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
ABNB 135 STRIKE AMER PUT 11/17/2023	ABNB/A231117P135-USAA	009066951	710,000	1,000	SH	Put	SOLE	0	1,000	0	0
AGNICO EAGLE MINES LTD	AEM-USAA	008474108	2,727,000	60,000	SH		SOLE	0	60,000	0	0
ALLY 24 STRIKE AMER PUT 01/19/2024	ALLY/A240119P24-USAA	02005N950	570,000	4,000	SH	Put	SOLE	0	4,000	0	0
ALLY 25 STRIKE AMER PUT 01/19/2024	ALLY/A240119P25-USAA	02005N950	2,275,000	13,000	SH	Put	SOLE	0	13,000	0	0
ALLY 25 STRIKE AMER PUT 12/15/2023	ALLY/A231215P25-USAA	02005N950	130,000	1,000	SH	Put	SOLE	0	1,000	0	0
ALPHABET INC-CL A	GOOGL-USAA	02079K305	3,420,680	26,140	SH		SOLE	0	26,140	0	0
AMAZON.COM INC	AMZN-USAA	023135106	3,268,128	25,709	SH		SOLE	0	25,709	0	0
AMERICAN TOWER CORP	AMT-USAA	03027X100	10,689,250	65,000	SH		SOLE	0	65,000	0	0
APPLE INC	AAPL-USAA	037833100	1,814,141	10,596	SH		SOLE	0	10,596	0	0
ARCOS DORADOS HOLDINGS INC-A	ARCO-USAA	G0457F107	2,987,563	315,810	SH		SOLE	0	315,810	0	0
ARDAGH METAL PACKAGING SA	AMBP-USAA	L02235106	8,712,790	2,783,639	SH		SOLE	0	2,783,639	0	0
ARKK 40 STRIKE AMER PUT 01/19/2024	ARKK/A240119P40-USAA	00214Q954	2,275,000	7,000	SH	Put	SOLE	0	7,000	0	0
ASHR 27 STRIKE AMER CALL 11/17/2023	ASHR/A231117C27-USAA	233051909	575,000	12,500	SH	Call	SOLE	0	12,500	0	0
BABA 95 STRIKE AMER CALL 12/15/2023	BABA/A231215C95-USAA	01609W902	660,000	2,000	SH	Call	SOLE	0	2,000	0	0
BJ 70 STRIKE AMER CALL 11/17/2023	BJ/A231117C70-USAA	05550J901	760,000	2,000	SH	Call	SOLE	0	2,000	0	0
BJ'S WHOLESALE CLUB HOLDINGS	BJ-USAA	05550J101	19,793,684	277,339	SH		SOLE	0	277,339	0	0
BLACKSTONE INC	BX-USAA	09260D107	17,677,029	164,990	SH		SOLE	0	164,990	0	0
BLOOMIN' BRANDS INC	BLMN-USAA	094235108	7,811,727	317,679	SH		SOLE	0	317,679	0	0
BX 110 STRIKE AMER PUT 12/15/2023	BX/A231215P110-USAA	09260D957	2,235,000	3,000	SH	Put	SOLE	0	3,000	0	0
BX 55 STRIKE AMER PUT 01/19/2024	BX/A240119P55-USAA	09260D957	6,000	1,000	SH	Put	SOLE	0	1,000	0	0
BX 75 STRIKE AMER PUT 01/19/2024	BX/A240119P75-USAA	09260D957	88,000	2,000	SH	Put	SOLE	0	2,000	0	0
CANADIAN NATURAL RESOURCES	CNQ-CNAA	136385101	2,635,200	30,000	SH		SOLE	0	30,000	0	0
CANADIAN PACIFIC KANSAS CITY	CP-USAA	13646K108	4,092,550	55,000	SH		SOLE	0	55,000	0	0
CI&T INC/UNITED STATES-A	CINT-USAA	G21307106	2,567,500	395,000	SH		SOLE	0	395,000	0	0
COF 75 STRIKE AMER PUT 01/19/2024	COF/A240119P75-USAA	14040H955	120,000	1,000	SH	Put	SOLE	0	1,000	0	0
COF 95 STRIKE AMER PUT 01/19/2024	COF/A240119P95-USAA	14040H955	2,047,500	3,500	SH	Put	SOLE	0	3,500	0	0
COIN 45 STRIKE AMER PUT 01/19/2024	COIN/A240119P45-USAA	19260Q957	72,250	500	SH	Put	SOLE	0	500	0	0
COIN 80 STRIKE AMER PUT 01/19/2024	COIN/A240119P80-USAA	19260Q957	829,500	600	SH	Put	SOLE	0	600	0	0
CONSUMER DISCRETIONARY SELT	XLY-USAA	81369Y407	6,861,773	42,625	SH		SOLE	0	42,625	0	0
