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Institutional Investment Manager
BW Gestao de Investimentos Ltda.
BW Gestao de Investimentos Ltda. (CIK: 0001568280), located at Av. Brigadeiro Faria Lima, 4440, Sao Paulo, D5. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q2)
Portfolio Summary: 89 holdings with a total value of $161,161,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 CAPITOL FED FINL INC 13,855 167,000 0.10%
2 DESTINATION MATERNITY CORP 16,299 190,000 0.12%
3 CAMPUS CREST CMNTYS INC 35,320 196,000 0.12%
4 DST SYS INC DEL 1,625 205,000 0.13%
5 RENASANT CORP 6,520 213,000 0.13%
6 STARZ SERIES A 5,178 232,000 0.14%
7 BRISTOW GROUP INC COM 4,465 238,000 0.15%
8 NATIONAL GEN HLDGS CORP COM 11,740 245,000 0.15%
9 Culp, Inc. 7,905 245,000 0.15%
10 MAIDEN HOLDINGS LTD 15,790 249,000 0.15%
11 CORELOGIC INC 6,485 257,000 0.16%
12 ANADARKO PETE CORP 3,300 258,000 0.16%
13 ASCENT CAP GROUP INC 6,605 282,000 0.17%
14 MTS SYS CORP 4,190 289,000 0.18%
15 CASEY'S GENERAL STORES INC COM 3,040 291,000 0.18%
16 MAXIMUS INC 4,560 300,000 0.19%
17 ORITANI FINL CORP DEL 18,815 302,000 0.19%
18 DISCOVERY COMMUNICATNS NEW 9,150 304,000 0.19%
19 TWENTY FIRST CENTY FOX INC 9,600 312,000 0.19%
20 AMERICAN EQTY INVT LIFE HLD CO COM 11,735 317,000 0.20%
21 CATO CORP NEW CL A 8,195 318,000 0.20%
22 STANCORP FINL GROUP INC COM 4,245 321,000 0.20%
23 FEDERAL SIGNAL CORP 21,670 323,000 0.20%
24 KRAFT HEINZ CO COM 3,800 324,000 0.20%
25 DIGITALGLOBE INC 12,420 345,000 0.21%
26 Exterran Holdings Inc 11,105 363,000 0.23%
27 RIGNET INC 12,095 370,000 0.23%
28 3M CO 2,500 386,000 0.24%
29 NORTHSTAR ASSET 21,000 388,000 0.24%
30 CTS CORP COM 20,565 396,000 0.25%
31 INNOPHOS HOLDINGS INC 7,750 408,000 0.25%
32 NEENAH INC COM 7,285 430,000 0.27%
33 MCGRATH RENTCORP 14,155 431,000 0.27%
34 ASSURANT INC 6,620 444,000 0.28%
35 KADANT INC 9,655 456,000 0.28%
36 DELTIC TIMBER CORP 6,748 456,000 0.28%
37 MFA FINANCIAL INC COM 62,632 463,000 0.29%
38 ISHARES NASDAQ BIOTECHNOLOGY ETF 880 475,000 0.29%
39 CONSTELLATION BRANDS INC 4,100 476,000 0.30%
40 AIR METHODS CORP 12,120 501,000 0.31%
41 Atlantic Tele Netwrk N 7,625 527,000 0.33%
42 CASH AMER INTL 20,205 529,000 0.33%
43 FOREST CITY ENTERPRISES A 24,140 533,000 0.33%
44 CLEARWATER PAPER CORP COM 9,563 548,000 0.34%
45 DENNYS CORP COM 47,337 550,000 0.34%
46 DIAMOND RESORTS INTL INC COM 17,705 559,000 0.35%
47 BROADRIDGE FINL SOLUTIONS IN 11,585 579,000 0.36%
48 BERKLEY W R CORP 11,600 602,000 0.37%
49 AMERICAN CAP LTD 45,145 612,000 0.38%
50 BANK AMER CORP 37,900 645,000 0.40%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001568280-15-000005, filed 2015.08.05).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.