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
SHERWIN-WILLIAMS CO/THE	COM	824348106	11,031	24,070	SH		SOLE		24,070	0	0
NIKE INC -CL B	COM	654106103	4,223	50,300	SH		SOLE		50,300	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	22,594	49,300	SH		SOLE		49,300	0	0
AMAZON.COM INC	COM	023135106	4,545	2,400	SH		SOLE		2,400	0	0
ISHARES MSCI BRAZIL ETF	ETF	464286400	29,052	664,500	SH		SOLE		664,500	0	0
GLOBAL X COPPER MINERS ETF	ETF	37954Y830	8,570	412,041	SH		SOLE		412,041	0	0
HEALTH CARE SELECT SECTOR	ETF	81369Y209	13,896	150,000	SH		SOLE		150,000	0	0
ISHARES NASDAQ BIOTECHNOLOGY E	ETF	464287556	10,910	100,000	SH		SOLE		100,000	0	0
ISHARES CONVERTIBLE BOND ETF	ETF	46435G102	86,319	1,450,000	SH		SOLE		1,450,000	0	0
ISHARES U.S. MEDICAL DEVICES E	ETF	464288810	5,055	21,000	SH		SOLE		21,000	0	0
FACEBOOK INC-CLASS A	COM	30303M102	11,580	60,000	SH		SOLE		60,000	0	0
ALPHABET INC-CL C	COM	02079K107	3,675	3,400	SH		SOLE		3,400	0	0
TRANSPORTADOR GAS SUR-SP B	ADR	893870204	1,952	135,000	SH		SOLE		135,000	0	0
GRUPO SUPERVIELLE SA-SP ADR	ADR	40054A108	1,458	185,000	SH		SOLE		185,000	0	0
CENTRAL PUERTO-SPONSORED ADR	ADR	155038201	788	85,000	SH		SOLE		85,000	0	0
FRONTDOOR INC	COM	35905A109	1,089	25,000	SH		SOLE		25,000	0	0
XILINX INC	COM	983919101	1,946	16,500	SH		SOLE		16,500	0	0
MICROSOFT CORP	COM	594918104	4,689	35,000	SH		SOLE		35,000	0	0
GRUPO TELEVISA SA-SPON ADR	ADR	40049J206	506	60,000	SH		SOLE		60,000	0	0
PAMPA ENERGIA SA-SPON ADR	ADR	697660207	2,427	70,000	SH		SOLE		70,000	0	0
LOMA NEGRA CIA IND-SPON ADR	ADR	54150E104	708	60,476	SH		SOLE		60,476	0	0
EMP DISTRIB Y COMERC NOR-ADR	ADR	29244A102	1,440	79,320	SH		SOLE		79,320	0	0
GRUPO FINANCIERO GALICIA-ADR	ADR	399909100	710	20,000	SH		SOLE		20,000	0	0
BANCO MACRO SA-ADR	ADR	05961W105	1,821	25,000	SH		SOLE		25,000	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	723	19,923	SH		SOLE		19,923	0	0
NATIONAL GENERAL HLDGS	COM	636220303	766	33,411	SH		SOLE		33,411	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	89	5,404	SH		SOLE		5,404	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	846	27,402	SH		SOLE		27,402	0	0
ECHOSTAR CORP-A	COM	278768106	874	19,710	SH		SOLE		19,710	0	0
PRIMERICA INC	COM	74164M108	947	7,899	SH		SOLE		7,899	0	0
NEENAH INC	COM	640079109	185	2,739	SH		SOLE		2,739	0	0
MCGRATH RENTCORP	COM	580589109	1,019	16,398	SH		SOLE		16,398	0	0
ASSURANT INC	COM	04621X108	1,101	10,349	SH		SOLE		10,349	0	0
NEXSTAR MEDIA GROUP INC-CL A	COM	65336K103	1,247	12,347	SH		SOLE		12,347	0	0
PROVIDENCE SERVICE CORP	COM	743815102	689	12,021	SH		SOLE		12,021	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	408	5,599	SH		SOLE		5,599	0	0
WASHINGTON FEDERAL INC	COM	938824109	977	27,973	SH		SOLE		27,973	0	0
DENNY'S CORP	COM	24869P104	964	46,937	SH		SOLE		46,937	0	0
MURPHY USA INC	COM	626755102	640	7,614	SH		SOLE		7,614	0	0
TRIUMPH BANCORP INC	COM	89679E300	493	16,961	SH		SOLE		16,961	0	0
CTS CORP	COM	126501105	254	9,198	SH		SOLE		9,198	0	0
CONS TOMOKA LAND CO-FLORIDA	COM	210226106	103	1,723	SH		SOLE		1,723	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	475	13,766	SH		SOLE		13,766	0	0
REGIS CORP	COM	758932107	642	38,663	SH		SOLE		38,663	0	0
ALBANY INTL CORP-CL A	COM	012348108	1,702	20,525	SH		SOLE		20,525	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	717	13,334	SH		SOLE		13,334	0	0
