13F HOLDINGS REPORT
BW Gestao de Investimentos Ltda.
Quarter ended Q4 2025 · Filed February 10, 2026 · Accession 0001568280-26-000002
Total Value
$4.43B
Positions
205
Other Managers
1
Confidential Omitted
No
Holdings (205)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | SPY | 750,000 | $511.4M | 11.54% |
| 2 | ISHARES TR | 464287200 | 738,842 | $506.1M | 11.42% |
| 3 | ISHARES TR | 464287655 | 1,300,000 | $320.0M | 7.22% |
| 4 | INVESCO EXCHANGE TRADED FD T | IVZ | 1,499,100 | $287.2M | 6.48% |
| 5 | INVESCO QQQ TR | IVZ | 300,000 | $184.3M | 4.16% |
| 6 | INVESCO QQQ TR | IVZ | 150,000 | $92.1M | 2.08% |
| 7 | MICRON TECHNOLOGY INC | MU | 300,000 | $85.6M | 1.93% |
| 8 | KRANESHARES TRUST | 500767306 | 2,400,000 | $81.7M | 1.84% |
| 9 | RB GLOBAL INC | RBA | 785,947 | $80.9M | 1.82% |
| 10 | ISHARES TR | 464287655 | 300,000 | $73.8M | 1.67% |
| 11 | TENET HEALTHCARE CORP | THC | 357,435 | $71.0M | 1.60% |
| 12 | BROADCOM INC | AVGO | 200,000 | $69.2M | 1.56% |
| 13 | UIPATH INC | PATH | 3,032,150 | $49.7M | 1.12% |
| 14 | SELECT SECTOR SPDR TR | 81369Y886 | 1,150,000 | $49.1M | 1.11% |
| 15 | SHIFT4 PMTS INC | 82452J109 | 689,788 | $43.4M | 0.98% |
| 16 | SELECT SECTOR SPDR TR | 81369Y209 | 266,000 | $41.2M | 0.93% |
| 17 | MICRON TECHNOLOGY INC | MU | 139,803 | $39.9M | 0.90% |
| 18 | NUTANIX INC | NTNX | 663,074 | $34.3M | 0.77% |
| 19 | SPDR S&P 500 ETF TR | SPY | 50,000 | $34.1M | 0.77% |
| 20 | ECOLAB INC | ECL | 120,787 | $31.7M | 0.72% |
| 21 | CAPRI HOLDINGS LIMITED | CPRI | 1,267,373 | $30.9M | 0.70% |
| 22 | ISHARES TR | 464288752 | 300,000 | $28.9M | 0.65% |
| 23 | ECHOSTAR CORP | SATS | 259,871 | $28.2M | 0.64% |
| 24 | CAPITAL ONE FINL CORP | 14040H105 | 107,606 | $26.1M | 0.59% |
| 25 | SPDR SERIES TRUST | 78464A714 | 300,000 | $25.6M | 0.58% |
| 26 | NRG ENERGY INC | NRG | 155,895 | $24.8M | 0.56% |
| 27 | GLOBANT S A | GLOB | 359,487 | $23.5M | 0.53% |
| 28 | FTAI AVIATION LTD | FTAIN | 117,104 | $23.1M | 0.52% |
| 29 | BLACKSTONE INC | BX | 148,776 | $22.9M | 0.52% |
| 30 | TALEN ENERGY CORP | TLN | 58,077 | $21.8M | 0.49% |
| 31 | CAMECO CORP | CCJ | 232,949 | $21.3M | 0.48% |
| 32 | DICKS SPORTING GOODS INC | 253393102 | 104,048 | $20.6M | 0.46% |
| 33 | LINDE PLC | LIN | 48,000 | $20.5M | 0.46% |
| 34 | AMERICAN ELEC PWR CO INC | 025537101 | 169,861 | $19.6M | 0.44% |
| 35 | SOCIEDAD QUIMICA Y MINERA DE | 833635105 | 283,254 | $19.5M | 0.44% |
| 36 | SPDR SERIES TRUST | 78464A698 | 300,000 | $19.4M | 0.44% |
| 37 | ALBEMARLE CORP | ALB-PA | 132,250 | $18.7M | 0.42% |
| 38 | JPMORGAN CHASE & CO. | VYLD | 56,117 | $18.1M | 0.41% |
