# BW Gestao de Investimentos Ltda.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1568280. Source: https://holderbook.com/funds/1568280-bw-gestao-de-investimentos-ltda/

- Reported value: $5.1B
- Positions: 300
- Weight of the ten largest: 54.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $916.8M | 1,227,723 | 18.1% | 11 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $818.8M | 1,093,321 | 16.2% | 4 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $293.4M | 39,210 | 5.8% | 3 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $180.3M | 0 | 3.6% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $105.7M | 1,262 | 2.1% | 2 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $103.5M | 0 | 2.0% | 1 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $100.4M | 587,335 | 2.0% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $90.6M | 0 | 1.8% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $80.6M | 115,951 | 1.6% | 30 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $57.6M | 495,048 | 1.1% | 13 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $52.3M | 279,811 | 1.0% | 18 |
| PLANET FITNESS MASTER ISSUER | [PLNT](https://holderbook.com/stocks/PLNT/) | $44.9M | 161,161 | 0.9% | 5 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $40.4M | 144,856 | 0.8% | 27 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $39.4M | 0 | 0.8% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $34.9M | 146,407 | 0.7% | 30 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $34.9M | 453,150 | 0.7% | 2 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $32.6M | 320,727 | 0.6% | 3 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $32.0M | 0 | 0.6% | 1 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $31.9M | 201,000 | 0.6% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $31.8M | 90,000 | 0.6% | 1 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $29.8M | 15,000 | 0.6% | 1 |
| MEDLINE INC | [MDLN](https://holderbook.com/stocks/MDLN/) | $27.2M | 690,000 | 0.5% | 3 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $25.4M | 216,100 | 0.5% | 22 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $24.2M | 82,814 | 0.5% | 1 |
| CENTURY ALUM CO | [CENX](https://holderbook.com/stocks/CENX/) | $24.1M | 523,162 | 0.5% | 4 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $23.6M | 68,562 | 0.5% | 31 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $23.5M | 24,026 | 0.5% | 3 |
| NUTANIX INC | [NTNX](https://holderbook.com/stocks/NTNX/) | $23.0M | 450,526 | 0.5% | 9 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $22.4M | 77,469 | 0.4% | 26 |
| CLARIVATE PLC | [CLVT](https://holderbook.com/stocks/CLVT/) | $21.7M | 10,041,847 | 0.4% | 8 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $20.6M | 11,617 | 0.4% | 2 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $20.6M | 256,306 | 0.4% | 3 |
| GLOBAL X FDS | [LIT](https://holderbook.com/stocks/LIT/) | $20.2M | 258,000 | 0.4% | 2 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $19.5M | 446,800 | 0.4% | 3 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $18.8M | 170,209 | 0.4% | 3 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $18.6M | 72,919 | 0.4% | 1 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $18.5M | 193,731 | 0.4% | 2 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $18.5M | 873,053 | 0.4% | 1 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $18.0M | 31,052 | 0.4% | 2 |
| OPTIMUM COMMUNICATIONS INC | [OPTU](https://holderbook.com/stocks/OPTU/) | $18.0M | 8,395,938 | 0.4% | 3 |
| FORGENT POWER SOLUTIONS INC | [FPS](https://holderbook.com/stocks/FPS/) | $17.9M | 320,824 | 0.4% | 2 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $17.6M | 128,353 | 0.3% | 3 |
| CENTERPOINT ENERGY INC | [CNP](https://holderbook.com/stocks/CNP/) | $16.9M | 384,471 | 0.3% | 3 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $16.7M | 82,997 | 0.3% | 3 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $16.5M | 221,536 | 0.3% | 2 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $16.3M | 238,968 | 0.3% | 2 |
| TIMKEN CO | [TKR](https://holderbook.com/stocks/TKR/) | $16.0M | 110,445 | 0.3% | 3 |
| BLACK HILLS CORP | [BKH](https://holderbook.com/stocks/BKH/) | $16.0M | 215,401 | 0.3% | 3 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $15.9M | 60,915 | 0.3% | 2 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $15.5M | 256,730 | 0.3% | 1 |
| RACKSPACE TECHNOLOGY INC | [RXT](https://holderbook.com/stocks/RXT/) | $15.3M | 2,340,279 | 0.3% | 1 |
| BANKUNITED INC | [BKU](https://holderbook.com/stocks/BKU/) | $15.3M | 315,000 | 0.3% | 3 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $15.2M | 132,738 | 0.3% | 1 |
| FLAGSTAR BANK NATIONAL ASSOC | [FLG](https://holderbook.com/stocks/FLG/) | $15.2M | 1,020,000 | 0.3% | 3 |
