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
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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
MCGRATH RENTCORP	COM	580589109	928	16,398	SH		SOLE		16,398	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	6,379	14,810	SH		SOLE		14,810	0	0
NIKE INC -CL B	COM	654106103	4,236	50,300	SH		SOLE		50,300	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	21,234	49,300	SH		SOLE		49,300	0	0
AMAZON.COM INC	COM	023135106	6,945	3,900	SH		SOLE		3,900	0	0
PETROLEO BRASIL-SP PREF ADR	ADR	71654V101	7,660	535,640	SH		SOLE		535,640	0	0
CORP AMERICA AIRPORTS SA	COM	L1995B107	3,037	367,200	SH		SOLE		367,200	0	0
NEXA RESOURCES SA	COM	L67359106	3,735	300,000	SH		SOLE		300,000	0	0
ARCO PLATFORM LTD - CLASS A	COM	G04553106	1,130	35,000	SH		SOLE		35,000	0	0
ISHARES MSCI BRAZIL ETF	ETF	464286400	3,628	88,500	SH		SOLE		88,500	0	0
GLOBAL X COPPER MINERS ETF	ETF	37954Y830	11,329	518,242	SH		SOLE		518,242	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	196	11,540	SH		SOLE		11,540	0	0
NEXSTAR MEDIA GROUP INC-CL A	COM	65336K103	1,776	16,391	SH		SOLE		16,391	0	0
ASSURANT INC	COM	04621X108	982	10,349	SH		SOLE		10,349	0	0
ROAN RESOURCES INC	COM	769755109	294	48,116	SH		SOLE		48,116	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	663	19,923	SH		SOLE		19,923	0	0
NATIONAL GENERAL HLDGS	COM	636220303	793	33,411	SH		SOLE		33,411	0	0
PRIMERICA INC	COM	74164M108	1,071	8,764	SH		SOLE		8,764	0	0
NEENAH INC	COM	640079109	176	2,739	SH		SOLE		2,739	0	0
ECHOSTAR CORP-A	COM	278768106	807	22,144	SH		SOLE		22,144	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	727	27,402	SH		SOLE		27,402	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	94	5,404	SH		SOLE		5,404	0	0
CONS TOMOKA LAND CO-FLORIDA	COM	210226106	102	1,723	SH		SOLE		1,723	0	0
HOWARD BANCORP INC	COM	442496105	163	11,015	SH		SOLE		11,015	0	0
CTS CORP	COM	126501105	270	9,198	SH		SOLE		9,198	0	0
TRIUMPH BANCORP INC	COM	89679E300	498	16,961	SH		SOLE		16,961	0	0
MURPHY USA INC	COM	626755102	965	11,276	SH		SOLE		11,276	0	0
DENNY'S CORP	COM	24869P104	861	46,937	SH		SOLE		46,937	0	0
WASHINGTON FEDERAL INC	COM	938824109	808	27,973	SH		SOLE		27,973	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	451	5,599	SH		SOLE		5,599	0	0
PROVIDENCE SERVICE CORP	COM	743815102	801	12,021	SH		SOLE		12,021	0	0
TFS FINANCIAL CORP	COM	87240R107	503	30,539	SH		SOLE		30,539	0	0
DESIGNER BRANDS INC	COM	250565108	582	26,214	SH		SOLE		26,214	0	0
ALBANY INTL CORP-CL A	COM	012348108	1,683	23,510	SH		SOLE		23,510	0	0
REGIS CORP	COM	758932107	974	49,517	SH		SOLE		49,517	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	496	13,766	SH		SOLE		13,766	0	0
RENASANT CORP	COM	75970E107	591	17,459	SH		SOLE		17,459	0	0
ARES CAPITAL CORP	COM	04010L103	626	36,510	SH		SOLE		36,510	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	503	4,496	SH		SOLE		4,496	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	430	14,912	SH		SOLE		14,912	0	0
CENTURY CASINOS INC	COM	156492100	181	20,007	SH		SOLE		20,007	0	0
CORE-MARK HOLDING CO INC	COM	218681104	410	11,047	SH		SOLE		11,047	0	0
CRA INTERNATIONAL INC	COM	12618T105	397	7,850	SH		SOLE		7,850	0	0
FEDERAL SIGNAL CORP	COM	313855108	499	19,208	SH		SOLE		19,208	0	0
KADANT INC	COM	48282T104	836	9,500	SH		SOLE		9,500	0	0
LIFETIME BRANDS INC	COM	53222Q103	41	4,351	SH		SOLE		4,351	0	0
