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Asset Manager ← All Institutions

BW Gestao de Investimentos Ltda.

AV. BRIGADEIRO FARIA LIMA, 4440 15TH FLOOR, SAO PAULO, D5 04538-132 • 55 11 3095 2832

Q4 2025 · Filed 2026-02-10
Market Value
$2.7B
+130.4%
Holdings
207
+91
New Purchases
116
Added To
32
Closed
30
Reduced
25
Top 10 Concentration
43.1%
Turnover
70.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RSP 10.72% 0.00% +10.72% $287M
IVV 18.89% 8.92% +9.97% $506M
XLU 1.83% 0.00% +1.83% $49M
MU 1.49% 0.00% +1.49% $40M
SATS 1.05% 0.00% +1.05% $28M
COF 0.97% 0.00% +0.97% $26M
TLN 0.81% 0.00% +0.81% $22M
LIN 0.76% 0.00% +0.76% $20M
AEP 0.73% 0.00% +0.73% $20M
SQM 0.73% 0.00% +0.73% $19M
JPM 0.67% 0.00% +0.67% $18M
ED 0.67% 0.00% +0.67% $18M
XEL 0.67% 0.00% +0.67% $18M
BAC 0.67% 0.00% +0.67% $18M
HBAN 0.66% 0.00% +0.66% $18M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
THC 2.65% 7.30% -4.65% $71M
FOUR 1.62% 4.21% -2.59% $43M
PATH 1.85% 4.27% -2.42% $50M
PRGO 0.66% 3.03% -2.37% $18M
NTNX 1.28% 3.56% -2.28% $34M
XLV 1.54% 3.60% -2.06% $41M
EWZ 0.19% 2.22% -2.02% $5M
ALIT 0.59% 2.54% -1.96% $16M
COPX 0.00% 1.85% -1.85% $0
AA 0.15% 1.95% -1.80% $4M
OC 0.00% 1.75% -1.75% $0
ECL 1.18% 2.77% -1.59% $32M
CVS 0.59% 2.01% -1.42% $16M
EXE 0.60% 1.94% -1.33% $16M
VRNS 0.32% 1.58% -1.26% $9M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 29.6%
Technology 18.3%
Basic Materials 12.2%
Utilities 11.3%
Industrials 8.4%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 18 $670M 25.0%
Large Cap 94 $1.4B 50.4%
Mid Cap 78 $531M 19.8%
Small Cap 17 $128M 4.8%

Portfolio Analytics

Avg Market Cap
$131.5B
Median Market Cap
$12.5B
Avg P/E
29.6
Median P/E
20.7
Avg Dividend Yield
0.02%
Avg Beta
1.14
# Stocks
193
# ETFs / Funds
14