| 39 | CONSOLIDATED EDISON INC | ED | 181,065 | $18.0M | 0.41% |
| 40 | XCEL ENERGY INC | XELLL | 242,457 | $17.9M | 0.40% |
| 41 | SHERWIN WILLIAMS CO | SHW | 55,214 | $17.9M | 0.40% |
| 42 | BANK AMERICA CORP | 060505104 | 324,823 | $17.9M | 0.40% |
| 43 | PERRIGO CO PLC | PRGO | 1,277,069 | $17.8M | 0.40% |
| 44 | HUNTINGTON BANCSHARES INC | HBANP | 1,020,000 | $17.7M | 0.40% |
| 45 | BIRKENSTOCK HOLDING PLC | BIRK | 424,835 | $17.4M | 0.39% |
| 46 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 254,304 | $17.1M | 0.39% |
| 47 | SEMPRA | SREA | 188,347 | $16.6M | 0.38% |
| 48 | UIPATH INC | PATH | 1,000,000 | $16.4M | 0.37% |
| 49 | EXPAND ENERGY CORPORATION | EXE | 146,700 | $16.2M | 0.37% |
| 50 | PLANET FITNESS INC | PLNT | 148,552 | $16.1M | 0.36% |
| 51 | EVERGY INC | EVRG | 220,173 | $16.0M | 0.36% |
| 52 | CVS HEALTH CORP | CVS | 200,000 | $15.9M | 0.36% |
| 53 | ALIGHT INC | ALIT | 8,059,203 | $15.7M | 0.35% |
| 54 | FIRSTENERGY CORP | FE | 338,898 | $15.2M | 0.34% |
| 55 | UGI CORP NEW | 902681105 | 401,594 | $15.0M | 0.34% |
| 56 | PG&E CORP | PCG-PX | 925,788 | $14.9M | 0.34% |
| 57 | SOLSTICE ADVANCED MATLS INC | 83443Q103 | 305,507 | $14.8M | 0.33% |
| 58 | EVE HLDG INC | EVEX-WT | 3,686,140 | $14.7M | 0.33% |
| 59 | CLARIVATE PLC | CLVT | 4,345,321 | $14.5M | 0.33% |
| 60 | MICROSOFT CORP | MSFT | 29,976 | $14.5M | 0.33% |
| 61 | WARNER BROS DISCOVERY INC | WBD | 500,000 | $14.4M | 0.33% |
| 62 | SOUTHWEST GAS HLDGS INC | SWX | 174,847 | $14.0M | 0.32% |
| 63 | EQT CORP | EQT | 255,800 | $13.7M | 0.31% |
| 64 | NEXTPOWER INC | NXT | 155,895 | $13.6M | 0.31% |
| 65 | BARRICK MNG CORP | 06849F108 | 305,959 | $13.3M | 0.30% |
| 66 | SABLE OFFSHORE CORP | SOC | 1,467,222 | $13.2M | 0.30% |
| 67 | ENTERGY CORP NEW | ENO | 142,048 | $13.1M | 0.30% |
| 68 | LUMENTUM HLDGS INC | LITE | 35,076 | $12.9M | 0.29% |
| 69 | FLAGSTAR BANK NATIONAL ASSOC | FLG-PU | 1,000,000 | $12.6M | 0.28% |
| 70 | AFFILIATED MANAGERS GROUP IN | MGRE | 42,000 | $12.1M | 0.27% |
| 71 | PROSPERITY BANCSHARES INC | PB | 174,867 | $12.1M | 0.27% |
| 72 | PENN ENTERTAINMENT INC | PENN | 817,117 | $12.1M | 0.27% |
| 73 | PARKER-HANNIFIN CORP | PH | 13,709 | $12.0M | 0.27% |
| 74 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 74,067 | $12.0M | 0.27% |
| 75 | WARNER BROS DISCOVERY INC | WBD | 415,928 | $12.0M | 0.27% |
| 76 | WEBSTER FINL CORP | 947890109 | 190,021 | $12.0M | 0.27% |
| 77 | PENNYMAC FINL SVCS INC NEW | 70932M107 | 90,000 | $11.9M | 0.27% |
| 78 | US BANCORP DEL | USB-PS | 221,316 | $11.8M | 0.27% |
