CIK: 0001568280
Total reported value
$3.0B
Reporting period: 2026-03-31 · Number of holdings: 270
BW Gestao de Investimentos Ltda. disclosed 270 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.0B and a quarterly turnover rate of 90.9%.
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BW Gestao de Investimentos Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 270 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.36), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 14% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim RSP
-96.7% -$277.6M
Trim IVV
-59.4% -$310.1M
Trim QQQ
-77.8% -$218.7M
Trim SPY
-50.0% -$285.4M
Trim MU
-88.6% -$108.6M
Trim PATH
-52.8% -$50.5M
Showing top 200 holdings (of 270 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 8.65% | -0.24% | -34.38% | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 8.65% | -3.66% | -50.00% | |
| 3 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 6.51% | -4.91% | -59.39% | |
| 4 | TSLA | Tesla INC | Stock-Consumer Disc | 2.84% | +2.84% | NEW | |
| 5 | RBA | Rb Global INC | Stock-Industrials | 2.31% | — | -7.72% | |
| 6 | THC | Tenet Healthcare CORP | Stock-Healthcare | 2.01% | — | -10.34% | |
| 7 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.92% | -4.32% | -77.78% | |
| 8 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-Other | 1.37% | — | -21.74% | |
| 9 | ECHO | Echostar Corp-a | Stock-Comm Services | 1.32% | — | +31.04% | |
| 10 | NTNX | Nutanix INC - A | Stock-Tech | 1.30% | — | +55.27% | |
| 11 | COF | Capital One Financial CORP | Stock-Financials | 1.22% | — | +86.31% | |
| 12 | SOC | Sable Offshore CORP | Stock-Other | 1.17% | +0.87% | +45.11% | |
| 13 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 1.06% | +1.06% | NEW | |
| 14 | COPX | Global X Copper Miners ETF | ETF-Other | 1.04% | +1.04% | NEW | |
| 15 | AVGO | Broadcom INC | Stock-Tech | 1.03% | -0.69% | -54.59% | |
| 16 | XLV | Ss Health Care Select Sector | ETF-Other | 0.98% | — | -24.44% | |
| 17 | CPRI | Capri Holdings Limited | Stock-Consumer Disc | 0.94% | — | +26.02% | |
| 18 | AAL | American Airlines Group INC | Stock-Industrials | 0.88% | +0.67% | +307.93% | |
| 19 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.83% | — | +41.01% | |
| 20 | PATH | Uipath INC - Class A | Stock-Tech | 0.79% | -0.89% | -52.80% | |
| 21 | BX | Blackstone INC | Stock-Financials | 0.75% | — | +31.46% | |
| 22 | ECL | Ecolab INC | Stock-Materials | 0.73% | — | -31.82% | |
| 23 | DKS | Dick's Sporting Goods INC | Stock-Consumer Disc | 0.71% | — | +4.15% | |
| 24 | SO | Southern Co/the | Stock-Utilities | 0.67% | +0.67% | NEW | |
| 25 | AEP | American Electric Power | Stock-Utilities | 0.67% | — | -9.78% | |
| 26 | AA | Alcoa CORP | Stock-Materials | 0.67% | +0.58% | +290.37% | |
| 27 | MDLN | Medline Inc-cl A | Stock-Other | 0.65% | +0.51% | +193.33% | |
| 28 | XEL | Xcel Energy INC | Stock-Utilities | 0.64% | — | +0.73% | |
| 29 | FIX | Comfort Systems USA INC | Stock-Industrials | 0.64% | +0.64% | NEW | |
| 30 | MSFT | Microsoft CORP | Stock-Tech | 0.64% | — | +72.83% | |
| 31 | ROST | Ross Stores INC | Stock-Consumer Disc | 0.63% | +0.60% | +1024.96% | |
| 32 | PH | Parker Hannifin CORP | Stock-Industrials | 0.63% | — | +53.68% | |
| 33 | TLN | Talen Energy CORP | Stock-Utilities | 0.63% | — | +1.56% | |
| 34 | ED | Consolidated Edison INC | Stock-Utilities | 0.61% | — | -9.95% | |
| 35 | GLOB | Globant S.A. | Stock-Tech | 0.61% | — | +10.02% | |
| 36 | CENX | Century Aluminum Company | Stock-Materials | 0.60% | — | +68.11% | |
| 37 | PAAS | Pan American Silver CORP | Stock-Materials | 0.57% | — | +102.72% | |
| 38 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.57% | — | +40.06% | |