CONSUMER STAPLES SPDR	XLP-USAA	81369Y308	41,330,038	600,640	SH		SOLE	0	600,640	0	0
CROCS INC	CROX-USAA	227046109	17,646,000	200,000	SH		SOLE	0	200,000	0	0
CROWN CASTLE INC	CCI-USAA	22822V101	21,063,642	228,878	SH		SOLE	0	228,878	0	0
EATON CORP PLC	ETN-USAA	G29183103	2,132,800	10,000	SH		SOLE	0	10,000	0	0
ECOLAB INC	ECL-USAA	278865100	5,309,843	31,345	SH		SOLE	0	31,345	0	0
EOG RESOURCES INC	EOG-USAA	26875P101	2,535,200	20,000	SH		SOLE	0	20,000	0	0
F 11.35 STRIKE AMER PUT 01/19/2024	F/A240119P11.35-USAA	345370950	279,000	6,000	SH	Put	SOLE	0	6,000	0	0
FIVE9 INC	FIVN-USAA	338307101	3,215,000	50,000	SH		SOLE	0	50,000	0	0
FRANCO-NEVADA CORP	FNV-USAA	351858105	2,669,800	20,000	SH		SOLE	0	20,000	0	0
ISHARES 7-10 YEAR TREASURY BON	IEF-USAA	464287440	9,319,740	101,755	SH		SOLE	0	101,755	0	0
ISHARES EXPANDED TECH-SOFTWARE	IGV-USAA	464287515	20,608,691	60,390	SH		SOLE	0	60,390	0	0
ISHARES IBOXX HIGH YLD CORP	HYG-USAA	464288513	75,194,400	1,020,000	SH		SOLE	0	1,020,000	0	0
ISHARES MSCI EMERGING MARKETS	EEM-USAA	464287234	20,875,346	550,075	SH		SOLE	0	550,075	0	0
ISHARES RUSSELL 2000 GROWTH ET	IWO-USAA	464287648	18,053,041	80,540	SH		SOLE	0	80,540	0	0
ISHARES RUSSELL MID-CAP ETF	IWR-USAA	464287499	28,174,363	406,850	SH		SOLE	0	406,850	0	0
ITB 76 STRIKE AMER PUT 11/17/2023	ITB/A231117P76-USAA	464288952	50,955	237	SH	Put	SOLE	0	237	0	0
ITB 80 STRIKE AMER PUT 01/19/2024	ITB/A240119P80-USAA	464288952	2,120,000	4,000	SH	Put	SOLE	0	4,000	0	0
ITB 80 STRIKE AMER PUT 11/17/2023	ITB/A231117P80-USAA	464288952	709,170	1,842	SH	Put	SOLE	0	1,842	0	0
IVANHOE ELECTRIC INC / US	IE-USAA	46578C108	1,487,500	125,000	SH		SOLE	0	125,000	0	0
IWM 130 STRIKE AMER PUT 01/19/2024	IWM/A240119P130-USAA	464287955	66,750	1,500	SH	Put	SOLE	0	1,500	0	0
IWM 150 STRIKE AMER PUT 01/19/2024	IWM/A240119P150-USAA	464287955	1,024,000	8,000	SH	Put	SOLE	0	8,000	0	0
IWM 165 STRIKE AMER PUT 01/19/2024	IWM/A240119P165-USAA	464287955	958,500	3,000	SH	Put	SOLE	0	3,000	0	0
IWM 175 STRIKE AMER PUT 10/20/2023	IWM/A231020P175-USAA	464287955	234,000	1,000	SH	Put	SOLE	0	1,000	0	0
IWM 178 STRIKE AMER CALL 10/20/2023	IWM/A231020C178-USAA	464287905	1,203,937	4,102	SH	Call	SOLE	0	4,102	0	0
IWM 180 STRIKE AMER CALL 10/11/2023	IWM/A231011C180-USAE	464287905	201,650	1,850	SH	Call	SOLE	0	1,850	0	0
IWM 180 STRIKE AMER CALL 10/20/2023	IWM/A231020C180-USAA	464287905	701,750	3,500	SH	Call	SOLE	0	3,500	0	0
KENVUE INC	KVUE-USAA	49177J102	22,088,000	1,100,000	SH		SOLE	0	1,100,000	0	0
KMX 50 STRIKE AMER PUT 01/19/2024	KMX/A240119P50-USAA	143130952	13,750	250	SH	Put	SOLE	0	250	0	0
KMX 60 STRIKE AMER PUT 10/20/2023	KMX/A231020P60-USAA	143130952	18,750	1,500	SH	Put	SOLE	0	1,500	0	0
KMX 65 STRIKE AMER PUT 01/19/2024	KMX/A240119P65-USAA	143130952	330,000	1,000	SH	Put	SOLE	0	1,000	0	0
