# EDGAR Filing Document

**Accession Number:** 0001568280
**File Stem:** 0001568280-26-000003
**Filing Date:** 2026-4
**Character Count:** 30650
**Document Hash:** 37ab0ce9d8bdf0503f274e421f74d1e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001568280-26-000003.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001568280-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**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:** 26903780

**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:** 03-31-2026

**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  04-28-2026<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:** 270

**Form 13F Information Table Value Total:** $3008905839

      (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 |  | 4821291 | 23700 | SH |  | SOLE | 0 | 23700 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 5487200 | 40000 | SH |  | SOLE | 0 | 40000 | 0 | 0 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 |  | 9131100 | 33000 | SH |  | SOLE | 0 | 33000 | 0 | 0 |
| AGI INC | COM SHS CL A | G0118C105 |  | 2040260 | 280641 | SH |  | SOLE | 0 | 280641 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 5074500 | 25000 | SH |  | SOLE | 0 | 25000 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 228394 | 3517 | SH |  | SOLE | 0 | 3517 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 6240682 | 140461 | SH |  | SOLE | 0 | 140461 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 7651748 | 42621 | SH |  | SOLE | 0 | 42621 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 20055406 | 302358 | SH |  | SOLE | 0 | 302358 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 4374344 | 7507026 | SH |  | SOLE | 0 | 7507026 | 0 | 0 |
| ALLEGRO MICROSYSTEMS INC | COM | 01749D105 |  | 1734150 | 55000 | SH |  | SOLE | 0 | 55000 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 7452445 | 189968 | SH |  | SOLE | 0 | 189968 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2996375 | 10420 | SH |  | SOLE | 0 | 10420 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 11011443 | 52871 | SH |  | SOLE | 0 | 52871 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 6944573 | 210953 | SH |  | SOLE | 0 | 210953 | 0 | 0 |
| AMERICAN AIRLINES GROUP INC | COM | 02376R102 |  | 26506320 | 2468000 | SH |  | SOLE | 0 | 2468000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 20087748 | 153248 | SH |  | SOLE | 0 | 153248 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 15759042 | 281311 | SH |  | SOLE | 0 | 281311 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 256252 | 2632 | SH |  | SOLE | 0 | 2632 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1003833 | 23653 | SH |  | SOLE | 0 | 23653 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 307932 | 954 | SH |  | SOLE | 0 | 954 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 5991276 | 53772 | SH |  | SOLE | 0 | 53772 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 16850641 | 66396 | SH |  | SOLE | 0 | 66396 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 8896325 | 171149 | SH |  | SOLE | 0 | 171149 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 5919329 | 87577 | SH |  | SOLE | 0 | 87577 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 2266174 | 14980 | SH |  | SOLE | 0 | 14980 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 4602917 | 67442 | SH |  | SOLE | 0 | 67442 | 0 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 |  | 4297546 | 52666 | SH |  | SOLE | 0 | 52666 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 2145785 | 35148 | SH |  | SOLE | 0 | 35148 | 0 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 3492450 | 65000 | SH |  | SOLE | 0 | 65000 | 0 | 0 |
| BANKUNITED INC | COM | 06652K103 |  | 12193200 | 270000 | SH |  | SOLE | 0 | 270000 | 0 | 0 |
| BANNER CORP | COM NEW | 06652V208 |  | 6068000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 5729404 | 140461 | SH |  | SOLE | 0 | 140461 | 0 | 0 |
| BEAZER HOMES USA INC | COM NEW | 07556Q881 |  | 1833572 | 95300 | SH |  | SOLE | 0 | 95300 | 0 | 0 |
| BIRKENSTOCK HOLDING PLC | COM SHS | M2029K104 |  | 4983953 | 139100 | SH |  | SOLE | 0 | 139100 | 0 | 0 |
| BLACK HILLS CORP | COM | 092113109 |  | 9074525 | 130738 | SH |  | SOLE | 0 | 130738 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 22489744 | 195580 | SH |  | SOLE | 0 | 195580 | 0 | 0 |
| BOBS DISC FURNITURE INC | COM SHS | 09681N106 |  | 1175000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| BREAD FINANCIAL HOLDINGS INC | COM | 018581108 |  | 5991200 | 80000 | SH |  | SOLE | 0 | 80000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 637795 | 10516 | SH |  | SOLE | 0 | 10516 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 6152740 | 105229 | SH |  | SOLE | 0 | 105229 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 30920049 | 99900 | SH |  | SOLE | 0 | 99900 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 202840 | 2077 | SH |  | SOLE | 0 | 2077 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 5430500 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 807441 | 71015 | SH |  | SOLE | 0 | 71015 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 9209066 | 50480 | SH |  | SOLE | 0 | 50480 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 27364500 | 150000 | SH | Call | SOLE | 0 | 150000 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 21093536 | 1197136 | SH |  | SOLE | 0 | 1197136 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 7048000 | 400000 | SH | Call | SOLE | 0 | 400000 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 7742400 | 160000 | SH |  | SOLE | 0 | 160000 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 481753 | 680 | SH |  | SOLE | 0 | 680 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 3557960 | 54097 | SH |  | SOLE | 0 | 54097 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 9870631 | 35042 | SH |  | SOLE | 0 | 35042 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 8705976 | 245377 | SH |  | SOLE | 0 | 245377 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 15951591 | 369592 | SH |  | SOLE | 0 | 369592 | 0 | 0 |
| CENTRAL BANCOMPANY | COM CL A | 152413100 |  | 1077750 | 45000 | SH |  | SOLE | 0 | 45000 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 18121007 | 308758 | SH |  | SOLE | 0 | 308758 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 2589156 | 18125 | SH |  | SOLE | 0 | 18125 | 0 | 0 |
| CI INC | COM CL A | G21307106 |  | 9763122 | 1925665 | SH |  | SOLE | 0 | 1925665 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 10903440 | 28085 | SH |  | SOLE | 0 | 28085 | 0 | 0 |
| CLARIVATE PLC | ORD SHS | G21810109 |  | 14985043 | 5922942 | SH |  | SOLE | 0 | 5922942 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 3944207 | 466770 | SH |  | SOLE | 0 | 466770 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 12128459 | 58779 | SH |  | SOLE | 0 | 58779 | 0 | 0 |
| CNX RES CORP | COM | 12653C108 |  | 657509 | 17056 | SH |  | SOLE | 0 | 17056 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 366333 | 4817 | SH |  | SOLE | 0 | 4817 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 5631000 | 300000 | SH |  | SOLE | 0 | 300000 | 0 | 0 |
| COGNEX CORP | COM | 192422103 |  | 1753842 | 35800 | SH |  | SOLE | 0 | 35800 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 2048606 | 8600 | SH |  | SOLE | 0 | 8600 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 10972000 | 400000 | SH |  | SOLE | 0 | 400000 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 19337577 | 14023 | SH |  | SOLE | 0 | 14023 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 3685800 | 60000 | SH |  | SOLE | 0 | 60000 | 0 | 0 |
| COMSTOCK RES INC | COM | 205768302 |  | 522194 | 24772 | SH |  | SOLE | 0 | 24772 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 6157100 | 230000 | SH |  | SOLE | 0 | 230000 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 18453094 | 163042 | SH |  | SOLE | 0 | 163042 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 5090420 | 207096 | SH |  | SOLE | 0 | 207096 | 0 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 5977046 | 57071 | SH |  | SOLE | 0 | 57071 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 8720023 | 112560 | SH |  | SOLE | 0 | 112560 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 333082 | 3979 | SH |  | SOLE | 0 | 3979 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1596867 | 45443 | SH |  | SOLE | 0 | 45443 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 200779 | 1910 | SH |  | SOLE | 0 | 1910 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 3232204 | 8279 | SH |  | SOLE | 0 | 8279 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 11970684 | 17575 | SH |  | SOLE | 0 | 17575 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 1372200 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 4084884 | 34603 | SH |  | SOLE | 0 | 34603 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 2576841 | 15700 | SH |  | SOLE | 0 | 15700 | 0 | 0 |
| DELTA AIR LINES INC | COM NEW | 247361702 |  | 8897417 | 133836 | SH |  | SOLE | 0 | 133836 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 3978910 | 1127170 | SH |  | SOLE | 0 | 1127170 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 21487696 | 108365 | SH |  | SOLE | 0 | 108365 | 0 | 0 |
| DIGITALOCEAN HLDGS INC | COM | 25402D102 |  | 10518687 | 122624 | SH |  | SOLE | 0 | 122624 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 39866315 | 340534 | SH |  | SOLE | 0 | 340534 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 21907811 | 82354 | SH |  | SOLE | 0 | 82354 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 |  | 2417078 | 161246 | SH |  | SOLE | 0 | 161246 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 795601 | 865 | SH |  | SOLE | 0 | 865 | 0 | 0 |
| ENLIGHT RENEWABLE ENERGY LTD | SHS | M4056D110 |  | 1438648 | 21076 | SH |  | SOLE | 0 | 21076 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 5592020 | 41300 | SH |  | SOLE | 0 | 41300 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 2579520 | 40533 | SH |  | SOLE | 0 | 40533 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 |  | 9141627 | 3686140 | SH |  | SOLE | 0 | 3686140 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 6271695 | 21010 | SH |  | SOLE | 0 | 21010 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 9347072 | 114100 | SH |  | SOLE | 0 | 114100 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 2524062 | 22992 | SH |  | SOLE | 0 | 22992 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 6272100 | 135000 | SH |  | SOLE | 0 | 135000 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 10146843 | 200293 | SH |  | SOLE | 0 | 200293 | 0 | 0 |
| FLAGSTAR BANK NATIONAL ASSOC | COM NEW | 649445400 |  | 12511500 | 950000 | SH |  | SOLE | 0 | 950000 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 380070 | 3728 | SH |  | SOLE | 0 | 3728 | 0 | 0 |
| FORGENT POWER SOLUTIONS INC | COM SHS CL A | 34631F102 |  | 15805800 | 540000 | SH |  | SOLE | 0 | 540000 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 8820179 | 35702 | SH |  | SOLE | 0 | 35702 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 17036325 | 289832 | SH |  | SOLE | 0 | 289832 | 0 | 0 |
| FRESHWORKS INC | CLASS A COM | 358054104 |  | 1086716 | 135332 | SH |  | SOLE | 0 | 135332 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 9900452 | 34889 | SH |  | SOLE | 0 | 34889 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 12488194 | 224406 | SH |  | SOLE | 0 | 224406 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 12049384 | 248800 | SH |  | SOLE | 0 | 248800 | 0 | 0 |
| GLOBAL X FDS | LITHIUM BTRY ETF | 37954Y855 |  | 12788200 | 172000 | SH |  | SOLE | 0 | 172000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 31307318 | 410050 | SH |  | SOLE | 0 | 410050 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 18237612 | 395524 | SH |  | SOLE | 0 | 395524 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 1448456 | 218470 | SH |  | SOLE | 0 | 218470 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 400925 | 1895 | SH |  | SOLE | 0 | 1895 | 0 | 0 |
| H2O AMERICA | COM | 784305104 |  | 12962608 | 220941 | SH |  | SOLE | 0 | 220941 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 |  | 1491000 | 15000 | SH |  | SOLE | 0 | 15000 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 185725 | 11304 | SH |  | SOLE | 0 | 11304 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 762696 | 2319 | SH |  | SOLE | 0 | 2319 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 3707694 | 25816 | SH |  | SOLE | 0 | 25816 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 2548821 | 132682 | SH |  | SOLE | 0 | 132682 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 4918615 | 20150 | SH |  | SOLE | 0 | 20150 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 3135000 | 150000 | SH |  | SOLE | 0 | 150000 | 0 | 0 |
| IDACORP INC | COM | 451107106 |  | 14237096 | 99581 | SH |  | SOLE | 0 | 99581 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 4766040 | 108000 | SH |  | SOLE | 0 | 108000 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 3300364 | 20984 | SH |  | SOLE | 0 | 20984 | 0 | 0 |
