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
AAPL 135 STRIKE AMER PUT 01/20/2023	AAPL/A230120P135-USAE	037833950	720	1,000	SH	Put	SOLE	0	1,000	0	0
APPLE INC	AAPL-USAA	037833100	12,990	99,975	SH		SOLE	0	99,975	0	0
ALLY 21 STRIKE AMER PUT 02/17/2023	ALLY/A230217P21-USAA	02005N950	325	5,000	SH	Put	SOLE	0	5,000	0	0
AMERICAN TOWER CORP	AMT-USAA	03027X100	20,127	95,000	SH		SOLE	0	95,000	0	0
AMZN 75 STRIKE AMER PUT 02/17/2023	AMZN/A230217P75-USAA	023135106	263	1,000	SH	Put	SOLE	0	1,000	0	0
AMZN 90 STRIKE AMER PUT 02/17/2023	AMZN/A230217P90-USAA	023135106	1,860	2,000	SH	Put	SOLE	0	2,000	0	0
AMAZON.COM INC	AMZN-USAA	023135106	4,173	49,681	SH		SOLE	0	49,681	0	0
ARCOS DORADOS HOLDINGS INC-A	ARCO-USAA	G0457F107	14,019	1,676,889	SH		SOLE	0	1,676,889	0	0
BJ'S WHOLESALE CLUB HOLDINGS	BJ-USAA	05550J101	18,595	281,054	SH		SOLE	0	281,054	0	0
BX 60 STRIKE AMER PUT 02/17/2023	BX/A230217P60-USAA	09260D957	123	1,000	SH	Put	SOLE	0	1,000	0	0
BLACKSTONE INC	BX-USAA	09260D107	11,495	154,940	SH		SOLE	0	154,940	0	0
CORP AMERICA AIRPORTS SA	CAAP-USAA	L1995B107	1,563	179,089	SH		SOLE	0	179,089	0	0
CAR 160 STRIKE AMER PUT 01/20/2023	CAR/A230120P160-USAE	053774955	353	500	SH	Put	SOLE	0	500	0	0
CAR 100 STRIKE AMER PUT 03/17/2023	CAR/A230317P100-USAA	053774955	41	250	SH	Put	SOLE	0	250	0	0
CAR 160 STRIKE AMER PUT 03/17/2023	CAR/A230317P160-USAA	053774955	878	500	SH	Put	SOLE	0	500	0	0
CROWN CASTLE INC	CCI-USAA	22822V101	20,048	147,800	SH		SOLE	0	147,800	0	0
COPART INC	CPRT-USAA	217204106	3,653	60,000	SH		SOLE	0	60,000	0	0
CROWDSTRIKE HOLDINGS INC - A	CRWD-USAA	22788C105	7,834	74,400	SH		SOLE	0	74,400	0	0
DOLLAR TREE INC	DLTR-USAA	256746108	9,901	70,000	SH		SOLE	0	70,000	0	0
DUN & BRADSTREET HOLDINGS IN	DNB-USAA	26484T106	11,546	941,781	SH		SOLE	0	941,781	0	0
ECOLAB INC	ECL-USAA	278865100	2,259	15,520	SH		SOLE	0	15,520	0	0
ISHARES MSCI EMERGING MARKETS	EEM-USAA	464287234	30,320	800,000	SH		SOLE	0	800,000	0	0
ELASTIC NV	ESTC-USAA	N14506104	1,571	30,500	SH		SOLE	0	30,500	0	0
ISHARES MSCI JAPAN ETF	EWJ-USAA	46434G822	14,442	265,280	SH		SOLE	0	265,280	0	0
FISERV INC	FISV-USAA	337738108	4,561	45,130	SH		SOLE	0	45,130	0	0
FXI 29 STRIKE AMER CALL 01/20/2023	FXI/A230120C29-USAE	337738904	1,140	15,000	SH	Call	SOLE	0	15,000	0	0
ISHARES CHINA LARGE-CAP ETF	FXI-USAA	464287184	32,017	1,131,360	SH		SOLE	0	1,131,360	0	0
VANECK GOLD MINERS ETF	GDX-USAA	92189F106	3,858	134,600	SH		SOLE	0	134,600	0	0
ALPHABET INC-CL A	GOOGL-USAA	02079K305	7,519	85,216	SH		SOLE	0	85,216	0	0
GS 350 STRIKE AMER PUT 01/20/2023	GS/A230120P350-USAE	38141G954	1,338	1,000	SH	Put	SOLE	0	1,000	0	0
HYG 72 STRIKE AMER PUT 02/17/2023	HYG/A230217P72-USAA	81369Y954	516	6,250	SH	Put	SOLE	0	6,250	0	0
INTL FLAVORS & FRAGRANCES	IFF-USAA	459506101	9,436	90,000	SH		SOLE	0	90,000	0	0
ISHARES EXPANDED TECH-SOFTWARE	IGV-USAA	464287515	42,983	168,000	SH		SOLE	0	168,000	0	0
ITW 195 STRIKE AMER PUT 03/17/2023	ITW/A230317P195-USAA	81369Y954	500	2,000	SH	Put	SOLE	0	2,000	0	0
IWM 165 STRIKE AMER PUT 12/30/2022	IWM/A221230P165-USAE	464287955	0	0	SH	Put	SOLE	0	0	0	0
IWM 170 STRIKE AMER PUT 12/30/2022	IWM/A221230P170-USAE	464287955	0	0	SH	Put	SOLE	0	0	0	0
IWM 175 STRIKE AMER PUT 12/30/2022	IWM/A221230P175-USAE	464287955	0	0	SH	Put	SOLE	0	0	0	0