KMX 72 STRIKE AMER PUT 10/20/2023	KMX/A231020P72-USAA	143130952	277,500	1,000	SH	Put	SOLE	0	1,000	0	0
KMX 80 STRIKE AMER PUT 01/19/2024	KMX/A240119P80-USAA	143130952	1,105,000	1,000	SH	Put	SOLE	0	1,000	0	0
KRANESHARES CSI CHINA INTERN	KWEB-USAA	500767306	21,348,600	780,000	SH		SOLE	0	780,000	0	0
KRE 35 STRIKE AMER PUT 06/21/2024	KRE/A240621P35-USAA	78464A958	540,000	3,000	SH	Put	SOLE	0	3,000	0	0
KRE 40 STRIKE AMER PUT 01/19/2024	KRE/A240119P40-USAA	78464A958	1,125,000	6,000	SH	Put	SOLE	0	6,000	0	0
KRE 45 STRIKE AMER PUT 12/15/2023	KRE/A231215P45-USAA	78464A958	1,630,000	4,000	SH	Put	SOLE	0	4,000	0	0
KVUE 22.5 STRIKE AMER CALL 11/17/2023	KVUE/A231117C22.5-USAA	49177J902	75,000	6,000	SH	Call	SOLE	0	6,000	0	0
LINDE PLC	LIN-USAA	G54950103	4,654,375	12,500	SH		SOLE	0	12,500	0	0
LOWE'S COS INC	LOW-USAA	548661107	16,140,854	77,660	SH		SOLE	0	77,660	0	0
MANCHESTER UNITED PLC-CL A	MANU-USAA	G5784H106	286,005	14,452	SH		SOLE	0	14,452	0	0
MANU 28 STRIKE AMER CALL 01/19/2024	MANU/A240119C28-USAA	G5784H906	90,000	1,000	SH	Call	SOLE	0	1,000	0	0
MICROSOFT CORP	MSFT-USAA	594918104	7,777,870	24,633	SH		SOLE	0	24,633	0	0
MU 60 STRIKE AMER PUT 01/19/2024	MU/A240119P60-USAA	595112953	412,000	2,000	SH	Put	SOLE	0	2,000	0	0
NIKE INC -CL B	NKE-USAA	654106103	5,510,294	57,627	SH		SOLE	0	57,627	0	0
NUTANIX INC - A	NTNX-USAA	67059N108	25,315,730	725,795	SH		SOLE	0	725,795	0	0
NVDA 400 STRIKE AMER PUT 06/21/2024	NVDA/A240621P400-USAA	67066G954	1,478,750	350	SH	Put	SOLE	0	350	0	0
ORACLE CORP	ORCL-USAA	68389X105	36,174,964	341,531	SH		SOLE	0	341,531	0	0
PAGSEGURO DIGITAL LTD-CL A	PAGS-USAA	G68707101	3,168,480	368,000	SH		SOLE	0	368,000	0	0
PHILIP MORRIS INTERNATIONAL	PM-USAA	718172109	16,201,500	175,000	SH		SOLE	0	175,000	0	0
QQQ 250 STRIKE AMER PUT 01/19/2024	QQQ/A240119P250-USAA	46090E953	60,000	1,000	SH	Put	SOLE	0	1,000	0	0
QQQ 350 STRIKE AMER PUT 12/15/2023	QQQ/A231215P350-USAA	46090E953	1,765,000	2,000	SH	Put	SOLE	0	2,000	0	0
QQQ 365 STRIKE AMER CALL 10/20/2023	QQQ/A231020C365-USAA	46090E953	863,000	2,000	SH	Call	SOLE	0	2,000	0	0
RB GLOBAL INC	RBA-USAA	74935Q107	12,359,938	197,759	SH		SOLE	0	197,759	0	0
SAN 2.5 STRIKE AMER PUT 01/19/2024	SAN/A240119P2.5-USAA	05964H955	17,950	3,590	SH	Put	SOLE	0	3,590	0	0
SAN 3 STRIKE AMER PUT 01/19/2024	SAN/A240119P3-USAA	05964H955	250,000	50,000	SH	Put	SOLE	0	50,000	0	0
SCHWAB US DVD EQUITY ETF	SCHD-USAA	808524797	22,197,766	313,705	SH		SOLE	0	313,705	0	0
SHERWIN-WILLIAMS CO/THE	SHW-USAA	824348106	15,229,546	59,712	SH		SOLE	0	59,712	0	0
SKECHERS USA INC-CL A	SKX-USAA	830566105	11,258,500	230,000	SH		SOLE	0	230,000	0	0
SMH 135 STRIKE AMER PUT 11/17/2023	SMH/A231117P135-USAA	92189F956	225,000	1,000	SH	Put	SOLE	0	1,000	0	0