Top Holdings (207 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IVV 18.89% 738,842 $506M $684.94 $402M +583,842 +376.7%
2 RSP 10.72% 1,499,100 $287M $191.56 +1,499,100 NEW
3 THC 2.65% 357,435 $71M $198.72 -$14M -60,560 -14.5%
4 PATH 1.85% 3,032,150 $50M $16.39 $28K -680,000 -18.3%
5 XLU 1.83% 1,150,000 $49M $42.69 +1,150,000 NEW
6 FOUR 1.62% 689,788 $43M $62.97 -$6M +56,950 +9.0%
7 XLV 1.54% 266,000 $41M $154.80 -$713K -35,000 -11.6%
8 MU 1.49% 139,803 $40M $285.41 +139,803 NEW
9 NTNX 1.28% 663,074 $34M $51.69 -$7M +106,420 +19.1%
10 ECL 1.18% 120,787 $32M $262.52 -$558K +2,963 +2.5%
11 CPRI 1.15% 1,267,373 $31M $24.40 $6M
12 SATS 1.05% 259,871 $28M $108.70 +259,871 NEW
13 COF 0.97% 107,606 $26M $242.36 +107,606 NEW
14 NRG 0.93% 155,895 $25M $159.24 $12M +75,895 +94.9%
15 GLOB 0.88% 359,487 $23M $65.37 $2M -22,469 -5.9%
16 BX 0.86% 148,776 $23M $154.14 $17M +115,346 +345.0%
17 TLN 0.81% 58,077 $22M $374.84 +58,077 NEW
18 CCJ 0.80% 232,949 $21M $91.49 $10M +97,949 +72.5%
19 DKS 0.77% 104,048 $21M $197.97 -$3M -380 -0.4%
20 LIN 0.76% 48,000 $20M $426.39 +48,000 NEW
21 AEP 0.73% 169,861 $20M $115.31 +169,861 NEW
22 SQM 0.73% 283,254 $19M $68.80 +283,254 NEW
23 ALB 0.70% 132,250 $19M $141.44 $15M +85,320 +181.8%
24 JPM 0.67% 56,117 $18M $322.22 +56,117 NEW
25 ED 0.67% 181,065 $18M $99.32 +181,065 NEW
26 XEL 0.67% 242,457 $18M $73.86 +242,457 NEW
27 SHW 0.67% 55,214 $18M $324.03 $15M +47,400 +606.6%
28 BAC 0.67% 324,823 $18M $55.00 +324,823 NEW
29 PRGO 0.66% 1,277,069 $18M $13.92 -$17M -305,050 -19.3%
30 HBAN 0.66% 1,020,000 $18M $17.35 +1,020,000 NEW
31 IFF 0.64% 254,304 $17M $67.39 $4M +38,749 +18.0%
32 SRE 0.62% 188,347 $17M $88.29 +188,347 NEW
33 EXE 0.60% 146,700 $16M $110.36 -$6M -65,549 -30.9%
34 PLNT 0.60% 148,552 $16M $108.47 $4M +33,491 +29.1%
35 EVRG 0.60% 220,173 $16M $72.49 +220,173 NEW
36 CVS 0.59% 200,000 $16M $79.36 -$7M -110,000 -35.5%
37 ALIT 0.59% 8,059,203 $16M $1.95 -$14M -1,010,677 -11.1%
38 FE 0.57% 338,898 $15M $44.77 +338,898 NEW
39 UGI 0.56% 401,594 $15M $37.43 +401,594 NEW
40 PCG 0.56% 925,788 $15M $16.07 +925,788 NEW
41 SOLS 0.55% 305,507 $15M $48.58 +305,507 NEW
42 EVEX 0.55% 3,686,140 $15M $3.99 $5M +1,223,719 +49.7%
43 CLVT 0.54% 4,345,321 $15M $3.34 $4M +1,480,300 +51.7%
44 MSFT 0.54% 29,976 $14M $483.62 $3M +7,920 +35.9%
45 SWX 0.52% 174,847 $14M $80.02 +174,847 NEW
46 EQT 0.51% 255,800 $14M $53.60 -$4M -77,213 -23.2%
47 NXT 0.51% 155,895 $14M $87.11 +155,895 NEW
48 B 0.50% 305,959 $13M $43.55 $10M +205,959 +206.0%
49 SOC 0.49% 1,467,222 $13M $9.02 +1,467,222 NEW
50 ETR 0.49% 142,048 $13M $92.43 +142,048 NEW
51 LITE 0.48% 35,076 $13M $368.59 +35,076 NEW
52 FLG 0.47% 1,000,000 $13M $12.59 +1,000,000 NEW
53 AMG 0.45% 42,000 $12M $288.28 +42,000 NEW
54 PB 0.45% 174,867 $12M $69.11 +174,867 NEW
55 PENN 0.45% 817,117 $12M $14.75 -$2M +90,935 +12.5%
56 PH 0.45% 13,709 $12M $878.96 +13,709 NEW
57 ICE 0.45% 74,067 $12M $161.96 +74,067 NEW
58 WBD 0.45% 415,928 $12M $28.82 +415,928 NEW
59 WBS 0.45% 190,021 $12M $62.94 +190,021 NEW
60 PFSI 0.44% 90,000 $12M $131.84 +90,000 NEW
61 USB 0.44% 221,316 $12M $53.36 +221,316 NEW
62 KKR 0.44% 92,003 $12M $127.48 +92,003 NEW
63 TAN 0.43% 233,843 $11M $49.12 +233,843 NEW
64 IDA 0.43% 90,740 $11M $126.56 +90,740 NEW
65 URA 0.43% 268,100 $11M $42.73 +268,100 NEW
66 SN 0.41% 97,472 $11M $111.90 +97,472 NEW
67 CW 0.40% 19,489 $11M $551.27 $4M +7,489 +62.4%
68 HUT.TO 0.40% 233,843 $11M $45.94 $996K -46,157 -16.5%
69 FCX 0.39% 206,938 $11M $50.79 $6M +86,938 +72.5%
70 PNFP 0.39% 110,000 $10M $95.41 +110,000 NEW
71 TKR 0.39% 124,730 $10M $84.13 +124,730 NEW
72 SKE.TO 0.39% 438,147 $10M $23.73 +438,147 NEW
73 CSTM 0.38% 546,270 $10M $18.85 +546,270 NEW
74 CHRW 0.37% 62,358 $10M $160.76 +62,358 NEW
75 RS 0.37% 34,666 $10M $288.87 +34,666 NEW
76 AMZN 0.37% 43,019 $10M $230.82 $2M +7,599 +21.4%
77 CVNA 0.37% 23,359 $10M $422.02 $7M +15,359 +192.0%
78 COLB 0.37% 350,000 $10M $27.95 +350,000 NEW
79 AAL 0.35% 605,000 $9M $15.33 +605,000 NEW
80 LUV 0.34% 223,583 $9M $41.33 +223,583 NEW
81 CLS 0.34% 31,179 $9M $295.61 $3M +7,179 +29.9%
82 C 0.34% 78,337 $9M $116.69 +78,337 NEW
83 MT 0.34% 200,000 $9M $45.57 +200,000 NEW
84 AAPL 0.34% 33,466 $9M $271.86 $7M +25,500 +320.1%
85 CNR 0.34% 102,473 $9M $88.51 +102,473 NEW
86 MKTX 0.33% 49,500 $9M $181.25 +49,500 NEW
87 CELH 0.33% 194,869 $9M $45.74 +194,869 NEW
88 VRNS 0.32% 263,169 $9M $32.80 -$10M -56,582 -17.7%
89 DAL 0.32% 123,000 $9M $69.40 +123,000 NEW
90 EPAM 0.32% 41,352 $8M $204.88 $2M +52 +0.1%
91 UAL 0.31% 75,000 $8M $111.82 +75,000 NEW
92 MS 0.31% 46,945 $8M $177.53 +46,945 NEW
93 CNP 0.31% 213,988 $8M $38.34 +213,988 NEW
94 PAAS 0.30% 155,980 $8M $51.81 +155,980 NEW
95 TTMI 0.30% 116,921 $8M $69.00 $7M +92,921 +387.2%
96 BKU 0.29% 175,000 $8M $44.57 +175,000 NEW
97 CLF 0.29% 582,624 $8M $13.28 +582,624 NEW
98 KRE 0.28% 116,921 $8M $64.81 +116,921 NEW
99 PSKY 0.28% 564,914 $8M $13.40 +564,914 NEW
100 CTRA 0.28% 284,900 $7M $26.32 $6M +213,886 +301.2%

