BW Gestao de Investimentos Ltda.

SAO PAULO, D5 · CIK 1568280 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityBW GESTAO DE INVESTIMENTOS LTDA. (BR)

$4.1bn reported value +84.5% vs Q1 2026

294positions

51.7%in top 10

134 new 66 added 83 reduced 98 sold out vs Q1 2026

Options: 6 call positions ($158.5m notional), 7 put positions ($747.3m notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Wealth High Governance Capital Ltda – files its own report too

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,227,723	$916.8m22.11%	22.11%	New
2	ISHARES TR CORE S&P500 ETF IVV	IVV	1,093,321	$818.8m19.74%	19.74%	Added +793.3k	+793,285 264.4%
3	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	587,335	$100.4m2.42%	2.42%	New
4	RB GLOBAL INC COM RBA	RBA	495,048	$57.6m1.39%	1.39%	Reduced -230.2k	-230,188 -31.7%
5	TENET HEALTHCARE CORP COM NEW THC	THC	279,811	$52.3m1.26%	1.26%	Reduced -40.7k	-40,669 -12.7%
6	MICRON TECHNOLOGY INC COM MU	MU	39,210	$45.3m1.09%	1.09%	New
7	MICROSOFT CORP COM MSFT	MSFT	115,951	$43.3m1.04%	1.04%	Added +64.1k	+64,142 123.8%
8	ECOLAB INC COM ECL	ECL	144,856	$40.4m0.97%	0.97%	Added +62.5k	+62,502 75.9%
9	AMAZON COM INC COM AMZN	AMZN	146,407	$34.9m0.84%	0.84%	Added +93.5k	+93,536 176.9%
10	GLOBAL X FDS GLOBAL X COPPER COPX	COPX	453,150	$34.9m0.84%	0.84%	Added +43.1k	+43,100 10.5%
11	ECHOSTAR CORP CL A ECHO	ECHO	320,727	$32.6m0.79%	0.79%	Reduced -19.8k	-19,807 -5.8%
12	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	201,000	$31.9m0.77%	0.77%	Unchanged
13	ALPHABET INC CAP STK CL C GOOG	GOOG	90,000	$31.8m0.77%	0.77%	New
14	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	15,000	$29.8m0.72%	0.72%	New
15	MEDLINE INC COM CL A MDLN	MDLN	690,000	$27.2m0.66%	0.66%	Added +250.0k	+250,000 56.8%
16	BLACKSTONE INC COM BX	BX	216,100	$25.4m0.61%	0.61%	Added +20.5k	+20,520 10.5%
17	GENERAC HLDGS INC COM GNRC	GNRC	82,814	$24.2m0.58%	0.58%	New
18	CENTURY ALUM CO COM CENX	CENX	523,162	$24.1m0.58%	0.58%	Added +214.4k	+214,404 69.4%
19	SHERWIN WILLIAMS CO COM SHW	SHW	68,562	$23.6m0.57%	0.57%	Reduced -9.3k	-9,296 -11.9%
20	PARKER-HANNIFIN CORP COM PH	PH	24,026	$23.5m0.57%	0.57%	Added +3.0k	+2,958 14.0%
21	NUTANIX INC CL A NTNX	NTNX	450,526	$23.0m0.55%	0.55%	Reduced -179.0k	-179,038 -28.4%
22	APPLE INC COM AAPL	AAPL	77,469	$22.4m0.54%	0.54%	Added +11.1k	+11,073 16.7%
23	CLARIVATE PLC ORD SHS CLVT	CLVT	10,041,847	$21.7m0.52%	0.52%	Added +4.1m	+4,118,905 69.5%
24	XCEL ENERGY INC COM XEL	XEL	256,306	$20.6m0.50%	0.50%	Added +12.1k	+12,069 4.9%
25	GLOBAL X FDS LITHIUM BTRY ETF LIT	LIT	258,000	$20.2m0.49%	0.49%	Added +86.0k	+86,000 50.0%
26	GLOBAL X FDS GLOBAL X URANIUM URA	URA	446,800	$19.5m0.47%	0.47%	Added +198.0k	+198,000 79.6%
27	CONSOLIDATED EDISON INC COM ED	ED	170,209	$18.8m0.45%	0.45%	Added +7.2k	+7,167 4.4%
