BW Gestao de Investimentos Ltda's Q4 2023 13F: 17 new positions, 17 exits
Form 13F-HR for the quarter ended Dec 31, 2023 · filed Feb 9, 2024 · 58 reported positions · accession 0001568280-24-000002
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | INVESCO EXCHANGE TRADED FD T (RSP) | — | 26.4% | +26.4 pts | +1.46M sh | new |
| Reduced | ISHARES TR (HYG) | 9.3% | 3.5% | −5.8 pts | −624K sh | −61% |
| Exited | ISHARES RUSSELL MID-CAP ETF (IWR) | 3.5% | — | −3.5 pts | −407K sh | −100% |
| Reduced | NUTANIX INC (NTNX) | 3.1% | 0.8% | −2.3 pts | −581K sh | −80% |
| New | ISHARES TR (IWF) | — | 3.1% | +3.1 pts | +89,380 sh | new |
| Exited | ISHARES MSCI EMERGING MARKETS (EEM) | 2.6% | — | −2.6 pts | −550K sh | −100% |
| Exited | ISHARES EXPANDED TECH-SOFTWARE (IGV) | 2.5% | — | −2.5 pts | −60,390 sh | −100% |
| Reduced | SELECT SECTOR SPDR TR (XLP) | 5.1% | 2.5% | −2.6 pts | −302K sh | −50% |
| New | FIRST SOLAR INC (FSLR) | — | 2.3% | +2.3 pts | +118K sh | new |
| Reduced | CROWN CASTLE INC (CCI) | 2.6% | 0.8% | −1.8 pts | −165K sh | −72% |
| Reduced | T-MOBILE US INC (TMUS) | 5.1% | 3.4% | −1.6 pts | −105K sh | −36% |
| New | ISHARES TR (FXI) | — | 1.7% | +1.7 pts | +635K sh | new |
| New | AES CORP (AES) | — | 1.6% | +1.6 pts | +720K sh | new |
| Reduced | BLACKSTONE INC (BX) | 2.2% | 1.0% | −1.1 pts | −95,800 sh | −58% |
| Increased | RB GLOBAL INC (RBA) | 1.5% | 2.9% | +1.4 pts | +185K sh | +94% |
| Exited | SKECHERS USA INC-CL A (SKX) | 1.4% | — | −1.4 pts | −230K sh | −100% |
| New | LAMB WESTON HLDGS INC (LW) | — | 1.3% | +1.3 pts | +105K sh | new |
| Reduced | SELECT SECTOR SPDR TR (XLU) | 10.3% | 9.0% | −1.3 pts | −170K sh | −12% |
| Reduced | CROCS INC (CROX) | 2.2% | 0.9% | −1.3 pts | −115K sh | −58% |
| Reduced | TENET HEALTHCARE CORP (THC) | 3.8% | 2.9% | −1.0 pts | −138K sh | −30% |
| Reduced | KENVUE INC (KVUE) | 2.7% | 1.5% | −1.2 pts | −475K sh | −43% |
| Exited | ISHARES 7-10 YEAR TREASURY BON (IEF) | 1.2% | — | −1.2 pts | −102K sh | −100% |
| Exited | VANGUARD VALUE ETF (VTV) | 1.1% | — | −1.1 pts | −66,400 sh | −100% |
| Reduced | LOWES COS INC (LOW) | 2.0% | 1.0% | −1.0 pts | −38,275 sh | −49% |
| Reduced | SUZANO S A (SUZ) | 1.7% | 0.8% | −0.9 pts | −653K sh | −51% |
| Reduced | ISHARES TR (IWO) | 2.2% | 1.5% | −0.7 pts | −28,720 sh | −36% |
| Exited | VANECK GOLD MINERS ETF (GDX) | 0.8% | — | −0.8 pts | −227K sh | −100% |
| Reduced | ORACLE CORP (ORCL) | 4.5% | 3.4% | −1.1 pts | −60,000 sh | −18% |
| Reduced | KRANESHARES TR (KWEB) | 2.6% | 1.8% | −0.9 pts | −210K sh | −27% |
| Exited | TESLA INC (TSLA) | 0.6% | — | −0.6 pts | −20,000 sh | −100% |
| New | GFL ENVIRONMENTAL INC (GFL) | — | 0.6% | +0.6 pts | +151K sh | new |
| New | COINBASE GLOBAL INC (COIN) | — | 0.6% | +0.6 pts | +30,000 sh | new |
| New | FORTIVE CORP (FTV) | — | 0.6% | +0.6 pts | +70,000 sh | new |
| Reduced | NIKE INC (NKE) | 0.7% | 0.2% | −0.5 pts | −44,654 sh | −77% |
| New | ROYAL GOLD INC (RGLD) | — | 0.6% | +0.6 pts | +40,000 sh | new |
| New | VALE S A (VALE) | — | 0.5% | +0.5 pts | +300K sh | new |
| Exited | VANGUARD TOTAL STOCK MKT ETF (VTI) | 0.5% | — | −0.5 pts | −20,560 sh | −100% |
| Reduced | WASTE CONNECTIONS INC (WCN) | 1.7% | 1.2% | −0.5 pts | −30,000 sh | −30% |
| Reduced | SPDR SER TR (XRT) | 1.0% | 0.6% | −0.4 pts | −60,745 sh | −47% |
| Reduced | AMERICAN TOWER CORP NEW (AMT) | 1.3% | 1.1% | −0.2 pts | −20,000 sh | −31% |
