BW Gestao de Investimentos Ltda.
SAO PAULO, D5
$4.1bn in 294 US stocks at the end of 30 June 2026. The top 10 are 51.7% of the money. It changed about 56.9% of the portfolio this quarter.
Value
$4.1bn
Stocks
294
Top 10 share
51.7%
Turnover
56.9%
What changed this quarter
New
Bought for the first time this quarter.
- State STR Spdr S&P 500 ETF TSPY22.1% of the fund
- Space Exploration TechnologiesSPCX2.4% of the fund
- Micron TechnologyMU1.1% of the fund
- AlphabetGOOG0.8% of the fund
- ASML Holding NVASML0.7% of the fund
- Generac HoldingsGNRC0.6% of the fund
- CorningGLW0.4% of the fund
- MosaicMOS0.4% of the fund
- US BancorpUSB0.4% of the fund
- Rackspace TechnologyRXT0.4% of the fund
- EntergyETR0.4% of the fund
- Advance Auto PartsAAP0.4% of the fund
- Cerebras SystemsCBRS0.4% of the fund
- Wells Fargo & CompanyWFC0.3% of the fund
- PPLPPL0.3% of the fund
- Applied MaterialsAMAT0.3% of the fund
- Hut 8HUT0.3% of the fund
- InnioINIO0.3% of the fund
- Fervo EnergyFRVO0.3% of the fund
- MKSMKSI0.3% of the fund
- TPGTPG0.3% of the fund
- Ultra Clean HoldingsUCTT0.3% of the fund
- Union PacificUNP0.3% of the fund
- QuantinuumQNT0.3% of the fund
- 3MMMM0.3% of the fund
Added
Bought more of a stock they already held.
- Ishares TRIVV19.7% of the fund+264%
- MicrosoftMSFT1.0% of the fund+124%
- EcolabECL1.0% of the fund+76%
- Amazon.comAMZN0.8% of the fund+177%
- Global X FDSCOPX0.8% of the fund+11%
- MedlineMDLN0.7% of the fund+57%
- BlackstoneBX0.6% of the fund+10%
- Century AluminumCENX0.6% of the fund+69%
- Parker-HannifinPH0.6% of the fund+14%
- AppleAAPL0.5% of the fund+17%
- ClarivateCLVT0.5% of the fund+70%
- Xcel EnergyXEL0.5% of the fund+5%
- Global X FDSLIT0.5% of the fund+50%
- Global X FDSURA0.5% of the fund+80%
- Consolidated EdisonED0.5% of the fund+4%
- Advanced Micro DevicesAMD0.4% of the fund+31%
- Centerpoint EnergyCNP0.4% of the fund+4%
- Capital One FinancialCOF0.4% of the fund+64%
- Ishares TREEM0.4% of the fund+37%
- TimkenTKR0.4% of the fund+57%
- Black HillsBKH0.4% of the fund+65%
- DatadogDDOG0.4% of the fund+76%
- BankUnitedBKU0.4% of the fund+17%
- Flagstar Bank, National AssociationFLG0.4% of the fund+7%
- SOLV EnergyMWH0.3% of the fund+738%
Cut
Sold some of their stake.
- RB GlobalRBA1.4% of the fund-32%
- Tenet HealthcareTHC1.3% of the fund-13%
- EchoStarECHO0.8% of the fund-6%
- Sherwin-WilliamsSHW0.6% of the fund-12%
- NutanixNTNX0.6% of the fund-28%
- Southern CompanySO0.4% of the fund-7%
- Forgent Power SolutionsFPS0.4% of the fund-41%
- American Electric PowerAEP0.4% of the fund-16%
- SharkNinjaSN0.4% of the fund-9%
- IdacorpIDA0.3% of the fund-4%
- Comfort Systems USAFIX0.3% of the fund-51%
- Curtiss WrightCW0.3% of the fund-6%
- International Flavors & FragrancesIFF0.3% of the fund-13%
- Pinnacle Financial PartnersPNFP0.3% of the fund-11%
- Columbia Banking SystemCOLB0.3% of the fund-5%
- Zions Bancorporation, National AssociationZION0.3% of the fund-34%
- Capri HoldingsCPRI0.3% of the fund-47%
- H2O AmericaHTO0.3% of the fund-16%
- Dick's Sporting GoodsDKS0.3% of the fund-56%
- Select Sector Spdr TRXLU0.2% of the fund-75%
- UGIUGI0.2% of the fund-23%
- DigitalOcean HoldingsDOCN0.2% of the fund-48%
- Solaris Energy InfrastructureSEI0.2% of the fund-10%
- Ross StoresROST0.2% of the fund-53%
- Morgan StanleyMS0.2% of the fund-30%
Sold out
Sold their entire stake.
