In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Headwater Capital Co Ltd reported 12 stock positions worth $285.7 million . Its top holding was Meta Platforms Class A (META) at 25.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 22.2% ) and Microsoft (MSFT, 8.7% ). Compared with Q1 2025, it opened 7 new positions, sold out of 4, added to 1 and reduced 2. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale Meta Platforms Class A (META, shares −33% ).
Location HONG KONG, F4
CIK 0002036346
Portfolio Value $285.7M (Q2 2025) Holdings 12 stocks · $285.7M 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 2025 META Meta Platforms Inc. Class A 100,000 $73.8M Reduce -33.3% TSM Taiwan Semiconductor-SP ADR 280,000 $63.4M Add +27.3% MSFT Microsoft Corp. 50,000 $24.9M New TCOM Trip.com Group Ltd.-ADR 400,000 $23.5M Reduce -20.0% MAR Marriott International Class A 80,000 $21.9M New PDD PDD Holdings Inc. 200,000 $20.9M No change GOOG Alphabet Inc. Class C 100,000 $17.7M New LULU Lululemon Athletica Inc. 53,000 $12.6M New YUMC Yum China Holdings Inc. 219,550 $9.8M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 500,000 $8.9M No change GOOS Canada Goose Holdings Inc. 660,000 $7.4M New OPRA Opera Ltd.-ADR 50,000 $945K New
Options reported separately and not counted above: INVESCO QQQ TR puts ($2.5M).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Reduce -33.3% 25.84% −13.45 TCOM Trip.com Group Ltd.-ADR Reduce -20.0% 8.21% −6.24 NVDA Nvidia Corp. Sold out 0.00% −4.93 FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −4.65 INTC Intel Corp. Sold out 0.00% −3.10 HIMX Himax Technologies Inc.-ADR Sold out 0.00% −1.67
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ MSFT Microsoft Corp. New 8.71% +8.71 MAR Marriott International Class A New 7.65% +7.65 GOOG Alphabet Inc. Class C New 6.21% +6.21 TSM Taiwan Semiconductor-SP ADR Add +27.3% 22.20% +5.60 LULU Lululemon Athletica Inc. New 4.41% +4.41 YUMC Yum China Holdings Inc. New 3.44% +3.44 GOOS Canada Goose Holdings Inc. New 2.59% +2.59 OPRA Opera Ltd.-ADR New 0.33% +0.33
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Add +152.0% 2,520 $2.5M
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