BW Gestao de Investimentos Ltda. 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ADOBE SYSTEMS INC	COM	00724F101	2,593	12,000	SH		SOLE		12,000	0	0
ALBANY INTL CORP-CL A	COM	012348108	2,009	32,047	SH		SOLE		32,047	0	0
ALPHABET INC-CL A	COM	02079K305	3,630	3,500	SH		SOLE		3,500	0	0
AMEX FINANCIAL SELECT SPDR IDX	COM	81369Y605	50,177	1,820,000	SH	Call	SOLE		0	0	0
AMEX FINANCIAL SELECT SPDR IDX	COM	81369Y605	50,177	1,820,000	SH	Put	SOLE		0	0	0
AMEX FINANCIAL SELECT SPDR IDX	COM	81369Y605	1,166	42,300	SH		SOLE		42,300	0	0
ANHEUSER-BUSCH INBEV SPN ADR	ADR	03524A108	14,292	130,000	SH		SOLE		130,000	0	0
ARAMARK	COM	03852U106	2,207	55,801	SH		SOLE		55,801	0	0
AREC CAPITAL CORP	COM	04010L103	745	46,932	SH		SOLE		46,932	0	0
ARISTA NETWORKS INC	COM	040413106	2,859	11,200	SH		SOLE		11,200	0	0
ASSURANT INC	COM	04621X108	915	10,010	SH		SOLE		10,010	0	0
ATLANTIC TELE-NETWORK INC	COM	00215F107	445	7,459	SH		SOLE		7,459	0	0
BANKUNITED INC	COM	06652K103	1,026	25,675	SH		SOLE		25,675	0	0
BRF - BRASIL FODDS SA-ADR	ADR	10552T107	5,536	800,000	SH		SOLE		800,000	0	0
BRITISH AMER TOBACCO PLC - ADR	ADR	110448107	2,250	39,000	SH		SOLE		39,000	0	0
BROADRIDGE FINANCIAL SOLUTIO	COM	11133T103	614	5,594	SH		SOLE		5,594	0	0
CASEYS GENERAL STORES INC	COM	147528103	435	3,965	SH		SOLE		3,965	0	0
COLONY NORTHSTAR INC-CLASS A	COM	19625W104	368	65,480	SH		SOLE		65,480	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	1,026	35,929	SH		SOLE		35,929	0	0
CORE-MARK HOLDING CO INC	COM	218681104	450	21,190	SH		SOLE		21,190	0	0
CORP AMERICA AIRPORTS SA	COM	L1995B107	5,985	485,000	SH		SOLE		485,000	0	0
CTS CORP	COM	126501105	798	29,355	SH		SOLE		29,355	0	0
DELL TECHNOLOGIES-CL V W/I	COM	24703L103	1,464	20,000	SH		SOLE		20,000	0	0
DENNY'S CORPORATION	COM	24869P104	898	58,168	SH		SOLE		58,168	0	0
DIAGEO PLC-SPONSORED ADR	ADR	25243Q205	12,642	93,356	SH		SOLE		93,356	0	0
DST SYSTEMS INC	COM	233326107	625	7,475	SH		SOLE		7,475	0	0
DSW INC-CLASS A	COM	23334L102	757	33,723	SH		SOLE		33,723	0	0
ECHOSTAR CORP-A	COM	278768106	1,586	30,063	SH		SOLE		30,063	0	0
ENPRO INDUSTRIES INC	COM	29355X107	487	6,293	SH		SOLE		6,293	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	765	38,677	SH		SOLE		38,677	0	0
FEDERAL SIGNAL CORP	COM	313855108	687	31,184	SH		SOLE		31,184	0	0
FOREST CITY REALTY TRUST- A	COM	345605109	803	39,629	SH		SOLE		39,629	0	0
FREEPORT-MCMORAN INC	COM	35671D857	956	54,400	SH		SOLE		54,400	0	0
FRONT YARD RESIDENTIAL CORP	COM	35904G107	736	73,195	SH		SOLE		73,195	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	576	10,904	SH		SOLE		10,904	0	0
GENERAL DYNAMICS CORP	COM	369550108	2,511	11,368	SH		SOLE		11,368	0	0
GLOBAL X COPPER MINERS ETF	COM	37954Y830	22,228	855,593	SH		SOLE		855,593	0	0
INDUSTRIAL SELECT SECT SPDR	ETF	81369Y704	2,139	28,787	SH		SOLE		28,787	0	0
ISHARES CONVERTIBLE BOND ETF	COM	46435G102	168,963	3,000,050	SH		SOLE		3,000,050	0	0
ISHARES EDGE MSCI MIN VOL EMER	COM	464286533	24,391	391,257	SH		SOLE		391,257	0	0
ISHARES FTSE CHINA 25 INDEX FU	COM	464287184	21,730	460,000	SH		SOLE		460,000	0	0
ISHARES MSCI JAPAN IDX	COM	46434G822	11,529	190,000	SH		SOLE		190,000	0	0
ISHARES NORTH AMERICAN TECH-	COM	464287515	4,412	26,000	SH		SOLE		26,000	0	0
ISHARES PHLX SOX SEMICONDUCT	COM	464287523	2,701	15,000	SH		SOLE		15,000	0	0
KADANT INC	COM	48282T104	892	9,437	SH		SOLE		9,437	0	0