| 79 | SOUTHSTATE BK CORP | 84472E102 | 125,005 | $11.8M | 0.27% |
| 80 | KKR & CO INC | KKRT | 92,003 | $11.7M | 0.26% |
| 81 | INVESCO EXCH TRADED FD TR II | IVZ | 233,843 | $11.5M | 0.26% |
| 82 | IDACORP INC | IDA | 90,740 | $11.5M | 0.26% |
| 83 | GLOBAL X FDS | 37954Y871 | 268,100 | $11.5M | 0.26% |
| 84 | SHARKNINJA INC | SN | 97,472 | $10.9M | 0.25% |
| 85 | CURTISS WRIGHT CORP | CW | 19,489 | $10.7M | 0.24% |
| 86 | HUT 8 CORP | HUT | 233,843 | $10.7M | 0.24% |
| 87 | FREEPORT-MCMORAN INC | FCX | 206,938 | $10.5M | 0.24% |
| 88 | PINNACLE FINL PARTNERS INC | 72346Q104 | 110,000 | $10.5M | 0.24% |
| 89 | TIMKEN CO | TKR | 124,730 | $10.5M | 0.24% |
| 90 | SKEENA RES LTD NEW | 83056P715 | 438,147 | $10.4M | 0.23% |
| 91 | CONSTELLIUM SE | CSTM | 546,270 | $10.3M | 0.23% |
| 92 | SIGMA LITHIUM CORPORATION | SGML | 764,400 | $10.1M | 0.23% |
| 93 | C H ROBINSON WORLDWIDE INC | CHRW | 62,358 | $10.0M | 0.23% |
| 94 | RELIANCE INC | RS | 34,666 | $10.0M | 0.23% |
| 95 | AMAZON COM INC | AMZN | 43,019 | $9.9M | 0.22% |
| 96 | CARVANA CO | CVNA | 23,359 | $9.9M | 0.22% |
| 97 | COLUMBIA BKG SYS INC | 197236102 | 350,000 | $9.8M | 0.22% |
| 98 | AMERICAN AIRLS GROUP INC | 02376R102 | 605,000 | $9.3M | 0.21% |
| 99 | SOUTHWEST AIRLS CO | 844741108 | 223,583 | $9.2M | 0.21% |
| 100 | CELESTICA INC | CLS | 31,179 | $9.2M | 0.21% |
| 101 | CITIGROUP INC | C-PR | 78,337 | $9.1M | 0.21% |
| 102 | ARCELORMITTAL SA LUXEMBOURG | ARCXF | 200,000 | $9.1M | 0.21% |
| 103 | APPLE INC | AAPL | 33,466 | $9.1M | 0.21% |
| 104 | CORE NATURAL RESOURCES INC | CNR | 102,473 | $9.1M | 0.20% |
| 105 | MARKETAXESS HLDGS INC | MKTX | 49,500 | $9.0M | 0.20% |
| 106 | CELSIUS HLDGS INC | CELH | 194,869 | $8.9M | 0.20% |
| 107 | VARONIS SYS INC | VRNS | 263,169 | $8.6M | 0.19% |
| 108 | KENVUE INC | KVUE | 500,000 | $8.6M | 0.19% |
| 109 | CLEVELAND-CLIFFS INC NEW | CLF | 649,300 | $8.6M | 0.19% |
| 110 | DELTA AIR LINES INC DEL | DAL | 123,000 | $8.5M | 0.19% |
| 111 | EPAM SYS INC | EPAM | 41,352 | $8.5M | 0.19% |
| 112 | UNITED AIRLS HLDGS INC | UNTCW | 75,000 | $8.4M | 0.19% |
| 113 | MORGAN STANLEY | MS-PQ | 46,945 | $8.3M | 0.19% |
| 114 | CENTERPOINT ENERGY INC | CNP | 213,988 | $8.2M | 0.19% |
| 115 | UIPATH INC | PATH | 500,000 | $8.2M | 0.18% |
| 116 | CI&T INC | CINT | 2,010,665 | $8.2M | 0.18% |
| 117 | PAN AMERN SILVER CORP | 697900108 | 155,980 | $8.1M | 0.18% |
| 118 | TTM TECHNOLOGIES INC | TTMI | 116,921 | $8.1M | 0.18% |
| 119 | BANKUNITED INC | BKU | 175,000 | $7.8M | 0.18% |
| 120 | CLEVELAND-CLIFFS INC NEW | CLF | 582,624 | $7.7M | 0.17% |