- BroadcomAVGO-100%
- Talen EnergyTLN-100%
- Ishares Silver TRSLV-100%
- Southwest Gas HoldingsSWX-100%
- NRG EnergyNRG-100%
- VistraVST-100%
- FirstenergyFE-100%
- General ElectricGE-100%
- Spdr Series TrustXHB-100%
- CelesticaCLS-100%
- Invesco Exchange Traded FD TRSP-100%
- Paramount SkydancePSKY-100%
- Stifel FinancialSF-100%
- Affiliated Managers GroupAMG-100%
- JPMorgan ChaseJPM-100%
- Franco NevadaFNV-100%
- Celsius HoldingsCELH-100%
- Versant Media GroupVSNT-100%
- Solstice Advanced MaterialsSOLS-100%
- Jetblue AirwaysJBLU-100%
- PENN EntertainmentPENN-100%
- Vale S AVALE-100%
- Vista Energy S.A.B. de C.V.VIST-100%
- Carlyle GroupCG-100%
- AlbemarleALB-100%
Holdings
- State STR Spdr S&P 500 ETF TSPY
- Share
- 22.1%
- Value
- $917m
- Shares
- 1,227,723
New
- Ishares TRIVV
- Share
- 19.7%
- Value
- $819m
- Shares
- 1,093,321
+264%
- Space Exploration TechnologiesSPCX
- Share
- 2.4%
- Value
- $100m
- Shares
- 587,335
New
- Global X FDSCOPX
- Share
- 0.8%
- Value
- $35m
- Shares
- 453,150
+11%
- Select Sector Spdr TRXLV
- Share
- 0.8%
- Value
- $32m
- Shares
- 201,000
Held
- Global X FDSLIT
- Share
- 0.5%
- Value
- $20m
- Shares
- 258,000
+50%
- Global X FDSURA
- Share
- 0.5%
- Value
- $20m
- Shares
- 446,800
+80%
- Ishares TREEM
- Share
- 0.4%
- Value
- $16m
- Shares
- 238,968
+37%
- Cerebras SystemsCBRS
- Share
- 0.4%
- Value
- $15m
- Shares
- 67,718
New
- Gildan ActivewearGIL
- Share
- 0.3%
- Value
- $13m
- Shares
- 258,464
+15%
- InnioINIO
- Share
- 0.3%
- Value
- $13m
- Shares
- 320,000
New
- Fervo EnergyFRVO
- Share
- 0.3%
- Value
- $13m
- Shares
- 431,147
New
- QuantinuumQNT
- Share
- 0.3%
- Value
- $10m
- Shares
- 128,000
New
- Select Sector Spdr TRXLU
- Share
- 0.2%
- Value
- $10m
- Shares
- 225,000
-75%
- First TR Exchange-Traded FDFAN
- Share
- 0.2%
- Value
- $10m
- Shares
- 386,555
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | 22.1% | $917m | 1,227,723 | New |
| Ishares TRIVV | 19.7% | $819m | 1,093,321 | +264% |
| Space Exploration TechnologiesSPCX | 2.4% | $100m | 587,335 | New |
| RB GlobalRBA | 1.4% | $58m | 495,048 | -32% |
| Tenet HealthcareTHC | 1.3% | $52m | 279,811 | -13% |
| Micron TechnologyMU | 1.1% | $45m | 39,210 | New |
| MicrosoftMSFT | 1.0% | $43m | 115,951 | +124% |
| EcolabECL | 1.0% | $40m | 144,856 | +76% |
| Amazon.comAMZN | 0.8% | $35m | 146,407 | +177% |
| Global X FDSCOPX | 0.8% | $35m | 453,150 | +11% |
| EchoStarECHO | 0.8% | $33m | 320,727 | -6% |
| Select Sector Spdr TRXLV | 0.8% | $32m | 201,000 | Held |
| AlphabetGOOG | 0.8% | $32m | 90,000 | New |
| ASML Holding NVASML | 0.7% | $30m | 15,000 | New |
| MedlineMDLN | 0.7% | $27m | 690,000 | +57% |
| BlackstoneBX | 0.6% | $25m | 216,100 | +10% |
| Generac HoldingsGNRC | 0.6% | $24m | 82,814 | New |
| Century AluminumCENX | 0.6% | $24m | 523,162 | +69% |
| Sherwin-WilliamsSHW | 0.6% | $24m | 68,562 | -12% |
| Parker-HannifinPH | 0.6% | $24m | 24,026 | +14% |
| NutanixNTNX | 0.6% | $23m | 450,526 | -28% |
| AppleAAPL | 0.5% | $22m | 77,469 | +17% |
