

Filed Apr 28, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

-7.1%

SPY

+76.5%

Annualised alpha

-23.3%

Max drawdown

−46.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

10.7%

−6.0 pts

Top 5

23.2%

−19.1 pts

Top 10

31.7%

−19.7 pts

HHI

205

Diversified−322

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	19.7%	$478,832,159	58
Unclassified	13.7%	$334,239,966	3
Financial Services	11.9%	$289,254,011	39
Basic Materials	11.1%	$270,682,001	33
Industrials	10.4%	$253,343,588	23
Utilities	9.8%	$237,622,140	20
Consumer Cyclical	9.7%	$236,716,055	21
Energy	5.0%	$122,503,480	24
Healthcare	4.0%	$96,779,825	11
Communication Services	3.5%	$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	$87,486,881
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
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
AES	Aes Corp	415,406	$5,956,922
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

248 positions · $2,431,761,902 total · 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	Reduced	400,000	-400,000	$260,136,000	−52.3%	10.70%
ALIT	Alight, Inc. / Delaware Technology	Reduced	7,507,026	-1,533,177	$87,486,881	−75.2%	3.60%
TSLA	Tesla, Inc. Consumer Cyclical	NEW	230,000	NEW	$85,502,500	NEW	3.52%
RBA	Rb Global Inc. Industrials	Reduced	725,236	-60,711	$69,513,870	−14.0%	2.86%
THC	Tenet Healthcare Corp Healthcare	Reduced	320,480	-36,955	$60,477,780	−14.9%	2.49%
QQQ	Invesco Qqq Trust, Series 1	Reduced	100,000	-350,000	$57,718,000	−79.1%	2.37%
ECHO	EchoStar CORP Communication Services	Added	340,534	+80,663	$39,866,315	+41.1%	1.64%
NTNX	Nutanix, Inc. Technology	Added	1,029,564	+366,490	$39,133,727	+14.2%	1.61%
COF	Capital One Financial Corp Financial Services	Added	200,480	+92,874	$36,573,566	+40.2%	1.50%
SOC	Sable Offshore Corp. Energy	Added	2,129,105	+661,883	$35,172,814	+165.8%	1.45%
AVGO	Broadcom Inc. Technology	Reduced	99,900	-120,100	$30,920,049	−59.4%	1.27%
CPRI	Capri Holdings Ltd Consumer Cyclical	Added	1,597,136	+329,763	$28,141,536	−9.0%	1.16%
AAL	American Airlines Group Inc. Industrials	Added	2,468,000	+1,863,000	$26,506,320	+185.8%	1.09%
SHW	Sherwin Williams Co Basic Materials	Added	77,858	+22,644	$24,957,381	+39.5%	1.03%
PATH	UiPath, Inc. Technology	Reduced	2,138,950	-2,393,200	$23,742,345	−68.0%	0.98%
BX	Blackstone Inc. Financial Services	Added	195,580	+46,804	$22,489,744	−1.9%	0.92%
ECL	Ecolab Inc. Basic Materials	Reduced	82,354	-38,433	$21,907,811	−30.9%	0.90%
DKS	Dick's Sporting Goods, Inc. Consumer Cyclical	Added	108,365	+4,317	$21,487,695	+4.3%	0.88%
SO	Southern Co Utilities	NEW	209,292	NEW	$20,200,863	NEW	0.83%
AEP	American Electric Power Co Inc Utilities	Reduced	153,248	-16,613	$20,087,747	+2.6%	0.83%
AA	Alcoa Corp Basic Materials	Added	302,358	+224,903	$20,055,406	+387.3%	0.82%
MDLN	Medline Inc. Healthcare	Added	440,000	+290,000	$19,580,000	+210.8%	0.81%
XEL	Xcel Energy Inc Utilities	Added	244,237	+1,780	$19,402,187	+8.3%	0.80%
FIX	Comfort Systems USA Inc Industrials	NEW	14,023	NEW	$19,337,576	NEW	0.80%
MSFT	Microsoft Corp Technology	Added	51,809	+21,833	$19,178,137	+32.3%	0.79%
ROST	Ross Stores, Inc. Consumer Cyclical	Added	87,691	+79,896	$18,996,501	+1252.8%	0.78%
PH	Parker-Hannifin Corp Industrials	Added	21,068	+7,359	$18,860,916	+56.5%	0.78%
TLN	Talen Energy Corp Utilities	Added	58,984	+907	$18,829,462	−13.5%	0.77%
ED	Consolidated Edison Inc Utilities	Reduced	163,042	-18,023	$18,453,093	+2.6%	0.76%
GLOB	Globant S.A. Technology	Added	395,524	+36,037	$18,237,611	−22.4%	0.75%
CENX	Century Aluminum Co Basic Materials	Added	308,758	+125,089	$18,121,007	+151.8%	0.75%
PAAS	Pan American Silver Corp Basic Materials	Added	316,199	+160,219	$17,273,951	+113.8%	0.71%
FCX	Freeport-Mcmoran Inc Basic Materials	Added	289,832	+82,894	$17,036,324	+62.1%	0.70%
VG	Venture Global, Inc. Energy	NEW	1,074,345	NEW	$16,931,677	NEW	0.70%
MU	Micron Technology Inc Technology	Reduced	50,000	-389,803	$16,892,000	−86.5%	0.69%
AAPL	Apple Inc. Technology	Added	66,396	+32,930	$16,850,640	+85.2%	0.69%
SLV	iShares Silver Trust	NEW	240,475	NEW	$16,385,966	NEW	0.67%
WMB	Williams Companies, Inc. Energy	NEW	220,000	NEW	$16,011,600	NEW	0.66%
CNP	Centerpoint Energy Inc Utilities	Added	369,592	+155,604	$15,951,590	+94.4%	0.66%
FPS	Forgent Power Solutions, Inc. Industrials	NEW	540,000	NEW	$15,805,800	NEW	0.65%
AMRZ	Amrize Ltd Basic Materials	Added	281,311	+149,854	$15,759,042	+121.7%	0.65%
ZION	Zions Bancorporation, National Association /Ut/ Financial Services	NEW	265,000	NEW	$15,269,300	NEW	0.63%
CLVT	Clarivate PLC Technology	Added	5,922,942	+1,577,621	$14,985,043	+3.2%	0.62%
SWX	Southwest Gas Holdings, Inc. Utilities	Reduced	165,257	-9,590	$14,360,833	+2.6%	0.59%
IDA	Idacorp Inc Utilities	Added	99,581	+8,841	$14,237,095	+24.0%	0.59%
WBD	Warner Bros. Discovery, Inc. Communication Services	Reduced	515,928	-400,000	$14,167,382	−46.3%	0.58%
PLNT	Planet Fitness, Inc. Consumer Cyclical	Added	189,638	+41,086	$14,105,274	−12.5%	0.58%
UGI	Ugi Corp /Pa/ Utilities	Reduced	377,800	-23,794	$13,759,476	−8.5%	0.57%
IFF	International Flavors & Fragrances Inc Basic Materials	Reduced	180,357	-73,947	$13,084,900	−23.6%	0.54%
HTO	H2o America Utilities	Added	220,941	+139,739	$12,962,608	+225.9%	0.53%