In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 22, 2025), Headwater Capital Co Ltd reported 9 stock positions worth $220.0 million . Its top holding was Meta Platforms Class A (META) at 39.3% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 16.6% ) and Trip.com Group Ltd.-ADR (TCOM, 14.4% ). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 3 and reduced 2. The biggest buy was Meta Platforms Class A (META, shares +295% ) and the biggest sale an exit from Alphabet Class C (GOOG).
Location HONG KONG, F4
CIK 0002036346
Portfolio Value $220.0M (Q1 2025) Holdings 9 stocks · $220.0M 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 Q4 2024 META Meta Platforms Inc. Class A 150,000 $86.5M Add +294.7% TSM Taiwan Semiconductor-SP ADR 220,000 $36.5M Reduce -12.0% TCOM Trip.com Group Ltd.-ADR 500,000 $31.8M Add +150.0% PDD PDD Holdings Inc. 200,000 $23.7M Add +100.0% NVDA Nvidia Corp. 100,000 $10.8M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 100,000 $10.2M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 500,000 $10.0M Reduce -16.7% INTC Intel Corp. 300,000 $6.8M New HIMX Himax Technologies Inc.-ADR 500,000 $3.7M New
Options reported separately and not counted above: INVESCO QQQ TR puts ($2.4M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ GOOG Alphabet Inc. Class C Sold out 0.00% −12.18 TSM Taiwan Semiconductor-SP ADR Reduce -12.0% 16.60% −9.72 JD Jd.com Inc.-ADR Sold out 0.00% −9.24 MSFT Microsoft Corp. Sold out 0.00% −8.54 AMZN Amazon.com Inc. Sold out 0.00% −8.19 HTHT H World Group Ltd.-ADR Sold out 0.00% −5.28 BEKE Ke Holdings Inc.-ADR Reduce -16.7% 4.57% −1.33
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A Add +294.7% 39.29% +27.43 TCOM Trip.com Group Ltd.-ADR Add +150.0% 14.45% +7.13 PDD PDD Holdings Inc. Add +100.0% 10.76% +5.59 NVDA Nvidia Corp. New 4.93% +4.93 FUTU Futu Holdings Ltd.-ADR New 4.65% +4.65 INTC Intel Corp. New 3.10% +3.10 HIMX Himax Technologies Inc.-ADR New 1.67% +1.67
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ INVESCO QQQ TR put New 1,000 $2.4M
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