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

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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
XENIA HOTELS & RESORTS INC	COM	984017103	644	26,450	SH		SOLE		26,450	0	0
WASHINGTON FEDERAL INC	COM	938824109	776	23,722	SH		SOLE		23,722	0	0
VMWARE INC-CLASS A	COM	928563402	2,058	14,000	SH		SOLE		14,000	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,231	9,618	SH		SOLE		9,618	0	0
VANECK VECTORS INDIA SMALL C	COM	92189F767	1,217	25,000	SH		SOLE		25,000	0	0
UNIVAR INC	COM	91336L107	1,574	60,000	SH		SOLE		60,000	0	0
TWITTER INC	COM	90184L102	2,184	50,000	SH		SOLE		50,000	0	0
TURQUOISE HILL RESOURCES LTD	COM	900435108	1,091	384,000	SH		SOLE		384,000	0	0
TRIUMPH BANCORP INC	COM	89679E300	305	7,481	SH		SOLE		7,481	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	251	9,604	SH		SOLE		9,604	0	0
TRIANGLE CAPITAL CORP	COM	895848109	297	25,787	SH		SOLE		25,787	0	0
TFS FINANCIAL CORP	COM	87240R107	595	37,717	SH		SOLE		37,717	0	0
TECK RESOURCES LTD CLS B	COM	878742204	974	38,265	SH		SOLE		38,265	0	0
SYNOVUS FINANCIAL CORP	COM	87161C501	830	15,703	SH		SOLE		15,703	0	0
SYNCHRONY FINANCIAL	COM	87165B103	1,001	30,000	SH		SOLE		30,000	0	0
STAR GROUP LP	COM	85512C105	289	29,537	SH		SOLE		29,537	0	0
SPDR S&P500 ETF TRUST	COM	78462F103	27,128	100,000	SH		SOLE		100,000	0	0
SOUTHERN COPPER CORP	COM	84265V105	1,008	21,500	SH		SOLE		21,500	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	1,377	22,137	SH		SOLE		22,137	0	0
SHERWIN WILLIAMS	COM	824348106	15,590	38,250	SH		SOLE		38,250	0	0
SERVICENOW INC	COM	81762P102	862	5,000	SH		SOLE		5,000	0	0
SALESFORCE COM INC	COM	79466L302	1,391	10,200	SH		SOLE		10,200	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	453	5,599	SH		SOLE		5,599	0	0
RENASANT CORP	COM	75970E107	502	11,034	SH		SOLE		11,034	0	0
REGIS CORP	COM	758932107	899	54,378	SH		SOLE		54,378	0	0
PROVIDENCE SERVICE CORP	COM	743815102	944	12,021	SH		SOLE		12,021	0	0
PRIMERICA INC	COM	74164M108	873	8,764	SH		SOLE		8,764	0	0
POTLATCHDELTIC CORP	COM	737630103	947	18,633	SH		SOLE		18,633	0	0
PAR PACIFIC HOLDINGS INC	COM	69888T207	212	12,202	SH		SOLE		12,202	0	0
PACKAGING CORP OF AMERICA	COM	695156109	4,980	44,550	SH		SOLE		44,550	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	360	9,425	SH		SOLE		9,425	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	655	21,870	SH		SOLE		21,870	0	0
NXP SEMICONDUCTORS NV	COM	N6596X109	10,381	95,000	SH		SOLE		95,000	0	0
NEXSTAR MEDIA GROUP INC	COM	65336K103	1,691	23,042	SH		SOLE		23,042	0	0
NEXA RESOURCES SA	COM	L67359106	5,086	432,114	SH		SOLE		432,114	0	0
NETFLIX INC	COM	64110L106	1,957	5,000	SH		SOLE		5,000	0	0
NEENAH INC	COM	640079109	340	4,009	SH		SOLE		4,009	0	0
NATIONAL GENERAL HLDGS	COM	636220303	863	32,790	SH		SOLE		32,790	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	924	23,939	SH		SOLE		23,939	0	0
MURPHY USA INC	COM	626755102	619	8,332	SH		SOLE		8,332	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	516	44,009	SH		SOLE		44,009	0	0
MRC GLOBAL INC	COM	55345K103	545	25,146	SH		SOLE		25,146	0	0
MFA FINANCIAL INC	COM	55272X102	825	108,827	SH		SOLE		108,827	0	0
MCGRATH RENTCORP	COM	580589109	1,565	24,729	SH		SOLE		24,729	0	0
MAXIMUS INC	COM	577933104	886	14,271	SH		SOLE		14,271	0	0
MAGELLAN HEALTH INC	COM	559079207	456	4,750	SH		SOLE		4,750	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	518	13,766	SH		SOLE		13,766	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	160	11,540	SH		SOLE		11,540	0	0
KRANESHARES CSI CHINA INTERN	COM	500767306	1,799	30,200	SH		SOLE		30,200	0	0
