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
MERCADOLIBRE INC	COM	58733R102	20,104	35,150	SH		SOLE		35,150	0	0
AMAZON.COM INC	COM	023135106	4,435	2,400	SH		SOLE		2,400	0	0
ADOBE INC	COM	00724F101	3,298	10,000	SH		SOLE		10,000	0	0
PETROLEO BRASIL-SP PREF ADR	ADR	71654V101	8,952	600,000	SH		SOLE		600,000	0	0
PETROLEO BRASILEIRO-SPON ADR	ADR	71654V408	3,188	200,000	SH		SOLE		200,000	0	0
ISHARES MSCI BRAZIL ETF	ETF	464286400	11,127	234,500	SH		SOLE		234,500	0	0
GLOBAL X COPPER MINERS ETF	ETF	37954Y830	3,586	176,470	SH		SOLE		176,470	0	0
ISHARES MSCI EMERGING MARKETS	ETF	464287234	14,937	332,900	SH		SOLE		332,900	0	0
KRANESHARES CSI CHINA INTERN	ETF	500767306	15,363	315,600	SH		SOLE		315,600	0	0
HEALTH CARE SELECT SECTOR	ETF	81369Y209	0	0	SH		SOLE		0	0	0
ISHARES U.S. MEDICAL DEVICES E	ETF	464288810	5,551	21,000	SH		SOLE		21,000	0	0
FACEBOOK INC-CLASS A	COM	30303M102	13,341	65,000	SH		SOLE		65,000	0	0
ALIBABA GROUP HOLDING-SP ADR	ADR	01609W102	3,182	15,000	SH		SOLE		15,000	0	0
ALPHABET INC-CL C	COM	02079K107	4,546	3,400	SH		SOLE		3,400	0	0
TWILIO INC - A	COM	90138F102	1,553	15,800	SH		SOLE		15,800	0	0
COUPA SOFTWARE INC	COM	22266L106	2,194	15,000	SH		SOLE		15,000	0	0
SERVICENOW INC	COM	81762P102	2,823	10,000	SH		SOLE		10,000	0	0
HUBSPOT INC	COM	443573100	2,378	15,000	SH		SOLE		15,000	0	0
MICROSOFT CORP	COM	594918104	5,520	35,000	SH		SOLE		35,000	0	0
ISHARES EDGE MSCI MIN VOL US	ETF	46429B697	0	0	SH		SOLE		0	0	0
ANHEUSER-BUSCH INBEV-SPN ADR	ADR	03524A108	2,051	25,000	SH		SOLE		25,000	0	0
SALESFORCE.COM INC	COM	79466L302	6,506	40,000	SH		SOLE		40,000	0	0
INTUIT INC	COM	461202103	2,619	10,000	SH		SOLE		10,000	0	0
ALTERYX INC - CLASS A	COM	02156B103	3,002	30,000	SH		SOLE		30,000	0	0
FIDELITY NATIONAL INFO SERV	COM	31620M106	4,173	30,000	SH		SOLE		30,000	0	0
PHILIP MORRIS INTERNATIONAL	COM	718172109	2,978	35,000	SH		SOLE		35,000	0	0
VANGUARD FTSE EUROPE ETF	ETF	922042874	23,440	400,000	SH		SOLE		400,000	0	0
JD.COM INC-ADR	ADR	47215P106	3,875	110,000	SH		SOLE		110,000	0	0
FISERV INC	COM	337738108	2,891	25,000	SH		SOLE		25,000	0	0
BRITISH AMERICAN TOB-SP ADR	ADR	110448107	1,062	25,000	SH		SOLE		25,000	0	0
ISHARES MSCI UNITED KINGDOM	ETF	46435G334	5,115	150,000	SH		SOLE		150,000	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	8,385	14,370	SH		SOLE		14,370	0	0
ECOLAB INC	COM	278865100	1,718	8,900	SH		SOLE		8,900	0	0
NIKE INC -CL B	COM	654106103	5,096	50,300	SH		SOLE		50,300	0	0
