# EDGAR Filing Document

**Accession Number:** 0001568280
**File Stem:** 0001568280-23-000002
**Filing Date:** 2023-2
**Character Count:** 11964
**Document Hash:** 6a90f30d93c67c45e1137862bad48364
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001568280-23-000002.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001568280-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BW Gestao de Investimentos Ltda.
- **CENTRAL INDEX KEY:** 0001568280
- **IRS NUMBER:** 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:** 23601134

**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:** 12-31-2022

**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:** Alfredo Schiavo<br>**Title:** Compliance Officer<br>**Phone:** 55 1126632872

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

Alfredo Schiavo  Sao Paulo, D5  02-09-2023<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:** 0

**Form 13F Information Table Entry Total:** 74

**Form 13F Information Table Value Total:** $669800

      (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.]

**NONE**

### 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 |
| AAPL 135 STRIKE AMER PUT 01/20/2023 | AAPL/A230120P135-USAE | 037833950 |  | 720 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| APPLE INC | AAPL-USAA | 037833100 |  | 12990 | 99975 | SH |  | SOLE | 0 | 99975 | 0 | 0 |
| ALLY 21 STRIKE AMER PUT 02/17/2023 | ALLY/A230217P21-USAA | 02005N950 |  | 325 | 5000 | SH | Put | SOLE | 0 | 5000 | 0 | 0 |
| AMERICAN TOWER CORP | AMT-USAA | 03027X100 |  | 20127 | 95000 | SH |  | SOLE | 0 | 95000 | 0 | 0 |
| AMZN 75 STRIKE AMER PUT 02/17/2023 | AMZN/A230217P75-USAA | 023135106 |  | 263 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| AMZN 90 STRIKE AMER PUT 02/17/2023 | AMZN/A230217P90-USAA | 023135106 |  | 1860 | 2000 | SH | Put | SOLE | 0 | 2000 | 0 | 0 |
| AMAZON.COM INC | AMZN-USAA | 023135106 |  | 4173 | 49681 | SH |  | SOLE | 0 | 49681 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC-A | ARCO-USAA | G0457F107 |  | 14019 | 1676889 | SH |  | SOLE | 0 | 1676889 | 0 | 0 |
| BJ'S WHOLESALE CLUB HOLDINGS | BJ-USAA | 05550J101 |  | 18595 | 281054 | SH |  | SOLE | 0 | 281054 | 0 | 0 |
| BX 60 STRIKE AMER PUT 02/17/2023 | BX/A230217P60-USAA | 09260D957 |  | 123 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| BLACKSTONE INC | BX-USAA | 09260D107 |  | 11495 | 154940 | SH |  | SOLE | 0 | 154940 | 0 | 0 |
| CORP AMERICA AIRPORTS SA | CAAP-USAA | L1995B107 |  | 1563 | 179089 | SH |  | SOLE | 0 | 179089 | 0 | 0 |
| CAR 160 STRIKE AMER PUT 01/20/2023 | CAR/A230120P160-USAE | 053774955 |  | 353 | 500 | SH | Put | SOLE | 0 | 500 | 0 | 0 |
| CAR 100 STRIKE AMER PUT 03/17/2023 | CAR/A230317P100-USAA | 053774955 |  | 41 | 250 | SH | Put | SOLE | 0 | 250 | 0 | 0 |
| CAR 160 STRIKE AMER PUT 03/17/2023 | CAR/A230317P160-USAA | 053774955 |  | 878 | 500 | SH | Put | SOLE | 0 | 500 | 0 | 0 |
| CROWN CASTLE INC | CCI-USAA | 22822V101 |  | 20048 | 147800 | SH |  | SOLE | 0 | 147800 | 0 | 0 |
| COPART INC | CPRT-USAA | 217204106 |  | 3653 | 60000 | SH |  | SOLE | 0 | 60000 | 0 | 0 |
| CROWDSTRIKE HOLDINGS INC - A | CRWD-USAA | 22788C105 |  | 7834 | 74400 | SH |  | SOLE | 0 | 74400 | 0 | 0 |