Options Breakdown

17 Calls $489M Call Value 13 Puts $1.1B Put Value 2.26 P/C Ratio

Top Calls

SymbolSharesValueStatus
QQQ 150,000 $92M NEW
MU 300,000 $86M NEW
KWEB 2,400,000 $82M NEW
IWM 300,000 $74M NEW
AVGO 200,000 $69M NEW
SPY 50,000 $34M NEW
WBD 500,000 $14M NEW
SGML 764,400 $10M
KVUE 500,000 $9M
CLF 649,300 $9M NEW

Top Puts

SymbolSharesValueStatus
SPY 750,000 $511M
IWM 1,300,000 $320M
QQQ 300,000 $184M NEW
ITB 300,000 $29M
XRT 300,000 $26M
KRE 300,000 $19M
PATH 1,000,000 $16M NEW
ARKK $0 SOLD
TSLA $0 SOLD
XLV $0 SOLD

New Positions

SymbolValue% Port
RSP $287M 10.72%
XLU $49M 1.83%
MU $40M 1.49%
SATS $28M 1.05%
COF $26M 0.97%
TLN $22M 0.81%
LIN $20M 0.76%
AEP $20M 0.73%
SQM $19M 0.73%
JPM $18M 0.67%
ED $18M 0.67%
XEL $18M 0.67%
BAC $18M 0.67%
HBAN $18M 0.66%
SRE $17M 0.62%

Sold Out Positions

SymbolValue% Port
OC —%
AEM —%
YPF —%
ONON —%
EOG —%
ELF —%
TECK —%
LTM —%
ANF —%
CCL —%
AMTM —%
JEF —%
VTEX —%
NU —%
NI —%
View SEC EDGAR Filings for BW Gestao de Investimentos Ltda. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms