BW Gestao de Investimentos Ltda.
Long book
$2.25B
Q1 2026
Positions
258
Top-10 weight
25%
concentration
Last quarter
+9.0%
SPY +14.8%
Turnover
59%
of book per quarter
Strategy in plain words
auto-generated from filingsBW Gestao de Investimentos Ltda. is a quantitative fund whose holdings reflect models, not opinions, running a $2.25B US long book across 258 positions.
The portfolio is broadly diversified across 258 positions (top 10 only 25%). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ISHARES CORE S&P 500 ETF, RB GLOBAL INC, TENET HEALTHCARE CORP, ST SR UTL SL SE SPDR ETF-USD, ECHOSTAR CORP-A.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+10.9%
Q3 2024
-3.7%
Q4 2024
-3.5%
Q1 2025
+15.8%
Q2 2025
+1.3%
Q3 2025
+0.7%
Q4 2025
-1.5%
Q1 2026
+9.0%
Sector allocation
Technology 18%
Industrials 15%
Utilities 15%
Financials 14%
Materials 8%
Services media 6%
Other 6%
Healthcare 5%
Long book by quarter
What does BW Gestao own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RBA RB GLOBAL INC | Services media | 725.2K | $69.5M | 3.1% | -7.7% |
| THC TENET HEALTHCARE CORP | Healthcare | 320.5K | $60.5M | 2.7% | -10.3% |
| ECHO ECHOSTAR CORP-A | Communications | 340.5K | $39.9M | 1.8% | +31.0% |
| SOC SABLE OFFSHORE CORP | Energy | 2.1M | $35.2M | 1.6% | +45.1% |
| AVGO BROADCOM INC | Technology | 99.9K | $30.9M | 1.4% | +399.5% |
| AAL AMERICAN AIRLINES GROUP INC | Industrials | 2.5M | $26.5M | 1.2% | +307.9% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 77.9K | $25.0M | 1.1% | +41.0% |
| NTNX NUTANIX INC - A | Technology | 629.6K | $23.9M | 1.1% | -5.1% |
| BX BLACKSTONE INC | Financials | 195.6K | $22.5M | 1.0% | +31.5% |
| ECL ECOLAB INC | Other | 82.4K | $21.9M | 1.0% | -31.8% |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 108.4K | $21.5M | 1.0% | +4.1% |
| CPRI CAPRI HOLDINGS LTD | Other | 1.2M | $21.1M | 0.9% | -5.5% |
| SO SOUTHERN CO/THE | Utilities | 209.3K | $20.2M | 0.9% | New |
| AEP AMERICAN ELECTRIC POWER | Utilities | 153.2K | $20.1M | 0.9% | -9.8% |
| AA ALCOA CORP | Industrials | 302.4K | $20.1M | 0.9% | +290.4% |
| MDLN MEDLINE INC-CL A | Healthcare | 440.0K | $19.6M | 0.9% | +193.3% |
| XEL XCEL ENERGY INC | Utilities | 244.2K | $19.4M | 0.9% | +0.7% |
| FIX COMFORT SYSTEMS USA INC | Industrials | 14.0K | $19.3M | 0.9% | New |
| MSFT MICROSOFT CORP | Technology | 51.8K | $19.2M | 0.9% | +72.8% |
| ROST ROSS STORES INC | Consumer discretionary | 87.7K | $19.0M | 0.8% | +1025.0% |
| PH PARKER HANNIFIN CORP | Industrials | 21.1K | $18.9M | 0.8% | +53.7% |
| TLN TALEN ENERGY CORP | Utilities | 59.0K | $18.8M | 0.8% | +1.6% |
| ED CONSOLIDATED EDISON INC | Utilities | 163.0K | $18.5M | 0.8% | -10.0% |
| GLOB GLOBANT SA | Technology | 395.5K | $18.2M | 0.8% | +10.0% |
| PATH UIPATH INC - CLASS A | Technology | 1.6M | $18.2M | 0.8% | -45.9% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 308.8K | $18.1M | 0.8% | +68.1% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 316.2K | $17.3M | 0.8% | +102.7% |
| FCX FREEPORT-MCMORAN INC | Materials | 289.8K | $17.0M | 0.8% | +40.1% |
| VG VENTURE GLOBAL INC-CL A | Utilities | 1.1M | $16.9M | 0.8% | New |
| AAPL APPLE INC | Technology | 66.4K | $16.9M | 0.7% | +98.4% |
| WMB WILLIAMS COS INC | Utilities | 220.0K | $16.0M | 0.7% | New |
| CNP CENTERPOINT ENERGY INC | Utilities | 369.6K | $16.0M | 0.7% | +72.7% |
| FPS FORGENT POWER SOLUTIONS-CL A | Industrials | 540.0K | $15.8M | 0.7% | New |
| AMRZ AMRIZE LTD | Industrials | 281.3K | $15.8M | 0.7% | +114.0% |
| ZION ZIONS BANCORP NA | Financials | 265.0K | $15.3M | 0.7% | New |
| CLVT CLARIVATE PLC | Technology | 5.9M | $15.0M | 0.7% | +36.3% |
| SWX SOUTHWEST GAS HOLDINGS INC | Utilities | 165.3K | $14.4M | 0.6% | -5.5% |
| IDA IDACORP INC | Utilities | 99.6K | $14.2M | 0.6% | +9.7% |
| WBD WARNER BROS DISCOVERY INC | Communications | 515.9K | $14.2M | 0.6% | +24.0% |
| PLNT PLANET FITNESS INC - CL A | Services media | 189.6K | $14.1M | 0.6% | +27.7% |
| UGI UGI CORP | Utilities | 377.8K | $13.8M | 0.6% | -5.9% |
| IFF INTL FLAVORS & FRAGRANCES | Other | 180.4K | $13.1M | 0.6% | -29.1% |
| HTO H2O AMERICA | Utilities | 220.9K | $13.0M | 0.6% | +172.1% |
| NRG NRG ENERGY INC | Utilities | 87.7K | $12.8M | 0.6% | -43.7% |
| FLG FLAGSTAR BANK NA | Financials | 950.0K | $12.5M | 0.6% | -5.0% |
| GIL GILDAN ACTIVEWEAR INC | Other | 224.4K | $12.5M | 0.6% | +240.7% |
| BKU BANKUNITED INC | Financials | 270.0K | $12.2M | 0.5% | +54.3% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 132.4K | $12.2M | 0.5% | +76.5% |
| NET CLOUDFLARE INC - CLASS A | Technology | 58.8K | $12.1M | 0.5% | New |
| CW CURTISS-WRIGHT CORP | Industrials | 17.6K | $12.0M | 0.5% | -9.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 28, 2026 | 270 | $3.01B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 205 | $4.43B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 118 | $2.29B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 106 | $2.35B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 104 | $3.18B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 129 | $3.14B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 77 | $1.43B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 1, 2024 | 83 | $1.80B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 2, 2024 | 84 | $3.40B | canonical | SEC ↗ |
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