BW Gestao de Investimentos Ltda.

CIK 1568280 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions have no disclosed value and are left out of the sum, counted here rather than dropped: $3.0B
every reported holding for this filer and quarter, including ones with no disclosed value: 270
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 135
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 70

Quarter-end snapshot, filed up to 45 days later — not current holdings. What a 13F covers ↓

Changes · Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Position changes into quarter 2026-03-31
The reviewed ticker for the filed issuer name and share class, the same mapping the Reported positions table uses. Symbols are never inferred from names; — means no reviewed mapping.	position matched across quarters by exact reported CUSIP over a registry gap — never a name match	NEW / ADD / TRIM / EXIT by share count · NO CHANGE = same shares; the value moved with price, so never an ADD or a TRIM · EXIT = absent this quarter (disposed, delisted, confidential, or reported by an affiliate) — the filing does not say which · NO PRIOR = no comparable prior quarter on record (a first filing, or a quarter filed inside an affiliate's report), so not called a new stake · n/c = not classifiable: value undisclosed on one side of the pair, or neither shares nor value can classify it · †v: the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE	derived by Public Filings from the published data; “no value” means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated	Prev value	Curr value	Prev shares	Curr shares
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: TR UNIT · position key `pos:11570` · issuer key `iss:1599` PUT	TRIM	−$251M	−350,000	$511M	$260M	750,000	400,000
—	share class as filed: RUSSELL 2000 ETF · position key `pos:15702` · issuer key `iss:1012` PUT	TRIM	−$96.8M	−400,000	$320M	$223M	1,300,000	900,000
—	share class as filed: CORE S&P500 ETF · position key `pos:10307` · issuer key `iss:1012`	TRIM	−$310M	−438,806	$506M	$196M	738,842	300,036
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:10357` · issuer key `iss:1786` PUT	NEW	+$74.4M	+200,000	$0	$74.4M	—	200,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:17824` · issuer key `iss:1514`	TRIM	−$11.3M	−60,711	$80.9M	$69.5M	785,947	725,236
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM NEW · position key `pos:17130` · issuer key `iss:1776`	TRIM	−$10.6M	−36,955	$71.0M	$60.5M	357,435	320,480
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: UNIT SER 1 · position key `pos:11173` · issuer key `iss:995` PUT	TRIM	−$127M	−200,000	$184M	$57.7M	300,000	100,000
—	share class as filed: STATE STREET UTI · position key `pos:17300` · issuer key `iss:2454`	TRIM	−$7.8M	−250,000	$49.1M	$41.3M	1,150,000	900,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL A · position key `pos:13249` · issuer key `iss:632`	ADD	+$11.6M	+80,663	$28.2M	$39.9M	259,871	340,534
—	share class as filed: RUSSELL 2000 ETF · position key `pos:15702` · issuer key `iss:1012` CALL	TRIM	−$36.6M	−150,000	$73.8M	$37.2M	300,000	150,000
—	share class as filed: COM SHS · position key `pos:15447` · issuer key `iss:2453`	ADD	+$21.9M	+661,883	$13.2M	$35.2M	1,467,222	2,129,105
—	share class as filed: EXPANDED TECH · position key `pos:15179` · issuer key `iss:1012` CALL	NEW	+$32.0M	+400,000	$0	$32.0M	—	400,000
—	share class as filed: GLOBAL X COPPER · position key `sid:sec:prov:eccbebd4ae697b4cc5b742610cdbf1dd` · issuer key `iss:2391`	NEW	+$31.3M	+410,050	$0	$31.3M	—	410,050
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:12827` · issuer key `iss:323`	ADD	+$24.0M	+79,900	$6.9M	$30.9M	20,000	99,900
—	share class as filed: STATE STREET HEA · position key `sid:sec:prov:2b5902c05a996d81adf5ce01e71326f4` · issuer key `iss:2454`	TRIM	−$11.7M	−65,000	$41.2M	$29.5M	266,000	201,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:16278` · issuer key `iss:390` CALL	NEW	+$27.4M	+150,000	$0	$27.4M	—	150,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:15494` · issuer key `iss:98`	ADD	+$17.2M	+1,863,000	$9.3M	$26.5M	605,000	2,468,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:13768` · issuer key `iss:1651`	ADD	+$7.1M	+22,644	$17.9M	$25.0M	55,214	77,858
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL A · position key `pos:11791` · issuer key `iss:1333`	TRIM	−$10.3M	−33,510	$34.3M	$23.9M	663,074	629,564
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:15622` · issuer key `iss:282`	ADD	−$443K	+46,804	$22.9M	$22.5M	148,776	195,580

Flags: no row carries a flag.