SPDR S&P RETAIL ETF	XRT-USAA	78464A714	7,924,581	130,210	SH		SOLE	0	130,210	0	0
SPY 350 STRIKE AMER PUT 01/19/2024	SPY/A240119P350-USAA	78462F953	338,000	2,000	SH	Put	SOLE	0	2,000	0	0
SPY 420 STRIKE AMER PUT 06/21/2024	SPY/A240621P420-USAA	78462F953	3,478,000	2,000	SH	Put	SOLE	0	2,000	0	0
SPY 422 STRIKE AMER PUT 10/06/2023	SPY/A231006P422-USAE	78462F953	164,500	1,000	SH	Put	SOLE	0	1,000	0	0
SPY 425 STRIKE AMER PUT 10/02/2023	SPY/A231002P425-USAE	78462F953	77,500	1,000	SH	Put	SOLE	0	1,000	0	0
SPY 425 STRIKE AMER PUT 10/20/2023	SPY/A231020P425-USAA	78462F953	388,800	800	SH	Put	SOLE	0	800	0	0
SPY 428 STRIKE AMER CALL 10/06/2023	SPY/A231006C428-USAE	78462F903	190,500	500	SH	Call	SOLE	0	500	0	0
STONECO LTD-A	STNE-USAA	G85158106	4,754,552	445,600	SH		SOLE	0	445,600	0	0
SUZANO SA - SPON ADR	SUZ-USAA	86959K105	13,663,250	1,271,000	SH		SOLE	0	1,271,000	0	0
TENET HEALTHCARE CORP	THC-USAA	88033G407	30,893,910	468,871	SH		SOLE	0	468,871	0	0
TESLA INC	TSLA-USAA	88160R101	5,004,400	20,000	SH		SOLE	0	20,000	0	0
TIP 119 STRIKE AMER CALL 01/19/2024	TIP/A240119C119-USAA	464287906	75,000	6,000	SH	Call	SOLE	0	6,000	0	0
T-MOBILE US INC	TMUS-USAA	872590104	40,987,453	292,663	SH		SOLE	0	292,663	0	0
TMUS 140 STRIKE AMER CALL 01/19/2024	TMUS/A240119C140-USAA	872590904	780,000	1,000	SH	Call	SOLE	0	1,000	0	0
TMUS 140 STRIKE AMER CALL 11/17/2023	TMUS/A231117C140-USAA	872590904	1,075,000	2,000	SH	Call	SOLE	0	2,000	0	0
TOLL BROTHERS INC	TOL-USAA	889478103	369,800	5,000	SH		SOLE	0	5,000	0	0
TSLA 160 STRIKE AMER PUT 01/19/2024	TSLA/A240119P160-USAA	88160R951	217,000	1,000	SH	Put	SOLE	0	1,000	0	0
TSLA 210 STRIKE AMER PUT 01/19/2024	TSLA/A240119P210-USAA	88160R951	987,500	1,000	SH	Put	SOLE	0	1,000	0	0
UTILITIES SELECT SECTOR SPDR	XLU-USAA	81369Y886	83,376,521	1,414,840	SH		SOLE	0	1,414,840	0	0
VANECK GOLD MINERS ETF	GDX-USAA	92189F106	6,106,821	226,935	SH		SOLE	0	226,935	0	0
VANGUARD TOTAL STOCK MKT ETF	VTI-USAA	922908769	4,367,150	20,560	SH		SOLE	0	20,560	0	0
VANGUARD VALUE ETF	VTV-USAA	922908744	9,158,552	66,400	SH		SOLE	0	66,400	0	0
VTEX -CLASS A	VTEX-USAA	G9470A102	1,903,800	380,000	SH		SOLE	0	380,000	0	0
WASTE CONNECTIONS INC	WCN-USAA	94106B101	4,029,000	30,000	SH		SOLE	0	30,000	0	0
WASTE CONNECTIONS INC	WCN-USAA	94106B101	9,407,984	70,052	SH		SOLE	0	70,052	0	0
WEYERHAEUSER CO	WY-USAA	962166104	3,679,200	120,000	SH		SOLE	0	120,000	0	0
XLU 57 STRIKE AMER PUT 11/17/2023	XLU/A231117P57-USAA	81369Y956	845,000	10,000	SH	Put	SOLE	0	10,000	0	0
XLV 130 STRIKE AMER PUT 01/19/2024	XLV/A240119P130-USAA	81369Y959	555,000	1,500	SH	Put	SOLE	0	1,500	0	0
XRT 60 STRIKE AMER PUT 12/15/2023	XRT/A231215P60-USAA	78464A954	2,284,000	8,000	SH	Put	SOLE	0	8,000	0	0
XRT 63 STRIKE AMER PUT 12/15/2023	XRT/A231215P63-USAA	78464A954	347,500	1,000	SH	Put	SOLE	0	1,000	0	0