| DOLLAR TREE INC | DLTR-USAA | 256746108 |  | 9901 | 70000 | SH |  | SOLE | 0 | 70000 | 0 | 0 |
| DUN  BRADSTREET HOLDINGS IN | DNB-USAA | 26484T106 |  | 11546 | 941781 | SH |  | SOLE | 0 | 941781 | 0 | 0 |
| ECOLAB INC | ECL-USAA | 278865100 |  | 2259 | 15520 | SH |  | SOLE | 0 | 15520 | 0 | 0 |
| ISHARES MSCI EMERGING MARKETS | EEM-USAA | 464287234 |  | 30320 | 800000 | SH |  | SOLE | 0 | 800000 | 0 | 0 |
| ELASTIC NV | ESTC-USAA | N14506104 |  | 1571 | 30500 | SH |  | SOLE | 0 | 30500 | 0 | 0 |
| ISHARES MSCI JAPAN ETF | EWJ-USAA | 46434G822 |  | 14442 | 265280 | SH |  | SOLE | 0 | 265280 | 0 | 0 |
| FISERV INC | FISV-USAA | 337738108 |  | 4561 | 45130 | SH |  | SOLE | 0 | 45130 | 0 | 0 |
| FXI 29 STRIKE AMER CALL 01/20/2023 | FXI/A230120C29-USAE | 337738904 |  | 1140 | 15000 | SH | Call | SOLE | 0 | 15000 | 0 | 0 |
| ISHARES CHINA LARGE-CAP ETF | FXI-USAA | 464287184 |  | 32017 | 1131360 | SH |  | SOLE | 0 | 1131360 | 0 | 0 |
| VANECK GOLD MINERS ETF | GDX-USAA | 92189F106 |  | 3858 | 134600 | SH |  | SOLE | 0 | 134600 | 0 | 0 |
| ALPHABET INC-CL A | GOOGL-USAA | 02079K305 |  | 7519 | 85216 | SH |  | SOLE | 0 | 85216 | 0 | 0 |
| GS 350 STRIKE AMER PUT 01/20/2023 | GS/A230120P350-USAE | 38141G954 |  | 1338 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| HYG 72 STRIKE AMER PUT 02/17/2023 | HYG/A230217P72-USAA | 81369Y954 |  | 516 | 6250 | SH | Put | SOLE | 0 | 6250 | 0 | 0 |
| INTL FLAVORS  FRAGRANCES | IFF-USAA | 459506101 |  | 9436 | 90000 | SH |  | SOLE | 0 | 90000 | 0 | 0 |
| ISHARES EXPANDED TECH-SOFTWARE | IGV-USAA | 464287515 |  | 42983 | 168000 | SH |  | SOLE | 0 | 168000 | 0 | 0 |
| ITW 195 STRIKE AMER PUT 03/17/2023 | ITW/A230317P195-USAA | 81369Y954 |  | 500 | 2000 | SH | Put | SOLE | 0 | 2000 | 0 | 0 |
| IWM 165 STRIKE AMER PUT 12/30/2022 | IWM/A221230P165-USAE | 464287955 |  | 0 | 0 | SH | Put | SOLE | 0 | 0 | 0 | 0 |
| IWM 170 STRIKE AMER PUT 12/30/2022 | IWM/A221230P170-USAE | 464287955 |  | 0 | 0 | SH | Put | SOLE | 0 | 0 | 0 | 0 |
| IWM 175 STRIKE AMER PUT 12/30/2022 | IWM/A221230P175-USAE | 464287955 |  | 0 | 0 | SH | Put | SOLE | 0 | 0 | 0 | 0 |
| IWM 175 STRIKE AMER CALL 01/20/2023 | IWM/A230120C175-USAE | 464287905 |  | 1272 | 3000 | SH | Call | SOLE | 0 | 3000 | 0 | 0 |
| IWM 170 STRIKE AMER PUT 01/20/2023 | IWM/A230120P170-USAE | 464287955 |  | 1644 | 8000 | SH | Put | SOLE | 0 | 8000 | 0 | 0 |
| IWM 175 STRIKE AMER PUT 01/20/2023 | IWM/A230120P175-USAE | 464287955 |  | 393 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| ISHARES RUSSELL MID-CAP ETF | IWR-USAA | 464287499 |  | 16945 | 251220 | SH |  | SOLE | 0 | 251220 | 0 | 0 |
| KRE 60 STRIKE AMER PUT 01/20/2023 | KRE/A230120P60-USAE | 78464A958 |  | 723 | 3000 | SH | Put | SOLE | 0 | 3000 | 0 | 0 |
| KRE 55 STRIKE AMER PUT 02/17/2023 | KRE/A230217P55-USAA | 78464A958 |  | 293 | 3000 | SH | Put | SOLE | 0 | 3000 | 0 | 0 |
| LOWE'S COS INC | LOW-USAA | 548661107 |  | 16445 | 82540 | SH |  | SOLE | 0 | 82540 | 0 | 0 |
| ISHARES IBOXX INVESTMENT GRADE | LQD-USAA | 464287242 |  | 36901 | 350000 | SH |  | SOLE | 0 | 350000 | 0 | 0 |
| MERCADOLIBRE INC | MELI-USAA | 58733R102 |  | 13323 | 15744 | SH |  | SOLE | 0 | 15744 | 0 | 0 |