| INTERNATIONAL BANCSHARES COR | COM | 459044103 |  | 6056100 | 90000 | SH |  | SOLE | 0 | 90000 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 13084900 | 180357 | SH |  | SOLE | 0 | 180357 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 5135377 | 11877 | SH |  | SOLE | 0 | 11877 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SOLAR ETF | 46138G706 |  | 3908892 | 70165 | SH |  | SOLE | 0 | 70165 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 9553394 | 49778 | SH |  | SOLE | 0 | 49778 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 57718000 | 100000 | SH | Put | SOLE | 0 | 100000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 16385967 | 240475 | SH |  | SOLE | 0 | 240475 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 195986516 | 300036 | SH |  | SOLE | 0 | 300036 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 9938761 | 175009 | SH |  | SOLE | 0 | 175009 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 32020000 | 400000 | SH | Call | SOLE | 0 | 400000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 37200000 | 150000 | SH | Call | SOLE | 0 | 150000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 223200000 | 900000 | SH | Put | SOLE | 0 | 900000 | 0 | 0 |
| JANUS LIVING INC | CL A-1 | 471024109 |  | 1178500 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| JETBLUE AIRWAYS CORP | COM | 477143101 |  | 8177000 | 1850000 | SH |  | SOLE | 0 | 1850000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 8830683 | 30020 | SH |  | SOLE | 0 | 30020 | 0 | 0 |
| KB HOME | COM | 48666K109 |  | 1780200 | 34400 | SH |  | SOLE | 0 | 34400 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 9161727 | 456944 | SH |  | SOLE | 0 | 456944 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 9172542 | 300542 | SH |  | SOLE | 0 | 300542 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 2311887 | 118802 | SH |  | SOLE | 0 | 118802 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 727719 | 8380 | SH |  | SOLE | 0 | 8380 | 0 | 0 |
| LOANDEPOT INC | COM CL A | 53946R106 |  | 1629853 | 1147784 | SH |  | SOLE | 0 | 1147784 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 3545381 | 15005 | SH |  | SOLE | 0 | 15005 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 9849884 | 14016 | SH |  | SOLE | 0 | 14016 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 520103 | 2130 | SH |  | SOLE | 0 | 2130 | 0 | 0 |
| MEDLINE INC | COM CL A | 58507V107 |  | 19580000 | 440000 | SH |  | SOLE | 0 | 440000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 455298 | 3785 | SH |  | SOLE | 0 | 3785 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 2506991 | 42106 | SH |  | SOLE | 0 | 42106 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 203053 | 161 | SH |  | SOLE | 0 | 161 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 16892000 | 50000 | SH | Put | SOLE | 0 | 50000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 19178138 | 51809 | SH |  | SOLE | 0 | 51809 | 0 | 0 |
| MONGODB INC | CL A | 60937P106 |  | 1378300 | 5631 | SH |  | SOLE | 0 | 5631 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 235139 | 539 | SH |  | SOLE | 0 | 539 | 0 | 0 |
| MOOG INC | CL A | 615394202 |  | 1697312 | 5800 | SH |  | SOLE | 0 | 5800 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 9504905 | 57756 | SH |  | SOLE | 0 | 57756 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 5624995 | 51963 | SH |  | SOLE | 0 | 51963 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 3480000 | 300000 | SH |  | SOLE | 0 | 300000 | 0 | 0 |
| NEXTPOWER INC | CLASS A COM | 65290E101 |  | 10572958 | 87706 | SH |  | SOLE | 0 | 87706 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 1383914 | 4822 | SH |  | SOLE | 0 | 4822 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 12816186 | 87698 | SH |  | SOLE | 0 | 87698 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 3382000 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 23929728 | 629564 | SH |  | SOLE | 0 | 629564 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 15204000 | 400000 | SH | Call | SOLE | 0 | 400000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 4604160 | 26400 | SH |  | SOLE | 0 | 26400 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 4441684 | 56431 | SH |  | SOLE | 0 | 56431 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 1300320 | 21000 | SH |  | SOLE | 0 | 21000 | 0 | 0 |
| OPTIMUM COMMUNICATIONS INC | CL A | 02156K103 |  | 2121284 | 1631757 | SH |  | SOLE | 0 | 1631757 | 0 | 0 |
| OUSTER INC | COM NEW | 68989M202 |  | 1947220 | 106000 | SH |  | SOLE | 0 | 106000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1023521 | 6997 | SH |  | SOLE | 0 | 6997 | 0 | 0 |
| PAMPA ENERGIA SA | SPONS ADR LVL I | 697660207 |  | 2570306 | 29043 | SH |  | SOLE | 0 | 29043 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 17273951 | 316199 | SH |  | SOLE | 0 | 316199 | 0 | 0 |