SHERWIN-WILLIAMS CO/THE	COM	824348106	17,127	29,350	SH		SOLE		29,350	0	0
ECOLAB INC	COM	278865100	5,280	27,360	SH		SOLE		27,360	0	0
ISHARES CONVERTIBLE BOND ETF	ETF	46435G102	117,268	1,870,000	SH		SOLE		1,870,000	0	0
NATIONAL BANK HOLD-CL A	COM	633707104	312	8,872	SH		SOLE		8,872	0	0
NATIONAL GENERAL HLDGS	COM	636220303	821	37,143	SH		SOLE		37,143	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	102	8,344	SH		SOLE		8,344	0	0
PACIFIC PREMIER BANCORP INC	COM	69478X105	893	27,402	SH		SOLE		27,402	0	0
ECHOSTAR CORP-A	COM	278768106	1,040	24,016	SH		SOLE		24,016	0	0
PRIMERICA INC	COM	74164M108	785	6,010	SH		SOLE		6,010	0	0
NEENAH INC	COM	640079109	193	2,739	SH		SOLE		2,739	0	0
MCGRATH RENTCORP	COM	580589109	1,021	13,340	SH		SOLE		13,340	0	0
ASSURANT INC	COM	04621X108	990	7,555	SH		SOLE		7,555	0	0
NEXSTAR MEDIA GROUP INC-CL A	COM	65336K103	1,360	11,600	SH		SOLE		11,600	0	0
PROVIDENCE SERVICE CORP	COM	743815102	753	12,731	SH		SOLE		12,731	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	459	5,599	SH		SOLE		5,599	0	0
WASHINGTON FEDERAL INC	COM	938824109	778	21,231	SH		SOLE		21,231	0	0
DENNY'S CORP	COM	24869P104	599	30,130	SH		SOLE		30,130	0	0
MURPHY USA INC	COM	626755102	761	6,503	SH		SOLE		6,503	0	0
TRIUMPH BANCORP INC	COM	89679E300	645	16,961	SH		SOLE		16,961	0	0
CTS CORP	COM	126501105	276	9,198	SH		SOLE		9,198	0	0
CONS TOMOKA LAND CO-FLORIDA	COM	210226106	104	1,723	SH		SOLE		1,723	0	0
REGIS CORP	COM	758932107	761	42,559	SH		SOLE		42,559	0	0
ALBANY INTL CORP-CL A	COM	012348108	1,245	16,402	SH		SOLE		16,402	0	0
SPECTRUM BRANDS HOLDINGS INC	COM	84790A105	652	10,140	SH		SOLE		10,140	0	0
CENTURY CASINOS INC	COM	156492100	158	20,007	SH		SOLE		20,007	0	0
MRC GLOBAL INC	COM	55345K103	671	49,220	SH		SOLE		49,220	0	0
MUELLER WATER PRODUCTS INC-A	COM	624758108	971	81,088	SH		SOLE		81,088	0	0
SIMPSON MANUFACTURING CO INC	COM	829073105	799	9,964	SH		SOLE		9,964	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	741	29,029	SH		SOLE		29,029	0	0
CENTRAL PACIFIC FINANCIAL CO	COM	154760409	441	14,912	SH		SOLE		14,912	0	0
TRISTATE CAPITAL HLDGS INC	COM	89678F100	822	31,466	SH		SOLE		31,466	0	0
ARES CAPITAL CORP	COM	04010L103	681	36,510	SH		SOLE		36,510	0	0
VIRTUS INVESTMENT PARTNERS	COM	92828Q109	1,188	9,756	SH		SOLE		9,756	0	0
FEDERAL SIGNAL CORP	COM	313855108	619	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	815	10,957	SH		SOLE		10,957	0	0
GCI LIBERTY INC - CLASS A	COM	36164V305	1,157	16,325	SH		SOLE		16,325	0	0
