# EDGAR Filing Document

**Accession Number:** 0001568280
**File Stem:** 0001568280-26-000002
**Filing Date:** 2026-2
**Character Count:** 24474
**Document Hash:** c369d3155781f3f3a4b18296175d4425
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001568280-26-000002.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001568280-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**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:** 26615030

**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:** 12-31-2025

**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:** Chief Compliance Officer<br>**Phone:** 5511-3095-6274

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

PEDRO FRADE DE ANDRADE  SAO PAULO, D5  02-10-2026<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:** 205

**Form 13F Information Table Value Total:** $4431883840

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 249511 | 1092 | SH |  | SOLE | 0 | 1092 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 5750400 | 40000 | SH |  | SOLE | 0 | 40000 | 0 | 0 |
| AES CORP | COM | 00130H105 |  | 5956922 | 415406 | SH |  | SOLE | 0 | 415406 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 12107760 | 42000 | SH |  | SOLE | 0 | 42000 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 18705440 | 132250 | SH |  | SOLE | 0 | 132250 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 4115959 | 77455 | SH |  | SOLE | 0 | 77455 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 15715446 | 8059203 | SH |  | SOLE | 0 | 8059203 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 1912950 | 981000 | SH | Call | SOLE | 0 | 981000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 9929646 | 43019 | SH |  | SOLE | 0 | 43019 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 2915466 | 78058 | SH |  | SOLE | 0 | 78058 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 9274650 | 605000 | SH |  | SOLE | 0 | 605000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 19586672 | 169861 | SH |  | SOLE | 0 | 169861 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 7109195 | 131457 | SH |  | SOLE | 0 | 131457 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 5279134 | 153196 | SH |  | SOLE | 0 | 153196 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 9098067 | 33466 | SH |  | SOLE | 0 | 33466 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 9114000 | 200000 | SH |  | SOLE | 0 | 200000 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 6736423 | 87577 | SH |  | SOLE | 0 | 87577 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 7413000 | 210000 | SH |  | SOLE | 0 | 210000 | 0 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 7427200 | 110000 | SH |  | SOLE | 0 | 110000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 17865265 | 324823 | SH |  | SOLE | 0 | 324823 | 0 | 0 |
| BANKUNITED INC | COM | 06652K103 |  | 7799750 | 175000 | SH |  | SOLE | 0 | 175000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 13324514 | 305959 | SH |  | SOLE | 0 | 305959 | 0 | 0 |
| BIRKENSTOCK HOLDING PLC | COM SHS | M2029K104 |  | 17375752 | 424835 | SH |  | SOLE | 0 | 424835 | 0 | 0 |
| BLACK HILLS CORP | COM | 092113109 |  | 5985323 | 86219 | SH |  | SOLE | 0 | 86219 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 22932333 | 148776 | SH |  | SOLE | 0 | 148776 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 1678036 | 11692 | SH |  | SOLE | 0 | 11692 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 4413416 | 77948 | SH |  | SOLE | 0 | 77948 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 6922000 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 69220000 | 200000 | SH | Call | SOLE | 0 | 200000 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 10024672 | 62358 | SH |  | SOLE | 0 | 62358 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 21312504 | 232949 | SH |  | SOLE | 0 | 232949 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 1117066 | 71015 | SH |  | SOLE | 0 | 71015 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 26079390 | 107606 | SH |  | SOLE | 0 | 107606 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 30923901 | 1267373 | SH |  | SOLE | 0 | 1267373 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 9857965 | 23359 | SH |  | SOLE | 0 | 23359 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 389552 | 680 | SH |  | SOLE | 0 | 680 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 9216824 | 31179 | SH |  | SOLE | 0 | 31179 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 8913308 | 194869 | SH |  | SOLE | 0 | 194869 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 8204300 | 213988 | SH |  | SOLE | 0 | 213988 | 0 | 0 |
| CENTRAL BANCOMPANY | COM CL A | 152413100 |  | 844200 | 35000 | SH |  | SOLE | 0 | 35000 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 7196151 | 183669 | SH |  | SOLE | 0 | 183669 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 3131250 | 15000 | SH |  | SOLE | 0 | 15000 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 2889922 | 78106 | SH |  | SOLE | 0 | 78106 | 0 | 0 |
| CI INC | COM CL A | G21307106 |  | 8183407 | 2010665 | SH |  | SOLE | 0 | 2010665 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 9141145 | 78337 | SH |  | SOLE | 0 | 78337 | 0 | 0 |
| CLARIVATE PLC | ORD SHS | G21810109 |  | 14513372 | 4345321 | SH |  | SOLE | 0 | 4345321 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 7737247 | 582624 | SH |  | SOLE | 0 | 582624 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 8622704 | 649300 | SH | Call | SOLE | 0 | 649300 | 0 | 0 |
| CNX RES CORP | COM | 12653C108 |  | 4000576 | 108800 | SH |  | SOLE | 0 | 108800 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 5861149 | 328724 | SH |  | SOLE | 0 | 328724 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 9782500 | 350000 | SH |  | SOLE | 0 | 350000 | 0 | 0 |
| COMSTOCK RES INC | COM | 205768302 |  | 3525678 | 152100 | SH |  | SOLE | 0 | 152100 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 4260750 | 162500 | SH |  | SOLE | 0 | 162500 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 17983376 | 181065 | SH |  | SOLE | 0 | 181065 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 10297190 | 546270 | SH |  | SOLE | 0 | 546270 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 730343 | 18655 | SH |  | SOLE | 0 | 18655 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 9069885 | 102473 | SH |  | SOLE | 0 | 102473 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 7498568 | 284900 | SH |  | SOLE | 0 | 284900 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 7348474 | 58882 | SH |  | SOLE | 0 | 58882 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 10743701 | 19489 | SH |  | SOLE | 0 | 19489 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 15872000 | 200000 | SH |  | SOLE | 0 | 200000 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 4043337 | 39002 | SH |  | SOLE | 0 | 39002 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 8536200 | 123000 | SH |  | SOLE | 0 | 123000 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 4917819 | 1848804 | SH |  | SOLE | 0 | 1848804 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 20598383 | 104048 | SH |  | SOLE | 0 | 104048 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 28247978 | 259871 | SH |  | SOLE | 0 | 259871 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 31709003 | 120787 | SH |  | SOLE | 0 | 120787 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 6435513 | 684629 | SH |  | SOLE | 0 | 684629 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 13129497 | 142048 | SH |  | SOLE | 0 | 142048 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 8472198 | 41352 | SH |  | SOLE | 0 | 41352 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 13710880 | 255800 | SH |  | SOLE | 0 | 255800 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 |  | 14707699 | 3686140 | SH |  | SOLE | 0 | 3686140 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 7319458 | 21512 | SH |  | SOLE | 0 | 21512 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 15960341 | 220173 | SH |  | SOLE | 0 | 220173 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 16189812 | 146700 | SH |  | SOLE | 0 | 146700 | 0 | 0 |
| FIRST INTST BANCSYSTEM INC | COM | 32055Y201 |  | 2076000 | 60000 | SH |  | SOLE | 0 | 60000 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 15172463 | 338898 | SH |  | SOLE | 0 | 338898 | 0 | 0 |
| FLAGSTAR BANK NATIONAL ASSOC | COM NEW | 649445400 |  | 12590000 | 1000000 | SH |  | SOLE | 0 | 1000000 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 3352259 | 15589 | SH |  | SOLE | 0 | 15589 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 10510381 | 206938 | SH |  | SOLE | 0 | 206938 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 23051922 | 117104 | SH |  | SOLE | 0 | 117104 | 0 | 0 |
| GAP INC | COM | 364760108 |  | 1996006 | 77969 | SH |  | SOLE | 0 | 77969 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 4113865 | 65864 | SH |  | SOLE | 0 | 65864 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 11455913 | 268100 | SH |  | SOLE | 0 | 268100 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 23499665 | 359487 | SH |  | SOLE | 0 | 359487 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 2337177 | 266801 | SH |  | SOLE | 0 | 266801 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 2454282 | 11800 | SH |  | SOLE | 0 | 11800 | 0 | 0 |
| H2O AMERICA | COM | 784305104 |  | 3978086 | 81202 | SH |  | SOLE | 0 | 81202 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 |  | 6111105 | 45500 | SH |  | SOLE | 0 | 45500 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 3225478 | 134283 | SH |  | SOLE | 0 | 134283 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 6788881 | 38974 | SH |  | SOLE | 0 | 38974 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 17697000 | 1020000 | SH |  | SOLE | 0 | 1020000 | 0 | 0 |
| HUT 8 CORP | COM | 44812J104 |  | 10742747 | 233843 | SH |  | SOLE | 0 | 233843 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 2570709 | 155895 | SH |  | SOLE | 0 | 155895 | 0 | 0 |
| IDACORP INC | COM | 451107106 |  | 11484054 | 90740 | SH |  | SOLE | 0 | 90740 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 11995891 | 74067 | SH |  | SOLE | 0 | 74067 | 0 | 0 |
| INTERNATIONAL BANCSHARES COR | COM | 459044103 |  | 4650800 | 70000 | SH |  | SOLE | 0 | 70000 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 17137547 | 254304 | SH |  | SOLE | 0 | 254304 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SOLAR ETF | 46138G706 |  | 11486368 | 233843 | SH |  | SOLE | 0 | 233843 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 287167596 | 1499100 | SH |  | SOLE | 0 | 1499100 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 92146500 | 150000 | SH | Call | SOLE | 0 | 150000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 184293000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 5222988 | 164400 | SH |  | SOLE | 0 | 164400 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 506062439 | 738842 | SH |  | SOLE | 0 | 738842 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 73848000 | 300000 | SH | Call | SOLE | 0 | 300000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 320008000 | 1300000 | SH | Put | SOLE | 0 | 1300000 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 28890000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 18082020 | 56117 | SH |  | SOLE | 0 | 56117 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 5175000 | 300000 | SH |  | SOLE | 0 | 300000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 8625000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 1856533 | 16850 | SH |  | SOLE | 0 | 16850 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 11728542 | 92003 | SH |  | SOLE | 0 | 92003 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 2915255 | 77948 | SH |  | SOLE | 0 | 77948 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 81720000 | 2400000 | SH | Call | SOLE | 0 | 2400000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 20466720 | 48000 | SH |  | SOLE | 0 | 48000 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 7182468 | 29783 | SH |  | SOLE | 0 | 29783 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 12928663 | 35076 | SH |  | SOLE | 0 | 35076 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 8971875 | 49500 | SH |  | SOLE | 0 | 49500 | 0 | 0 |
| MEDLINE INC | COM CL A | 58507V107 |  | 6300000 | 150000 | SH |  | SOLE | 0 | 150000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 39901174 | 139803 | SH |  | SOLE | 0 | 139803 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 85623000 | 300000 | SH | Call | SOLE | 0 | 300000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 14496993 | 29976 | SH |  | SOLE | 0 | 29976 | 0 | 0 |
| MOELIS  CO | CL A | 60786M105 |  | 4399360 | 64000 | SH |  | SOLE | 0 | 64000 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 2759520 | 18701 | SH |  | SOLE | 0 | 18701 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 8334146 | 46945 | SH |  | SOLE | 0 | 46945 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 2990000 | 230000 | SH |  | SOLE | 0 | 230000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 583923 | 5848 | SH |  | SOLE | 0 | 5848 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 6229743 | 677146 | SH |  | SOLE | 0 | 677146 | 0 | 0 |
| NEXTPOWER INC | CLASS A COM | 65290E101 |  | 13580013 | 155895 | SH |  | SOLE | 0 | 155895 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 24824720 | 155895 | SH |  | SOLE | 0 | 155895 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 34274295 | 663074 | SH |  | SOLE | 0 | 663074 | 0 | 0 |
| OPTIMUM COMMUNICATIONS INC | CL A | 02156K103 |  | 1618315 | 980797 | SH |  | SOLE | 0 | 980797 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 4005206 | 20549 | SH |  | SOLE | 0 | 20549 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 |  | 3104577 | 35076 | SH |  | SOLE | 0 | 35076 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 8081324 | 155980 | SH |  | SOLE | 0 | 155980 | 0 | 0 |
| PARAMOUNT SKYDANCE CORP | COM CL B | 69932A204 |  | 7569848 | 564914 | SH |  | SOLE | 0 | 564914 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 12049663 | 13709 | SH |  | SOLE | 0 | 13709 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 12052476 | 817117 | SH |  | SOLE | 0 | 817117 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 |  | 11865600 | 90000 | SH |  | SOLE | 0 | 90000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 17776800 | 1277069 | SH |  | SOLE | 0 | 1277069 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 14877413 | 925788 | SH |  | SOLE | 0 | 925788 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 10495100 | 110000 | SH |  | SOLE | 0 | 110000 | 0 | 0 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 16113435 | 148552 | SH |  | SOLE | 0 | 148552 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 12085058 | 174867 | SH |  | SOLE | 0 | 174867 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 4178256 | 11816 | SH |  | SOLE | 0 | 11816 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 3451954 | 97900 | SH |  | SOLE | 0 | 97900 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 80850368 | 785947 | SH |  | SOLE | 0 | 785947 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 10013967 | 34666 | SH |  | SOLE | 0 | 34666 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 475152 | 24543 | SH |  | SOLE | 0 | 24543 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 1404191 | 7795 | SH |  | SOLE | 0 | 7795 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 13234342 | 1467222 | SH |  | SOLE | 0 | 1467222 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 41176800 | 266000 | SH |  | SOLE | 0 | 266000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 49093500 | 1150000 | SH |  | SOLE | 0 | 1150000 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 16629157 | 188347 | SH |  | SOLE | 0 | 188347 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 10907117 | 97472 | SH |  | SOLE | 0 | 97472 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 17890992 | 55214 | SH |  | SOLE | 0 | 55214 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 43435950 | 689788 | SH |  | SOLE | 0 | 689788 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 3433832 | 260336 | SH |  | SOLE | 0 | 260336 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 10082436 | 764400 | SH | Call | SOLE | 0 | 764400 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 10397228 | 438147 | SH |  | SOLE | 0 | 438147 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 19487875 | 283254 | SH |  | SOLE | 0 | 283254 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 6268699 | 136365 | SH |  | SOLE | 0 | 136365 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 14841530 | 305507 | SH |  | SOLE | 0 | 305507 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 11764221 | 125005 | SH |  | SOLE | 0 | 125005 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 9240685 | 223583 | SH |  | SOLE | 0 | 223583 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 13991257 | 174847 | SH |  | SOLE | 0 | 174847 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 34096000 | 50000 | SH | Call | SOLE | 0 | 50000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 511440000 | 750000 | SH | Put | SOLE | 0 | 750000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 2266998 | 17955 | SH |  | SOLE | 0 | 17955 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A698 |  | 7577650 | 116921 | SH |  | SOLE | 0 | 116921 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A698 |  | 19443000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A714 |  | 25587000 | 300000 | SH | Put | SOLE | 0 | 300000 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 5558448 | 233843 | SH |  | SOLE | 0 | 233843 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 6010560 | 48000 | SH |  | SOLE | 0 | 48000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 2124799 | 6992 | SH |  | SOLE | 0 | 6992 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 21769583 | 58077 | SH |  | SOLE | 0 | 58077 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 71029483 | 357435 | SH |  | SOLE | 0 | 357435 | 0 | 0 |
| TEREX CORP NEW | COM | 880779103 |  | 2669000 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| TIMKEN CO | COM | 887389104 |  | 10493535 | 124730 | SH |  | SOLE | 0 | 124730 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 6684041 | 77948 | SH |  | SOLE | 0 | 77948 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 3007223 | 61110 | SH |  | SOLE | 0 | 61110 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 8067549 | 116921 | SH |  | SOLE | 0 | 116921 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 15031663 | 401594 | SH |  | SOLE | 0 | 401594 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 49696939 | 3032150 | SH |  | SOLE | 0 | 3032150 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 8195000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 16390000 | 1000000 | SH | Put | SOLE | 0 | 1000000 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 8386500 | 75000 | SH |  | SOLE | 0 | 75000 | 0 | 0 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 1536000 | 40000 | SH |  | SOLE | 0 | 40000 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 11809422 | 221316 | SH |  | SOLE | 0 | 221316 | 0 | 0 |
| UWM HOLDINGS CORPORATION | COM CL A | 91823B109 |  | 5694639 | 1300146 | SH |  | SOLE | 0 | 1300146 | 0 | 0 |
| VARONIS SYS INC | COM | 922280102 |  | 8631943 | 263169 | SH |  | SOLE | 0 | 263169 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 3340703 | 46782 | SH |  | SOLE | 0 | 46782 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2128459 | 6069 | SH |  | SOLE | 0 | 6069 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 2165370 | 44500 | SH |  | SOLE | 0 | 44500 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 434165 | 3897 | SH |  | SOLE | 0 | 3897 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 11987045 | 415928 | SH |  | SOLE | 0 | 415928 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 14410000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 7300237 | 41630 | SH |  | SOLE | 0 | 41630 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 4070258 | 10716 | SH |  | SOLE | 0 | 10716 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 |  | 11959922 | 190021 | SH |  | SOLE | 0 | 190021 | 0 | 0 |
| WINGSTOP INC | COM | 974155103 |  | 918187 | 3850 | SH |  | SOLE | 0 | 3850 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 2849807 | 27431 | SH |  | SOLE | 0 | 27431 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 17907874 | 242457 | SH |  | SOLE | 0 | 242457 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 1659000 | 700000 | SH |  | SOLE | 0 | 700000 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 6380011 | 389738 | SH |  | SOLE | 0 | 389738 | 0 | 0 |

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