BW Gestao de Investimentos Ltda.

Q4 2013 13F Holdings Report, Stock Holdings

Signature - Title: Edson Fujimori - Manager
Location: Sao Paulo, Brazil
Holdings as of: 31 Dec 2013
Value $: $263,761,000
Num holdings: 58
Filing time: 14 Feb 2014, 14:40:08 UTC
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included VGK, EEM, PACD, EWY, and FEZ.
Next filing: Q1 2014 - 07 May 2014
SEC: View on sec.gov
Options Holdings: Showing stock holdings, see here for options holdings

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Compare Q4 2013 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Edson Fujimori	Manager	Sao Paulo, Brazil	14 Feb 2014