MAGELLAN HEALTH INC	COM	559079207	490	7,426	SH		SOLE		7,426	0	0
MAXIMUS INC	COM	577933104	1,013	14,271	SH		SOLE		14,271	0	0
MFA FINANCIAL INC	COM	55272X102	791	108,827	SH		SOLE		108,827	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	814	81,088	SH		SOLE		81,088	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	698	29,029	SH		SOLE		29,029	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	1,023	17,256	SH		SOLE		17,256	0	0
WADDELL & REED FINANCIAL-A	COM	930059100	377	21,823	SH		SOLE		21,823	0	0
WESBANCO INC	COM	950810101	197	4,962	SH		SOLE		4,962	0	0
POTLATCHDELTIC CORP	COM	737630103	716	18,951	SH		SOLE		18,951	0	0
DICK'S SPORTING GOODS INC	COM	253393102	436	11,854	SH		SOLE		11,854	0	0
EAGLE MATERIALS INC	COM	26969P108	1,248	14,805	SH		SOLE		14,805	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	837	15,273	SH		SOLE		15,273	0	0
BARINGS BDC INC	COM	06759L103	549	55,978	SH		SOLE		55,978	0	0
STAR GROUP LP	COM	85512C105	334	34,792	SH		SOLE		34,792	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	952	9,756	SH		SOLE		9,756	0	0
MRC GLOBAL INC	COM	55345K103	995	56,894	SH		SOLE		56,894	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	538	26,355	SH		SOLE		26,355	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,516	84,441	SH		SOLE		84,441	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	861	39,285	SH		SOLE		39,285	0	0
SMART GLOBAL HOLDINGS INC	COM	G8232Y101	209	10,876	SH		SOLE		10,876	0	0
HUDSON LTD-CLASS A	COM	G46408103	568	41,311	SH		SOLE		41,311	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	908	16,325	SH		SOLE		16,325	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	907	46,443	SH		SOLE		46,443	0	0
RIVIERA RESOURCES INC	COM	76964R104	686	49,063	SH		SOLE		49,063	0	0
ISHARES CONVERTIBLE BOND ETF	ETF	46435G102	84,042	1,450,000	SH		SOLE		1,450,000	0	0
ISHARES U.S. MEDICAL DEVICES E	ETF	464288810	4,862	21,000	SH		SOLE		21,000	0	0
EMBRAER SA-SPON ADR	ADR	29082A107	1,901	100,000	SH		SOLE		100,000	0	0
TILE SHOP HLDGS INC	COM	88677Q109	195	34,481	SH		SOLE		34,481	0	0
PEAPACK GLADSTONE FINL CORP	COM	704699107	201	7,649	SH		SOLE		7,649	0	0
LYDALL INC	COM	550819106	230	9,786	SH		SOLE		9,786	0	0
PIVOTAL SOFTWARE INC - CL A	COM	72582H107	63	3,000	SH		SOLE		3,000	0	0
ALPHABET INC-CL C	COM	02079K107	3,989	3,400	SH		SOLE		3,400	0	0
TRANSPORTADOR GAS SUR-SP B	ADR	893870204	1,974	150,000	SH		SOLE		150,000	0	0
GRUPO SUPERVIELLE SA-SP ADR	ADR	40054A108	1,277	210,000	SH		SOLE		210,000	0	0
CENTRAL PUERTO-SPONSORED ADR	ADR	155038201	702	76,392	SH		SOLE		76,392	0	0
OKTA INC	COM	679295105	165	2,000	SH		SOLE		2,000	0	0
FRONTDOOR INC	COM	35905A109	1,552	45,100	SH		SOLE		45,100	0	0
UNIVAR INC	COM	91336L107	2,435	109,863	SH		SOLE		109,863	0	0
XILINX INC	COM	983919101	5,262	41,500	SH		SOLE		41,500	0	0
MICROSOFT CORP	COM	594918104	6,487	55,000	SH		SOLE		55,000	0	0
GRUPO TELEVISA SA-SPON ADR	ADR	40049J206	2,212	200,000	SH		SOLE		200,000	0	0
PAMPA ENERGIA SA-SPON ADR	ADR	697660207	1,103	40,000	SH		SOLE		40,000	0	0
LOMA NEGRA CIA IND-SPON ADR	ADR	54150E104	699	63,793	SH		SOLE		63,793	0	0
EMP DISTRIB Y COMERC NOR-ADR	ADR	29244A102	1,960	100,000	SH		SOLE		100,000	0	0
BANK OF AMERICA CORP	COM	060505104	6,898	250,000	SH		SOLE		250,000	0	0
GRUPO FINANCIERO GALICIA-ADR	ADR	399909100	510	20,000	SH		SOLE		20,000	0	0
BANCO MACRO SA-ADR	ADR	05961W105	686	15,000	SH		SOLE		15,000	0	0
DELUXE CORP	COM	248019101	58	1,337	SH		SOLE		1,337	0	0