13F HOLDINGS REPORT
BW Gestao de Investimentos Ltda.
Quarter ended Q3 2025 · Filed November 13, 2025 · Accession 0001568280-25-000008
Total Value
$2.29B
Positions
118
Other Managers
1
Confidential Omitted
No
Holdings (118)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287655 | 1,100,000 | $266.2M | 11.64% |
| 2 | TESLA INC | TSLA | 480,000 | $213.5M | 9.33% |
| 3 | SPDR S&P 500 ETF TR | SPY | 200,000 | $133.2M | 5.83% |
| 4 | ISHARES TR | 464287200 | 155,000 | $103.7M | 4.54% |
| 5 | ARK ETF TR | 00214Q104 | 1,000,000 | $86.3M | 3.77% |
| 6 | TENET HEALTHCARE CORP | THC | 417,995 | $84.9M | 3.71% |
| 7 | RB GLOBAL INC | RBA | 685,556 | $74.3M | 3.25% |
| 8 | SPDR SERIES TRUST | 78464A714 | 600,000 | $51.7M | 2.26% |
| 9 | UIPATH INC | PATH | 3,712,150 | $49.7M | 2.17% |
| 10 | SHIFT4 PMTS INC | 82452J109 | 632,838 | $49.0M | 2.14% |
| 11 | PG&E CORP | PCG-PX | 2,800,000 | $42.2M | 1.85% |
| 12 | SELECT SECTOR SPDR TR | 81369Y209 | 301,000 | $41.9M | 1.83% |
| 13 | NUTANIX INC | NTNX | 556,654 | $41.4M | 1.81% |
| 14 | PERRIGO CO PLC | PRGO | 1,582,119 | $35.2M | 1.54% |
| 15 | ECOLAB INC | ECL | 117,824 | $32.3M | 1.41% |
| 16 | ISHARES TR | 464288752 | 300,000 | $32.2M | 1.41% |
| 17 | SELECT SECTOR SPDR TR | 81369Y209 | 230,000 | $32.0M | 1.40% |
| 18 | ALIGHT INC | ALIT | 9,069,880 | $29.6M | 1.29% |
| 19 | KENVUE INC | KVUE | 1,600,000 | $26.0M | 1.14% |
| 20 | EDISON INTL | 281020107 | 468,000 | $25.9M | 1.13% |
| 21 | ISHARES INC | 464286400 | 832,800 | $25.8M | 1.13% |
| 22 | CAPRI HOLDINGS LIMITED | CPRI | 1,267,373 | $25.2M | 1.10% |
| 23 | CVS HEALTH CORP | CVS | 310,000 | $23.4M | 1.02% |
| 24 | DICKS SPORTING GOODS INC | 253393102 | 104,428 | $23.2M | 1.01% |
| 25 | BIRKENSTOCK HOLDING PLC | BIRK | 506,075 | $22.9M | 1.00% |
| 26 | ALCOA CORP | AA | 690,000 | $22.7M | 0.99% |
| 27 | EXPAND ENERGY CORPORATION | EXE | 212,249 | $22.5M | 0.99% |
| 28 | GLOBANT S A | GLOB | 381,956 | $21.9M | 0.96% |
| 29 | GLOBAL X FDS | 37954Y830 | 359,999 | $21.5M | 0.94% |
| 30 | OWENS CORNING NEW | OC | 144,000 | $20.4M | 0.89% |
| 31 | FTAI AVIATION LTD | FTAIN | 121,347 | $20.2M | 0.89% |
| 32 | SPDR SERIES TRUST | 78464A698 | 300,000 | $19.0M | 0.83% |
| 33 | VARONIS SYS INC | VRNS | 319,751 | $18.4M | 0.80% |
| 34 | EQT CORP | EQT | 333,013 | $18.1M | 0.79% |
| 35 | WIX COM LTD | WIX | 88,000 | $15.6M | 0.68% |
| 36 | GREENFIRE RES LTD NEW | 39525U107 | 3,271,730 | $15.1M | 0.66% |
