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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OMB Number:		3235-0006
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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
ALBANY INTL CORP-CL A	COM	012348108	2,153	27,088	SH		SOLE		27,088	0	0
ALIBABA GROUP HOLDING-SP	COM	01609W102	2,142	13,000	SH		SOLE		13,000	0	0
ALLEGION PLC-W/I	COM	G0176J109	1,686	18,610	SH		SOLE		18,610	0	0
ALPHABET INC-CL A	COM	02079K305	3,621	3,000	SH		SOLE		3,000	0	0
AMER CONS STAPLES SPDR IDX	ETF	81369Y308	2,697	50,000	SH		SOLE		50,000	0	0
AMEX ENERGY SELECT SPDR IDX	COM	81369Y506	7,574	100,000	SH	Call	SOLE		0	0	0
APPLE INC	COM	037833100	39,900	176,750	SH		SOLE		176,750	0	0
ARCO PLATFORM LTD - CLASS A	COM	G04553106	1,710	75,000	SH		SOLE		75,000	0	0
AREC CAPITAL CORP	COM	04010L103	837	48,707	SH		SOLE		48,707	0	0
ASSURANT INC	COM	04621X108	1,091	10,104	SH		SOLE		10,104	0	0
ATLANTIC TELE-NETWORK INC	COM	00215F107	351	4,754	SH		SOLE		4,754	0	0
BANK OF AMERICA CORP	COM	060505104	715	24,264	SH		SOLE		24,264	0	0
BANKUNITED INC	COM	06652K103	554	15,640	SH		SOLE		15,640	0	0
BARINGS BDC INC	COM	06759L103	451	45,090	SH		SOLE		45,090	0	0
BERRY GLOBAL GROUP INC	COM	08579W103	3,170	65,500	SH		SOLE		65,500	0	0
BOOT BARN HOLDINGS INC	COM	099406100	1,136	40,000	SH		SOLE		40,000	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	394	14,912	SH		SOLE		14,912	0	0
CENTURY CASINOS INC	COM	156492100	126	16,835	SH		SOLE		16,835	0	0
CONSTELLATION BRANDS INC-A	COM	21036P108	1,833	8,500	SH		SOLE		8,500	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	1,008	26,849	SH		SOLE		26,849	0	0
CORE-MARK HOLDING CO INC	COM	218681104	677	19,946	SH		SOLE		19,946	0	0
CORP AMERICA AIRPORTS SA	COM	L1995B107	3,050	357,200	SH		SOLE		357,200	0	0
CRA INTERNATIONAL INC	COM	12618T105	210	4,184	SH		SOLE		4,184	0	0
CTS CORP	COM	126501105	552	16,098	SH		SOLE		16,098	0	0
CVS HEALTH CORP	COM	126650100	1,968	25,000	SH		SOLE		25,000	0	0
DENNY'S CORPORATION	COM	24869P104	613	41,616	SH		SOLE		41,616	0	0
DIAGEO PLC-SPONSORED ADR	ADR	25243Q205	11,931	84,216	SH		SOLE		84,216	0	0
DSW INC-CLASS A	COM	23334L102	1,021	30,126	SH		SOLE		30,126	0	0
ECHOSTAR CORP-A	COM	278768106	1,549	33,412	SH		SOLE		33,412	0	0
ENPHASE ENERGY INC	COM	29355A107	499	102,800	SH		SOLE		102,800	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,418	70,098	SH		SOLE		70,098	0	0
FACEBOOK INC-A	COM	30303M102	4,325	26,300	SH	Call	SOLE		0	0	0
FEDERAL SIGNAL CORP	COM	313855108	847	31,616	SH		SOLE		31,616	0	0
FOREST CITY REALTY TRUST- A	COM	345605109	1,078	42,985	SH		SOLE		42,985	0	0
FRONT YARD RESIDENTIAL CORP	COM	35904G107	572	52,673	SH		SOLE		52,673	0	0
GARDNER DENVER HOLDINGS INC	COM	36555P107	2,573	90,776	SH		SOLE		90,776	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	819	16,053	SH		SOLE		16,053	0	0
GLOBAL X COPPER MINERS ETF	COM	37954Y830	19,115	865,324	SH		SOLE		865,324	0	0
GRUPO FINANCIERO GALICIA-ADR	ADR	399909100	231	9,100	SH		SOLE		9,100	0	0
HD SUPPLY HOLDINGS INC	COM	40416M105	1,998	46,700	SH		SOLE		46,700	0	0
HOWARD BANCORP INC	COM	442496105	223	12,606	SH		SOLE		12,606	0	0
HUDSON LTD-CLASS A	COM	G46408103	485	21,489	SH		SOLE		21,489	0	0
ISHARES CONVERTIBLE BOND ETF	COM	46435G102	65,849	1,100,050	SH		SOLE		1,100,050	0	0
ISHARES EDGE MSCI MIN VOL EMER	COM	464286533	1,483	25,000	SH		SOLE		25,000	0	0
ISHARES MSCI BRAZIL ETF	COM	464286400	8,433	250,000	SH	Put	SOLE		0	0	0
ISHARES MSCI BRAZIL ETF	COM	464286400	3,373	100,000	SH	Call	SOLE		0	0	0
ISHARES MSCI BRAZIL ETF	COM	464286400	2,530	75,000	SH		SOLE		75,000	0	0