CENTURY CASINOS INC	COM	156492100	194	20,007	SH		SOLE		20,007	0	0
MRC GLOBAL INC	COM	55345K103	974	56,894	SH		SOLE		56,894	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	796	81,088	SH		SOLE		81,088	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	800	12,030	SH		SOLE		12,030	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	721	29,029	SH		SOLE		29,029	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	447	14,912	SH		SOLE		14,912	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	671	31,466	SH		SOLE		31,466	0	0
ARES CAPITAL CORP	COM	04010L103	655	36,510	SH		SOLE		36,510	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,048	9,756	SH		SOLE		9,756	0	0
FEDERAL SIGNAL CORP	COM	313855108	514	19,208	SH		SOLE		19,208	0	0
STAR GROUP LP	COM	85512C105	348	34,792	SH		SOLE		34,792	0	0
MAXIMUS INC	COM	577933104	894	12,323	SH		SOLE		12,323	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	1,003	16,325	SH		SOLE		16,325	0	0
KADANT INC	COM	48282T104	863	9,500	SH		SOLE		9,500	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,426	84,441	SH		SOLE		84,441	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	819	39,285	SH		SOLE		39,285	0	0
MFA FINANCIAL INC	COM	55272X102	781	108,827	SH		SOLE		108,827	0	0
WADDELL & REED FINANCIAL-A	COM	930059100	364	21,823	SH		SOLE		21,823	0	0
WESBANCO INC	COM	950810101	191	4,962	SH		SOLE		4,962	0	0
HUDSON LTD-CLASS A	COM	G46408103	570	41,311	SH		SOLE		41,311	0	0
CRA INTERNATIONAL INC	COM	12618T105	343	8,955	SH		SOLE		8,955	0	0
MAGELLAN HEALTH INC	COM	559079207	718	9,673	SH		SOLE		9,673	0	0
RIVIERA RESOURCES INC	COM	76964R104	623	49,063	SH		SOLE		49,063	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	194	11,540	SH		SOLE		11,540	0	0
DICK'S SPORTING GOODS INC	COM	253393102	504	14,568	SH		SOLE		14,568	0	0
SMART GLOBAL HOLDINGS INC	COM	G8232Y101	418	18,162	SH		SOLE		18,162	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	931	46,443	SH		SOLE		46,443	0	0
EAGLE MATERIALS INC	COM	26969P108	1,372	14,805	SH		SOLE		14,805	0	0
PEAPACK GLADSTONE FINL CORP	COM	704699107	333	11,841	SH		SOLE		11,841	0	0
LYDALL INC	COM	550819106	198	9,786	SH		SOLE		9,786	0	0
TILE SHOP HLDGS INC	COM	88677Q109	138	34,481	SH		SOLE		34,481	0	0
HOWARD BANCORP INC	COM	442496105	167	11,015	SH		SOLE		11,015	0	0
RENASANT CORP	COM	75970E107	627	17,459	SH		SOLE		17,459	0	0
TFS FINANCIAL CORP	COM	87240R107	552	30,539	SH		SOLE		30,539	0	0
BARINGS BDC INC	COM	06759L103	651	66,142	SH		SOLE		66,142	0	0
CORE-MARK HOLDING CO INC	COM	218681104	439	11,047	SH		SOLE		11,047	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	676	6,142	SH		SOLE		6,142	0	0
DESIGNER BRANDS INC-CLASS A	COM	250565108	503	26,214	SH		SOLE		26,214	0	0
DELUXE CORP	COM	248019101	700	17,204	SH		SOLE		17,204	0	0
VIAD CORP	COM	92552R406	212	3,201	SH		SOLE		3,201	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	353	13,280	SH		SOLE		13,280	0	0
NESCO HOLDINGS INC	COM	64083J104	111	10,864	SH		SOLE		10,864	0	0
BOEING CO/THE	COM	097023105	2,125	5,838	SH		SOLE		5,838	0	0
PINTEREST INC- CLASS A	COM	72352L106	2,165	79,532	SH		SOLE		79,532	0	0
BBVA ARGENTINA SA-ADR	ADR	07329M100	453	40,000	SH		SOLE		40,000	0	0
CULP INC	COM	230215105	95	5,019	SH		SOLE		5,019	0	0
SOUTH MOUNTAIN MERGER CORP	COM	838884203	294	29,438	SH		SOLE		29,438	0	0
ISHARES EDGE MSCI USA VALUE	ETF	46432F388	8,119	100,000	SH		SOLE		100,000	0	0