| 37 | AERCAP HOLDINGS NV | AER | 121,043 | $14.6M | 0.64% |
| 38 | TECK RESOURCES LTD | TCKRF | 323,600 | $14.2M | 0.62% |
| 39 | PENN ENTERTAINMENT INC | PENN | 726,182 | $14.0M | 0.61% |
| 40 | KRANESHARES TRUST | 500767306 | 323,100 | $13.6M | 0.59% |
| 41 | UIPATH INC | PATH | 1,000,000 | $13.4M | 0.59% |
| 42 | KENVUE INC | KVUE | 820,760 | $13.3M | 0.58% |
| 43 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 215,555 | $13.3M | 0.58% |
| 44 | NRG ENERGY INC | NRG | 80,000 | $13.0M | 0.57% |
| 45 | NORTHERN OIL & GAS INC | NOG | 517,641 | $12.8M | 0.56% |
| 46 | CI&T INC | CINT | 2,452,677 | $12.6M | 0.55% |
| 47 | AMENTUM HOLDINGS INC | AMTM | 511,477 | $12.2M | 0.54% |
| 48 | PLANET FITNESS INC | PLNT | 115,061 | $11.9M | 0.52% |
| 49 | GOODYEAR TIRE & RUBR CO | 382550101 | 1,568,436 | $11.7M | 0.51% |
| 50 | MICROSOFT CORP | MSFT | 22,056 | $11.4M | 0.50% |
| 51 | CAMECO CORP | CCJ | 135,000 | $11.3M | 0.50% |
| 52 | CLARIVATE PLC | CLVT | 2,865,021 | $11.0M | 0.48% |
| 53 | JEFFERIES FINL GROUP INC | 47233W109 | 160,000 | $10.5M | 0.46% |
| 54 | HUT 8 CORP | HUT | 300,000 | $10.4M | 0.46% |
| 55 | BRINKER INTL INC | 109641100 | 80,000 | $10.1M | 0.44% |
| 56 | TERADYNE INC | TER | 72,895 | $10.0M | 0.44% |
| 57 | JBS N.V. | JBS | 662,000 | $9.9M | 0.43% |
| 58 | HOULIHAN LOKEY INC | HLI | 48,000 | $9.9M | 0.43% |
| 59 | HUT 8 CORP | HUT | 280,000 | $9.7M | 0.43% |
| 60 | EVE HLDG INC | EVEX-WT | 2,462,421 | $9.4M | 0.41% |
| 61 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 360,000 | $8.8M | 0.39% |
| 62 | ON HLDG AG | H5919C104 | 200,000 | $8.5M | 0.37% |
| 63 | ISHARES TR | 46434V423 | 200,000 | $8.1M | 0.35% |
| 64 | AMAZON COM INC | AMZN | 35,420 | $7.8M | 0.34% |
| 65 | WASTE CONNECTIONS INC | WCN | 41,630 | $7.3M | 0.32% |
| 66 | CURTISS WRIGHT CORP | CW | 12,000 | $6.5M | 0.28% |
| 67 | NEW GOLD INC CDA | 644535106 | 880,000 | $6.3M | 0.28% |
| 68 | MONDAY COM LTD | MNDY | 32,520 | $6.3M | 0.28% |
| 69 | EPAM SYS INC | EPAM | 41,300 | $6.2M | 0.27% |
| 70 | CELESTICA INC | CLS | 24,000 | $5.9M | 0.26% |
| 71 | RANGE RES CORP | RRC | 154,967 | $5.8M | 0.26% |
| 72 | ANTERO RESOURCES CORP | AR | 171,601 | $5.8M | 0.25% |
| 73 | BLACKSTONE INC | BX | 33,430 | $5.7M | 0.25% |
| 74 | ROBLOX CORP | RBLX | 40,000 | $5.5M | 0.24% |
| 75 | LATAM AIRLINES GROUP SA | LTM | 120,000 | $5.4M | 0.24% |
| 76 | NISOURCE INC | NI | 120,000 | $5.2M | 0.23% |
| 77 | IAMGOLD CORP | IAG | 400,000 | $5.2M | 0.23% |
