Fund HoldingsBW Gestao de Investimentos Ltda.

Total Portfolio Value
$4.43B
Total Bought
$3.15B
Total Sold
$982.42M
Net Transaction
+$2.16B
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
ISHARES TR155,000738,842+583,842103,742506,06211.42%+402,321
SPDR S&P 500 ETF TR(SPY)(Put)0750,000+750,0000511,440+511,440
INVESCO EXCHANGE TRADED FD T
S&P500 EQL WGT
01,499,100+1,499,1000287,1686.48%+287,168
INVESCO QQQ TR(Put)0300,000+300,0000184,293+184,293
INVESCO QQQ TR(Call)0150,000+150,000092,147+92,147
MICRON TECHNOLOGY INC(MU)(Call)0300,000+300,000085,623+85,623
KRANESHARES TRUST(Call)02,400,000+2,400,000081,720+81,720
ISHARES TR(Call)0300,000+300,000073,848+73,848
BROADCOM INC(AVGO)(Call)0200,000+200,000069,220+69,220
ISHARES TR(Put)1,100,0001,300,000+200,000266,156320,008+53,852
SELECT SECTOR SPDR TR
ST STR UTIL ETF
01,150,000+1,150,000049,0941.11%+49,094
SELECT SECTOR SPDR TR
ST STR CARE ETF
0266,000+266,000041,1770.93%+41,177
MICRON TECHNOLOGY INC(MU)0139,803+139,803039,9010.90%+39,901
SPDR S&P 500 ETF TR(SPY)(Call)050,000+50,000034,096+34,096
ECHOSTAR CORP(ECHO)0259,871+259,871028,2480.64%+28,248
CAPITAL ONE FINL CORP(COF)0107,606+107,606026,0790.59%+26,079
SPDR SERIES TRUST(Put)
ST STR SP RETAIL
0300,000+300,000025,587+25,587
TALEN ENERGY CORP(TLN)058,077+58,077021,7700.49%+21,770
LINDE PLC(LIN)048,000+48,000020,4670.46%+20,467
AMERICAN ELEC PWR CO INC0169,861+169,861019,5870.44%+19,587
SOCIEDAD QUIMICA Y MINERA DE(SQM)0283,254+283,254019,4880.44%+19,488
SPDR SERIES TRUST(Put)
ST STR SP REGBNK
0300,000+300,000019,443+19,443
JPMORGAN CHASE & CO.(JPM)056,117+56,117018,0820.41%+18,082
CONSOLIDATED EDISON INC(ED)0181,065+181,065017,9830.41%+17,983
XCEL ENERGY INC(XEL)0242,457+242,457017,9080.40%+17,908
BANK AMERICA CORP0324,823+324,823017,8650.40%+17,865
HUNTINGTON BANCSHARES INC(HBAN)01,020,000+1,020,000017,6970.40%+17,697
BLACKSTONE INC(BX)0148,776+148,776022,9320.52%+22,932
SEMPRA(SRE)0188,347+188,347016,6290.38%+16,629
UIPATH INC(PATH)(Put)01,000,000+1,000,000016,390+16,390
EVERGY INC(EVRG)0220,173+220,173015,9600.36%+15,960
SHERWIN WILLIAMS CO(SHW)055,214+55,214017,8910.40%+17,891
FIRSTENERGY CORP(FE)0338,898+338,898015,1720.34%+15,172
UGI CORP NEW(UGI)0401,594+401,594015,0320.34%+15,032
ALBEMARLE CORP(ALB)46,930132,250+85,3203,80518,7050.42%+14,900
PG&E CORP(PCG)0925,788+925,788014,8770.34%+14,877
SOLSTICE ADVANCED MATLS INC(SOLS)0305,507+305,507014,8420.33%+14,842
WARNER BROS DISCOVERY INC(WBD)(Call)0500,000+500,000014,410+14,410
SOUTHWEST GAS HLDGS INC(SWX)0174,847+174,847013,9910.32%+13,991
NEXTPOWER INC0155,895+155,895013,5800.31%+13,580
SABLE OFFSHORE CORP01,467,222+1,467,222013,2340.30%+13,234
ENTERGY CORP NEW(ETR)0142,048+142,048013,1290.30%+13,129
LUMENTUM HLDGS INC(LITE)035,076+35,076012,9290.29%+12,929
FLAGSTAR BANK NATIONAL ASSOC(FLG)01,000,000+1,000,000012,5900.28%+12,590
AFFILIATED MANAGERS GROUP IN042,000+42,000012,1080.27%+12,108
PROSPERITY BANCSHARES INC(PB)0174,867+174,867012,0850.27%+12,085
PARKER-HANNIFIN CORP(PH)013,709+13,709012,0500.27%+12,050
INTERCONTINENTAL EXCHANGE IN(ICE)074,067+74,067011,9960.27%+11,996