28	CORNING INC COM GLW	GLW	72,919	$18.6m0.45%	0.45%	New
29	SOUTHERN CO COM SO	SO	193,731	$18.5m0.45%	0.45%	Reduced -15.6k	-15,561 -7.4%
30	MOSAIC CO NEW COM MOS	MOS	873,053	$18.5m0.45%	0.45%	New
31	ADVANCED MICRO DEVICES INC COM AMD	AMD	31,052	$18.0m0.43%	0.43%	Added +7.4k	+7,352 31.0%
32	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	320,824	$17.9m0.43%	0.43%	Reduced -219.2k	-219,176 -40.6%
33	AMERICAN ELEC PWR CO INC COM AEP	AEP	128,353	$17.6m0.42%	0.42%	Reduced -24.9k	-24,895 -16.2%
34	CENTERPOINT ENERGY INC COM CNP	CNP	384,471	$16.9m0.41%	0.41%	Added +14.9k	+14,879 4.0%
35	CAPITAL ONE FINL CORP COM COF	COF	82,997	$16.7m0.40%	0.40%	Added +32.5k	+32,517 64.4%
36	WILLIAMS COS INC COM WMB	WMB	221,536	$16.5m0.40%	0.40%	Added +1.5k	+1,536 0.7%
37	ISHARES TR MSCI EMG MKT ETF EEM	EEM	238,968	$16.3m0.39%	0.39%	Added +64.0k	+63,959 36.5%
38	TIMKEN CO COM TKR	TKR	110,445	$16.0m0.39%	0.39%	Added +40.3k	+40,262 57.4%
39	BLACK HILLS CORP COM BKH	BKH	215,401	$16.0m0.39%	0.39%	Added +84.7k	+84,663 64.8%
40	DATADOG INC CL A COM DDOG	DDOG	60,915	$15.9m0.38%	0.38%	Added +26.3k	+26,312 76.0%
41	US BANCORP DEL COM NEW USB	USB	256,730	$15.5m0.37%	0.37%	New
42	RACKSPACE TECHNOLOGY INC COM RXT	RXT	2,340,279	$15.3m0.37%	0.37%	New
43	BANKUNITED INC COM BKU	BKU	315,000	$15.3m0.37%	0.37%	Added +45.0k	+45,000 16.7%
44	ENTERGY CORP NEW COM ETR	ETR	132,738	$15.2m0.37%	0.37%	New
45	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	1,020,000	$15.2m0.37%	0.37%	Added +70.0k	+70,000 7.4%
46	ADVANCE AUTO PARTS INC COM AAP	AAP	244,150	$15.2m0.37%	0.37%	New
47	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	67,718	$15.0m0.36%	0.36%	New
48	SHARKNINJA INC COM SHS SN	SN	96,643	$14.7m0.35%	0.35%	Reduced -9.0k	-9,003 -8.5%
49	IDACORP INC COM IDA	IDA	95,582	$14.5m0.35%	0.35%	Reduced -4.0k	-3,999 -4.0%
50	SOLV ENERGY INC COM SHS CL A MWH	MWH	419,201	$14.3m0.34%	0.34%	Added +369.2k	+369,201 738.4%
51	NUCOR CORP COM NUE	NUE	63,796	$14.2m0.34%	0.34%	Added +43.8k	+43,796 219.0%
52	WELLS FARGO CO NEW COM WFC	WFC	170,164	$14.1m0.34%	0.34%	New
53	COMFORT SYS USA INC COM FIX	FIX	6,904	$13.7m0.33%	0.33%	Reduced -7.1k	-7,119 -50.8%
54	PPL CORP COM PPL	PPL	372,096	$13.5m0.33%	0.33%	New
55	VENTURE GLOBAL INC COM CL A VG	VG	1,207,486	$13.4m0.32%	0.32%	Added +133.1k	+133,141 12.4%
56	GILDAN ACTIVEWEAR INC COM GIL	GIL	258,464	$13.3m0.32%	0.32%	Added +34.1k	+34,058 15.2%
57	APPLIED MATLS INC COM AMAT	AMAT	17,915	$13.0m0.31%	0.31%	New
58	HUT 8 CORP COM HUT	HUT	110,463	$12.8m0.31%	0.31%	New
59	INNIO NV ORDINARY SHARES INIO	INIO	320,000	$12.7m0.31%	0.31%	New
60	FERVO ENERGY CO CL A COM FRVO	FRVO	431,147	$12.6m0.30%	0.30%	New
61	CURTISS WRIGHT CORP COM CW	CW	16,571	$12.6m0.30%	0.30%	Reduced -1.0k	-1,004 -5.7%
