Headwater Capital Co Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 19, 2026), Headwater Capital Co Ltd reported 17 stock positions worth $480.9 million. Its top holding was Alphabet Class C (GOOG) at 30.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 23.0%) and Alphabet Class A (GOOGL, 6.5%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 5 and reduced 8. The biggest buy was Alphabet Class C (GOOG, shares +42%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, F4
- CIK
- 0002036346
- Portfolio Value
- $480.9M (Q4 2025)
- SEC Filing
- 0002036346-26-000005 ↗ filed Feb 19, 2026
Holdings Value
Holdings 17 stocks · $480.9M
| GOOG Alphabet Inc. Class C | 30.80% | 472,000 | $148.1M | Add +41.7% |
| TSM Taiwan Semiconductor-SP ADR | 23.00% | 364,000 | $110.6M | Add +16.7% |
| GOOGL Alphabet Inc. Class A | 6.51% | 100,000 | $31.3M | New |
| PDD PDD Holdings Inc. | 6.13% | 260,000 | $29.5M | Add +73.3% |
| META Meta Platforms Inc. Class A | 5.00% | 36,400 | $24.0M | Reduce -27.2% |
| AMZN Amazon.com Inc. | 4.99% | 104,000 | $24.0M | Add +4.0% |
| TCOM Trip.com Group Ltd.-ADR | 4.86% | 325,000 | $23.4M | Reduce -12.2% |
| MU Micron Technology Inc. | 4.63% | 78,000 | $22.3M | Reduce -35.0% |
| FIG Figma Inc. Class A | 4.04% | 520,000 | $19.4M | New |
| LITE Lumentum Holdings Inc. | 2.30% | 30,000 | $11.1M | Reduce -76.0% |
| HTHT H World Group Ltd.-ADR | 1.96% | 200,000 | $9.4M | Reduce -20.0% |
| ATAT Atour Lifestyle Holdings-ADR | 1.64% | 200,000 | $7.9M | Add +11.1% |
| TRIP Tripadvisor Inc. | 1.06% | 350,000 | $5.1M | Reduce -62.0% |
| YUMC Yum China Holdings Inc. | 0.99% | 100,000 | $4.8M | Reduce -16.5% |
| YELP Yelp Inc. | 0.95% | 150,000 | $4.6M | New |
| APPLE INC | 0.65% | 624,000 | $3.1M | New |
| BABA Alibaba Group Holding-SP ADR | 0.49% | 16,000 | $2.3M | Reduce -86.7% |
Portfolio Sells Q3 2025 → Q4 2025
| BABA Alibaba Group Holding-SP ADR | Reduce -86.7% | 0.49% | −4.76 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −4.56 |
| META Meta Platforms Inc. Class A | Reduce -27.2% | 5.00% | −3.99 |
| MAR Marriott International Class A | Sold out | 0.00% | −3.19 |
| LITE Lumentum Holdings Inc. | Reduce -76.0% | 2.30% | −2.68 |
| TRIP Tripadvisor Inc. | Reduce -62.0% | 1.06% | −2.60 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -12.2% | 4.86% | −1.95 |
| OPRA Opera Ltd.-ADR | Sold out | 0.00% | −0.50 |
| INVESCO QQQ TR | Sold out | 0.00% | −0.48 |
| HTHT H World Group Ltd.-ADR | Reduce -20.0% | 1.96% | −0.44 |
| MU Micron Technology Inc. | Reduce -35.0% | 4.63% | −0.28 |
| YUMC Yum China Holdings Inc. | Reduce -16.5% | 0.99% | −0.26 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOG Alphabet Inc. Class C | Add +41.7% | 30.80% | +10.96 |
| GOOGL Alphabet Inc. Class A | New | 6.51% | +6.51 |
| FIG Figma Inc. Class A | New | 4.04% | +4.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +16.7% | 23.00% | +1.69 |
| PDD PDD Holdings Inc. | Add +73.3% | 6.13% | +1.28 |
| YELP Yelp Inc. | New | 0.95% | +0.95 |
| APPLE INC | New | 0.65% | +0.65 |
| ATAT Atour Lifestyle Holdings-ADR | Add +11.1% | 1.64% | −0.02 |
| AMZN Amazon.com Inc. | Add +4.0% | 4.99% | −0.38 |
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 2025Amended | 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 2025Amended | 9 | $220.0M | META, TSM, TCOM, PDD, NVDA |
| Q4 2024 | 10 | $187.6M | TSM, GOOG, META, JD, MSFT |