13F HOLDINGS REPORT
BW Gestao de Investimentos Ltda.
Quarter ended Q2 2025 · Filed August 14, 2025 · Accession 0001568280-25-000004
Total Value
$2.35B
Positions
106
Other Managers
1
Confidential Omitted
No
Holdings (106)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | SPY | 590,000 | $364.5M | 15.49% |
| 2 | ISHARES TR | 464287655 | 1,100,000 | $237.4M | 10.08% |
| 3 | RB GLOBAL INC | RBA | 745,298 | $79.1M | 3.36% |
| 4 | TENET HEALTHCARE CORP | THC | 429,855 | $75.7M | 3.21% |
| 5 | ARK ETF TR | 00214Q104 | 1,000,000 | $70.3M | 2.99% |
| 6 | ISHARES TR | 464287655 | 300,000 | $64.7M | 2.75% |
| 7 | SPDR S&P 500 ETF TR | SPY | 100,000 | $61.8M | 2.62% |
| 8 | ISHARES INC | 464286400 | 2,000,000 | $57.7M | 2.45% |
| 9 | INVESCO QQQ TR | IVZ | 100,000 | $55.2M | 2.34% |
| 10 | TENET HEALTHCARE CORP | THC | 300,000 | $52.8M | 2.24% |
| 11 | SHIFT4 PMTS INC | 82452J109 | 421,927 | $41.8M | 1.78% |
| 12 | PERRIGO CO PLC | PRGO | 1,469,524 | $39.3M | 1.67% |
| 13 | PG&E CORP | PCG-PX | 2,800,000 | $39.0M | 1.66% |
| 14 | NUTANIX INC | NTNX | 508,556 | $38.9M | 1.65% |
| 15 | GLOBANT S A | GLOB | 427,828 | $38.9M | 1.65% |
| 16 | CVS HEALTH CORP | CVS | 500,000 | $34.5M | 1.47% |
| 17 | ECOLAB INC | ECL | 127,505 | $34.4M | 1.46% |
| 18 | ARK ETF TR | 00214Q104 | 450,000 | $31.6M | 1.34% |
| 19 | SELECT SECTOR SPDR TR | 81369Y209 | 229,000 | $30.9M | 1.31% |
| 20 | SHIFT4 PMTS INC | 82452J109 | 300,000 | $29.7M | 1.26% |
| 21 | TESLA INC | TSLA | 93,500 | $29.7M | 1.26% |
| 22 | SPDR SERIES TRUST | 78464A698 | 489,562 | $29.1M | 1.24% |
| 23 | ALIGHT INC | ALIT | 4,991,011 | $28.2M | 1.20% |
| 24 | MICROSOFT CORP | MSFT | 55,685 | $27.7M | 1.18% |
| 25 | AMAZON COM INC | AMZN | 121,496 | $26.7M | 1.13% |
| 26 | BIRKENSTOCK HOLDING PLC | BIRK | 530,574 | $26.1M | 1.11% |
| 27 | ISHARES TR | 464288513 | 305,000 | $24.6M | 1.05% |
| 28 | NRG ENERGY INC | NRG | 152,000 | $24.4M | 1.04% |
| 29 | EDISON INTL | 281020107 | 468,000 | $24.1M | 1.03% |
| 30 | SPDR SERIES TRUST | 78464A714 | 300,000 | $23.1M | 0.98% |
| 31 | AERCAP HOLDINGS NV | AER | 194,045 | $22.7M | 0.96% |
| 32 | GOODYEAR TIRE & RUBR CO | 382550101 | 2,104,785 | $21.8M | 0.93% |
| 33 | CAPRI HOLDINGS LIMITED | CPRI | 1,228,299 | $21.7M | 0.92% |
| 34 | BLACKSTONE INC | BX | 139,230 | $20.8M | 0.88% |
| 35 | SELECT SECTOR SPDR TR | 81369Y605 | 387,400 | $20.3M | 0.86% |
| 36 | KRANESHARES TRUST | 500767306 | 586,800 | $20.1M | 0.86% |
| 37 | NUTANIX INC | NTNX | 260,000 | $19.9M | 0.84% |
| 38 | ISHARES TR | 464288752 | 200,000 | $18.6M | 0.79% |
| 39 | SPDR SERIES TRUST | 78464A698 | 300,000 | $17.8M | 0.76% |
| 40 | CI&T INC | CINT | 2,882,650 | $17.2M | 0.73% |
| 41 | AMENTUM HOLDINGS INC | AMTM | 715,065 | $16.9M | 0.72% |
| 42 | META PLATFORMS INC | META | 22,700 | $16.8M | 0.71% |
| 43 | GREENFIRE RES LTD NEW | 39525U107 | 3,296,823 | $14.7M | 0.62% |
| 44 | NORTHERN OIL & GAS INC | NOG | 517,641 | $14.7M | 0.62% |
| 45 | BROADCOM INC | AVGO | 53,200 | $14.7M | 0.62% |
| 46 | CVS HEALTH CORP | CVS | 210,000 | $14.5M | 0.62% |
| 47 | UIPATH INC | PATH | 1,092,150 | $14.0M | 0.59% |
| 48 | PENN ENTERTAINMENT INC | PENN | 726,182 | $13.0M | 0.55% |
| 49 | CLARIVATE PLC | CLVT | 2,865,021 | $12.3M | 0.52% |
| 50 | ON HLDG AG | H5919C104 | 228,000 | $11.9M | 0.50% |
| 51 | PACER FDS TR | 69374H857 | 291,259 | $11.6M | 0.49% |
