# Headwater Capital Co Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2036346. Source: https://holderbook.com/funds/2036346-headwater-capital-co-ltd/

- Reported value: $500.4M
- Positions: 15
- Weight of the ten largest: 88.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $100.3M | 210,000 | 20.0% | 7 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $88.7M | 157,500 | 17.7% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $75.3M | 213,000 | 15.0% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $31.0M | 130,000 | 6.2% | 1 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $29.5M | 315,000 | 5.9% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $25.0M | 70,000 | 5.0% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $24.2M | 21,000 | 4.8% | 4 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $24.1M | 605,000 | 4.8% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $24.0M | 70,000 | 4.8% | 1 |
| ROBINHOOD MKTS INC | [HOOD](https://holderbook.com/stocks/HOOD/) | $21.1M | 210,000 | 4.2% | 2 |
| ROBLOX CORP | [RBLX](https://holderbook.com/stocks/RBLX/) | $17.1M | 315,000 | 3.4% | 2 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $15.6M | 80,000 | 3.1% | 1 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $10.3M | 20,000 | 2.1% | 1 |
| PAYPAY CORP | [PAYP](https://holderbook.com/stocks/PAYP/) | $7.2M | 500,000 | 1.4% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $7.0M | 0 | 1.4% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +29.4% | +14.8% | +14.6% | 100% |
| Q1 2026 | -3.2% | -4.6% | +1.5% | 99% |
| Q4 2025 | +15.6% | +2.4% | +13.3% | 100% |
| Q3 2025 | +11.2% | +7.8% | +3.4% | 100% |
| Q2 2025 | +17.7% | +10.5% | +7.3% | 100% |
| Q1 2025 | -5.1% | -4.6% | -0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $500.4M | 15 |
| Q1 2026 | $622.0M | 15 |
| Q4 2025 | $480.9M | 17 |
| Q3 2025 | $408.8M | 17 |
| Q2 2025 | $288.2M | 13 |
| Q1 2025 | $442.4M | 10 |
| Q4 2024 | $187.6M | 10 |