BW Gestao de Investimentos Ltda.

13F filer, CIK 1568280, SAO PAULO, Brazil

BW Gestao de Investimentos Ltda. reported $1,429,719,900 across 77 holdings for the quarter ended 2024-09-30, in a 13F-HR filed 2024-11-14. Its ten largest share positions make up 45.59% of the portfolio.

Filed 2024-11-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:26:56 UTC13F-HR 0001568280-24-000007

Period: 2024-09-30
Reported value: $1.43B
Holdings: 77
Top 10 weight: 45.59%
New: 29
Sold out: 35

Largest buys vs the previous quarter

Security	Shares change	Approx. value
GLOBnew	+132,000	$26.2M
IWRnew	+188,660	$16.6M
PRGOnew	+518,595	$13.6M
FOURnew	+140,000	$12.4M
DVYnew	+79,945	$10.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
RSPexited	-221,650	-$36.4M
CALFreduced	-775,059	-$36.1M
ORCLreduced	-208,203	-$35.5M
SHWreduced	-58,275	-$22.2M
XLPexited	-261,865	-$20.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2024

Share positions as resolved from 13F-HR 0001568280-24-000007, largest first. % of portfolio is the value over $604,042,700, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
THCTENET HEALTHCARE CORP	293,816	$48.8M	8.08%	-46,137	Timeline
RBARB GLOBAL INC	454,940	$36.6M	6.06%	-158,446	Timeline
CALFPACER FDS TR	680,973	$31.7M	5.24%	-775,059	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	54,300	$31.2M	5.16%	+1,900	Timeline
AERAERCAP HOLDINGS NV	279,045	$26.4M	4.38%	-9,725	Timeline
GLOBGLOBANT S A	132,000	$26.2M	4.33%	new	Timeline
STNESTONECO LTD	1,850,000	$20.8M	3.45%	+150,000	Timeline
VALEVALE S A	1,713,884	$20M	3.31%	+691,289	Timeline
NTNXNUTANIX INC	287,907	$17.1M	2.82%	+27,907	Timeline
IWRISHARES TR	188,660	$16.6M	2.75%	new	Timeline
CPRICAPRI HOLDINGS LIMITED	362,420	$15.4M	2.55%	+125,000	Timeline
CINTCI&T INC	2,235,212	$15.2M	2.51%	+100,698	Timeline
ECLECOLAB INC	53,455	$13.6M	2.26%	+22,190	Timeline
PRGOPERRIGO CO PLC	518,595	$13.6M	2.25%	new	Timeline
ORCLORACLE CORP	79,531	$13.6M	2.24%	-208,203	Timeline
IWFISHARES TR	34,745	$13M	2.16%	-41,435	Timeline
TMUST-MOBILE US INC	61,278	$12.6M	2.09%	-60,585	Timeline
BXBLACKSTONE INC	81,866	$12.5M	2.08%	-50,804	Timeline
FOURSHIFT4 PMTS INC	140,000	$12.4M	2.05%	new	Timeline
MSFTMICROSOFT CORP	27,823	$12M	1.98%	+7,400	Timeline
DVYISHARES TR	79,945	$10.8M	1.79%	new	Timeline
BIRKBIRKENSTOCK HOLDING PLC	199,425	$9.83M	1.63%	+144,550	Timeline
CCKCROWN HLDGS INC	101,618	$9.74M	1.61%	-190,183	Timeline
VUGVANGUARD INDEX FDS	25,120	$9.64M	1.6%	-9,105	Timeline
XLYSELECT SECTOR SPDR TR	46,935	$9.4M	1.56%	-28,995	Timeline
PMPHILIP MORRIS INTL INC	76,000	$9.23M	1.53%	-14,000	Timeline
KRKROGER CO	160,000	$9.17M	1.52%	0	Timeline
ALBALBEMARLE CORP	90,120	$8.54M	1.41%	+35,000	Timeline
AMBPARDAGH METAL PACKAGING S A	2,026,343	$7.64M	1.26%	-133,200	Timeline
WCNWASTE CONNECTIONS INC	41,461	$7.41M	1.23%	-3,900	Timeline
PLNTPLANET FITNESS MASTER ISSUER	90,600	$7.36M	1.22%	+4,600	Timeline
CLVTCLARIVATE PLC	1,036,233	$7.36M	1.22%	new	Timeline
CZRCAESARS ENTERTAINMENT INC NE	164,096	$6.85M	1.13%	+90,000	Timeline
AAPADVANCE AUTO PARTS INC	165,000	$6.43M	1.07%	+40,000	Timeline
AMZNAMAZON COM INC	34,520	$6.43M	1.06%	+4,025	Timeline
CCICROWN CASTLE INC	48,878	$5.8M	0.96%	-80,000	Timeline
TECKTECK RESOURCES LTD	105,000	$5.49M	0.91%	new	Timeline
GFRGREENFIRE RES LTD NEW	659,819	$4.92M	0.81%	+493,925	Timeline
CPCANADIAN PACIFIC KANSAS CITY	55,000	$4.7M	0.78%	+35,000	Timeline
BLMNBLOOMIN BRANDS INC	282,060	$4.66M	0.77%	-175,644	Timeline
SHWSHERWIN WILLIAMS CO	11,967	$4.57M	0.76%	-58,275	Timeline
CROXCROCS INC	26,593	$3.85M	0.64%	-30,106	Timeline
VRTVERTIV HOLDINGS CO	32,400	$3.22M	0.53%	new	Timeline
GOOGLALPHABET INC	18,876	$3.13M	0.52%	-4,860	Timeline
LOWLOWES COS INC	9,725	$2.63M	0.44%	-24,485	Timeline
CLSCELESTICA INC	48,800	$2.49M	0.41%	new	Timeline
JBLJABIL INC	19,800	$2.37M	0.39%	new	Timeline
DUKDUKE ENERGY CORP NEW	20,000	$2.31M	0.38%	new	Timeline
MUMICRON TECHNOLOGY INC	21,600	$2.24M	0.37%	new	Timeline
ARCOARCOS DORADOS HLDGS INC	250,000	$2.18M	0.36%	new	Timeline
AAPLAPPLE INC	7,966	$1.86M	0.31%	+2,370	Timeline
FLEXFLEX LTD	48,700	$1.63M	0.27%	new	Timeline
NVDANVIDIA CORPORATION	11,700	$1.42M	0.24%	new	Timeline
AEMAGNICO EAGLE MINES LTD	15,000	$1.21M	0.2%	new	Timeline
UALUNITED AIRLS HLDGS INC	20,500	$1.17M	0.19%	new	Timeline
DALDELTA AIR LINES INC	20,700	$1.05M	0.17%	new	Timeline
FCXFREEPORT MCMORAN INC	20,000	$998K	0.17%	-30,000	Timeline
LUVSOUTHWEST AIRLS CO	33,000	$978K	0.16%	new	Timeline
AALAMERICAN AIRLINES GROUP INC	85,000	$955K	0.16%	new	Timeline
STXSEAGATE TECHNOLOGY HLDNGS PL	7,030	$770K	0.13%	new	Timeline
HPEHEWLETT PACKARD ENTERPRISE C	33,800	$692K	0.11%	new	Timeline
WDCWESTERN DIGITAL CORP	9,120	$623K	0.1%	new	Timeline
DELLDELL TECHNOLOGIES INC	4,920	$583K	0.1%	new	Timeline
IRSIRSA INVERSIONES Y REP S A	30,000	$341K	0.06%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
IWMISHARES TR SHS	put	1,560,000	$345M	+60,000
SLVISHARES SILVER TR COM	call	4,200,000	$119M	0
HYGISHARES TR IBOXX HI YD ETF	put	1,000,000	$80.3M	new
ITBISHARES TR US HOME CONS ETF	put	450,000	$57.2M	+250,000
ASHRDBX ETF TR XTRACK HRVST CSI	call	2,000,000	$57.2M	new
CPRICAPRI HOLDINGS LIMITED SHS	call	1,100,000	$46.7M	+100,000
XRTSPDR SERIES TRUST ETF	put	500,000	$38.8M	+470,000
ARKKARK ETF TR INNOVATION ETF	put	400,000	$19M	-100,000
NVDANVIDIA CORPORATION COM	put	150,000	$18.2M	0
KMXCARMAX INC Stock	put	200,000	$15.5M	new
SNOWSNOWFLAKE INC Stock	put	120,000	$13.8M	0
FCXFREEPORT MCMORAN INC Stock	put	250,000	$12.5M	new
SGMLSIGMA LITHIUM CORPORATION Stock	call	210,000	$2.6M	new

