BW Gestao de Investimentos Ltda.

CIK 0001568280 · Q1 2026

13F Equity AUM

$3.0B

-32.1% QoQ

Positions

263

+71 QoQ

AUM Rank

#1,389

Top 11%

Skill Alpha (FF)

-2.7%/yr^ns

No Clear Edge

Rank #6,067 · Top 74%

vs S&P -5.7%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 29.0%Top 10: 36.9%Top 20: 46.8%

IWM8.7%

SPY8.7%

IVV6.5%

TSLA2.8%

RBA2.3%

THC2.0%

NDQ1.9%

XLU1.4%

SATS1.3%

NTNX1.3%

Others (253)63.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services42.1%

Technology14.2%

Basic Materials9.2%

Utilities7.9%

Industrials7.9%

Consumer Cyclical7.8%

Energy4.0%

Healthcare3.2%

Other3.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 263Median: 0.20%Avg: 0.38%

0–0.5%

216(36.7%)

0.5–1%

32(20.9%)

1–3%

12(18.6%)

3–5%

0(0.0%)

5%+

3(23.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 262Unique: 1vs 20 funds

3.6%Low

263

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

BANK OF AMERICA CORP /DE/

5.4%

JPMORGAN CHASE & CO

5.2%

BlackRock, Inc.

6.3%

GEODE CAPITAL MANAGEMENT, LLC

6.7%

VANGUARD CAPITAL MANAGEMENT LLC

6.8%

STATE STREET CORP

6.7%

FMR LLC

7.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

7.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New129Increased53Decreased74Exited58

New Positions

TSLA2.8%

+230K

IGV1.1%

+400K

COPX1.0%

+410K

SO0.7%

+209K

FIX0.6%

+14K

VG0.6%

+1.1M

SLV0.5%

+240K

FORGENT POWER SOLUTI…0.5%

+540K

WMB0.5%

+220K

ZION0.5%

+265K

Increased

AAL0.9%

+1.9M(+308%)

CLVT0.5%

+1.6M(+36%)

SOC1.2%

+662K(+45%)

OPTU0.1%

+651K(+66%)

XRX0.1%

+495K(+71%)

PSKY0.3%

+464K(+82%)

NTNX1.3%

+366K(+55%)

CPRI0.9%

+330K(+26%)

MDLN0.7%

+290K(+193%)

AA0.7%

+225K(+290%)

Decreased

PATH0.8%

-2,393,200(-53%)

ALIT0.1%

-1,533,177(-17%)

RSP0.3%

-1,449,322(-97%)

PRGO0.2%

-820,521(-64%)

CLF0.1%

-765,154(-62%)

DML0.1%

-721,634(-39%)

SGML0.1%

-651,784(-64%)

IWM8.7%

-550,000(-34%)

FOUR0.2%

-537,961(-78%)

IVV6.5%

-438,806(-59%)

Exited

-2,400,000

-300,000

-416,921

-300,000

-117,104

-48,000

-283,254

-1,020,000

-324,823

-188,347

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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