BW Gestao de Investimentos Ltda.

Q1 2015 13F Holdings Report, Restatement, Stock Holdings

Signature - Title: Edson Seidi Fujimori - OPERATIONS SUPERVISOR
Location: Sao Paulo, Brazil
Holdings as of: 31 Mar 2015
Value $: $180,915,000
Num holdings: 85
Filing time: 21 May 2015, 08:38:46 UTC
Form type: 13F-HR/A-1 - Restatement
Description: All US holdings of this investor are reported in this report. Top holdings included VPL, VOO, VEA, VB, and EWJ.
Previous filing: Q4 2014 - 06 Feb 2015
Next filing: Q2 2015 - 05 Aug 2015
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

Filing 2015 Q1 - Restatement compared to 2014 Q4 by default. Changes are calculated vs the previous SEC filing.

Compare Q1 2015 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 SEIDI FUJIMORI	OPERATIONS SUPERVISOR	Sao Paulo, Brazil	21 May 2015