WARNER BROS DISCOVERY INC(WBD)0415,928+415,928011,9870.27%+11,987
WEBSTER FINL CORP(WBS)0190,021+190,021011,9600.27%+11,960
NRG ENERGY INC(NRG)0155,895+155,895024,8250.56%+24,825
PENNYMAC FINL SVCS INC NEW(PFSI)090,000+90,000011,8660.27%+11,866
US BANCORP DEL(USB)0221,316+221,316011,8090.27%+11,809
SOUTHSTATE BK CORP0125,005+125,005011,7640.27%+11,764
KKR & CO INC(KKR)092,003+92,003011,7290.26%+11,729
INVESCO EXCH TRADED FD TR II
SOLAR ETF
0233,843+233,843011,4860.26%+11,486
IDACORP INC(IDA)090,740+90,740011,4840.26%+11,484
GLOBAL X FDS
GLOBAL X URANIUM
0268,100+268,100011,4560.26%+11,456
SHARKNINJA INC(SN)097,472+97,472010,9070.25%+10,907
PINNACLE FINL PARTNERS INC0110,000+110,000010,4950.24%+10,495
TIMKEN CO(TKR)0124,730+124,730010,4940.24%+10,494
SKEENA RES LTD NEW(SKE)0438,147+438,147010,3970.23%+10,397
CONSTELLIUM SE(CSTM)0546,270+546,270010,2970.23%+10,297
BARRICK MNG CORP(B)100,000305,959+205,9593,27713,3250.30%+10,048
C H ROBINSON WORLDWIDE INC(CHRW)062,358+62,358010,0250.23%+10,025
RELIANCE INC(RS)034,666+34,666010,0140.23%+10,014
CAMECO CORP(CCJ)135,000232,949+97,94911,32121,3130.48%+9,991
COLUMBIA BKG SYS INC(COLB)0350,000+350,00009,7830.22%+9,783
AMERICAN AIRLS GROUP INC(AAL)0605,000+605,00009,2750.21%+9,275
SOUTHWEST AIRLS CO(LUV)0223,583+223,58309,2410.21%+9,241
SIGMA LITHIUM CORPORATION(SGML)(Call)145,200764,400+619,20093110,082+9,152
CITIGROUP INC(C)078,337+78,33709,1410.21%+9,141
ARCELORMITTAL SA LUXEMBOURG(MT)0200,000+200,00009,1140.21%+9,114
CORE NATURAL RESOURCES INC(CNR)0102,473+102,47309,0700.20%+9,070
MARKETAXESS HLDGS INC(MKTX)049,500+49,50008,9720.20%+8,972
CELSIUS HLDGS INC(CELH)0194,869+194,86908,9130.20%+8,913
CLEVELAND-CLIFFS INC NEW(CLF)(Call)0649,300+649,30008,623+8,623
DELTA AIR LINES INC DEL(DAL)0123,000+123,00008,5360.19%+8,536
UNITED AIRLS HLDGS INC(UAL)075,000+75,00008,3870.19%+8,387
MORGAN STANLEY(MS)046,945+46,94508,3340.19%+8,334
CENTERPOINT ENERGY INC(CNP)0213,988+213,98808,2040.19%+8,204
PAN AMERN SILVER CORP(PAAS)0155,980+155,98008,0810.18%+8,081
BANKUNITED INC(BKU)0175,000+175,00007,8000.18%+7,800
CLEVELAND-CLIFFS INC NEW(CLF)0582,624+582,62407,7370.17%+7,737
SPDR SERIES TRUST
ST STR SP REGBNK
0116,921+116,92107,5780.17%+7,578
PARAMOUNT SKYDANCE CORP(PSKY)0564,914+564,91407,5700.17%+7,570
BANCORP INC DEL(TBBK)0110,000+110,00007,4270.17%+7,427
ATLANTIC UN BANKSHARES CORP(AUB)0210,000+210,00007,4130.17%+7,413
CRH PLC
ORD
058,882+58,88207,3480.17%+7,348
EVERCORE INC(EVR)021,512+21,51207,3190.17%+7,319
AMRIZE LTD(AMRZ)0131,457+131,45707,1090.16%+7,109
APPLE INC(AAPL)7,96633,466+25,5002,0289,0980.21%+7,070
BROADCOM INC(AVGO)020,000+20,00006,9220.16%+6,922
CARVANA CO(CVNA)8,00023,359+15,3593,0189,8580.22%+6,840
ARK ETF TR
INNOVATION ETF
087,577+87,57706,7360.15%+6,736
TTM TECHNOLOGIES INC(TTMI)24,000116,921+92,9211,3828,0680.18%+6,685
TRANSUNION(TRU)077,948+77,94806,6840.15%+6,684
RB GLOBAL INC(RBA)0785,947+785,947080,8501.82%+80,850
ENDEAVOUR SILVER CORP(EXK)0684,629+684,62906,4360.15%+6,436
XP INC(XP)0389,738+389,73806,3800.14%+6,380
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