KMG CHEMICALS INC	COM	482564101	261	3,536	SH		SOLE		3,536	0	0
KADANT INC	COM	48282T104	907	9,437	SH		SOLE		9,437	0	0
ISHARES US MEDICAL DEVICES	COM	464288810	3,010	15,000	SH		SOLE		15,000	0	0
ISHARES PHLX SOX SEMICONDUCT	COM	464287523	2,674	15,000	SH		SOLE		15,000	0	0
ISHARES MSCI MEXICO ETF	COM	464286822	13,671	290,000	SH		SOLE		290,000	0	0
ISHARES MSCI JAPAN IDX	COM	46434G822	4,054	70,000	SH		SOLE		70,000	0	0
ISHARES MSCI EMERGING MKT IN	COM	464287234	56,329	1,300,000	SH	Put	SOLE		0	0	0
ISHARES MSCI EMERGING MKT IN	COM	464287234	4,983	115,000	SH		SOLE		115,000	0	0
ISHARES MSCI CHINA ETF	COM	46429B671	4,845	75,000	SH		SOLE		75,000	0	0
ISHARES FTSE CHINA 25 INDEX FU	COM	464287184	15,040	350,000	SH		SOLE		350,000	0	0
ISHARES EDGE MSCI MIN VOL EMER	COM	464286533	1,574	27,208	SH		SOLE		27,208	0	0
ISHARES CONVERTIBLE BOND ETF	COM	46435G102	63,484	1,100,050	SH		SOLE		1,100,050	0	0
INVESCO S&P 500 EQUAL WEIGHT	COM	46137V324	2,876	25,100	SH		SOLE		25,100	0	0
INDUSTRIAL SELECT SECT SPDR	ETF	81369Y704	2,062	28,787	SH		SOLE		28,787	0	0
HOWARD BANCORP INC	COM	442496105	227	12,606	SH		SOLE		12,606	0	0
HD SUPPLY HOLDINGS INC	COM	40416M105	1,716	40,000	SH		SOLE		40,000	0	0
GLOBAL X COPPER MINERS ETF	COM	37954Y830	22,101	916,296	SH		SOLE		916,296	0	0
GCI LIBERTY INC CLASS A	COM	36164V305	724	16,053	SH		SOLE		16,053	0	0
GARDNER DENVER HOLDINGS INC	COM	36555P107	4,409	150,000	SH		SOLE		150,000	0	0
FRONT YARD RESIDENTIAL CORP	COM	35904G107	763	73,195	SH		SOLE		73,195	0	0
FREEPORT-MCMORAN INC	COM	35671D857	1,053	61,000	SH		SOLE		61,000	0	0
FOREST CITY REALTY TRUST A	COM	345605109	980	42,985	SH		SOLE		42,985	0	0
FEDERAL SIGNAL CORP	COM	313855108	736	31,616	SH		SOLE		31,616	0	0
FARMERS CAPITAL BANK CORP	COM	309562106	246	4,713	SH		SOLE		4,713	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,208	55,917	SH		SOLE		55,917	0	0
EMBRAER AIRCRAFT CORP SP ADR	ADR	29082A107	1,245	50,000	SH		SOLE		50,000	0	0
ECHOSTAR CORP A	COM	278768106	1,354	30,485	SH		SOLE		30,485	0	0
DSW INC-CLASS A	COM	23334L102	880	34,094	SH		SOLE		34,094	0	0
DIAGEO PLC-SPONSORED ADR	ADR	25243Q205	12,128	84,216	SH		SOLE		84,216	0	0
DENNYS CORPORATION	COM	24869P104	781	49,043	SH		SOLE		49,043	0	0
CTS CORP	COM	126501105	681	18,927	SH		SOLE		18,927	0	0
CORP AMERICA AIRPORTS SA	COM	L1995B107	4,769	565,000	SH		SOLE		565,000	0	0
CORE MARK HOLDING CO INC	COM	218681104	597	26,318	SH		SOLE		26,318	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	1,150	36,435	SH		SOLE		36,435	0	0
CONSTELLATION BRANDS INC A	COM	21036P108	1,839	8,400	SH		SOLE		8,400	0	0
CENTURY CASINOS INC	COM	156492100	118	13,444	SH		SOLE		13,444	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	427	14,912	SH		SOLE		14,912	0	0
BRF BRASIL FODDS SA-ADR	ADR	10552T107	47,452	10,139,244	SH		SOLE		10,139,244	0	0
BOOT BARN HOLDINGS INC	COM	099406100	1,556	75,000	SH		SOLE		75,000	0	0
BANKUNITED INC	COM	06652K103	859	21,028	SH		SOLE		21,028	0	0
BANK OF AMERICA CORP	COM	060505104	3,524	125,000	SH		SOLE		125,000	0	0
ATLANTIC TELE NETWORK INC	COM	00215F107	394	7,459	SH		SOLE		7,459	0	0
ASSURANT INC	COM	04621X108	1,046	10,104	SH		SOLE		10,104	0	0
AREC CAPITAL CORP	COM	04010L103	801	48,707	SH		SOLE		48,707	0	0
ARAMARK	COM	03852U106	1,441	38,845	SH		SOLE		38,845	0	0
APPLE INC	COM	037833100	24,953	134,800	SH		SOLE		134,800	0	0
ANHEUSER BUSCH INBEV SPN ADR	ADR	03524A108	11,950	118,600	SH		SOLE		118,600	0	0
AMEX FINANCIAL SELECT SPDR IDX	COM	81369Y605	3,677	138,300	SH		SOLE		138,300	0	0
ALLEGION PLC WI	COM	G0176J109	2,321	30,000	SH		SOLE		30,000	0	0
ALBANY INTL CORP CL A	COM	012348108	1,953	32,477	SH		SOLE		32,477	0	0