# EDGAR Filing Document

**Accession Number:** 0001568280
**File Stem:** 0001568280-25-000004
**Filing Date:** 2025-8
**Character Count:** 14604
**Document Hash:** 663bc8139ff6e47a5186fd04ddb348a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001568280-25-000004.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001568280-25-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BW Gestao de Investimentos Ltda.
- **CENTRAL INDEX KEY:** 0001568280

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16010
- **FILM NUMBER:** 251220390

**BUSINESS ADDRESS:**
- **STREET 1:** AV. BRIGADEIRO FARIA LIMA, 4440
- **STREET 2:** 15TH FLOOR
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 04538-132
- **BUSINESS PHONE:** 55 11 3095 2832

**MAIL ADDRESS:**
- **STREET 1:** AV. BRIGADEIRO FARIA LIMA, 4440
- **STREET 2:** 15TH FLOOR
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 04538-132

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BW Gestao de Investimentos Ltda.<br>**Address:** AV. BRIGADEIRO FARIA LIMA 4440<br>15TH FLOOR<br>SAO PAULO, D5 04538-132

**Form 13F File Number:** 028-16010

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** PEDRO FRADE DE ANDRADE<br>**Title:** Compliance Executive Officer<br>**Phone:** 5511-3095-6274

**Signature, Place, and Date of Signing:**

PEDRO FRADE DE ANDRADE  SAO PAULO, D5  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 106

