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Livermore
Livermore
ZHEN

BW Gestao de Investimentos Ltda.

SEC CIK
0001568280
Latest filing
Aug 14, 2026

The latest 13F from BW Gestao de Investimentos Ltda. covers Q2 2026 (filed Aug 14, 2026): 294 long positions worth $4.15B. The top 10 holdings make up 51.7% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 22.1%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
134
Est. +$1.78B
Added
66
Est. +$876.2M
Reduced
83
Est. −$481.7M
Sold out
98
Est. −$464.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    22.1%$916.8MHistory
  2. iShares Core S&P 500 ETF464287200
    19.7%$818.8M
  3. SPCXSpace Exploration Technologies Corp
    2.4%$100.4MHistory
  4. RBARB Global Inc.
    1.4%$57.6MHistory
  5. THCTenet Healthcare Corp
    1.3%$52.3MHistory

Share of portfolio

Top 5 holdings and the other 289 positions, by share of portfolio value

  1. SPY22.1%
  2. iShares Core S&P 500 ETF19.7%
  3. SPCX2.4%
  4. RBA1.4%
  5. THC1.3%
  6. Other 289 positions53.1%

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$916.8MNewHistory
  2. iShares Core S&P 500 ETF464287200
    +$594.1MAdded
  3. SPCXSpace Exploration Technologies Corp
    +$100.4MNewHistory
  4. MUMicron Technology Inc
    +$45.3MNewHistory
  5. GOOGAlphabet Inc.
    +$31.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SPYSPDR S&P 500 ETF Trust
    +22.11 pp0.0% → 22.1%History
  2. iShares Core S&P 500 ETF464287200
    +11.03 pp8.7% → 19.7%
  3. SPCXSpace Exploration Technologies Corp
    +2.42 pp0.0% → 2.4%History
  4. MUMicron Technology Inc
    +1.09 pp0.0% → 1.1%History
  5. GOOGAlphabet Inc.
    +0.77 pp0.0% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AALAmerican Airlines Group Inc.
    −$41.2MReducedHistory
  2. AVGOBroadcom Inc.
    −$30.9MSold outHistory
  3. State Street Utilities Select Sector SPDR ETF81369Y886
    −$30.6MReduced
  4. RBARB Global Inc.
    −$26.8MReducedHistory
  5. TLNTalen Energy Corp
    −$18.8MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. RBARB Global Inc.
    −1.70 pp3.1% → 1.4%History
  2. State Street Utilities Select Sector SPDR ETF81369Y886
    −1.59 pp1.8% → 0.2%
  3. THCTenet Healthcare Corp
    −1.43 pp2.7% → 1.3%History
  4. AVGOBroadcom Inc.
    −1.38 pp1.4% → 0.0%History
  5. AALAmerican Airlines Group Inc.
    −1.10 pp1.2% → 0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.15B
+$1.90B (+84.5%) vs. prior quarter
Positions
294
+36 vs. prior quarter
Top 10 concentration
51.7%
Top 10 as share of value
Turnover
29.6%
Q2 2026, one quarter
Average holding period
3.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $4.15B (Q2 2026)