| ClarivateCLVT | 0.5% | $22m | 10,041,847 | +70% |
| Xcel EnergyXEL | 0.5% | $21m | 256,306 | +5% |
| Global X FDSLIT | 0.5% | $20m | 258,000 | +50% |
| Global X FDSURA | 0.5% | $20m | 446,800 | +80% |
| Consolidated EdisonED | 0.5% | $19m | 170,209 | +4% |
| CorningGLW | 0.4% | $19m | 72,919 | New |
| Southern CompanySO | 0.4% | $19m | 193,731 | -7% |
| MosaicMOS | 0.4% | $18m | 873,053 | New |
| Advanced Micro DevicesAMD | 0.4% | $18m | 31,052 | +31% |
| Forgent Power SolutionsFPS | 0.4% | $18m | 320,824 | -41% |
| American Electric PowerAEP | 0.4% | $18m | 128,353 | -16% |
| Centerpoint EnergyCNP | 0.4% | $17m | 384,471 | +4% |
| Capital One FinancialCOF | 0.4% | $17m | 82,997 | +64% |
| Williams CompaniesWMB | 0.4% | $16m | 221,536 | Held |
| Ishares TREEM | 0.4% | $16m | 238,968 | +37% |
| TimkenTKR | 0.4% | $16m | 110,445 | +57% |
| Black HillsBKH | 0.4% | $16m | 215,401 | +65% |
| DatadogDDOG | 0.4% | $16m | 60,915 | +76% |
| US BancorpUSB | 0.4% | $16m | 256,730 | New |
| Rackspace TechnologyRXT | 0.4% | $15m | 2,340,279 | New |
| BankUnitedBKU | 0.4% | $15m | 315,000 | +17% |
| EntergyETR | 0.4% | $15m | 132,738 | New |
| Flagstar Bank, National AssociationFLG | 0.4% | $15m | 1,020,000 | +7% |
| Advance Auto PartsAAP | 0.4% | $15m | 244,150 | New |
| Cerebras SystemsCBRS | 0.4% | $15m | 67,718 | New |
| SharkNinjaSN | 0.4% | $15m | 96,643 | -9% |
| IdacorpIDA | 0.3% | $14m | 95,582 | -4% |
| SOLV EnergyMWH | 0.3% | $14m | 419,201 | +738% |
| NucorNUE | 0.3% | $14m | 63,796 | +219% |
| Wells Fargo & CompanyWFC | 0.3% | $14m | 170,164 | New |
| Comfort Systems USAFIX | 0.3% | $14m | 6,904 | -51% |
| PPLPPL | 0.3% | $14m | 372,096 | New |
| Venture GlobalVG | 0.3% | $13m | 1,207,486 | +12% |
| Gildan ActivewearGIL | 0.3% | $13m | 258,464 | +15% |
| Applied MaterialsAMAT | 0.3% | $13m | 17,915 | New |
| Hut 8HUT | 0.3% | $13m | 110,463 | New |
| InnioINIO | 0.3% | $13m | 320,000 | New |
| Fervo EnergyFRVO | 0.3% | $13m | 431,147 | New |
| Curtiss WrightCW | 0.3% | $13m | 16,571 | -6% |
| CaterpillarCAT | 0.3% | $12m | 11,720 | +1624% |
| International Flavors & FragrancesIFF | 0.3% | $12m | 156,777 | -13% |
| Pinnacle Financial PartnersPNFP | 0.3% | $12m | 122,442 | -11% |
| MKSMKSI | 0.3% | $12m | 27,754 | New |
| TPGTPG | 0.3% | $12m | 300,919 | New |
| Columbia Banking SystemCOLB | 0.3% | $12m | 379,933 | -5% |
| Optimum CommunicationsOPTU | 0.3% | $12m | 8,395,938 | +415% |
| Zions Bancorporation, National AssociationZION | 0.3% | $12m | 173,904 | -34% |
| Valley National BancorpVLY | 0.3% | $12m | 820,000 | +17% |
| EvergyEVRG | 0.3% | $12m | 137,915 | +21% |
| Ultra Clean HoldingsUCTT | 0.3% | $12m | 82,843 | New |
| Uniti GroupUNIT | 0.3% | $12m | 1,028,818 | Held |
| Capri HoldingsCPRI | 0.3% | $12m | 631,004 | -47% |
| Ally FinancialALLY | 0.3% | $12m | 254,950 | +34% |
| H2O AmericaHTO | 0.3% | $11m | 185,806 | -16% |
| Waste ConnectionsWCN | 0.3% | $11m | 67,572 | +25% |
| RevvityRVTY | 0.3% | $11m | 97,046 | Held |
| ServiceNowNOW | 0.3% | $11m | 108,606 | +50% |