1–20 of the 100 changes on this page

Mark-to-market only (no share change) · 8

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
The reviewed ticker for the filed issuer name and share class, the same mapping the Reported positions table uses. Symbols are never inferred from names; — means no reviewed mapping.	position matched across quarters by exact reported CUSIP over a registry gap — never a name match	NEW / ADD / TRIM / EXIT by share count · NO CHANGE = same shares; the value moved with price, so never an ADD or a TRIM · EXIT = absent this quarter (disposed, delisted, confidential, or reported by an affiliate) — the filing does not say which · NO PRIOR = no comparable prior quarter on record (a first filing, or a quarter filed inside an affiliate's report), so not called a new stake · n/c = not classifiable: value undisclosed on one side of the pair, or neither shares nor value can classify it · †v: the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE	derived by Public Filings from the published data; “no value” means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
—	share class as filed: COM · position key `sid:sec:prov:0befaea9161cd0690da52313a43e4b88` · issuer key `cusip6:29970N`	NO CHANGE	−$5.6M	$14.7M	$9.1M	3,686,140	3,686,140
—	share class as filed: INNOVATION ETF · position key `pos:14553` · issuer key `iss:2316`	NO CHANGE	−$817K	$6.7M	$5.9M	87,577	87,577
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: CL A · position key `pos:11654` · issuer key `iss:1847` CALL	NO CHANGE	−$2.6M	$8.2M	$5.6M	500,000	500,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: SHS · position key `pos:10798` · issuer key `iss:2283`	NO CHANGE	−$263K	$5.8M	$5.5M	40,000	40,000
—	share class as filed: STATE STREET SPD · position key `sid:sec:prov:9886204f7314eeb6ea4d19d9d7721d16` · issuer key `iss:2452`	NO CHANGE	+$998K	$2.3M	$3.3M	17,955	17,955
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:18083` · issuer key `iss:1781`	NO CHANGE	+$286K	$2.7M	$3.0M	50,000	50,000
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:10703` · issuer key `iss:389`	NO CHANGE	−$310K	$1.1M	$807K	71,015	71,015
a reviewed mapping row for this filed issuer name and share class (never inferred from the name)	share class as filed: COM · position key `pos:13432` · issuer key `iss:411`	NO CHANGE	+$92.2K	$390K	$482K	680	680

Flags: no row carries a flag.

Holdings without a security ID are counted, not compared. Method ↗

Reported positions — 2026-03-31

256 issuers · 270 rows

View

This build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.

This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.

a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing

Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets.

value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0

—

ISHARES TR

5 positions · 5 reported rows

Rows BW Gestao de Investimentos Ltda. reported for ISHARES TR, as it reported them
ISHARES TR · RUSSELL 2000 ETF · PUT CUSIP — src ↗	$223M	900,000
ISHARES TR · CORE S&P500 ETF CUSIP — src ↗	$196M	300,036
ISHARES TR · RUSSELL 2000 ETF · CALL CUSIP — src ↗	$37.2M	150,000
ISHARES TR · EXPANDED TECH · CALL CUSIP — src ↗	$32.0M	400,000
ISHARES TR · MSCI EMG MKT ETF CUSIP — src ↗	$9.9M	175,009

ticker not yet mapped

$498M

1,925,045

16.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

STATE STR SPDR S&P 500 ETF T · TR UNIT · PUT CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$260M

400,000

8.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

TESLA INC

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for TESLA INC, as it reported them
TESLA INC · COM · PUT CUSIP — src ↗	$74.4M	200,000
TESLA INC · COM CUSIP — src ↗	$11.2M	30,000

$85.5M

230,000

2.8%

—

SELECT SECTOR SPDR TR

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for SELECT SECTOR SPDR TR, as it reported them
SELECT SECTOR SPDR TR · STATE STREET UTI CUSIP — src ↗	$41.3M	900,000
SELECT SECTOR SPDR TR · STATE STREET HEA CUSIP 81369Y209 src ↗	$29.5M	201,000

ticker not yet mapped

$70.8M

1,101,000

2.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

RB GLOBAL INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$69.5M

725,236

2.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

TENET HEALTHCARE CORP · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$60.5M

320,480

2.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

INVESCO QQQ TR · UNIT SER 1 · PUT CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$57.7M