Q1 2021: $339.6MQ2 2021: $279.5MQ3 2021: $320.2MQ4 2021: $336.9MQ1 2022: $471.9MQ2 2022: $429.5MQ3 2022: $415.2MQ4 2022: $644.3MQ1 2023: $635.0MQ2 2023: $655.8MQ3 2023: $810.0MQ4 2023: $878.9MQ1 2024: $1.11BQ2 2024: $758.4MQ3 2024: $604.0MQ4 2024: $2.14BQ1 2025: $883.8MQ2 2025: $1.05BQ3 2025: $1.32BQ4 2025: $2.84BQ1 2026: $2.25BQ2 2026: $4.15B
Q1 2021Q2 2026
13F filings of BW Gestao de Investimentos Ltda. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026294$4.15BSPYiShares Core S&P 500 ETFSPCXvs. Q1 2026SEC
Q1 2026Apr 28, 2026258$2.25BiShares Core S&P 500 ETFRBATHCvs. Q4 2025SEC
Q4 2025Feb 10, 2026186$2.84BiShares Core S&P 500 ETFInvesco Exchange Traded FD TRBAvs. Q3 2025SEC
Q3 2025Nov 13, 202598$1.32BiShares Core S&P 500 ETFTHCRBAvs. Q2 2025SEC
Q2 2025Aug 14, 202581$1.05BRBATHCFOURvs. Q1 2025SEC
Q1 2025May 15, 202579$883.8MTHCiShares IncRBAvs. Q4 2024SEC
Q4 2024Feb 14, 2025109$2.14BiShares Core S&P 500 ETFMDYTHCvs. Q3 2024SEC
Q3 2024Nov 14, 202464$604.0MTHCRBAPacer US Small Cap Cash Cows ETFvs. Q2 2024SEC
Q2 2024Aug 1, 202460$758.4MPacer US Small Cap Cash Cows ETFRBATHCvs. Q1 2024SEC
Q1 2024May 2, 202462$1.11BiShares TrPacer US Small Cap Cash Cows ETFInvesco Exchange Traded FD Tvs. Q4 2023SEC
Q4 2023Feb 9, 202459$878.9MInvesco Exchange Traded FD TState Street Utilities Select Sector SPDR ETFiShares Trvs. Q3 2023SEC
Q3 2023Oct 24, 202358$810.0MState Street Utilities Select Sector SPDR ETFiShares TrState Street Consumer Staples Select Sector SPDR ETFvs. Q2 2023SEC
Q2 2023Jul 26, 202359$655.8MiShares TrTMUSORCLvs. Q1 2023SEC
Q1 2023Jul 11, 2023Amended50$635.0MiShares TriShares TrORCLvs. Q4 2022SEC
Q4 2022Feb 9, 202346$644.3MiShares Tips Bond ETFiShares TriShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q3 2022SEC
Q3 2022Oct 25, 202239$415.2MiShares TrMSFTCCIvs. Q2 2022SEC
Q2 2022Aug 2, 202240$429.5MiShares TriShares TrMSFTvs. Q1 2022SEC
Q1 2022May 4, 202246$471.9MiShares TrState Street Energy Select Sector SPDR ETFiShares Trvs. Q4 2021SEC
Q4 2021Feb 3, 202236$336.9MState Street Energy Select Sector SPDR ETFiShares TrMSFTvs. Q3 2021SEC
Q3 2021Nov 1, 202145$320.2MiShares TrVanEck ETF TrustArco Platform Ltdvs. Q2 2021SEC
Q2 2021Jul 26, 202150$279.5MiShares TrArco Platform LtdPAGSvs. Q1 2021SEC
Q1 2021May 3, 202154$339.6MiShares TrKraneshares TrustVanEck ETF Trust–SEC

13D and 13G filings

Companies where BW Gestao de Investimentos Ltda. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where BW Gestao de Investimentos Ltda. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
CINTCI&T Inc13G/A10.30%2.45M shares−1.90 ppfrom 12.20%Apr 15, 20246 filingsNov 10, 2025SEC

Latest filings

6 filings on file made by BW Gestao de Investimentos Ltda. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by BW Gestao de Investimentos Ltda.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
CINTCI&T IncNov 10, 20257:19 PM ET13G/A10.30%2.45M shares−1.90 ppfrom 12.20%Sep 30, 2025SEC
CINTCI&T IncJul 1, 20255:58 PM ET13G/A12.20%2.88M shares−0.40 ppfrom 12.60%Jun 30, 2025SEC
CINTCI&T IncMar 7, 20254:57 PM ET13G/A12.60%2.60M shares–Dec 31, 2024SEC
CINTCI&T IncNov 6, 202413G/AOld format–––SEC
CINTCI&T IncAug 19, 202413G/AOld format–––SEC
CINTCI&T IncApr 15, 202413GOld format–New–SEC