In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Headwater Capital Co Ltd reported 17 stock positions worth $408.8 million . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 21.3% of the portfolio, followed by Alphabet Class C (GOOG, 19.8% ) and Meta Platforms Class A (META, 9.0% ). Compared with Q2 2025, it opened 9 new positions, sold out of 4, added to 3 and reduced 5. The biggest buy was Alphabet Class C (GOOG, shares +233% ) and the biggest sale Meta Platforms Class A (META, shares −50% ).
Location HONG KONG, F4
CIK 0002036346
Portfolio Value $408.8M (Q3 2025) Holdings 17 stocks · $408.8M 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 Q2 2025 TSM Taiwan Semiconductor-SP ADR 312,000 $87.1M Add +11.4% GOOG Alphabet Inc. Class C 333,000 $81.1M Add +233.0% META Meta Platforms Inc. Class A 50,000 $36.7M Reduce -50.0% TCOM Trip.com Group Ltd.-ADR 370,000 $27.8M Reduce -7.5% AMZN Amazon.com Inc. 100,000 $22.0M New BABA Alibaba Group Holding-SP ADR 120,000 $21.4M New LITE Lumentum Holdings Inc. 125,000 $20.3M New MU Micron Technology Inc. 120,000 $20.1M New PDD PDD Holdings Inc. 150,000 $19.8M Reduce -25.0% NVDA Nvidia Corp. 100,000 $18.7M New TRIP Tripadvisor Inc. 920,000 $15.0M New MAR Marriott International Class A 50,000 $13.0M Reduce -37.5% HTHT H World Group Ltd.-ADR 250,000 $9.8M New ATAT Atour Lifestyle Holdings-ADR 180,000 $6.8M New YUMC Yum China Holdings Inc. 119,700 $5.1M Reduce -45.5% OPRA Opera Ltd.-ADR 100,000 $2.1M Add +100.0% INVESCO QQQ TR 3,300 $1.9M New
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Reduce -50.0% 8.98% −16.85 MSFT Microsoft Corp. Sold out 0.00% −8.71 MAR Marriott International Class A Reduce -37.5% 3.19% −4.46 LULU Lululemon Athletica Inc. Sold out 0.00% −4.41 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −3.10 GOOS Canada Goose Holdings Inc. Sold out 0.00% −2.59 PDD PDD Holdings Inc. Reduce -25.0% 4.85% −2.48 YUMC Yum China Holdings Inc. Reduce -45.5% 1.26% −2.18 TCOM Trip.com Group Ltd.-ADR Reduce -7.5% 6.81% −1.40
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ GOOG Alphabet Inc. Class C Add +233.0% 19.84% +13.63 AMZN Amazon.com Inc. New 5.37% +5.37 BABA Alibaba Group Holding-SP ADR New 5.25% +5.25 LITE Lumentum Holdings Inc. New 4.98% +4.98 MU Micron Technology Inc. New 4.91% +4.91 NVDA Nvidia Corp. New 4.56% +4.56 TRIP Tripadvisor Inc. New 3.66% +3.66 HTHT H World Group Ltd.-ADR New 2.39% +2.39 ATAT Atour Lifestyle Holdings-ADR New 1.66% +1.66 INVESCO QQQ TR New 0.48% +0.48 OPRA Opera Ltd.-ADR Add +100.0% 0.50% +0.17 TSM Taiwan Semiconductor-SP ADR Add +11.4% 21.32% −0.88
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Sold out 2,520 $2.5Mbefore exit
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