100,000

1.9%

—

GLOBAL X FDS

3 positions · 3 reported rows

Rows BW Gestao de Investimentos Ltda. reported for GLOBAL X FDS, as it reported them
GLOBAL X FDS · GLOBAL X COPPER CUSIP 37954Y830 src ↗	$31.3M	410,050
GLOBAL X FDS · LITHIUM BTRY ETF CUSIP 37954Y855 src ↗	$12.8M	172,000
GLOBAL X FDS · GLOBAL X URANIUM CUSIP 37954Y871 src ↗	$12.0M	248,800

ticker not yet mapped

$56.1M

830,850

1.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ECHOSTAR CORP · CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$39.9M

340,534

1.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NUTANIX INC

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for NUTANIX INC, as it reported them
NUTANIX INC · CL A CUSIP — src ↗	$23.9M	629,564
NUTANIX INC · CL A · CALL CUSIP — src ↗	$15.2M	400,000

$39.1M

1,029,564

1.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CAPITAL ONE FINL CORP

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for CAPITAL ONE FINL CORP, as it reported them
CAPITAL ONE FINL CORP · COM · CALL CUSIP — src ↗	$27.4M	150,000
CAPITAL ONE FINL CORP · COM CUSIP — src ↗	$9.2M	50,480

$36.6M

200,480

1.2%

—

SABLE OFFSHORE CORP · COM SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$35.2M

2,129,105

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BROADCOM INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$30.9M

99,900

1.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CAPRI HOLDINGS LIMITED

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for CAPRI HOLDINGS LIMITED, as it reported them
CAPRI HOLDINGS LIMITED · SHS CUSIP — src ↗	$21.1M	1,197,136
CAPRI HOLDINGS LIMITED · SHS · CALL CUSIP — src ↗	$7.0M	400,000

$28.1M

1,597,136

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AMERICAN AIRLINES GROUP INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$26.5M

2,468,000

0.9%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SHERWIN WILLIAMS CO · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$25.0M

77,858

0.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

UIPATH INC

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for UIPATH INC, as it reported them
UIPATH INC · CL A CUSIP — src ↗	$18.2M	1,638,950
UIPATH INC · CL A · CALL CUSIP — src ↗	$5.6M	500,000

$23.7M

2,138,950

0.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BLACKSTONE INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$22.5M

195,580

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ECOLAB INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$21.9M

82,354

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

DICKS SPORTING GOODS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$21.5M

108,365

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SOUTHERN CO · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$20.2M

209,292

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AMERICAN ELEC PWR CO INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$20.1M

153,248

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ALCOA CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$20.1M

302,358

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MEDLINE INC · COM CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$19.6M

440,000

0.7%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

XCEL ENERGY INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$19.4M

244,237

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

COMFORT SYS USA INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$19.3M

14,023

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MICROSOFT CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$19.2M

51,809

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ROSS STORES INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$19.0M

87,691

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PARKER-HANNIFIN CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$18.9M

21,068

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

TALEN ENERGY CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$18.8M

58,984

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CONSOLIDATED EDISON INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$18.5M

163,042

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GLOBANT S A · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$18.2M

395,524

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CENTURY ALUM CO · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$18.1M

308,758

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PAN AMERN SILVER CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$17.3M

316,199

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FREEPORT MCMORAN INC · CL B CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$17.0M

289,832

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VENTURE GLOBAL INC · COM CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.9M

1,074,345

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MICRON TECHNOLOGY INC · COM · PUT CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.9M

50,000

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

APPLE INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.9M

66,396

0.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ISHARES SILVER TR · ISHARES CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.4M

240,475

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WILLIAMS COS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.0M

220,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CENTERPOINT ENERGY INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$16.0M

369,592

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FORGENT POWER SOLUTIONS INC · COM SHS CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$15.8M

540,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AMRIZE LTD · SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$15.8M

281,311

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ZIONS BANCORPORATION NATL AS · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$15.3M

265,000

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CLARIVATE PLC · ORD SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$15.0M

5,922,942

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SOUTHWEST GAS HLDGS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$14.4M

165,257

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

IDACORP INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$14.2M

99,581

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WARNER BROS DISCOVERY INC · COM SER A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$14.2M

515,928

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PLANET FITNESS MASTER ISSUER · CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$14.1M

189,638

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

UGI CORP NEW · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$13.8M

377,800

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

INTERNATIONAL FLAVORS&FRAGRA · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$13.1M

180,357

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

H2O AMERICA · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$13.0M

220,941

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NRG ENERGY INC · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.8M

87,698

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FLAGSTAR BANK NATIONAL ASSOC · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.5M

950,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GILDAN ACTIVEWEAR INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.5M

224,406

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BANKUNITED INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.2M

270,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

UNITED AIRLS HLDGS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.2M

132,400

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CLOUDFLARE INC · CL A COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.1M