| PARAMOUNT SKYDANCE CORP | COM CL B | 69932A204 |  | 9282491 | 1029101 | SH |  | SOLE | 0 | 1029101 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 18860916 | 21068 | SH |  | SOLE | 0 | 21068 | 0 | 0 |
| PAYLOCITY HLDG CORP | COM | 70438V106 |  | 2796183 | 25881 | SH |  | SOLE | 0 | 25881 | 0 | 0 |
| PEABODY ENGR CORP | COM | 704551100 |  | 3463078 | 105101 | SH |  | SOLE | 0 | 105101 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 8033745 | 534514 | SH |  | SOLE | 0 | 534514 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 |  | 7647500 | 87500 | SH |  | SOLE | 0 | 87500 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 4903326 | 456548 | SH |  | SOLE | 0 | 456548 | 0 | 0 |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 |  | 1453185 | 70033 | SH |  | SOLE | 0 | 70033 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 10246332 | 583172 | SH |  | SOLE | 0 | 583172 | 0 | 0 |
| PICS NV | COM CL A | N69958101 |  | 1045000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72348N109 |  | 11853209 | 137604 | SH |  | SOLE | 0 | 137604 | 0 | 0 |
| PLANET FITNESS MASTER ISSUER | CL A | 72703H101 |  | 14105274 | 189638 | SH |  | SOLE | 0 | 189638 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 5983212 | 28753 | SH |  | SOLE | 0 | 28753 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 2542881 | 48188 | SH |  | SOLE | 0 | 48188 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 5344000 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 414781 | 3138 | SH |  | SOLE | 0 | 3138 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 4751982 | 36900 | SH |  | SOLE | 0 | 36900 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 993496 | 11309 | SH |  | SOLE | 0 | 11309 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 695320 | 15390 | SH |  | SOLE | 0 | 15390 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 69513871 | 725236 | SH |  | SOLE | 0 | 725236 | 0 | 0 |
| REVVITY INC | COM | 714046109 |  | 8483276 | 96830 | SH |  | SOLE | 0 | 96830 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 1510016 | 105966 | SH |  | SOLE | 0 | 105966 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 18996501 | 87691 | SH |  | SOLE | 0 | 87691 | 0 | 0 |
| RUBRIK INC. | CL A | 781154109 |  | 2257174 | 46093 | SH |  | SOLE | 0 | 46093 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 35172815 | 2129105 | SH |  | SOLE | 0 | 2129105 | 0 | 0 |
| SAILPOINT INC | COM | 78781J109 |  | 3186391 | 240664 | SH |  | SOLE | 0 | 240664 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 369811 | 3935 | SH |  | SOLE | 0 | 3935 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 29468610 | 201000 | SH |  | SOLE | 0 | 201000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 41301000 | 900000 | SH |  | SOLE | 0 | 900000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 7560115 | 72311 | SH |  | SOLE | 0 | 72311 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 11187911 | 105646 | SH |  | SOLE | 0 | 105646 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 24957382 | 77858 | SH |  | SOLE | 0 | 77858 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 6639395 | 151827 | SH |  | SOLE | 0 | 151827 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 4602228 | 372952 | SH |  | SOLE | 0 | 372952 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 243235 | 1304 | SH |  | SOLE | 0 | 1304 | 0 | 0 |
| SK TELECOM CO LTD | SPONSORED ADR | 78440P306 |  | 7739795 | 264247 | SH |  | SOLE | 0 | 264247 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 239169 | 4654 | SH |  | SOLE | 0 | 4654 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 6666998 | 44205 | SH |  | SOLE | 0 | 44205 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 6941236 | 122832 | SH |  | SOLE | 0 | 122832 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 8377600 | 110000 | SH |  | SOLE | 0 | 110000 | 0 | 0 |
| SOLV ENERGY INC | COM SHS CL A | 78475V103 |  | 1501500 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 20200864 | 209292 | SH |  | SOLE | 0 | 209292 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 7141644 | 190089 | SH |  | SOLE | 0 | 190089 | 0 | 0 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 14360833 | 165257 | SH |  | SOLE | 0 | 165257 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 3264758 | 17955 | SH |  | SOLE | 0 | 17955 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A888 |  | 9872000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| SPIRE INC | COM | 84857L101 |  | 1720260 | 19000 | SH |  | SOLE | 0 | 19000 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 234243 | 13993 | SH |  | SOLE | 0 | 13993 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 260136000 | 400000 | SH | Put | SOLE | 0 | 400000 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 3600000 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 9237561 | 124967 | SH |  | SOLE | 0 | 124967 | 0 | 0 |
