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
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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
SHERWIN-WILLIAMS CO/THE	COM	824348106	10,981	19,970	SH		SOLE		19,970	0	0
NIKE INC -CL B	COM	654106103	4,724	50,300	SH		SOLE		50,300	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	20,345	37,000	SH		SOLE		37,000	0	0
AMAZON.COM INC	COM	023135106	5,902	3,400	SH		SOLE		3,400	0	0
NASPERS LTD-N SHS SPON ADR	ADR	631512209	749	25,000	SH		SOLE		25,000	0	0
ISHARES MSCI BRAZIL ETF	ETF	464286400	19,569	464,500	SH		SOLE		464,500	0	0
GLOBAL X COPPER MINERS ETF	ETF	37954Y830	7,050	412,041	SH		SOLE		412,041	0	0
KRANESHARES CSI CHINA INTERN	ETF	500767306	4,133	100,000	SH		SOLE		100,000	0	0
ISHARES CONVERTIBLE BOND ETF	ETF	46435G102	108,722	1,870,000	SH		SOLE		1,870,000	0	0
ISHARES U.S. MEDICAL DEVICES E	ETF	464288810	5,192	21,000	SH		SOLE		21,000	0	0
FACEBOOK INC-CLASS A	COM	30303M102	3,353	18,830	SH		SOLE		18,830	0	0
ALIBABA GROUP HOLDING-SP ADR	ADR	01609W102	1,421	8,500	SH		SOLE		8,500	0	0
VALE SA-SP ADR	ADR	91912E105	2,300	200,000	SH		SOLE		200,000	0	0
ALPHABET INC-CL C	COM	02079K107	5,364	4,400	SH		SOLE		4,400	0	0
MICROSOFT CORP	COM	594918104	4,866	35,000	SH		SOLE		35,000	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	681	19,923	SH		SOLE		19,923	0	0
NATIONAL GENERAL HLDGS	COM	636220303	769	33,411	SH		SOLE		33,411	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	107	8,344	SH		SOLE		8,344	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	855	27,402	SH		SOLE		27,402	0	0
ECHOSTAR CORP-A	COM	278768106	952	24,016	SH		SOLE		24,016	0	0
PRIMERICA INC	COM	74164M108	897	7,049	SH		SOLE		7,049	0	0
NEENAH INC	COM	640079109	178	2,739	SH		SOLE		2,739	0	0
MCGRATH RENTCORP	COM	580589109	1,141	16,398	SH		SOLE		16,398	0	0
ASSURANT INC	COM	04621X108	1,302	10,349	SH		SOLE		10,349	0	0
NEXSTAR MEDIA GROUP INC-CL A	COM	65336K103	1,187	11,600	SH		SOLE		11,600	0	0
PROVIDENCE SERVICE CORP	COM	743815102	757	12,731	SH		SOLE		12,731	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	427	5,599	SH		SOLE		5,599	0	0
WASHINGTON FEDERAL INC	COM	938824109	922	24,938	SH		SOLE		24,938	0	0
DENNY'S CORP	COM	24869P104	686	30,130	SH		SOLE		30,130	0	0
MURPHY USA INC	COM	626755102	649	7,614	SH		SOLE		7,614	0	0
TRIUMPH BANCORP INC	COM	89679E300	541	16,961	SH		SOLE		16,961	0	0
CTS CORP	COM	126501105	298	9,198	SH		SOLE		9,198	0	0
CONS TOMOKA LAND CO-FLORIDA	COM	210226106	113	1,723	SH		SOLE		1,723	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	570	13,766	SH		SOLE		13,766	0	0
REGIS CORP	COM	758932107	861	42,559	SH		SOLE		42,559	0	0
ALBANY INTL CORP-CL A	COM	012348108	1,479	16,402	SH		SOLE		16,402	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	535	10,140	SH		SOLE		10,140	0	0
CENTURY CASINOS INC	COM	156492100	155	20,007	SH		SOLE		20,007	0	0
MRC GLOBAL INC	COM	55345K103	597	49,220	SH		SOLE		49,220	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	911	81,088	SH		SOLE		81,088	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	691	9,964	SH		SOLE		9,964	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	685	29,029	SH		SOLE		29,029	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	424	14,912	SH		SOLE		14,912	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	662	31,466	SH		SOLE		31,466	0	0
ARES CAPITAL CORP	COM	04010L103	680	36,510	SH		SOLE		36,510	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,079	9,756	SH		SOLE		9,756	0	0