58,779

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CURTISS WRIGHT CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$12.0M

17,575

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PINNACLE FINL PARTNERS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$11.9M

137,604

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SHARKNINJA INC · COM SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$11.2M

105,646

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AMAZON COM INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$11.0M

52,871

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

COLUMBIA BKG SYS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$11.0M

400,000

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CIENA CORP · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.9M

28,085

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

NEXTPOWER INC · CLASS A COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.6M

87,706

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VISTRA CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.5M

70,132

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

DIGITALOCEAN HLDGS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.5M

122,624

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PG&E CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.2M

583,172

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FIRSTENERGY CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$10.1M

200,293

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GE AEROSPACE · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.9M

34,889

0.3%

—

SPDR SERIES TRUST · STATE STREET SPD CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$9.9M

100,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CELESTICA INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.9M

35,042

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

LUMENTUM HLDGS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.8M

14,016

0.3%

—

CI&T INC · COM CL A CUSIP G21307106
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$9.8M

1,925,665

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

UNITI GROUP LLC · COM SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.7M

1,028,818

0.3%

—

INVESCO EXCHANGE TRADED FD T · S&P500 EQL WGT CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$9.6M

49,778

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

MORGAN STANLEY · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.5M

57,756

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

EVERGY INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.3M

114,100

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PARAMOUNT SKYDANCE CORP · COM CL B CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.3M

1,029,101

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

STIFEL FINL CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.2M

124,967

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

KINROSS GOLD CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.2M

300,542

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

KEYCORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.2M

456,944

0.3%

—

EVE HLDG INC · COM CUSIP 29970N104
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$9.1M

3,686,140

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

AFFILIATED MANAGERS GROUP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.1M

33,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BLACK HILLS CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.1M

130,738

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WINTRUST FINL CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$9.0M

65,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

DELTA AIR LINES INC · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.9M

133,836

0.3%

—

ARCELORMITTAL SA LUXEMBOURG · NY REGISTRY SH CUSIP 03938L203
2026-03-31 filed 2026-04-28 +28d

src ↗

ticker not yet mapped

$8.9M

171,149

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

JPMORGAN CHASE & CO · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.8M

30,020

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

FRANCO NEV CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.8M

35,702

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

WASTE CONNECTIONS INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.8M

54,239

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

COREWEAVE INC · COM CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.7M

112,560

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

CELSIUS HLDGS INC · COM NEW CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.7M

245,377

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VALLEY NATL BANCORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.6M

700,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

VERSANT MEDIA GROUP INC · COM CL A CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.5M

230,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

REVVITY INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.5M

96,830

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

SOLSTICE ADVANCED MATLS INC · COM SHS CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.4M

110,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

JETBLUE AIRWAYS CORP · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.2M

1,850,000

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

PENN ENTERTAINMENT INC · COM CUSIP —
2026-03-31 filed 2026-04-28 +28d

src ↗

$8.0M

534,514

0.3%

—

VARONIS SYS INC

2 positions · 2 reported rows

Rows BW Gestao de Investimentos Ltda. reported for VARONIS SYS INC, as it reported them
VARONIS SYS INC · COM · CALL CUSIP 922280102 src ↗	$4.3M	200,000
VARONIS SYS INC · COM CUSIP 922280102 src ↗	$3.7M	171,584

ticker not yet mapped

$8.0M

371,584

0.3%

1–20 of the 100 issuers on this page

One line per issuer, largest first — open a line for its reported rows. Grouping ↗

Book shape

Tick = median of the 8,748 tracked filers with a 2026-03-31 book (the index median: the 8,662 with a complete book). Concentration uses reported 13F long value, not total assets; the index is withheld when any position lacks a value.

share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 48.1%below median 80.0%
integer Herfindahl–Hirschman index in basis points over disclosed position values: 226 bpsbelow median 446 bps
holdings with no disclosed value (undisclosed, or unreadable on the filing) — kept and counted, never shown as zero: 270 / 270median book 97.5 positions

340 quarter-over-quarter rows

Filing history

Available filing periods
Period	Source
2026-03-31	EDGAR ↗

Complete source filings on SEC EDGAR

The filing on EDGAR is the record, including any filed after this build.

Open BW Gestao de Investimentos Ltda.'s 13F filings on SEC EDGAR ↗

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings: a position may have changed or closed since the quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars; each record notes its original unit.

Affiliated managers may report the same position, so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice.

Changes · Q1 2026Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Reported positions — 2026-03-31

Book shape

Filing history

Changes · Quarter ended 2026-03-31. Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.