| STMICROELECTRONICS N V | NY REGISTRY | 861012102 |  | 2073000 | 60000 | SH |  | SOLE | 0 | 60000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 266815 | 812 | SH |  | SOLE | 0 | 812 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 18829462 | 58984 | SH |  | SOLE | 0 | 58984 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 419973 | 1675 | SH |  | SOLE | 0 | 1675 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 1797572 | 8600 | SH |  | SOLE | 0 | 8600 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 1391523 | 2300 | SH |  | SOLE | 0 | 2300 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 60477781 | 320480 | SH |  | SOLE | 0 | 320480 | 0 | 0 |
| TEREX CORP NEW | COM | 880779103 |  | 2955000 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 11152500 | 30000 | SH |  | SOLE | 0 | 30000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 74350000 | 200000 | SH | Put | SOLE | 0 | 200000 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 6167200 | 65000 | SH |  | SOLE | 0 | 65000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 261985 | 533 | SH |  | SOLE | 0 | 533 | 0 | 0 |
| TIMKEN CO | COM | 887389104 |  | 7058304 | 70183 | SH |  | SOLE | 0 | 70183 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 1441583 | 22100 | SH |  | SOLE | 0 | 22100 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 2077791 | 16514 | SH |  | SOLE | 0 | 16514 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 13759476 | 377800 | SH |  | SOLE | 0 | 377800 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 18192345 | 1638950 | SH |  | SOLE | 0 | 1638950 | 0 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 5550000 | 500000 | SH | Call | SOLE | 0 | 500000 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 12190068 | 132400 | SH |  | SOLE | 0 | 132400 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 714899 | 2642 | SH |  | SOLE | 0 | 2642 | 0 | 0 |
| UNITI GROUP LLC | COM SHS | 912932100 |  | 9650313 | 1028818 | SH |  | SOLE | 0 | 1028818 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 7955000 | 500000 | SH |  | SOLE | 0 | 500000 | 0 | 0 |
| VALLEY NATL BANCORP | COM | 919794107 |  | 8596000 | 700000 | SH |  | SOLE | 0 | 700000 | 0 | 0 |
| VARONIS SYS INC | COM | 922280102 |  | 3683908 | 171584 | SH |  | SOLE | 0 | 171584 | 0 | 0 |
| VARONIS SYS INC | COM | 922280102 |  | 4294000 | 200000 | SH | Call | SOLE | 0 | 200000 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 16931677 | 1074345 | SH |  | SOLE | 0 | 1074345 | 0 | 0 |
| VERSANT MEDIA GROUP INC | COM CL A | 925283103 |  | 8514600 | 230000 | SH |  | SOLE | 0 | 230000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4934672 | 16327 | SH |  | SOLE | 0 | 16327 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 7941104 | 105222 | SH |  | SOLE | 0 | 105222 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 10542944 | 70132 | SH |  | SOLE | 0 | 70132 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 14167383 | 515928 | SH |  | SOLE | 0 | 515928 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 3061747 | 32869 | SH |  | SOLE | 0 | 32869 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 8810583 | 54239 | SH |  | SOLE | 0 | 54239 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 16011600 | 220000 | SH |  | SOLE | 0 | 220000 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 9031100 | 65000 | SH |  | SOLE | 0 | 65000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 19402187 | 244237 | SH |  | SOLE | 0 | 244237 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 1541653 | 1195080 | SH |  | SOLE | 0 | 1195080 | 0 | 0 |
| XEROX HOLDINGS CORP | *W EXP 02/11/202 | 98421M114 |  | 54077 | 597540 | SH |  | SOLE | 0 | 597540 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 2001256 | 105108 | SH |  | SOLE | 0 | 105108 | 0 | 0 |
| ZIONS BANCORPORATION NATL AS | COM | 989701107 |  | 15269300 | 265000 | SH |  | SOLE | 0 | 265000 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 3220263 | 40058 | SH |  | SOLE | 0 | 40058 | 0 | 0 |
| ZSCALER INC | COM | 98980G102 |  | 4627325 | 32984 | SH |  | SOLE | 0 | 32984 | 0 | 0 |

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