| Dick's Sporting GoodsDKS | 0.3% | $11m | 47,305 | -56% |
| Intercontinental ExchangeICE | 0.3% | $11m | 86,399 | +312% |
| Union PacificUNP | 0.3% | $11m | 38,800 | New |
| QuantinuumQNT | 0.3% | $10m | 128,000 | New |
| 3MMMM | 0.3% | $10m | 64,051 | New |
| Select Sector Spdr TRXLU | 0.2% | $10m | 225,000 | -75% |
| Xerox HoldingsXRX | 0.2% | $10m | 3,248,819 | +172% |
| AmerenAEE | 0.2% | $10m | 89,379 | New |
| UGIUGI | 0.2% | $10m | 289,830 | -23% |
| DigitalOcean HoldingsDOCN | 0.2% | $10m | 63,393 | -48% |
| Pg&ePCG | 0.2% | $10m | 587,019 | Held |
| First TR Exchange-Traded FDFAN | 0.2% | $10m | 386,555 | New |
| Sable OffshoreSOC | 0.2% | $9m | 3,014,553 | +42% |
| Eve HoldingEVEX | 0.2% | $9m | 3,686,140 | Held |
| MSC Industrial DirectMSM | 0.2% | $9m | 77,102 | New |
| Target HospitalityTH | 0.2% | $9m | 450,000 | New |
| Zoom CommunicationsZM | 0.2% | $9m | 106,065 | +165% |
| Digital Realty TrustDLR | 0.2% | $9m | 50,916 | New |
| Western Alliance BancorporationWAL | 0.2% | $9m | 109,967 | New |
| RobloxRBLX | 0.2% | $9m | 165,638 | New |
| DeereDE | 0.2% | $9m | 14,075 | New |
Showing the largest 100 of 294.
Options (13)
- Micron TechnologyMU
- Type
- Put
- Value
- $248m
- Contracts
- 215,000
- Ishares TRIWM
- Type
- Put
- Value
- $180m
- Contracts
- 600,000
- TeslaTSLA
- Type
- Put
- Value
- $105m
- Contracts
- 250,000
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $91m
- Contracts
- 123,000
- IsharesEWZ
- Type
- Call
- Value
- $52m
- Contracts
- 1,500,000
- IsharesEWZ
- Type
- Put
- Value
- $52m
- Contracts
- 1,500,000
- Vaneck ETF TrustSMH
- Type
- Put
- Value
- $39m
- Contracts
- 60,000
- MicrosoftMSFT
- Type
- Call
- Value
- $37m
- Contracts
- 100,000
- Planet FitnessPLNT
- Type
- Call
- Value
- $37m
- Contracts
- 700,000
- Ishares TRSOXX
- Type
- Put
- Value
- $32m
- Contracts
- 50,000
- QualcommQCOM
- Type
- Call
- Value
- $18m
- Contracts
- 100,000
- QXOQXO
- Type
- Call
- Value
- $9m
- Contracts
- 500,000
- Optimum CommunicationsOPTU
- Type
- Call
- Value
- $6m
- Contracts
- 4,000,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Micron TechnologyMU | Put | $248m | 215,000 |
| Ishares TRIWM | Put | $180m | 600,000 |
| TeslaTSLA | Put | $105m | 250,000 |
| Invesco QQQ TRQQQ | Put | $91m | 123,000 |
| IsharesEWZ | Call | $52m | 1,500,000 |
| IsharesEWZ | Put | $52m | 1,500,000 |
| Vaneck ETF TrustSMH | Put | $39m | 60,000 |
| MicrosoftMSFT | Call | $37m | 100,000 |
| Planet FitnessPLNT | Call | $37m | 700,000 |
| Ishares TRSOXX | Put | $32m | 50,000 |
| QualcommQCOM | Call | $18m | 100,000 |
| QXOQXO | Call | $9m | 500,000 |
| Optimum CommunicationsOPTU | Call | $6m | 4,000,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 293.2% since 30 June 2025.
Where the money is
Technology14.9%
Industrials8.9%
Financial services7.7%
Utilities6.1%
Materials5.6%
Retail & consumer4.4%
Media & telecom2.9%
Health care2.3%
Energy0.8%
Everyday goods0.6%
Real estate0.5%
Other45.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.