FEDERAL SIGNAL CORP	COM	313855108	629	19,208	SH		SOLE		19,208	0	0
STAR GROUP LP	COM	85512C105	333	35,200	SH		SOLE		35,200	0	0
MAXIMUS INC	COM	577933104	847	10,957	SH		SOLE		10,957	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	1,013	16,325	SH		SOLE		16,325	0	0
KADANT INC	COM	48282T104	834	9,500	SH		SOLE		9,500	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,236	84,441	SH		SOLE		84,441	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	830	39,285	SH		SOLE		39,285	0	0
MFA FINANCIAL INC	COM	55272X102	801	108,827	SH		SOLE		108,827	0	0
WADDELL & REED FINANCIAL-A	COM	930059100	375	21,823	SH		SOLE		21,823	0	0
WESBANCO INC	COM	950810101	185	4,962	SH		SOLE		4,962	0	0
HUDSON LTD-CLASS A	COM	G46408103	507	41,311	SH		SOLE		41,311	0	0
CRA INTERNATIONAL INC	COM	12618T105	384	9,143	SH		SOLE		9,143	0	0
MAGELLAN HEALTH INC	COM	559079207	786	12,658	SH		SOLE		12,658	0	0
RIVIERA RESOURCES INC	COM	76964R104	627	46,925	SH		SOLE		46,925	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	164	9,107	SH		SOLE		9,107	0	0
DICK'S SPORTING GOODS INC	COM	253393102	595	14,568	SH		SOLE		14,568	0	0
SMART GLOBAL HOLDINGS INC	COM	G8232Y101	474	18,603	SH		SOLE		18,603	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	1,064	46,443	SH		SOLE		46,443	0	0
EAGLE MATERIALS INC	COM	26969P108	1,333	14,805	SH		SOLE		14,805	0	0
PEAPACK GLADSTONE FINL CORP	COM	704699107	332	11,841	SH		SOLE		11,841	0	0
LYDALL INC	COM	550819106	249	10,008	SH		SOLE		10,008	0	0
HOWARD BANCORP INC	COM	442496105	184	11,015	SH		SOLE		11,015	0	0
RENASANT CORP	COM	75970E107	611	17,459	SH		SOLE		17,459	0	0
BARINGS BDC INC	COM	06759L103	628	61,871	SH		SOLE		61,871	0	0
CORE-MARK HOLDING CO INC	COM	218681104	355	11,047	SH		SOLE		11,047	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	867	6,142	SH		SOLE		6,142	0	0
DESIGNER BRANDS INC-CLASS A	COM	250565108	655	38,243	SH		SOLE		38,243	0	0
DELUXE CORP	COM	248019101	846	17,204	SH		SOLE		17,204	0	0
VIAD CORP	COM	92552R406	215	3,201	SH		SOLE		3,201	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	362	13,280	SH		SOLE		13,280	0	0
NESCO HOLDINGS INC	COM	64083J104	65	10,864	SH		SOLE		10,864	0	0
BOEING CO/THE	COM	097023105	2,221	5,838	SH		SOLE		5,838	0	0
CULP INC	COM	230215105	100	6,122	SH		SOLE		6,122	0	0
SOUTH MOUNTAIN MERGER CORP	COM	838884203	309	29,438	SH		SOLE		29,438	0	0
UMB FINANCIAL CORP	COM	902788108	636	9,843	SH		SOLE		9,843	0	0
AMERIS BANCORP	COM	03076K108	707	17,567	SH		SOLE		17,567	0	0
KAR AUCTION SERVICES INC	COM	48238T109	589	24,011	SH		SOLE		24,011	0	0
ANHEUSER-BUSCH INBEV-SPN ADR	ADR	03524A108	952	10,000	SH		SOLE		10,000	0	0
AVANTOR INC	COM	05352A100	221	15,000	SH		SOLE		15,000	0	0
SQUARE INC - A	COM	852234103	0	0	SH		SOLE		0	0	0
UNITED STATES OIL FUND LP	ETF	91232N108	0	0	SH		SOLE		0	0	0
CVS HEALTH CORP	COM	126650100	0	0	SH		SOLE		0	0	0
JOHNSON & JOHNSON	COM	478160104	2,588	20,000	SH		SOLE		20,000	0	0
SHOPIFY INC - CLASS A	COM	82509L107	1,558	5,000	SH		SOLE		5,000	0	0
VMWARE INC-CLASS A	COM	928563402	2,251	15,000	SH		SOLE		15,000	0	0
BAOZUN INC-SPN ADR	ADR	06684L103	1,068	25,000	SH		SOLE		25,000	0	0
HUYA INC-ADR	ADR	44852D108	709	30,000	SH		SOLE		30,000	0	0
ARCOS DORADOS HOLDINGS INC-A	COM	G0457F107	874	130,000	SH		SOLE		130,000	0	0
ALERUS FINANCIAL CORP	COM	01446U103	99	4,548	SH		SOLE		4,548	0	0
PROSUS NV -SPON ADR	ADR	74365P108	291	20,000	SH		SOLE		20,000	0	0
GDS HOLDINGS LTD - ADR	ADR	36165L108	601	15,000	SH		SOLE		15,000	0	0
ISHARES EDGE MSCI USA MOMENT	ETF	46432F396	4,770	40,000	SH		SOLE		40,000	0	0