| ADVANCE AUTO PARTS INC | [AAP](https://holderbook.com/stocks/AAP/) | $15.2M | 244,150 | 0.3% | 1 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $15.0M | 67,718 | 0.3% | 1 |
| SHARKNINJA INC | [SN](https://holderbook.com/stocks/SN/) | $14.7M | 96,643 | 0.3% | 3 |
| IDACORP INC | [IDA](https://holderbook.com/stocks/IDA/) | $14.5M | 95,582 | 0.3% | 3 |
| SOLV ENERGY INC | [MWH](https://holderbook.com/stocks/MWH/) | $14.3M | 419,201 | 0.3% | 2 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $14.2M | 63,796 | 0.3% | 2 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $14.1M | 170,164 | 0.3% | 1 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $13.7M | 6,904 | 0.3% | 2 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $13.5M | 372,096 | 0.3% | 1 |
| VENTURE GLOBAL INC | [VG](https://holderbook.com/stocks/VG/) | $13.4M | 1,207,486 | 0.3% | 2 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $13.3M | 258,464 | 0.3% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $13.0M | 17,915 | 0.3% | 1 |
| HUT 8 CORP | [HUT](https://holderbook.com/stocks/HUT/) | $12.8M | 110,463 | 0.3% | 1 |
| INNIO NV | [INIO](https://holderbook.com/stocks/INIO/) | $12.7M | 320,000 | 0.3% | 1 |
| FERVO ENERGY CO | [FRVO](https://holderbook.com/stocks/FRVO/) | $12.6M | 431,147 | 0.2% | 1 |
| CURTISS WRIGHT CORP | [CW](https://holderbook.com/stocks/CW/) | $12.6M | 16,571 | 0.2% | 5 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $12.5M | 11,720 | 0.2% | 3 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $12.4M | 156,777 | 0.2% | 5 |
| PINNACLE FINL PARTNERS INC | [PNFP](https://holderbook.com/stocks/PNFP/) | $12.4M | 122,442 | 0.2% | 2 |
| MKS INC. | [MKSI](https://holderbook.com/stocks/MKSI/) | $12.3M | 27,754 | 0.2% | 1 |
| TPG INC | [TPG](https://holderbook.com/stocks/TPG/) | $12.2M | 300,919 | 0.2% | 1 |
| COLUMBIA BKG SYS INC | [COLB](https://holderbook.com/stocks/COLB/) | $12.2M | 379,933 | 0.2% | 3 |
| ZIONS BANCORPORATION NATL AS | [ZION](https://holderbook.com/stocks/ZION/) | $12.0M | 173,904 | 0.2% | 2 |
| VALLEY NATL BANCORP | [VLY](https://holderbook.com/stocks/VLY/) | $12.0M | 820,000 | 0.2% | 2 |
| EVERGY INC | [EVRG](https://holderbook.com/stocks/EVRG/) | $11.9M | 137,915 | 0.2% | 3 |
| ULTRA CLEAN HLDGS INC | [UCTT](https://holderbook.com/stocks/UCTT/) | $11.8M | 82,843 | 0.2% | 1 |
| UNITI GROUP LLC | [UNIT](https://holderbook.com/stocks/UNIT/) | $11.8M | 1,028,818 | 0.2% | 2 |
| CAPRI HOLDINGS LIMITED | [CPRI](https://holderbook.com/stocks/CPRI/) | $11.7M | 631,004 | 0.2% | 10 |
| ALLY FINL INC | [ALLY](https://holderbook.com/stocks/ALLY/) | $11.7M | 254,950 | 0.2% | 2 |
| H2O AMERICA | [HTO](https://holderbook.com/stocks/HTO/) | $11.3M | 185,806 | 0.2% | 3 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $11.3M | 67,572 | 0.2% | 26 |
| REVVITY INC | [RVTY](https://holderbook.com/stocks/RVTY/) | $10.8M | 97,046 | 0.2% | 2 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $10.8M | 108,606 | 0.2% | 2 |
| DICKS SPORTING GOODS INC | [DKS](https://holderbook.com/stocks/DKS/) | $10.7M | 47,305 | 0.2% | 4 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $10.6M | 86,399 | 0.2% | 3 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $10.6M | 38,800 | 0.2% | 1 |
| QUANTINUUM INC | [QNT](https://holderbook.com/stocks/QNT/) | $10.5M | 128,000 | 0.2% | 1 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $10.4M | 64,051 | 0.2% | 1 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $10.2M | 225,000 | 0.2% | 3 |
| XEROX HOLDINGS CORP | [XRX](https://holderbook.com/stocks/XRX/) | $10.2M | 3,248,819 | 0.2% | 3 |
| AMEREN CORP | [AEE](https://holderbook.com/stocks/AEE/) | $10.1M | 89,379 | 0.2% | 1 |
| UGI CORP NEW | [UGI](https://holderbook.com/stocks/UGI/) | $10.0M | 289,830 | 0.2% | 3 |
| DIGITALOCEAN HLDGS INC | [DOCN](https://holderbook.com/stocks/DOCN/) | $10.0M | 63,393 | 0.2% | 2 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $9.9M | 587,019 | 0.2% | 5 |
| FIRST TR EXCHANGE-TRADED FD | [FAN](https://holderbook.com/stocks/FAN/) | $9.7M | 386,555 | 0.2% | 1 |
| SABLE OFFSHORE CORP | [SOC](https://holderbook.com/stocks/SOC/) | $9.3M | 3,014,553 | 0.2% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.9% | +14.8% | -5.9% | 94% |
| Q1 2026 | -2.3% | -4.6% | +2.4% | 92% |
| Q4 2025 | -0.5% | +2.4% | -2.8% | 81% |
| Q3 2025 | -0.1% | +7.8% | -8.0% | 81% |
| Q2 2025 | +15.0% | +10.5% | +4.5% | 76% |
| Q1 2025 | -3.9% | -4.6% | +0.6% | 81% |
| Q4 2024 | -4.0% | +2.1% | -6.1% | 89% |
| Q3 2024 | +10.5% | +5.4% | +5.1% | 76% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.1B | 300 |
| Q1 2026 | $3.0B | 263 |
| Q4 2025 | $4.4B | 192 |
| Q3 2025 | $2.3B | 109 |
| Q2 2025 | $2.4B | 93 |
| Q1 2025 | $3.2B | 87 |
| Q4 2024 | $3.1B | 120 |
| Q3 2024 | $1.4B | 74 |
| Q2 2024 | $1.8B | 74 |
| Q1 2024 | $3.4B | 71 |
| Q4 2023 | $3.1B | 84 |
| Q3 2023 | $853.0M | 88 |