| 78 | ABERCROMBIE & FITCH CO | ANF | 60,000 | $5.1M | 0.22% |
| 79 | AGNICO EAGLE MINES LTD | AEM | 30,000 | $5.1M | 0.22% |
| 80 | NU HLDGS LTD | NU | 300,000 | $4.8M | 0.21% |
| 81 | FREEPORT-MCMORAN INC | FCX | 120,000 | $4.7M | 0.21% |
| 82 | YPF SOCIEDAD ANONIMA | YPF | 191,000 | $4.6M | 0.20% |
| 83 | CARNIVAL CORP | CUKPF | 160,000 | $4.6M | 0.20% |
| 84 | GOODYEAR TIRE & RUBR CO | 382550101 | 600,000 | $4.5M | 0.20% |
| 85 | AURA MINERALS INC | AUGO | 111,729 | $4.2M | 0.18% |
| 86 | ISHARES INC | 464286632 | 40,000 | $4.0M | 0.18% |
| 87 | ALBEMARLE CORP | ALB-PA | 46,930 | $3.8M | 0.17% |
| 88 | STONECO LTD | STNE | 200,000 | $3.8M | 0.17% |
| 89 | EURONET WORLDWIDE INC | EEFT | 42,744 | $3.8M | 0.16% |
| 90 | BARRICK MNG CORP | 06849F108 | 100,000 | $3.3M | 0.14% |
| 91 | ALIGHT INC | ALIT | 981,000 | $3.2M | 0.14% |
| 92 | E L F BEAUTY INC | ELF | 24,000 | $3.2M | 0.14% |
| 93 | VTEX | VTEX | 700,757 | $3.1M | 0.13% |
| 94 | CARVANA CO | CVNA | 8,000 | $3.0M | 0.13% |
| 95 | CENTURY ALUM CO | CENX | 100,000 | $2.9M | 0.13% |
| 96 | AMER SPORTS INC | AS | 80,000 | $2.8M | 0.12% |
| 97 | SHERWIN WILLIAMS CO | SHW | 7,814 | $2.7M | 0.12% |
| 98 | SPORTRADAR GROUP AG | SRAD | 100,002 | $2.7M | 0.12% |
| 99 | APPLE INC | AAPL | 7,966 | $2.0M | 0.09% |
| 100 | VISA INC | V | 5,786 | $2.0M | 0.09% |
| 101 | ARIS MNG CORP | 04040Y109 | 200,000 | $2.0M | 0.09% |
| 102 | EOG RES INC | EOG | 15,488 | $1.7M | 0.08% |
| 103 | COTERRA ENERGY INC | CTRA | 71,014 | $1.7M | 0.07% |
| 104 | TENET HEALTHCARE CORP | THC | 8,000 | $1.6M | 0.07% |
| 105 | TTM TECHNOLOGIES INC | TTMI | 24,000 | $1.4M | 0.06% |
| 106 | BITDEER TECHNOLOGIES GROUP | BTDR | 80,001 | $1.4M | 0.06% |
| 107 | URANIUM ENERGY CORP | UEC | 100,000 | $1.3M | 0.06% |
| 108 | CANNAE HLDGS INC | CNNE | 71,015 | $1.3M | 0.06% |
| 109 | CNX RES CORP | CNX | 38,789 | $1.2M | 0.05% |
| 110 | COMSTOCK RES INC | LODE | 57,682 | $1.1M | 0.05% |
| 111 | OPENDOOR TECHNOLOGIES INC | OPENZ | 123,400 | $983,498 | 0.04% |
| 112 | SIGMA LITHIUM CORPORATION | SGML | 145,200 | $930,732 | 0.04% |
| 113 | TESLA INC | TSLA | 1,890 | $840,521 | 0.04% |
| 114 | COPART INC | CPRT | 18,655 | $838,915 | 0.04% |
| 115 | LOWES COS INC | 548661107 | 3,215 | $807,962 | 0.04% |
| 116 | GULFPORT ENERGY CORP | GPOR | 4,311 | $780,205 | 0.03% |
| 117 | TENABLE HLDGS INC | 88025T102 | 22,047 | $642,891 | 0.03% |
| 118 | SIGMA LITHIUM CORPORATION | SGML | 100,000 | $641,000 | 0.03% |