| 39 | VG | Venture Global Inc-cl A | Stock-Energy | 0.56% | +0.56% | NEW | |
| 40 | MU | Micron Technology INC | Stock-Tech | 0.56% | -2.27% | -88.63% | |
| 41 | AAPL | Apple INC | Stock-Tech | 0.56% | — | +98.40% | |
| 42 | SLV | Ishares Silver Trust | ETF-Commodities | 0.54% | +0.54% | NEW | |
| 43 | WMB | Williams Cos INC | Stock-Energy | 0.53% | +0.53% | NEW | |
| 44 | CNP | Centerpoint Energy INC | Stock-Utilities | 0.53% | — | +72.72% | |
| 45 | FPS | Forgent Power Solutions INC | Stock-Other | 0.53% | +0.53% | NEW | |
| 46 | AMRZ | Amrize Ltd | Stock-Materials | 0.52% | — | +113.99% | |
| 47 | ZION | Zions Bancorp NA | Stock-Financials | 0.51% | +0.51% | NEW | |
| 48 | CLVT | Clarivate Plc | Stock-Other | 0.50% | — | +36.31% | |
| 49 | SWX | Southwest Gas Holdings INC | Stock-Utilities | 0.48% | — | -5.48% | |
| 50 | IDA | Idacorp INC | Stock-Utilities | 0.47% | — | +9.74% |
Performance for Q3 2026
+6.2%
Performance Last 4 Quarters
-6.1%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 270 | $3.0B | 91 | |
| 2025-12-31 | 205 | $4.4B | 100 | |
| 2025-09-30 | 118 | $2.3B | 100 | |
| 2025-06-30 | 106 | $2.4B | 0 | |
| 2025-03-31 | 103 | $3.2B | 100 | |
| 2024-12-31 | 129 | $3.1B | 0 | |
| 2024-09-30 | 77 | $1.4B | 0 | |
| 2024-06-30 | 83 | $1.8B | 0 | |
| 2024-03-31 | 84 | $3.4B | 0 | |
| 2023-12-31 | 95 | $3.1B | 0 | |
| 2023-09-30 | 118 | $853.0M | 0 | |
| 2023-06-30 | 110 | $676.5M | 0 | |
| 2023-03-31 | 120 | $701.0M | 0 | |
| 2022-12-31 | 74 | $669.8M | 0 | |
| 2022-09-30 | 51 | $428.4M | 0 | |
| 2022-06-30 | 49 | $433.1M | 0 | |
| 2022-03-31 | 51 | $471.9M | 0 | |
| 2021-12-31 | 41 | $343.6M | 0 | |
| 2021-09-30 | 50 | $328.7M | 0 | |
| 2021-06-30 | 56 | $279.5M | 100 | |
| 2021-03-31 | 66 | $353.2M | 39 | |
| 2020-12-31 | 37 | $305.5M | 98 | |
| 2020-09-30 | 38 | $226.1M | 100 | |
| 2020-06-30 | 41 | $419.2M | 100 | |
| 2020-03-31 | 42 | $318.9M | 100 | |
| 2019-12-31 | 107 | $383.6M | 63 | |
| 2019-09-30 | 98 | $265.4M | 47 | |
| 2019-06-30 | 94 | $284.9M | 51 | |
| 2019-03-31 | 94 | $238.6M | 71 | |
| 2018-12-31 | 83 | $257.4M | 56 | |
| 2018-09-30 | 98 | $367.5M | 82 | |
| 2018-06-30 | 99 | $440.5M | 100 | |
| 2018-03-31 | 92 | $778.7M | 99 | |
| 2017-12-31 | 93 | $694.9M | 64 | |
| 2017-09-30 | 81 | $495.5M | 70 | |
| 2017-06-30 | 87 | $372.0M | 99 | |
| 2017-03-31 | 72 | $356.3M | 100 | |
| 2016-12-31 | 54 | $120.8M | 96 | |
| 2016-09-30 | 52 | $140.7M | 52 | |
| 2016-06-30 | 49 | $87.7M | 75 | |
| 2016-03-31 | 80 | $167.5M | 54 | |
| 2015-12-31 | 74 | $108.0M | 46 | |
| 2015-09-30 | 77 | $142.8M | 20 | |
| 2015-06-30 | 89 | $161.2M | 24 | |
| 2015-03-31 | 85 | $180.9M | 46 | |
| 2014-12-31 | 87 | $141.0M | 100 | |
| 2014-09-30 | 104 | $230.8M | 54 | |
| 2014-06-30 | 60 | $221.8M | 41 | |
| 2014-03-31 | 56 | $183.6M | 76 | |
| 2013-12-31 | 60 | $290.4M | 0 |
BW Gestao de Investimentos Ltda.'s most significant position changes for 2026-03-31: New buy: Tesla INC (TSLA); Sold out: Kranesh Csi China Internet (KWEB); New buy: Ishares Expanded Tech-softwa (IGV); New buy: Global X Copper Miners ETF (COPX); Sold out: Ishares U.s. Home Constructi (ITB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SOC | Sable Offshore CORP | +0.9% | +45.11% | Add |
| 2 | AAL | American Airlines Group INC | +0.7% | +307.93% | Add |
| 3 | ROST | Ross Stores INC | +0.6% | +1024.96% | Add |
| 4 | AA | Alcoa CORP | +0.6% | +290.37% | Add |
| 5 | MDLN | Medline Inc-cl A | +0.5% | +193.33% | Add |
| 6 | WBD | Warner Bros Discovery INC | -0.1% | -43.67% | Trim |
| 7 | NRG | Nrg Energy INC | -0.1% | -43.75% | Trim |
| 8 | BIRK | Birkenstock Holding plc | -0.2% | -67.26% | Trim |
| 9 | IWM | Ishares Russell 2000 ETF | -0.2% | -34.38% | Trim |