| 121 | SPDR SERIES TRUST | 78464A698 | 116,921 | $7.6M | 0.17% |
| 122 | PARAMOUNT SKYDANCE CORP | PSKY | 564,914 | $7.6M | 0.17% |
| 123 | COTERRA ENERGY INC | CTRA | 284,900 | $7.5M | 0.17% |
| 124 | BANCORP INC DEL | TBBK | 110,000 | $7.4M | 0.17% |
| 125 | ATLANTIC UN BANKSHARES CORP | 04911A107 | 210,000 | $7.4M | 0.17% |
| 126 | CRH PLC | CRH | 58,882 | $7.3M | 0.17% |
| 127 | EVERCORE INC | EVR | 21,512 | $7.3M | 0.17% |
| 128 | WASTE CONNECTIONS INC | WCN | 41,630 | $7.3M | 0.16% |
| 129 | CENTURY ALUM CO | CENX | 183,669 | $7.2M | 0.16% |
| 130 | LOWES COS INC | 548661107 | 29,783 | $7.2M | 0.16% |
| 131 | AMRIZE LTD | AMRZ | 131,457 | $7.1M | 0.16% |
| 132 | BROADCOM INC | AVGO | 20,000 | $6.9M | 0.16% |
| 133 | HOULIHAN LOKEY INC | HLI | 38,974 | $6.8M | 0.15% |
| 134 | ARK ETF TR | 00214Q104 | 87,577 | $6.7M | 0.15% |
| 135 | TRANSUNION | TRU | 77,948 | $6.7M | 0.15% |
| 136 | ENDEAVOUR SILVER CORP | EXK | 684,629 | $6.4M | 0.15% |
| 137 | XP INC | XP | 389,738 | $6.4M | 0.14% |
| 138 | MEDLINE INC | MDLN | 150,000 | $6.3M | 0.14% |
| 139 | SOLARIS ENERGY INFRAS INC | SEI | 136,365 | $6.3M | 0.14% |
| 140 | NEXGEN ENERGY LTD | NXE | 677,146 | $6.2M | 0.14% |
| 141 | HAMILTON LANE INC | HLNE | 45,500 | $6.1M | 0.14% |
| 142 | STIFEL FINL CORP | 860630102 | 48,000 | $6.0M | 0.14% |
| 143 | BLACK HILLS CORP | BKH | 86,219 | $6.0M | 0.14% |
| 144 | AES CORP | AES | 415,406 | $6.0M | 0.13% |
| 145 | COEUR MNG INC | 192108504 | 328,724 | $5.9M | 0.13% |
| 146 | AERCAP HOLDINGS NV | AER | 40,000 | $5.8M | 0.13% |
| 147 | UWM HOLDINGS CORPORATION | UWMC | 1,300,146 | $5.7M | 0.13% |
| 148 | SPORTRADAR GROUP AG | SRAD | 233,843 | $5.6M | 0.13% |
| 149 | ANTERO RESOURCES CORP | AR | 153,196 | $5.3M | 0.12% |
| 150 | ISHARES INC | 464286400 | 164,400 | $5.2M | 0.12% |
| 151 | KENVUE INC | KVUE | 300,000 | $5.2M | 0.12% |
| 152 | DENISON MINES CORP | DNN | 1,848,804 | $4.9M | 0.11% |
| 153 | INTERNATIONAL BANCSHARES COR | INTR | 70,000 | $4.7M | 0.10% |
| 154 | BRITISH AMERN TOB PLC | 110448107 | 77,948 | $4.4M | 0.10% |
| 155 | MOELIS & CO | MC | 64,000 | $4.4M | 0.10% |
| 156 | CONNECTONE BANCORP INC | CNOBP | 162,500 | $4.3M | 0.10% |
| 157 | RALPH LAUREN CORP | RL | 11,816 | $4.2M | 0.09% |
| 158 | ALCOA CORP | AA | 77,455 | $4.1M | 0.09% |
| 159 | GILDAN ACTIVEWEAR INC | GIL | 65,864 | $4.1M | 0.09% |
| 160 | WATERS CORP | 941848103 | 10,716 | $4.1M | 0.09% |
| 161 | DECKERS OUTDOOR CORP | DECK | 39,002 | $4.0M | 0.09% |
| 162 | ORACLE CORP | ORCL-PD | 20,549 | $4.0M | 0.09% |
| 163 | CNX RES CORP | CNX | 108,800 | $4.0M | 0.09% |