| 52 | ALPHABET INC | GOOG | 64,071 | $11.3M | 0.48% |
| 53 | PENN ENTERTAINMENT INC | PENN | 600,000 | $10.7M | 0.46% |
| 54 | CARNIVAL CORP | CUKPF | 379,999 | $10.7M | 0.45% |
| 55 | KENVUE INC | KVUE | 500,000 | $10.5M | 0.44% |
| 56 | INVESCO QQQ TR | IVZ | 18,764 | $10.4M | 0.44% |
| 57 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 128,225 | $9.4M | 0.40% |
| 58 | PLANET FITNESS INC | PLNT | 85,061 | $9.3M | 0.39% |
| 59 | WASTE CONNECTIONS INC | WCN | 49,458 | $9.2M | 0.39% |
| 60 | JBS N.V. | JBS | 602,000 | $8.8M | 0.37% |
| 61 | FLUTTER ENTMT PLC | G3643J108 | 30,400 | $8.7M | 0.37% |
| 62 | CELESTICA INC | CLS | 53,200 | $8.3M | 0.35% |
| 63 | SELECT SECTOR SPDR TR | 81369Y605 | 150,000 | $7.9M | 0.33% |
| 64 | FTAI AVIATION LTD | FTAIN | 63,610 | $7.3M | 0.31% |
| 65 | EPAM SYS INC | EPAM | 41,300 | $7.3M | 0.31% |
| 66 | SPORTRADAR GROUP AG | SRAD | 247,000 | $6.9M | 0.29% |
| 67 | GOODYEAR TIRE & RUBR CO | 382550101 | 600,000 | $6.2M | 0.26% |
| 68 | ALIGHT INC | ALIT | 1,000,000 | $5.7M | 0.24% |
| 69 | EQT CORP | EQT | 95,001 | $5.5M | 0.24% |
| 70 | COPA HOLDINGS SA | CPA | 50,000 | $5.5M | 0.23% |
| 71 | HOULIHAN LOKEY INC | HLI | 30,400 | $5.5M | 0.23% |
| 72 | DENISON MINES CORP | DNN | 2,930,000 | $5.3M | 0.23% |
| 73 | EXPAND ENERGY CORPORATION | EXE | 45,600 | $5.3M | 0.23% |
| 74 | VTEX | VTEX | 746,757 | $4.9M | 0.21% |
| 75 | ADVANCED MICRO DEVICES INC | AMD | 34,200 | $4.9M | 0.21% |
| 76 | SHERWIN WILLIAMS CO | SHW | 12,914 | $4.4M | 0.19% |
| 77 | PAN AMERN SILVER CORP | 697900108 | 151,999 | $4.3M | 0.18% |
| 78 | E L F BEAUTY INC | ELF | 34,200 | $4.3M | 0.18% |
| 79 | JEFFERIES FINL GROUP INC | 47233W109 | 76,000 | $4.2M | 0.18% |
| 80 | XP INC | XP | 204,177 | $4.1M | 0.18% |
| 81 | BRINKER INTL INC | 109641100 | 22,800 | $4.1M | 0.17% |
| 82 | ALAMOS GOLD INC NEW | AGI | 152,000 | $4.0M | 0.17% |
| 83 | MERCADOLIBRE INC | MELI | 1,520 | $4.0M | 0.17% |
| 84 | CURTISS WRIGHT CORP | CW | 7,600 | $3.7M | 0.16% |
| 85 | CYBERARK SOFTWARE LTD | M2682V108 | 7,600 | $3.1M | 0.13% |
| 86 | CAMECO CORP | CCJ | 40,000 | $3.0M | 0.13% |
| 87 | AGNICO EAGLE MINES LTD | AEM | 22,800 | $2.7M | 0.12% |
| 88 | NEXGEN ENERGY LTD | NXE | 388,200 | $2.7M | 0.11% |
| 89 | UNITED AIRLS HLDGS INC | UNTCW | 30,400 | $2.4M | 0.10% |
| 90 | ROBLOX CORP | RBLX | 22,800 | $2.4M | 0.10% |
| 91 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 114,000 | $2.3M | 0.10% |
| 92 | IVANHOE ELECTRIC INC | IE | 253,223 | $2.3M | 0.10% |
| 93 | FREEPORT-MCMORAN INC | FCX | 38,000 | $1.6M | 0.07% |
| 94 | APPLE INC | AAPL | 7,966 | $1.6M | 0.07% |
| 95 | LOWES COS INC | 548661107 | 6,965 | $1.5M | 0.07% |
| 96 | CARVANA CO | CVNA | 3,800 | $1.3M | 0.05% |
| 97 | ECOPETROL S A | EC | 114,000 | $1.0M | 0.04% |
| 98 | COPART INC | CPRT | 18,655 | $915,401 | 0.04% |
| 99 | SIGMA LITHIUM CORPORATION | SGML | 200,000 | $900,000 | 0.04% |
| 100 | ENI S P A | 26874R108 | 25,000 | $810,500 | 0.03% |
| 101 | URANIUM ENERGY CORP | UEC | 100,000 | $680,000 | 0.03% |
| 102 | MEDICAL PPTYS TRUST INC | 58463J304 | 120,000 | $517,200 | 0.02% |
| 103 | TRANSOCEAN LTD | RIG | 150,000 | $388,500 | 0.02% |
| 104 | EMPRESA DIST Y COMERCIAL NOR | 29244A102 | 14,558 | $385,641 | 0.02% |
| 105 | GRUPO CIBEST SA | CIB | 7,600 | $351,044 | 0.01% |
| 106 | VISTA ENERGY S.A.B. DE C.V. | VSOGF | 7,332 | $350,543 | 0.01% |