Sold out in Q3 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
SPYSTATE STR SPDR S&P 500 ETF T	200,000	$109M	put
IWMISHARES TR	300,000	$60.9M	call
XLKSELECT SECTOR SPDR TR	250,000	$56.6M	call
QQQINVESCO QQQ TR	100,000	$47.9M	put
SPYSTATE STR SPDR S&P 500 ETF T	80,000	$43.5M	call
QQQINVESCO QQQ TR	80,000	$38.3M	call
RSPINVESCO EXCHANGE TRADED FD T	221,650	$36.4M	shares
XLESELECT SECTOR SPDR TR	300,000	$27.3M	call
GEGE AEROSPACE	150,000	$23.8M	put
ARKKARK ETF TR	500,000	$22M	call
XLPSELECT SECTOR SPDR TR	261,865	$20.1M	shares
CATCATERPILLAR INC	60,000	$20M	put
URIUNITED RENTALS INC	30,000	$19.4M	put
PLNTPLANET FITNESS MASTER ISSUER	210,000	$15.5M	call
MDYSTATE STR SPDR S&P MIDCAP 40	28,645	$15.3M	shares
COPXGLOBAL X FDS	329,200	$14.9M	shares
XLUSELECT SECTOR SPDR TR	200,640	$13.7M	shares
R1 RCM INCR1 RCM INC	1,027,220	$12.9M	shares
BXBLACKSTONE INC	100,000	$12.4M	put
ETNEATON CORP PLC	27,566	$8.64M	shares
KRESPDR SERIES TRUST	166,905	$8.2M	shares
TANINVESCO EXCH TRADED FD TR II	200,000	$8.04M	put
RCLROYAL CARIBBEAN GROUP	50,000	$7.97M	put
GILGILDAN ACTIVEWEAR INC	209,784	$7.96M	shares
FXIISHARES TR	217,686	$5.66M	shares
LINLINDE PLC	12,500	$5.49M	shares
MLMMARTIN MARIETTA MATLS INC	10,000	$5.42M	shares
XLESELECT SECTOR SPDR TR	50,000	$4.56M	shares
VSTVISTRA CORP	50,000	$4.3M	shares
WYWEYERHAEUSER CO	150,000	$4.26M	shares
GPNGLOBAL PMTS INC	40,000	$3.87M	shares
NUNU HLDGS LTD	250,000	$3.22M	shares
WMWASTE MGMT INC DEL	10,000	$2.13M	shares
VVVVALVOLINE INC	13,340	$576K	shares
SUZSUZANO S A	46,493	$477K	shares

How Q3 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001568280-24-000007	base		2024-11-14	acceptance time not in the bulk data set	2026-10-07 18:26:56 UTC