KADANT INC	COM	48282T104	1,001	9,500	SH		SOLE		9,500	0	0
EXTENDED STAY AMERICA INC	COM	30224P200	1,255	84,441	SH		SOLE		84,441	0	0
XENIA HOTELS & RESORTS INC	COM	984017103	849	39,285	SH		SOLE		39,285	0	0
MFA FINANCIAL INC	COM	55272X102	833	108,827	SH		SOLE		108,827	0	0
WADDELL & REED FINANCIAL-A	COM	930059100	460	27,528	SH		SOLE		27,528	0	0
WESBANCO INC	COM	950810101	188	4,962	SH		SOLE		4,962	0	0
HUDSON LTD-CLASS A	COM	G46408103	634	41,311	SH		SOLE		41,311	0	0
CRA INTERNATIONAL INC	COM	12618T105	498	9,143	SH		SOLE		9,143	0	0
MAGELLAN HEALTH INC	COM	559079207	990	12,658	SH		SOLE		12,658	0	0
LANDMARK INFRASTRUCTURE PART	COM	51508J108	149	9,107	SH		SOLE		9,107	0	0
DICK'S SPORTING GOODS INC	COM	253393102	721	14,568	SH		SOLE		14,568	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	1,152	46,443	SH		SOLE		46,443	0	0
EAGLE MATERIALS INC	COM	26969P108	1,342	14,805	SH		SOLE		14,805	0	0
PEAPACK GLADSTONE FINL CORP	COM	704699107	366	11,841	SH		SOLE		11,841	0	0
LYDALL INC	COM	550819106	205	10,008	SH		SOLE		10,008	0	0
HOWARD BANCORP INC	COM	442496105	186	11,015	SH		SOLE		11,015	0	0
RENASANT CORP	COM	75970E107	618	17,459	SH		SOLE		17,459	0	0
BARINGS BDC INC	COM	06759L103	636	61,871	SH		SOLE		61,871	0	0
CORE-MARK HOLDING CO INC	COM	218681104	737	27,109	SH		SOLE		27,109	0	0
CABOT MICROELECTRONICS CORP	COM	12709P103	886	6,142	SH		SOLE		6,142	0	0
DESIGNER BRANDS INC-CLASS A	COM	250565108	602	38,243	SH		SOLE		38,243	0	0
DELUXE CORP	COM	248019101	859	17,204	SH		SOLE		17,204	0	0
VIAD CORP	COM	92552R406	216	3,201	SH		SOLE		3,201	0	0
CONTINENTAL BUILDING PRODUCT	COM	211171103	484	13,280	SH		SOLE		13,280	0	0
NESCO HOLDINGS INC	COM	64083J104	45	10,864	SH		SOLE		10,864	0	0
CULP INC	COM	230215105	83	6,122	SH		SOLE		6,122	0	0
SOUTH MOUNTAIN MERGER CORP	COM	838884203	307	29,438	SH		SOLE		29,438	0	0
UMB FINANCIAL CORP	COM	902788108	777	11,319	SH		SOLE		11,319	0	0
AMERIS BANCORP	COM	03076K108	830	19,512	SH		SOLE		19,512	0	0
KAR AUCTION SERVICES INC	COM	48238T109	523	24,011	SH		SOLE		24,011	0	0
ALERUS FINANCIAL CORP	COM	01446U103	117	5,130	SH		SOLE		5,130	0	0
KONTOOR BRANDS INC	COM	50050N103	828	19,713	SH		SOLE		19,713	0	0
PC CONNECTION INC	COM	69318J100	273	5,504	SH		SOLE		5,504	0	0
CARDTRONICS PLC - A	COM	G1991C105	905	20,259	SH		SOLE		20,259	0	0
SOLARIS OILFIELD INFRAST-A	COM	83418M103	123	8,795	SH		SOLE		8,795	0	0
VERITEX HOLDINGS INC	COM	923451108	348	11,945	SH		SOLE		11,945	0	0