BW Gestao de Investimentos Ltda. Q4 2025 Filing

Filed February 10, 2026

Portfolio Value

$4.4M

Holdings

192

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (192 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	800,000	$546K	12.31%	Put
2	IVVISHARES TR	738,842	$506K	11.42%
3	IWMISHARES TR	1,600,000	$394K	8.89%	Put
4	RSPINVESCO EXCHANGE TRADED FD T	1,499,100	$287K	6.48%
5	NDQINVESCO QQQ TR	450,000	$276K	6.24%	Put
6	MUMICRON TECHNOLOGY INC	439,803	$126K	2.83%	Call
7	KWEBKRANESHARES TRUST	2,400,000	$82K	1.84%	Call
8	RBARB GLOBAL INC	785,947	$81K	1.82%
9	AVGOBROADCOM INC	220,000	$76K	1.72%	Call
10	PATHUIPATH INC	4,532,150	$74K	1.68%	Put
11	THCTENET HEALTHCARE CORP	357,435	$71K	1.60%
12	XLUSELECT SECTOR SPDR TR	1,150,000	$49K	1.11%
13	FOURSHIFT4 PMTS INC	689,788	$43K	0.98%
14	XLVSELECT SECTOR SPDR TR	266,000	$41K	0.93%
15	NTNXNUTANIX INC	663,074	$34K	0.77%
16	ECLECOLAB INC	120,787	$32K	0.72%
17	CPRICAPRI HOLDINGS LIMITED	1,267,373	$31K	0.70%
18	ITBISHARES TR	300,000	$29K	0.65%	Put
19	SATSECHOSTAR CORP	259,871	$28K	0.64%
20	LVLNSPDR SERIES TRUST	416,921	$27K	0.61%	Put
21	WBDWARNER BROS DISCOVERY INC	915,928	$26K	0.60%	Call
22	COFCAPITAL ONE FINL CORP	107,606	$26K	0.59%
23	XRTSPDR SERIES TRUST	300,000	$26K	0.58%	Put
24	NRANRG ENERGY INC	155,895	$25K	0.56%
25	GLOBGLOBANT S A	359,487	$23K	0.53%
26	FTAIFTAI AVIATION LTD	117,104	$23K	0.52%
27	BXBLACKSTONE INC	148,776	$23K	0.52%
28	TLNTALEN ENERGY CORP	58,077	$22K	0.49%
29	CCOCAMECO CORP	232,949	$21K	0.48%
30	DKSDICKS SPORTING GOODS INC	104,048	$21K	0.46%
31	LINLINDE PLC	48,000	$20K	0.46%
32	AEPAMERICAN ELEC PWR CO INC	169,861	$20K	0.44%
33	SQMSOCIEDAD QUIMICA Y MINERA DE	283,254	$19K	0.44%
34	ALBALBEMARLE CORP	132,250	$19K	0.42%
35	JPMJPMORGAN CHASE & CO.	56,117	$18K	0.41%
36	EDCONSOLIDATED EDISON INC	181,065	$18K	0.41%
37	XELXCEL ENERGY INC	242,457	$18K	0.40%
38	SHWSHERWIN WILLIAMS CO	55,214	$18K	0.40%
39	BACBANK AMERICA CORP	324,823	$18K	0.40%
40	PRGOPERRIGO CO PLC	1,277,069	$18K	0.40%
41	HBANHUNTINGTON BANCSHARES INC	1,020,000	$18K	0.40%
42	ALITALIGHT INC	9,040,203	$18K	0.40%	Call
43	BIRKBIRKENSTOCK HOLDING PLC	424,835	$17K	0.39%
44	IFFINTERNATIONAL FLAVORS&FRAGRA	254,304	$17K	0.39%
45	SRESEMPRA	188,347	$17K	0.38%
46	CLFCLEVELAND-CLIFFS INC NEW	1,231,924	$16K	0.37%	Call
47	EXEEXPAND ENERGY CORPORATION	146,700	$16K	0.37%
48	PLNTPLANET FITNESS INC	148,552	$16K	0.36%