62	CATERPILLAR INC COM CAT	CAT	11,720	$12.5m0.30%	0.30%	Added +11.0k	+11,040 1623.5%
63	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	156,777	$12.4m0.30%	0.30%	Reduced -23.6k	-23,580 -13.1%
64	PINNACLE FINL PARTNERS INC COM PNFP	PNFP	122,442	$12.4m0.30%	0.30%	Reduced -15.2k	-15,162 -11.0%
65	MKS INC. COM MKSI	MKSI	27,754	$12.3m0.30%	0.30%	New
66	TPG INC COM CL A TPG	TPG	300,919	$12.2m0.29%	0.29%	New
67	COLUMBIA BKG SYS INC COM COLB	COLB	379,933	$12.2m0.29%	0.29%	Reduced -20.1k	-20,067 -5.0%
68	ALTICE USA INC CL A OPTU	OPTU	8,395,938	$12.2m0.29%	0.29%	Added +6.8m	+6,764,181 414.5%
69	ZIONS BANCORPORATION N A COM ZION	ZION	173,904	$12.0m0.29%	0.29%	Reduced -91.1k	-91,096 -34.4%
70	VALLEY NATL BANCORP COM VLY	VLY	820,000	$12.0m0.29%	0.29%	Added +120.0k	+120,000 17.1%
71	EVERGY INC COM EVRG	EVRG	137,915	$11.9m0.29%	0.29%	Added +23.8k	+23,815 20.9%
72	ULTRA CLEAN HLDGS INC COM UCTT	UCTT	82,843	$11.8m0.28%	0.28%	New
73	UNITI GROUP LLC COM SHS UNIT	UNIT	1,028,818	$11.8m0.28%	0.28%	Unchanged
74	CAPRI HOLDINGS LIMITED SHS CPRI	CPRI	631,004	$11.7m0.28%	0.28%	Reduced -566.1k	-566,132 -47.3%
75	ALLY FINL INC COM ALLY	ALLY	254,950	$11.7m0.28%	0.28%	Added +65.0k	+64,982 34.2%
76	SJW GROUP COM HTO	HTO	185,806	$11.3m0.27%	0.27%	Reduced -35.1k	-35,135 -15.9%
77	WASTE CONNECTIONS INC COM WCN	WCN	67,572	$11.3m0.27%	0.27%	Added +13.3k	+13,333 24.6%
78	REVVITY INC COM RVTY	RVTY	97,046	$10.8m0.26%	0.26%	Added +216	+216 0.2%
79	SERVICENOW INC COM NOW	NOW	108,606	$10.8m0.26%	0.26%	Added +36.3k	+36,295 50.2%
80	DICKS SPORTING GOODS INC COM DKS	DKS	47,305	$10.7m0.26%	0.26%	Reduced -61.1k	-61,060 -56.4%
81	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	86,399	$10.6m0.26%	0.26%	Added +65.4k	+65,415 311.7%
82	UNION PAC CORP COM UNP	UNP	38,800	$10.6m0.25%	0.25%	New
83	QUANTINUUM INC CL A COM QNT	QNT	128,000	$10.5m0.25%	0.25%	New
84	3M CO COM MMM	MMM	64,051	$10.4m0.25%	0.25%	New
85	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	225,000	$10.2m0.25%	0.25%	Reduced -675.0k	-675,000 -75.0%
86	XEROX HOLDINGS CORP COM NEW XRX	XRX	3,248,819	$10.2m0.25%	0.25%	Added +2.1m	+2,053,739 171.8%
87	AMEREN CORP COM AEE	AEE	89,379	$10.1m0.24%	0.24%	New
88	UGI CORP NEW COM UGI	UGI	289,830	$10.0m0.24%	0.24%	Reduced -88.0k	-87,970 -23.3%
89	DIGITALOCEAN HLDGS INC COM DOCN	DOCN	63,393	$10.0m0.24%	0.24%	Reduced -59.2k	-59,231 -48.3%
90	PG&E CORP COM PCG	PCG	587,019	$9.9m0.24%	0.24%	Added +3.8k	+3,847 0.7%
91	FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF FAN	FAN	386,555	$9.7m0.23%	0.23%	New
92	SABLE OFFSHORE CORP COM SHS SOC	SOC	3,014,553	$9.3m0.22%	0.22%	Added +885.4k	+885,448 41.6%
93	EVE HLDG INC COM EVEX	EVEX	3,686,140	$9.3m0.22%	0.22%	Unchanged
94	MSC INDL DIRECT INC CL A MSM	MSM	77,102	$9.2m0.22%	0.22%	New
95	TARGET HOSPITALITY CORP COM TH	TH	450,000	$9.2m0.22%	0.22%	New