ISHARES MSCI EMERGING MKT IN	COM	464287234	25,537	595,000	SH		SOLE		595,000	0	0
ISHARES MSCI INDIA ETF	COM	46429B598	3,078	94,800	SH		SOLE		94,800	0	0
ISHARES MSCI JAPAN IDX	COM	46434G822	4,216	70,000	SH		SOLE		70,000	0	0
ISHARES NASDAQ BIOTECH INDX	COM	464287556	1,219	10,000	SH		SOLE		10,000	0	0
ISHARES PHLX SOX SEMICONDUCT	COM	464287523	2,776	15,000	SH		SOLE		15,000	0	0
ISHARES TR-RUSSELL 2000 IDX	COM	464287655	16,855	100,000	SH	Put	SOLE		0	0	0
ISHARES U.S. MEDICAL DEVICES	COM	464288810	4,550	20,000	SH		SOLE		20,000	0	0
KADANT INC	COM	48282T104	1,018	9,437	SH		SOLE		9,437	0	0
KMG CHEMICALS INC	COM	482564101	267	3,536	SH		SOLE		3,536	0	0
KRANESHARES CSI CHINA INTERN	COM	500767306	1,474	30,200	SH		SOLE		30,200	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	160	11,540	SH		SOLE		11,540	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	625	13,766	SH		SOLE		13,766	0	0
MAGELLAN HEALTH INC	COM	559079207	511	7,089	SH		SOLE		7,089	0	0
MAXIMUS INC	COM	577933104	928	14,271	SH		SOLE		14,271	0	0
MCGRATH RENTCORP	COM	580589109	1,179	21,639	SH		SOLE		21,639	0	0
MFA FINANCIAL INC	COM	55272X102	800	108,827	SH		SOLE		108,827	0	0
MOTOROLA SOLUTIONS INC	COM	620076307	1,952	15,000	SH		SOLE		15,000	0	0
MRC GLOBAL INC	COM	55345K103	1,187	63,256	SH		SOLE		63,256	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	783	68,013	SH		SOLE		68,013	0	0
MURPHY USA INC	COM	626755102	712	8,332	SH		SOLE		8,332	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	731	19,406	SH		SOLE		19,406	0	0
NATIONAL GENERAL HLDGS	COM	636220303	880	32,790	SH		SOLE		32,790	0	0
NEENAH INC	COM	640079109	236	2,739	SH		SOLE		2,739	0	0
NEXA RESOURCES SA	COM	L67359106	5,432	450,400	SH		SOLE		450,400	0	0
NEXSTAR MEDIA GROUP INC	COM	65336K103	1,314	16,144	SH		SOLE		16,144	0	0
NIKE INC CL B STOCK	COM	654106103	847	10,000	SH		SOLE		10,000	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	772	28,352	SH		SOLE		28,352	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	791	21,268	SH		SOLE		21,268	0	0
POTLATCHDELTIC CORP	COM	737630103	763	18,633	SH		SOLE		18,633	0	0
PRIMERICA INC	COM	74164M108	1,057	8,764	SH		SOLE		8,764	0	0
PROVIDENCE SERVICE CORP	COM	743815102	809	12,021	SH		SOLE		12,021	0	0
REGIS CORP	COM	758932107	1,012	49,517	SH		SOLE		49,517	0	0
RENASANT CORP	COM	75970E107	204	4,950	SH		SOLE		4,950	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	423	5,599	SH		SOLE		5,599	0	0
SHERWIN WILLIAMS	COM	824348106	44,979	98,810	SH		SOLE		98,810	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	1,464	20,208	SH		SOLE		20,208	0	0
SPDR S&P500 ETF TRUST	COM	78462F103	7,849	27,000	SH		SOLE		27,000	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	940	12,580	SH		SOLE		12,580	0	0
SPOTIFY TECHNOLOGY SA	COM	L8681T102	2,712	15,000	SH		SOLE		15,000	0	0
STAR GROUP LP	COM	85512C105	340	34,792	SH		SOLE		34,792	0	0
SYNOVUS FINANCIAL CORP	COM	87161C501	422	9,220	SH		SOLE		9,220	0	0
TFS FINANCIAL CORP	COM	87240R107	566	37,717	SH		SOLE		37,717	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	443	16,052	SH		SOLE		16,052	0	0
TRIUMPH BANCORP INC	COM	89679E300	419	10,976	SH		SOLE		10,976	0	0
UNIVAR INC	COM	91336L107	2,300	75,000	SH		SOLE		75,000	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,094	9,618	SH		SOLE		9,618	0	0
VMWARE INC-CLASS A	COM	928563402	1,561	10,000	SH		SOLE		10,000	0	0
WASHINGTON FEDERAL INC	COM	938824109	982	30,675	SH		SOLE		30,675	0	0
WESBANCO INC	COM	950810101	221	4,962	SH		SOLE		4,962	0	0
WL ROSS HOLDING CORP	COM	65342H102	4,900	400,000	SH		SOLE		400,000	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	627	26,450	SH		SOLE		26,450	0	0