49	EVRGEVERGY INC	220,173	$16K	0.36%
50	CVSCVS HEALTH CORP	200,000	$16K	0.36%
51	FEFIRSTENERGY CORP	338,898	$15K	0.34%
52	UGIUGI CORP NEW	401,594	$15K	0.34%
53	PCGPG&E CORP	925,788	$15K	0.34%
54	SOLSSOLSTICE ADVANCED MATLS INC	305,507	$15K	0.33%
55	EVEXEVE HLDG INC	3,686,140	$15K	0.33%
56	CLVTCLARIVATE PLC	4,345,321	$15K	0.33%
57	MSFTMICROSOFT CORP	29,976	$14K	0.33%
58	SWXSOUTHWEST GAS HLDGS INC	174,847	$14K	0.32%
59	KVUEKENVUE INC	800,000	$14K	0.31%	Call
60	EQTEQT CORP	255,800	$14K	0.31%
61	NXTNEXTPOWER INC	155,895	$14K	0.31%
62	SGMLSIGMA LITHIUM CORPORATION	1,024,736	$14K	0.30%	Call
63	BBARRICK MNG CORP	305,959	$13K	0.30%
64	SOCSABLE OFFSHORE CORP	1,467,222	$13K	0.30%
65	ETRENTERGY CORP NEW	142,048	$13K	0.30%
66	LITELUMENTUM HLDGS INC	35,076	$13K	0.29%
67	QC10FLAGSTAR BANK NATIONAL ASSOC	1,000,000	$13K	0.28%
68	AMGAFFILIATED MANAGERS GROUP IN	42,000	$12K	0.27%
69	PBPROSPERITY BANCSHARES INC	174,867	$12K	0.27%
70	PENNPENN ENTERTAINMENT INC	817,117	$12K	0.27%
71	PHPARKER-HANNIFIN CORP	13,709	$12K	0.27%
72	ICEINTERCONTINENTAL EXCHANGE IN	74,067	$12K	0.27%
73	WBSWEBSTER FINL CORP	190,021	$12K	0.27%
74	PFSIPENNYMAC FINL SVCS INC NEW	90,000	$12K	0.27%
75	USBUS BANCORP DEL	221,316	$12K	0.27%
76	SSBSOUTHSTATE BK CORP	125,005	$12K	0.27%
77	KKRKKR & CO INC	92,003	$12K	0.26%
78	TANINVESCO EXCH TRADED FD TR II	233,843	$11K	0.26%
79	IDAIDACORP INC	90,740	$11K	0.26%
80	URAGLOBAL X FDS	268,100	$11K	0.26%
81	SNSHARKNINJA INC	97,472	$11K	0.25%
82	CWCURTISS WRIGHT CORP	19,489	$11K	0.24%
83	HUTHUT 8 CORP	233,843	$11K	0.24%
84	FCXFREEPORT-MCMORAN INC	206,938	$11K	0.24%
85	PNFPPINNACLE FINL PARTNERS INC	110,000	$10K	0.24%
86	TKRTIMKEN CO	124,730	$10K	0.24%
87	SKE.TOSKEENA RES LTD NEW	438,147	$10K	0.23%
88	CSTMCONSTELLIUM SE	546,270	$10K	0.23%
89	CHRWC H ROBINSON WORLDWIDE INC	62,358	$10K	0.23%
90	RSRELIANCE INC	34,666	$10K	0.23%
91	AMZNAMAZON COM INC	43,019	$10K	0.22%
92	CVNACARVANA CO	23,359	$10K	0.22%
93	COLBCOLUMBIA BKG SYS INC	350,000	$10K	0.22%
94	AALAMERICAN AIRLS GROUP INC	605,000	$9K	0.21%
95	LUVSOUTHWEST AIRLS CO	223,583	$9K	0.21%
96	CLSCELESTICA INC	31,179	$9K	0.21%
97	TRVCCITIGROUP INC	78,337	$9K	0.21%
98	MTARCELORMITTAL SA LUXEMBOURG	200,000	$9K	0.21%
99	AAPLAPPLE INC	33,466	$9K	0.21%
100	CNRCORE NATURAL RESOURCES INC	102,473	$9K	0.20%

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