Headwater Capital Co Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Headwater Capital Co Ltd reported 15 stock positions worth $622.0 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 18.3% of the portfolio, followed by Meta Platforms Class A (META, 17.4%) and Alphabet Class C (GOOG, 13.6%). Compared with Q4 2025, it opened 7 new positions, sold out of 9, added to 4 and reduced 4. The biggest buy was Meta Platforms Class A (META, shares +419%) and the biggest sale Alphabet Class C (GOOG, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, F4
- CIK
- 0002036346
- Portfolio Value
- $622.0M (Q1 2026)
- SEC Filing
- 0002036346-26-000006 ↗ filed May 15, 2026
Holdings Value
Holdings 15 stocks · $622.0M
| TSM Taiwan Semiconductor-SP ADR | 18.26% | 336,000 | $113.6M | Reduce -7.7% |
| META Meta Platforms Inc. Class A | 17.39% | 189,000 | $108.1M | Add +419.2% |
| GOOG Alphabet Inc. Class C | 13.61% | 295,000 | $84.6M | Reduce -37.5% |
| GOOGL Alphabet Inc. Class A | 10.63% | 230,000 | $66.1M | Add +130.0% |
| NVDA Nvidia Corp. | 8.83% | 315,000 | $54.9M | New |
| MU Micron Technology Inc. | 5.81% | 107,000 | $36.1M | Add +37.2% |
| TCOM Trip.com Group Ltd.-ADR | 5.28% | 660,000 | $32.9M | Add +103.1% |
| DASH DoorDash Inc. Class A | 5.07% | 210,000 | $31.5M | New |
| HOOD Robinhood Markets Inc. Class A | 4.09% | 367,000 | $25.4M | New |
| PDD PDD Holdings Inc. | 2.46% | 150,000 | $15.3M | Reduce -42.3% |
| LITE Lumentum Holdings Inc. | 2.26% | 20,000 | $14.1M | Reduce -33.3% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 2.20% | 100,000 | $13.7M | New |
| RBLX Roblox Corp. Class A | 1.82% | 200,000 | $11.3M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 1.64% | 300,000 | $10.2M | New |
| BZ Kanzhun Ltd. - ADR | 0.65% | 300,000 | $4.0M | New |
Portfolio Sells Q4 2025 → Q1 2026
| GOOG Alphabet Inc. Class C | Reduce -37.5% | 13.61% | −17.19 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −4.99 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.7% | 18.26% | −4.75 |
| FIG Figma Inc. Class A | Sold out | 0.00% | −4.04 |
| PDD PDD Holdings Inc. | Reduce -42.3% | 2.46% | −3.67 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −1.96 |
| ATAT Atour Lifestyle Holdings-ADR | Sold out | 0.00% | −1.64 |
| TRIP Tripadvisor Inc. | Sold out | 0.00% | −1.06 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.99 |
| YELP Yelp Inc. | Sold out | 0.00% | −0.95 |
| APPLE INC | Sold out | 0.00% | −0.65 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.49 |
| LITE Lumentum Holdings Inc. | Reduce -33.3% | 2.26% | −0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| META Meta Platforms Inc. Class A | Add +419.2% | 17.39% | +12.39 |
| NVDA Nvidia Corp. | New | 8.83% | +8.83 |
| DASH DoorDash Inc. Class A | New | 5.07% | +5.07 |
| GOOGL Alphabet Inc. Class A | Add +130.0% | 10.63% | +4.13 |
| HOOD Robinhood Markets Inc. Class A | New | 4.09% | +4.09 |
| FUTU Futu Holdings Ltd.-ADR | New | 2.20% | +2.20 |
| RBLX Roblox Corp. Class A | New | 1.82% | +1.82 |
| ONON On Holding AG Class A | New | 1.64% | +1.64 |
| MU Micron Technology Inc. | Add +37.2% | 5.81% | +1.18 |
| BZ Kanzhun Ltd. - ADR | New | 0.65% | +0.65 |
| TCOM Trip.com Group Ltd.-ADR | Add +103.1% | 5.28% | +0.42 |
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 |