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
ADOBE INC	COM	00724F101	3,394	15,000	SH		SOLE		15,000	0	0
ALBANY INTL CORP-CL A	COM	012348108	1,517	24,307	SH		SOLE		24,307	0	0
ALPHABET INC-CL A	COM	02079K305	4,180	4,000	SH		SOLE		4,000	0	0
APPLE INC	COM	037833100	18,768	118,980	SH		SOLE		118,980	0	0
ARCO PLATFORM LTD - CLASS A	COM	G04553106	1,882	85,100	SH		SOLE		85,100	0	0
ARES CAPITAL CORP	COM	04010L103	662	42,467	SH		SOLE		42,467	0	0
ASSURANT INC	COM	04621X108	926	10,349	SH		SOLE		10,349	0	0
BARINGS BDC INC	COM	06759L103	407	45,224	SH		SOLE		45,224	0	0
BERRY GLOBAL GROUP INC	COM	08579W103	3,018	63,500	SH		SOLE		63,500	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	363	14,912	SH		SOLE		14,912	0	0
CENTURY CASINOS INC	COM	156492100	148	20,007	SH		SOLE		20,007	0	0
CORE-MARK HOLDING CO INC	COM	218681104	480	20,642	SH		SOLE		20,642	0	0
CORP AMERICA AIRPORTS SA	COM	L1995B107	2,435	367,200	SH		SOLE		367,200	0	0
CRA INTERNATIONAL INC	COM	12618T105	334	7,850	SH		SOLE		7,850	0	0
CTS CORP	COM	126501105	417	16,098	SH		SOLE		16,098	0	0
DENNY'S CORP	COM	24869P104	761	46,937	SH		SOLE		46,937	0	0
DICK'S SPORTING GOODS INC	COM	253393102	370	11,854	SH		SOLE		11,854	0	0
DSW INC-CLASS A	COM	23334L102	647	26,214	SH		SOLE		26,214	0	0
EAGLE MATERIALS INC	COM	26969P108	660	10,817	SH		SOLE		10,817	0	0
ECHOSTAR CORP-A	COM	278768106	1,247	33,962	SH		SOLE		33,962	0	0
EMBRAER SA-SPON ADR	COM	29082A107	1,107	50,000	SH		SOLE		50,000	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	759	54,833	SH		SOLE		54,833	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,204	77,688	SH		SOLE		77,688	0	0
FACEBOOK INC-CLASS A	COM	30303M102	3,277	25,000	SH		SOLE		25,000	0	0
FEDERAL SIGNAL CORP	COM	313855108	471	23,673	SH		SOLE		23,673	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	672	16,325	SH		SOLE		16,325	0	0
GLOBAL X COPPER MINERS ETF	COM	37954Y830	18,605	1,016,124	SH		SOLE		1,016,124	0	0
HOWARD BANCORP INC	COM	442496105	180	12,606	SH		SOLE		12,606	0	0
HUDSON LTD-CLASS A	COM	G46408103	646	37,651	SH		SOLE		37,651	0	0
ISHARES CONVERTIBLE BOND ETF	COM	46435G102	67,226	1,280,000	SH		SOLE		1,280,000	0	0
ISHARES EDGE MSCI MIN VOL EM	COM	464286533	5,833	104,406	SH		SOLE		104,406	0	0
ISHARES EXPANDED TECH-SOFTWA	COM	464287515	2,603	15,000	SH		SOLE		15,000	0	0
ISHARES MSCI BRAZIL ETF	COM	464286400	9,550	250,000	SH		SOLE		250,000	0	0
ISHARES MSCI EMERGING MARKET	ETF	464287234	3,203	82,000	SH		SOLE		82,000	0	0
ISHARES MSCI JAPAN ETF	ETF	46434G822	3,548	70,000	SH		SOLE		70,000	0	0
ISHARES NASDAQ BIOTECHNOLOGY	COM	464287556	3,857	40,000	SH		SOLE		40,000	0	0
ISHARES PHLX SEMICONDUCTOR E	ETF	464287523	7,061	45,000	SH		SOLE		45,000	0	0
ISHARES U.S. MEDICAL DEVICES	COM	464288810	5,595	28,000	SH		SOLE		28,000	0	0
KADANT INC	COM	48282T104	774	9,500	SH		SOLE		9,500	0	0
KRANESHARES CSI CHINA INTERN	COM	500767306	1,133	30,200	SH		SOLE		30,200	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	133	11,540	SH		SOLE		11,540	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	513	13,766	SH		SOLE		13,766	0	0