**Form 13F Information Table Value Total:** $2353764138

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                | Form 13F File Number   |
|:---|:---|:---|
|  | Wealth High Governance Capital Ltda | 028-24821              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 4852980 | 34200 | SH |  | SOLE | 0 | 34200 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 22703265 | 194045 | SH |  | SOLE | 0 | 194045 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 2711604 | 22800 | SH |  | SOLE | 0 | 22800 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 4037120 | 152000 | SH |  | SOLE | 0 | 152000 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 28249122 | 4991011 | SH |  | SOLE | 0 | 4991011 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 5660000 | 1000000 | SH | Call | SOLE | 0 | 1000000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 11291232 | 64071 | SH |  | SOLE | 0 | 64071 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 26655007 | 121496 | SH |  | SOLE | 0 | 121496 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 16882685 | 715065 | SH |  | SOLE | 0 | 715065 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1634384 | 7966 | SH |  | SOLE | 0 | 7966 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 31630500 | 450000 | SH | Call | SOLE | 0 | 450000 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 70290000 | 1000000 | SH | Put | SOLE | 0 | 1000000 | 0 | 0 |
| BIRKENSTOCK HOLDING PLC | COM SHS | M2029K104 |  | 26093629 | 530574 | SH |  | SOLE | 0 | 530574 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 20826023 | 139230 | SH |  | SOLE | 0 | 139230 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 4111524 | 22800 | SH |  | SOLE | 0 | 22800 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 14664580 | 53200 | SH |  | SOLE | 0 | 53200 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2969200 | 40000 | SH |  | SOLE | 0 | 40000 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 21740892 | 1228299 | SH |  | SOLE | 0 | 1228299 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 10685572 | 379999 | SH |  | SOLE | 0 | 379999 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 1280448 | 3800 | SH |  | SOLE | 0 | 3800 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 8305052 | 53200 | SH |  | SOLE | 0 | 53200 | 0 | 0 |
| CI INC | COM CL A | G21307106 |  | 17209421 | 2882650 | SH |  | SOLE | 0 | 2882650 | 0 | 0 |
| CLARIVATE PLC | ORD SHS | G21810109 |  | 12319590 | 2865021 | SH |  | SOLE | 0 | 2865021 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 5498500 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 915401 | 18655 | SH |  | SOLE | 0 | 18655 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 3712980 | 7600 | SH |  | SOLE | 0 | 7600 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 14485800 | 210000 | SH |  | SOLE | 0 | 210000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 34490000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 3092288 | 7600 | SH |  | SOLE | 0 | 7600 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 5332600 | 2930000 | SH |  | SOLE | 0 | 2930000 | 0 | 0 |
| E L F BEAUTY INC | COM | 26856L103 |  | 4255848 | 34200 | SH |  | SOLE | 0 | 34200 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 34354947 | 127505 | SH |  | SOLE | 0 | 127505 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 |  | 1008900 | 114000 | SH |  | SOLE | 0 | 114000 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 24148800 | 468000 | SH | Call | SOLE | 0 | 468000 | 0 | 0 |
| EMPRESA DIST Y COMERCIAL NOR | SPON ADR | 29244A102 |  | 385641 | 14558 | SH |  | SOLE | 0 | 14558 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 810500 | 25000 | SH |  | SOLE | 0 | 25000 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 7302666 | 41300 | SH |  | SOLE | 0 | 41300 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 5540458 | 95001 | SH |  | SOLE | 0 | 95001 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 5332464 | 45600 | SH |  | SOLE | 0 | 45600 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 8687104 | 30400 | SH |  | SOLE | 0 | 30400 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1647300 | 38000 | SH |  | SOLE | 0 | 38000 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 7317694 | 63610 | SH |  | SOLE | 0 | 63610 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 38863896 | 427828 | SH |  | SOLE | 0 | 427828 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 21826620 | 2104785 | SH |  | SOLE | 0 | 2104785 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 6222000 | 600000 | SH | Call | SOLE | 0 | 600000 | 0 | 0 |
| GREENFIRE RES LTD NEW | COM SHS | 39525U107 |  | 14703831 | 3296823 | SH |  | SOLE | 0 | 3296823 | 0 | 0 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 |  | 351044 | 7600 | SH |  | SOLE | 0 | 7600 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 2331300 | 114000 | SH |  | SOLE | 0 | 114000 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 5470480 | 30400 | SH |  | SOLE | 0 | 30400 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 9430949 | 128225 | SH |  | SOLE | 0 | 128225 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10350973 | 18764 | SH |  | SOLE | 0 | 18764 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 55164000 | 100000 | SH | Put | SOLE | 0 | 100000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 57700000 | 2000000 | SH | Call | SOLE | 0 | 2000000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 24598250 | 305000 | SH | Put | SOLE | 0 | 305000 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 18634000 | 200000 | SH | Put | SOLE | 0 | 200000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 64737000 | 300000 | SH | Call | SOLE | 0 | 300000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 237369000 | 1100000 | SH | Put | SOLE | 0 | 1100000 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 2296733 | 253223 | SH |  | SOLE | 0 | 253223 | 0 | 0 |
| JBS N.V. | CL A SHS | N4732M103 |  | 8795220 | 602000 | SH |  | SOLE | 0 | 602000 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 4156440 | 76000 | SH |  | SOLE | 0 | 76000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 10465000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 20144844 | 586800 | SH |  | SOLE | 0 | 586800 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1545325 | 6965 | SH |  | SOLE | 0 | 6965 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 517200 | 120000 | SH |  | SOLE | 0 | 120000 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 3972718 | 1520 | SH |  | SOLE | 0 | 1520 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 16754643 | 22700 | SH |  | SOLE | 0 | 22700 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 27698276 | 55685 | SH |  | SOLE | 0 | 55685 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 2694108 | 388200 | SH |  | SOLE | 0 | 388200 | 0 | 0 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 14675122 | 517641 | SH |  | SOLE | 0 | 517641 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 24408160 | 152000 | SH |  | SOLE | 0 | 152000 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 38874021 | 508556 | SH |  | SOLE | 0 | 508556 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 19874400 | 260000 | SH | Call | SOLE | 0 | 260000 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 11867400 | 228000 | SH |  | SOLE | 0 | 228000 | 0 | 0 |
| PACER FDS TR | US SMALL CAP CAS | 69374H857 |  | 11596477 | 291259 | SH |  | SOLE | 0 | 291259 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 4316772 | 151999 | SH |  | SOLE | 0 | 151999 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 12976872 | 726182 | SH |  | SOLE | 0 | 726182 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 10722000 | 600000 | SH | Call | SOLE | 0 | 600000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 39265681 | 1469524 | SH |  | SOLE | 0 | 1469524 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 39032000 | 2800000 | SH | Call | SOLE | 0 | 2800000 | 0 | 0 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 9275902 | 85061 | SH |  | SOLE | 0 | 85061 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 79143195 | 745298 | SH |  | SOLE | 0 | 745298 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 2398560 | 22800 | SH |  | SOLE | 0 | 22800 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 30866910 | 229000 | SH |  | SOLE | 0 | 229000 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 20288138 | 387400 | SH |  | SOLE | 0 | 387400 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 7855500 | 150000 | SH | Call | SOLE | 0 | 150000 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 4434151 | 12914 | SH |  | SOLE | 0 | 12914 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 41817185 | 421927 | SH |  | SOLE | 0 | 421927 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 29733000 | 300000 | SH | Call | SOLE | 0 | 300000 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 900000 | 200000 | SH | Call | SOLE | 0 | 200000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 61785000 | 100000 | SH | Call | SOLE | 0 | 100000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 364531500 | 590000 | SH | Put | SOLE | 0 | 590000 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 29075087 | 489562 | SH |  | SOLE | 0 | 489562 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 17817000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 23118000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 6935760 | 247000 | SH |  | SOLE | 0 | 247000 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 75654480 | 429855 | SH |  | SOLE | 0 | 429855 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 52800000 | 300000 | SH | Call | SOLE | 0 | 300000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 29701210 | 93500 | SH | Put | SOLE | 0 | 93500 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 388500 | 150000 | SH |  | SOLE | 0 | 150000 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 13979520 | 1092150 | SH |  | SOLE | 0 | 1092150 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 2420752 | 30400 | SH |  | SOLE | 0 | 30400 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 680000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 350543 | 7332 | SH |  | SOLE | 0 | 7332 | 0 | 0 |
| VTEX | SHS CL A | G9470A102 |  | 4928596 | 746757 | SH |  | SOLE | 0 | 746757 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 9234798 | 49458 | SH |  | SOLE | 0 | 49458 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 4124375 | 204177 | SH |  | SOLE | 0 | 204177 | 0 | 0 |

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