In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Headwater Capital Co Ltd reported 14 stock positions worth $493.4 million . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 20.3% of the portfolio, followed by Meta Platforms Class A (META, 18.0% ) and Alphabet Class C (GOOG, 15.3% ). Compared with Q1 2026, it opened 5 new positions, sold out of 6, added to 2 and reduced 7. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from Nvidia (NVDA).
Location HONG KONG, F4
CIK 0002036346
Portfolio Value $493.4M (Q2 2026) Holdings 14 stocks · $493.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 TSM Taiwan Semiconductor-SP ADR 210,000 $100.3M Reduce -37.5% META Meta Platforms Inc. Class A 157,500 $88.7M Reduce -16.7% GOOG Alphabet Inc. Class C 213,000 $75.3M Reduce -27.8% AMZN Amazon.com Inc. 130,000 $31.0M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 315,000 $29.5M Add +215.0% GOOGL Alphabet Inc. Class A 70,000 $25.0M Reduce -69.6% MU Micron Technology Inc. 21,000 $24.2M Reduce -80.4% TCOM Trip.com Group Ltd.-ADR 605,000 $24.1M Reduce -8.3% V Visa Inc. Class A 70,000 $24.0M New HOOD Robinhood Markets Inc. Class A 210,000 $21.1M Reduce -42.8% RBLX Roblox Corp. Class A 315,000 $17.1M Add +57.5% BWXT BWX Technologies Inc. 80,000 $15.6M New APP AppLovin Corp. Class A 20,000 $10.3M New PAYP Paypay Corp. 500,000 $7.2M New
Options reported separately and not counted above: QQQ puts ($7.0M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Sold out 0.00% −8.83 GOOGL Alphabet Inc. Class A Reduce -69.6% 5.07% −5.56 DASH DoorDash Inc. Class A Sold out 0.00% −5.07 PDD PDD Holdings Inc. Sold out 0.00% −2.46 LITE Lumentum Holdings Inc. Sold out 0.00% −2.26 ONON On Holding AG Class A Sold out 0.00% −1.64 MU Micron Technology Inc. Reduce -80.4% 4.91% −0.90 BZ Kanzhun Ltd. - ADR Sold out 0.00% −0.65 TCOM Trip.com Group Ltd.-ADR Reduce -8.3% 4.89% −0.40 HOOD Robinhood Markets Inc. Class A Reduce -42.8% 4.27% +0.18 META Meta Platforms Inc. Class A Reduce -16.7% 17.98% +0.60 GOOG Alphabet Inc. Class C Reduce -27.8% 15.25% +1.65 TSM Taiwan Semiconductor-SP ADR Reduce -37.5% 20.33% +2.07
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. New 6.28% +6.28 V Visa Inc. Class A New 4.87% +4.87 FUTU Futu Holdings Ltd.-ADR Add +215.0% 5.98% +3.79 BWXT BWX Technologies Inc. New 3.16% +3.16 APP AppLovin Corp. Class A New 2.09% +2.09 RBLX Roblox Corp. Class A Add +57.5% 3.47% +1.65 PAYP Paypay Corp. New 1.45% +1.45
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 630,000 $7.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 14 $493.4M TSM, META, GOOG, AMZN, FUTU Q1 2026 15 $622.0M TSM, META, GOOG, GOOGL, NVDA Q4 2025 Amended 17 $480.9M GOOG, TSM, GOOGL, PDD, META Q3 2025 17 $408.8M TSM, GOOG, META, TCOM, AMZN Q2 2025 12 $285.7M META, TSM, MSFT, TCOM, MAR Q1 2025 Amended 9 $220.0M META, TSM, TCOM, PDD, NVDA Q4 2024 10 $187.6M TSM, GOOG, META, JD, MSFT