MAGELLAN HEALTH INC	COM	559079207	422	7,426	SH		SOLE		7,426	0	0
MAXIMUS INC	COM	577933104	929	14,271	SH		SOLE		14,271	0	0
MCGRATH RENTCORP	COM	580589109	1,004	19,505	SH		SOLE		19,505	0	0
MFA FINANCIAL INC	COM	55272X102	727	108,827	SH		SOLE		108,827	0	0
MOTOROLA SOLUTIONS INC	COM	620076307	1,150	10,000	SH		SOLE		10,000	0	0
MRC GLOBAL INC	COM	55345K103	785	64,179	SH		SOLE		64,179	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	635	69,817	SH		SOLE		69,817	0	0
MURPHY USA INC	COM	626755102	745	9,727	SH		SOLE		9,727	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	615	19,923	SH		SOLE		19,923	0	0
NATIONAL GENERAL HLDGS	COM	636220303	809	33,411	SH		SOLE		33,411	0	0
NEXA RESOURCES SA	COM	L67359106	5,195	436,580	SH		SOLE		436,580	0	0
NEXEO SOLUTIONS INC	COM	65342H102	3,007	350,000	SH		SOLE		350,000	0	0
NEXSTAR MEDIA GROUP INC-CL A	COM	65336K103	1,289	16,391	SH		SOLE		16,391	0	0
NIKE INC -CL B	COM	654106103	1,950	26,300	SH		SOLE		26,300	0	0
NVIDIA CORP	COM	67066G104	1,335	10,000	SH		SOLE		10,000	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	653	29,029	SH		SOLE		29,029	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	699	27,402	SH		SOLE		27,402	0	0
PETROLEO BRASIL-SP PREF ADR	ADR	71654V101	2,898	250,000	SH		SOLE		250,000	0	0
POTLATCHDELTIC CORP	COM	737630103	646	20,413	SH		SOLE		20,413	0	0
PRIMERICA INC	COM	74164M108	856	8,764	SH		SOLE		8,764	0	0
PROVIDENCE SERVICE CORP	COM	743815102	722	12,021	SH		SOLE		12,021	0	0
REGIS CORP	COM	758932107	839	49,517	SH		SOLE		49,517	0	0
RENASANT CORP	COM	75970E107	225	7,445	SH		SOLE		7,445	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	381	5,599	SH		SOLE		5,599	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	31,496	80,050	SH		SOLE		80,050	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	5,827	14,810	SH		SOLE		14,810	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	1,111	20,531	SH		SOLE		20,531	0	0
SMART GLOBAL HOLDINGS INC	COM	G8232Y101	323	10,876	SH		SOLE		10,876	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	645	15,273	SH		SOLE		15,273	0	0
SPOTIFY TECHNOLOGY SA	COM	L8681T102	1,703	15,000	SH		SOLE		15,000	0	0
STAR GROUP LP	COM	85512C105	325	34,792	SH		SOLE		34,792	0	0
TAKE-TWO INTERACTIVE SOFTWRE	COM	874054109	2,574	25,000	SH		SOLE		25,000	0	0
TCF FINANCIAL CORP	COM	872275102	387	19,866	SH		SOLE		19,866	0	0
TFS FINANCIAL CORP	COM	87240R107	582	36,112	SH		SOLE		36,112	0	0
TILE SHOP HLDGS INC	COM	88677Q109	121	22,044	SH		SOLE		22,044	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	336	17,264	SH		SOLE		17,264	0	0
TRIUMPH BANCORP INC	COM	89679E300	410	13,810	SH		SOLE		13,810	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	775	9,756	SH		SOLE		9,756	0	0
WADDELL & REED FINANCIAL-A	COM	930059100	395	21,823	SH		SOLE		21,823	0	0
WASHINGTON FEDERAL INC	COM	938824109	839	31,412	SH		SOLE		31,412	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	486	28,230	SH		SOLE		28,230	0	0