| 164 | H2O AMERICA | HTO | 81,202 | $4.0M | 0.09% |
| 165 | COMSTOCK RES INC | LODE | 152,100 | $3.5M | 0.08% |
| 166 | RANGE RES CORP | RRC | 97,900 | $3.5M | 0.08% |
| 167 | SIGMA LITHIUM CORPORATION | SGML | 260,336 | $3.4M | 0.08% |
| 168 | FLUTTER ENTMT PLC | G3643J108 | 15,589 | $3.4M | 0.08% |
| 169 | VIKING HOLDINGS LTD | VIK | 46,782 | $3.3M | 0.08% |
| 170 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 134,283 | $3.2M | 0.07% |
| 171 | CHARTER COMMUNICATIONS INC N | 16119P108 | 15,000 | $3.1M | 0.07% |
| 172 | PAMPA ENERGIA S A | 697660207 | 35,076 | $3.1M | 0.07% |
| 173 | TRUIST FINL CORP | 89832Q109 | 61,110 | $3.0M | 0.07% |
| 174 | NAVIENT CORPORATION | JSM | 230,000 | $3.0M | 0.07% |
| 175 | AMER SPORTS INC | AS | 78,058 | $2.9M | 0.07% |
| 176 | KODIAK GAS SVCS INC | 50012A108 | 77,948 | $2.9M | 0.07% |
| 177 | CHIPOTLE MEXICAN GRILL INC | CMG | 78,106 | $2.9M | 0.07% |
| 178 | WIX COM LTD | WIX | 27,431 | $2.8M | 0.06% |
| 179 | MONDAY COM LTD | MNDY | 18,701 | $2.8M | 0.06% |
| 180 | TEREX CORP NEW | TEX | 50,000 | $2.7M | 0.06% |
| 181 | IAMGOLD CORP | IAG | 155,895 | $2.6M | 0.06% |
| 182 | GULFPORT ENERGY CORP | GPOR | 11,800 | $2.5M | 0.06% |
| 183 | GOODYEAR TIRE & RUBR CO | 382550101 | 266,801 | $2.3M | 0.05% |
| 184 | SPDR SERIES TRUST | 78468R556 | 17,955 | $2.3M | 0.05% |
| 185 | VISTA ENERGY S.A.B. DE C.V. | VSOGF | 44,500 | $2.2M | 0.05% |
| 186 | VISA INC | V | 6,069 | $2.1M | 0.05% |
| 187 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 6,992 | $2.1M | 0.05% |
| 188 | FIRST INTST BANCSYSTEM INC | 32055Y201 | 60,000 | $2.1M | 0.05% |
| 189 | GAP INC | GAP | 77,969 | $2.0M | 0.05% |
| 190 | ALIGHT INC | ALIT | 981,000 | $1.9M | 0.04% |
| 191 | KIRBY CORP | KEX | 16,850 | $1.9M | 0.04% |
| 192 | BRINKER INTL INC | 109641100 | 11,692 | $1.7M | 0.04% |
| 193 | XEROX HOLDINGS CORP | XRXDW | 700,000 | $1.7M | 0.04% |
| 194 | OPTIMUM COMMUNICATIONS INC | OPTU | 980,797 | $1.6M | 0.04% |
| 195 | UNITED BANKSHARES INC WEST V | UNTCW | 40,000 | $1.5M | 0.03% |
| 196 | ROSS STORES INC | ROST | 7,795 | $1.4M | 0.03% |
| 197 | CANNAE HLDGS INC | CNNE | 71,015 | $1.1M | 0.03% |
| 198 | WINGSTOP INC | WING | 3,850 | $918,187 | 0.02% |
| 199 | CENTRAL BANCOMPANY | CBC | 35,000 | $844,200 | 0.02% |
| 200 | COPART INC | CPRT | 18,655 | $730,343 | 0.02% |
| 201 | NEWMONT CORP | NEMCL | 5,848 | $583,923 | 0.01% |
| 202 | ROCKET COS INC | 77311W101 | 24,543 | $475,152 | 0.01% |
| 203 | WALMART INC | WMT | 3,897 | $434,165 | 0.01% |
| 204 | CATERPILLAR INC | CAT | 680 | $389,552 | 0.01% |
| 205 | ABBVIE INC | ABBV | 1,092 | $249,511 | 0.01% |