KRANESHARES CSI CHINA INTERN	COM	500767306	6,290	102,400	SH		SOLE		102,400	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	181	10,895	SH		SOLE		10,895	0	0
LOCKHEED MARTIN CORP	COM	539830109	2,410	7,131	SH		SOLE		7,131	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	573	13,766	SH		SOLE		13,766	0	0
MAXIMUS INC	COM	577933104	668	10,010	SH		SOLE		10,010	0	0
MCGRATH RENTCORP	COM	580589109	1,484	27,642	SH		SOLE		27,642	0	0
MFA FINANCIAL INC	COM	55272X102	807	107,203	SH		SOLE		107,203	0	0
MURPHY USA INC	COM	626755102	708	9,732	SH		SOLE		9,732	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	787	23,660	SH		SOLE		23,660	0	0
NATIONAL GENERAL HLDGS	COM	636220303	807	33,215	SH		SOLE		33,215	0	0
NEENAH INC	COM	640079109	417	5,318	SH		SOLE		5,318	0	0
NETFLIX INC	COM	64110L106	2,954	10,000	SH		SOLE		10,000	0	0
NEXA RESOURCES SA	COM	L67359106	6,813	389,066	SH		SOLE		389,066	0	0
NEXSTAR MEDIA GROUP INC	COM	65336K103	1,096	16,478	SH		SOLE		16,478	0	0
NORTHROP GRUMMAN CORP	COM	666807102	2,586	7,407	SH		SOLE		7,407	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	473	17,697	SH		SOLE		17,697	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	379	9,425	SH		SOLE		9,425	0	0
PAR PACIFIC HOLDINGS INC	COM	69888T207	362	21,071	SH		SOLE		21,071	0	0
POTLATCHDELTIC CORP	COM	737630103	846	16,256	SH		SOLE		16,256	0	0
POWERSHARES S&P 500 LOW VOLA	COM	73937B779	4,697	100,000	SH		SOLE		100,000	0	0
PRIMERICA INC	COM	74164M108	1,082	11,197	SH		SOLE		11,197	0	0
PROVIDENCE SERVICE CORP	COM	743815102	819	11,846	SH		SOLE		11,846	0	0
RAYTHEON COMPANY	COM	755111507	2,621	12,146	SH		SOLE		12,146	0	0
REGIS CORP	COM	758932107	823	54,378	SH		SOLE		54,378	0	0
RENASANT CORP	COM	75970E107	470	11,034	SH		SOLE		11,034	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	307	4,218	SH		SOLE		4,218	0	0
SALESFORCE.COM INC	COM	79466L302	3,489	30,000	SH		SOLE		30,000	0	0
SERVICENOW INC	COM	81762P102	2,482	15,000	SH		SOLE		15,000	0	0
SHERWIN WILLIAMS	COM	824348106	14,999	38,250	SH		SOLE		38,250	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	1,257	21,820	SH		SOLE		21,820	0	0
SOUTHERN COPPER CORP	COM	84265V105	498	9,200	SH		SOLE		9,200	0	0
SPDR S&P500 ETF TRUST	COM	78462F103	263,150	1,000,000	SH	Call	SOLE		0	0	0
STAR GROUP LP	COM	85512C105	251	26,799	SH		SOLE		26,799	0	0
SYNOVUS FINANCIAL CORP	COM	87161C501	871	17,438	SH		SOLE		17,438	0	0
TECK RESOURCES LTD-CLS B	COM	878742204	947	36,765	SH		SOLE		36,765	0	0
TEGNA INC	COM	87901J105	448	39,358	SH		SOLE		39,358	0	0
TFS FINANCIAL CORP	COM	87240R107	554	37,717	SH		SOLE		37,717	0	0
TRANSPORTADOR GAS SUR-SP B	ADR	893870204	736	36,176	SH		SOLE		36,176	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	223	9,604	SH		SOLE		9,604	0	0
TRIUMPH BANCORP INC	COM	89679E300	308	7,481	SH		SOLE		7,481	0	0
TURQUOISE HILL RESOURCES LTD	COM	900435108	930	303,000	SH		SOLE		303,000	0	0
VALIDUS HOLDINGS LTD	COM	G9319H102	6,597	97,800	SH		SOLE		97,800	0	0
VANECK VECTORS INDIA SMALL-C	COM	92189F767	1,298	22,697	SH		SOLE		22,697	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,175	9,490	SH		SOLE		9,490	0	0
WASHINGTON FEDERAL INC	COM	938824109	718	20,765	SH		SOLE		20,765	0	0
WORKDAY INC-CLASS A	COM	98138H101	1,271	10,000	SH		SOLE		10,000	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	884	44,842	SH		SOLE		44,842	0	0