Headwater Capital
HONG KONG, F4files as Headwater Capital Co Ltd
$493m in 14 US stocks at the end of 30 June 2026. The top 10 are 89.8% of the money. It changed about 27.8% of the portfolio this quarter.
Value
$493m
Stocks
14
Top 10 share
89.8%
Turnover
27.8%
What changed this quarter
New
Bought for the first time this quarter.
- Amazon.comAMZN6.3% of the fund
- VisaV4.9% of the fund
- BWX TechnologiesBWXT3.2% of the fund
- AppLovinAPP2.1% of the fund
- PayPayPAYP1.5% of the fund
Added
Bought more of a stock they already held.
- Futu HldgsFUTU6.0% of the fund+215%
- RobloxRBLX3.5% of the fund+57%
Cut
Sold some of their stake.
- Taiwan Semiconductor ManufacturingTSM20.3% of the fund-38%
- Meta PlatformsMETA18.0% of the fund-17%
- AlphabetGOOG15.3% of the fund-28%
- AlphabetGOOGL5.1% of the fund-70%
- Micron TechnologyMU4.9% of the fund-80%
- Trip COM GroupTCOM4.9% of the fund-8%
- Robinhood MarketsHOOD4.3% of the fund-43%
Sold out
Sold their entire stake.
- NvidiaNVDA-100%
- DoorDashDASH-100%
- PDD HoldingsPDD-100%
- Lumentum HoldingsLITE-100%
- On Holding AGONON-100%
- KanzhunBZ-100%
Holdings
- Futu HldgsFUTU
- Share
- 6.0%
- Value
- $30m
- Shares
- 315,000
+215%
- Trip COM GroupTCOM
- Share
- 4.9%
- Value
- $24m
- Shares
- 605,000
-8%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Taiwan Semiconductor ManufacturingTSM | 20.3% | $100m | 210,000 | -38% |
| Meta PlatformsMETA | 18.0% | $89m | 157,500 | -17% |
| AlphabetGOOG | 15.3% | $75m | 213,000 | -28% |
| Amazon.comAMZN | 6.3% | $31m | 130,000 | New |
| Futu HldgsFUTU | 6.0% | $30m | 315,000 | +215% |
| AlphabetGOOGL | 5.1% | $25m | 70,000 | -70% |
| Micron TechnologyMU | 4.9% | $24m | 21,000 | -80% |
| Trip COM GroupTCOM | 4.9% | $24m | 605,000 | -8% |
| VisaV | 4.9% | $24m | 70,000 | New |
| Robinhood MarketsHOOD | 4.3% | $21m | 210,000 | -43% |
| RobloxRBLX | 3.5% | $17m | 315,000 | +57% |
| BWX TechnologiesBWXT | 3.2% | $16m | 80,000 | New |
| AppLovinAPP | 2.1% | $10m | 20,000 | New |
| PayPayPAYP | 1.5% | $7m | 500,000 | New |
Options (1)
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $7m
- Contracts
- 630,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Invesco QQQ TRQQQ | Put | $7m | 630,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 72.7% since 30 June 2025.
Where the money is
Media & telecom40.4%
Technology30.2%
Financial services9.1%
Retail & consumer6.3%
Industrials3.2%
Other10.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.