| Reduced | SHERWIN WILLIAMS CO (SHW) | 1.9% | 1.7% | −0.2 pts | −13,300 sh | −22% |
| Increased | BJS WHSL CLUB HLDGS INC (BJ) | 2.4% | 2.6% | +0.1 pts | +60,000 sh | +22% |
| New | SOCIEDAD QUIMICA Y MINERA DE (SQM) | — | 0.4% | +0.4 pts | +60,000 sh | new |
| Exited | FIVE9 INC (FIVN) | 0.4% | — | −0.4 pts | −50,000 sh | −100% |
| New | TECK RESOURCES LTD (TECK) | — | 0.4% | +0.4 pts | +75,000 sh | new |
| Exited | FRANCO-NEVADA CORP (FNV) | 0.3% | — | −0.3 pts | −20,000 sh | −100% |
| Exited | CANADIAN NATURAL RESOURCES (CNQ) | 0.3% | — | −0.3 pts | −30,000 sh | −100% |
| Exited | EOG RESOURCES INC (EOG) | 0.3% | — | −0.3 pts | −20,000 sh | −100% |
| Reduced | SCHWAB STRATEGIC TR (SCHD) | 2.7% | 2.4% | −0.3 pts | −33,935 sh | −11% |
| Increased | PHILIP MORRIS INTL INC (PM) | 2.0% | 2.1% | +0.1 pts | +25,000 sh | +14% |
The 50 largest of 68 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 59.6% of the equity book
Changes in the top 10 this quarter: RSP entered · IWF entered · RBA entered · BJ entered · IWR left · NTNX left · SCHD left · KVUE left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | INVESCO EXCHANGE TRADED FD T (RSP) | 0.0% | 26.4% | Entered the top 10 |
| 2 | SELECT SECTOR SPDR TR (XLU) | 10.3% | 9.0% | |
| 3 | ISHARES TR (HYG) | 9.3% | 3.5% | |
| 4 | T-MOBILE US INC (TMUS) | 5.1% | 3.4% | |
| 5 | ORACLE CORP (ORCL) | 4.5% | 3.4% | |
| 6 | ISHARES TR (IWF) | 0.0% | 3.1% | Entered the top 10 |
| 7 | RB GLOBAL INC (RBA) | 1.5% | 2.9% | Entered the top 10 |
| 8 | TENET HEALTHCARE CORP (THC) | 3.8% | 2.9% | |
| 9 | BJS WHSL CLUB HLDGS INC (BJ) | 2.4% | 2.6% | Entered the top 10 |
| 10 | SELECT SECTOR SPDR TR (XLP) | 5.1% | 2.5% | |
| — | ISHARES RUSSELL MID-CAP ETF (IWR) | 3.5% | 0.0% | Left the top 10 |
| — | NUTANIX INC (NTNX) | 3.1% | 0.8% | Left the top 10 |
| — | SCHWAB STRATEGIC TR (SCHD) | 2.7% | 2.4% | Left the top 10 |
| — | KENVUE INC (KVUE) | 2.7% | 1.5% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | ISHARES TR (IWM) | Call | 0 | 1.88M | $376M |
| New | ISHARES TR (IWM) | Put | 0 | 1.5M | $301M |
| New | SPDR S&P 500 ETF TR (SPY) | Put | 0 | 400K | $190M |
| New | SPDR S&P 500 ETF TR (SPY) | Call | 0 | 350K | $166M |
| New | ISHARES TR (ITB) | Put | 0 | 1.3M | $132M |
| New | ALLY FINL INC (ALLY) | Put | 0 | 2.4M | $83.8M |
| New | ISHARES TR (EEM) | Call | 0 | 2M | $80.4M |
| New | CAPITAL ONE FINL CORP (COF) | Put | 0 | 600K | $78.7M |
| New | SELECT SECTOR SPDR TR (XLI) | Put | 0 | 600K | $68.4M |
| New | ISHARES TR (TIP) | Call | 0 | 600K | $64.5M |
| New | TESLA INC (TSLA) | Put | 0 | 250K | $62.1M |
| New | SPDR SER TR (KRE) | Put | 0 | 1.1M | $57.7M |
| New | BLACKSTONE INC (BX) | Put | 0 | 400K | $52.4M |
| New | SELECT SECTOR SPDR TR (XLI) | Call | 0 | 400K | $45.6M |
| New | INVESCO QQQ TR (QQQ) | Put | 0 | 100K | $41M |
| New | ISHARES TR (HYG) | Put | 0 | 500K | $38.7M |
| New | TYSON FOODS INC (TSN) | Put | 0 | 700K | $37.6M |
| New | CROCS INC (CROX) | Call | 0 | 400K | $37.4M |
| New | CARMAX INC (KMX) | Put | 0 | 425K | $32.6M |
| New | NVIDIA CORPORATION (NVDA) | Put | 0 | 65,000 | $32.2M |
| New | ARK ETF TR (ARKK) | Put | 0 | 600K | $31.4M |
| New | ISHARES TR (FXI) | Call | 0 | 1.3M | $31.2M |
| New | CATERPILLAR INC (CAT) | Put | 0 | 80,000 | $23.7M |
| New | UNITED RENTALS INC (URI) | Put | 0 | 40,000 | $22.9M |
| New | BANCO SANTANDER S.A. (SAN) | Put | 0 | 5.36M | $22.2M |