96	ZOOM COMMUNICATIONS INC CL A ZM	ZM	106,065	$9.2m0.22%	0.22%	Added +66.0k	+66,007 164.8%
97	DIGITAL RLTY TR INC COM DLR	DLR	50,916	$9.1m0.22%	0.22%	New
98	WESTERN ALLIANCE BANCORP COM WAL	WAL	109,967	$9.0m0.22%	0.22%	New
99	ROBLOX CORP CL A RBLX	RBLX	165,638	$9.0m0.22%	0.22%	New
100	DEERE & CO COM DE	DE	14,075	$8.9m0.22%	0.22%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BROADCOM INC AVGO	AVGO	99,900	$30.9m99.9k shares
TALEN ENERGY CORP TLN	TLN	58,984	$18.8m59.0k shares
ISHARES SILVER TR SLV	SLV	240,475	$16.4m240.5k shares
SOUTHWEST GAS HLDGS INC SWX	SWX	165,257	$14.4m165.3k shares
NRG ENERGY INC NRG	NRG	87,698	$12.8m87.7k shares
VISTRA CORP VST	VST	70,132	$10.5m70.1k shares
FIRSTENERGY CORP FE	FE	200,293	$10.1m200.3k shares
GE AEROSPACE GE	GE	34,889	$9.9m34.9k shares
SPDR SER TR XHB	XHB	100,000	$9.9m100.0k shares
CELESTICA INC CLS	CLS	35,042	$9.9m35.0k shares
INVESCO EXCHANGE TRADED FD T RSP	RSP	49,778	$9.6m49.8k shares
PARAMOUNT SKYDANCE CORP SKYD	SKYD	1,029,101	$9.3m1.0m shares
STIFEL FINL CORP SF	SF	124,967	$9.2m125.0k shares
AFFILIATED MANAGERS GROUP IN AMG	AMG	33,000	$9.1m33.0k shares
JPMORGAN CHASE & CO JPM	JPM	30,020	$8.8m30.0k shares
FRANCO NEV CORP FNV	FNV	35,702	$8.8m35.7k shares
CELSIUS HLDGS INC CELH	CELH	245,377	$8.7m245.4k shares
VERSANT MEDIA GROUP INC VSNT	VSNT	230,000	$8.5m230.0k shares
SOLSTICE ADVANCED MATLS INC SOLS	SOLS	110,000	$8.4m110.0k shares
JETBLUE AWYS CORP JBLU	JBLU	1,850,000	$8.2m1.9m shares
PENN ENTERTAINMENT INC PENN	PENN	534,514	$8.0m534.5k shares
VALE S A VALE	VALE	500,000	$8.0m500.0k shares
VISTA ENERGY S.A.B. DE C.V. VIST	VIST	105,222	$7.9m105.2k shares
CARLYLE GROUP INC CG	CG	160,000	$7.7m160.0k shares
ALBEMARLE CORP ALB	ALB	42,621	$7.7m42.6k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
MICRON TECHNOLOGY INC MU · Put	MU	Put	215,000	$248.2m215.0k shares	Added
ISHARES TR IWM · Put	IWM	Put	600,000	$180.3m600.0k shares	Reduced
TESLA INC TSLA · Put	TSLA	Put	250,000	$105.2m250.0k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	123,000	$90.6m123.0k shares	Added
ISHARES INC EWZ · Call	EWZ	Call	1,500,000	$51.8m1.5m shares	New
ISHARES INC EWZ · Put	EWZ	Put	1,500,000	$51.8m1.5m shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	60,000	$39.4m60.0k shares	New
MICROSOFT CORP MSFT · Call	MSFT	Call	100,000	$37.3m100.0k shares	New
PLANET FITNESS INC PLNT · Call	PLNT	Call	700,000	$36.5m700.0k shares	New
ISHARES TR SOXX · Put	SOXX	Put	50,000	$32.0m50.0k shares	New
QUALCOMM INC QCOM · Call	QCOM	Call	100,000	$18.5m100.0k shares	New
QXO INC QXO · Call	QXO	Call	500,000	$8.6m500.0k shares	New
ALTICE USA INC OPTU · Call	OPTU	Call	4,000,000	$5.8m4.0m shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CI&T INC CINT · 13G · filed 2025-11-10	CINT	10.3%≈ $8.2m	-1.9 pts	13G	2025-11-10