| 10 | PRGO | Perrigo Company plc | -0.2% | -64.25% | Trim |
| 11 | CLF | Cleveland-cliffs INC | -0.2% | -62.11% | Trim |
| 12 | ALIT | Alight INC - Class A | -0.3% | -16.96% | Trim |
| 13 | EXE | Expand Energy CORP | -0.3% | -84.33% | Trim |
| 14 | CCJ | Cameco CORP | -0.3% | -78.54% | Trim |
| 15 | AVGO | Broadcom INC | -0.7% | -54.59% | Trim |
| 16 | FOUR | Shift4 Payments Inc-class A | -0.8% | -77.99% | Trim |
| 17 | PATH | Uipath INC - Class A | -0.9% | -52.80% | Trim |
| 18 | MU | Micron Technology INC | -2.3% | -88.63% | Trim |
| 19 | SPY | Ss Spdr S&p 500 ETF Trust-us | -3.7% | -50.00% | Trim |
| 20 | QQQ | Invesco Qqq Trust Series 1 | -4.3% | -77.78% | Trim |
| 21 | IVV | Ishares Core S&p 500 ETF | -4.9% | -59.39% | Trim |
| 22 | RSP | Invesco S&p 500 Equal Weight | -6.2% | -96.68% | Trim |
| 23 | TSLA | Tesla INC | — | NEW | New buy |
| 24 | KWEB | Kranesh Csi China Internet | — | EXIT | Sold out |
| 25 | IGV | Ishares Expanded Tech-softwa | — | NEW | New buy |
| 26 | COPX | Global X Copper Miners ETF | — | NEW | New buy |
| 27 | ITB | Ishares U.s. Home Constructi | — | EXIT | Sold out |
| 28 | KRE | Ss Spdr S&p Regional Bank | — | EXIT | Sold out |
| 29 | XRT | Ss Spdr S&p Retail ETF | — | EXIT | Sold out |
| 30 | FTAI | FTAI Aviation Ltd. | — | EXIT | Sold out |
| 31 | LIN | Linde plc | — | EXIT | Sold out |
| 32 | SO | Southern Co/the | — | NEW | New buy |
| 33 | SQM | Quimica Y Minera Chil-sp Adr | — | EXIT | Sold out |
| 34 | FIX | Comfort Systems USA INC | — | NEW | New buy |
| 35 | BAC | Bank Of America CORP | — | EXIT | Sold out |
| 36 | HBAN | Huntington Bancshares INC | — | EXIT | Sold out |
| 37 | VG | Venture Global Inc-cl A | — | NEW | New buy |
| 38 | SRE | Sempra | — | EXIT | Sold out |
| 39 | SLV | Ishares Silver Trust | — | NEW | New buy |
| 40 | WMB | Williams Cos INC | — | NEW | New buy |
| 41 | CVS | Cvs Health CORP | — | EXIT | Sold out |
| 42 | FPS | Forgent Power Solutions INC | — | NEW | New buy |
| 43 | ZION | Zions Bancorp NA | — | NEW | New buy |
| 44 | KVUE | Kenvue INC | — | EXIT | Sold out |
| 45 | ETR | Entergy CORP | — | EXIT | Sold out |
| 46 | LIT | Global X Lithium & Battery T | — | NEW | New buy |
| 47 | NET | Cloudflare INC - Class A | — | NEW | New buy |
| 48 | PB | Prosperity Bancshares INC | — | EXIT | Sold out |
| 49 | WBS | Webster Financial CORP | — | EXIT | Sold out |
| 50 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-28 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-01 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-24 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-26 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-07-11 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-04-27 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-25 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-03 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-01 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-26 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-04 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-20 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-19 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-15 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-19 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-19 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-05 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-21 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-05-18 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-10 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-04 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-07 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
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