IWM 175 STRIKE AMER CALL 01/20/2023	IWM/A230120C175-USAE	464287905	1,272	3,000	SH	Call	SOLE	0	3,000	0	0
IWM 170 STRIKE AMER PUT 01/20/2023	IWM/A230120P170-USAE	464287955	1,644	8,000	SH	Put	SOLE	0	8,000	0	0
IWM 175 STRIKE AMER PUT 01/20/2023	IWM/A230120P175-USAE	464287955	393	1,000	SH	Put	SOLE	0	1,000	0	0
ISHARES RUSSELL MID-CAP ETF	IWR-USAA	464287499	16,945	251,220	SH		SOLE	0	251,220	0	0
KRE 60 STRIKE AMER PUT 01/20/2023	KRE/A230120P60-USAE	78464A958	723	3,000	SH	Put	SOLE	0	3,000	0	0
KRE 55 STRIKE AMER PUT 02/17/2023	KRE/A230217P55-USAA	78464A958	293	3,000	SH	Put	SOLE	0	3,000	0	0
LOWE'S COS INC	LOW-USAA	548661107	16,445	82,540	SH		SOLE	0	82,540	0	0
ISHARES IBOXX INVESTMENT GRADE	LQD-USAA	464287242	36,901	350,000	SH		SOLE	0	350,000	0	0
MERCADOLIBRE INC	MELI-USAA	58733R102	13,323	15,744	SH		SOLE	0	15,744	0	0
MICROSOFT CORP	MSFT-USAA	594918104	9,113	38,000	SH		SOLE	0	38,000	0	0
MICROSOFT CORP	MSFT-USAA	594918104	6,052	25,234	SH		SOLE	0	25,234	0	0
NIKE INC -CL B	NKE-USAA	654106103	6,617	56,550	SH		SOLE	0	56,550	0	0
NUTANIX INC - A	NTNX-USAA	67059N108	22,587	867,082	SH		SOLE	0	867,082	0	0
ORACLE CORP	ORCL-USAA	68389X105	20,026	245,000	SH		SOLE	0	245,000	0	0
PALO ALTO NETWORKS INC	PANW-USAA	697435105	6,014	43,100	SH		SOLE	0	43,100	0	0
RITCHIE BROS AUCTIONEERS	RBA-USAA	767744105	6,361	110,000	SH		SOLE	0	110,000	0	0
SHERWIN-WILLIAMS CO/THE	SHW-USAA	824348106	15,974	67,309	SH		SOLE	0	67,309	0	0
SPY 385 STRIKE AMER CALL 01/06/2023	SPY/A230106C385-USAE	78462F903	841	2,500	SH	Call	SOLE	0	2,500	0	0
SPY 385 STRIKE AMER CALL 01/20/2023	SPY/A230120C385-USAE	78462F903	2,816	4,000	SH	Call	SOLE	0	4,000	0	0
SPY 390 STRIKE AMER CALL 01/20/2023	SPY/A230120C390-USAE	78462F903	708	1,500	SH	Call	SOLE	0	1,500	0	0
SPY 360 STRIKE AMER PUT 01/20/2023	SPY/A230120P360-USAE	78462F953	67	500	SH	Put	SOLE	0	500	0	0
SPY 395 STRIKE AMER PUT 01/20/2023	SPY/A230120P395-USAE	78462F953	5,678	4,000	SH	Put	SOLE	0	4,000	0	0
SPDR S&P 500 ETF TRUST	SPY-USAA	78462F103	5,736	15,000	SH		SOLE	0	15,000	0	0
TENET HEALTHCARE CORP	THC-USAA	88033G407	11,059	226,660	SH		SOLE	0	226,660	0	0
ISHARES TIPS BOND ETF	TIP-USAA	464287176	74,301	698,056	SH		SOLE	0	698,056	0	0
T-MOBILE US INC	TMUS-USAA	872590104	18,982	135,585	SH		SOLE	0	135,585	0	0
TOLL BROTHERS INC	TOL-USAA	889478103	1,248	25,000	SH		SOLE	0	25,000	0	0
UBER TECHNOLOGIES INC	UBER-USAA	90353T100	9,645	390,000	SH		SOLE	0	390,000	0	0
UNILEVER PLC-SPONSORED ADR	UL-USAA	904767704	5,410	107,440	SH		SOLE	0	107,440	0	0
VTEX -CLASS A	VTEX-USAA	G9470A102	1,425	380,000	SH		SOLE	0	380,000	0	0
WASTE CONNECTIONS INC	WCN-USAA	94106B101	7,247	54,667	SH		SOLE	0	54,667	0	0
WORKDAY INC-CLASS A	WDAY-USAA	98138H101	11,228	67,100	SH		SOLE	0	67,100	0	0
ENERGY SELECT SECTOR SPDR	XLE-USAA	81369Y506	18,019	206,000	SH		SOLE	0	206,000	0	0
XLI 95 STRIKE AMER PUT 02/17/2023	XLI/A230217P95-USAA	81369Y954	650	3,000	SH	Put	SOLE	0	3,000	0	0
UTILITIES SELECT SECTOR SPDR	XLU-USAA	81369Y886	11,280	160,000	SH		SOLE	0	160,000	0	0
CONSUMER DISCRETIONARY SELT	XLY-USAA	81369Y407	7,438	57,590	SH		SOLE	0	57,590	0	0
XRT 62 STRIKE AMER PUT 01/20/2023	XRT/A230120P62-USAE	78464A954	2,372	9,000	SH	Put	SOLE	0	9,000	0	0