| MICROSOFT CORP | MSFT-USAA | 594918104 |  | 9113 | 38000 | SH |  | SOLE | 0 | 38000 | 0 | 0 |
| MICROSOFT CORP | MSFT-USAA | 594918104 |  | 6052 | 25234 | SH |  | SOLE | 0 | 25234 | 0 | 0 |
| NIKE INC -CL B | NKE-USAA | 654106103 |  | 6617 | 56550 | SH |  | SOLE | 0 | 56550 | 0 | 0 |
| NUTANIX INC - A | NTNX-USAA | 67059N108 |  | 22587 | 867082 | SH |  | SOLE | 0 | 867082 | 0 | 0 |
| ORACLE CORP | ORCL-USAA | 68389X105 |  | 20026 | 245000 | SH |  | SOLE | 0 | 245000 | 0 | 0 |
| PALO ALTO NETWORKS INC | PANW-USAA | 697435105 |  | 6014 | 43100 | SH |  | SOLE | 0 | 43100 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | RBA-USAA | 767744105 |  | 6361 | 110000 | SH |  | SOLE | 0 | 110000 | 0 | 0 |
| SHERWIN-WILLIAMS CO/THE | SHW-USAA | 824348106 |  | 15974 | 67309 | SH |  | SOLE | 0 | 67309 | 0 | 0 |
| SPY 385 STRIKE AMER CALL 01/06/2023 | SPY/A230106C385-USAE | 78462F903 |  | 841 | 2500 | SH | Call | SOLE | 0 | 2500 | 0 | 0 |
| SPY 385 STRIKE AMER CALL 01/20/2023 | SPY/A230120C385-USAE | 78462F903 |  | 2816 | 4000 | SH | Call | SOLE | 0 | 4000 | 0 | 0 |
| SPY 390 STRIKE AMER CALL 01/20/2023 | SPY/A230120C390-USAE | 78462F903 |  | 708 | 1500 | SH | Call | SOLE | 0 | 1500 | 0 | 0 |
| SPY 360 STRIKE AMER PUT 01/20/2023 | SPY/A230120P360-USAE | 78462F953 |  | 67 | 500 | SH | Put | SOLE | 0 | 500 | 0 | 0 |
| SPY 395 STRIKE AMER PUT 01/20/2023 | SPY/A230120P395-USAE | 78462F953 |  | 5678 | 4000 | SH | Put | SOLE | 0 | 4000 | 0 | 0 |
| SPDR S 500 ETF TRUST | SPY-USAA | 78462F103 |  | 5736 | 15000 | SH |  | SOLE | 0 | 15000 | 0 | 0 |
| TENET HEALTHCARE CORP | THC-USAA | 88033G407 |  | 11059 | 226660 | SH |  | SOLE | 0 | 226660 | 0 | 0 |
| ISHARES TIPS BOND ETF | TIP-USAA | 464287176 |  | 74301 | 698056 | SH |  | SOLE | 0 | 698056 | 0 | 0 |
| T-MOBILE US INC | TMUS-USAA | 872590104 |  | 18982 | 135585 | SH |  | SOLE | 0 | 135585 | 0 | 0 |
| TOLL BROTHERS INC | TOL-USAA | 889478103 |  | 1248 | 25000 | SH |  | SOLE | 0 | 25000 | 0 | 0 |
| UBER TECHNOLOGIES INC | UBER-USAA | 90353T100 |  | 9645 | 390000 | SH |  | SOLE | 0 | 390000 | 0 | 0 |
| UNILEVER PLC-SPONSORED ADR | UL-USAA | 904767704 |  | 5410 | 107440 | SH |  | SOLE | 0 | 107440 | 0 | 0 |
| VTEX -CLASS A | VTEX-USAA | G9470A102 |  | 1425 | 380000 | SH |  | SOLE | 0 | 380000 | 0 | 0 |
| WASTE CONNECTIONS INC | WCN-USAA | 94106B101 |  | 7247 | 54667 | SH |  | SOLE | 0 | 54667 | 0 | 0 |
| WORKDAY INC-CLASS A | WDAY-USAA | 98138H101 |  | 11228 | 67100 | SH |  | SOLE | 0 | 67100 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR | XLE-USAA | 81369Y506 |  | 18019 | 206000 | SH |  | SOLE | 0 | 206000 | 0 | 0 |
| XLI 95 STRIKE AMER PUT 02/17/2023 | XLI/A230217P95-USAA | 81369Y954 |  | 650 | 3000 | SH | Put | SOLE | 0 | 3000 | 0 | 0 |
| UTILITIES SELECT SECTOR SPDR | XLU-USAA | 81369Y886 |  | 11280 | 160000 | SH |  | SOLE | 0 | 160000 | 0 | 0 |
| CONSUMER DISCRETIONARY SELT | XLY-USAA | 81369Y407 |  | 7438 | 57590 | SH |  | SOLE | 0 | 57590 | 0 | 0 |
| XRT 62 STRIKE AMER PUT 01/20/2023 | XRT/A230120P62-USAE | 78464A954 |  | 2372 | 9000 | SH | Put | SOLE | 0 | 9000 | 0 | 0 |

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