DOSSIER · 13F-HR · Q1 2026

Headwater Capital Co Ltd

$622M in tracked AUM across 15 positions as of Q1 2026.

HC
CIK 0002036346 · last filed Mar 31, 2026
Total AUM
$622M
as of Q1 2026
Holdings
15
positions
Whale Score
73
73
strong
Activity
no data
changes this Q
AI Analysis · Q1 2026

Headwater Capital entered 2026 with a simple bet that only got simpler: throw the weight behind a handful of mega-cap names and let the winners run. The $622 million book that emerged from Q1 is the most concentrated version of that thesis yet—18 percent in Taiwan Semiconductor, 17 percent in Meta Platforms, and nearly a quarter sitting in Alphabet's dual-class structure—but the Q/Q action inside those heavy positions tells a sharper story than the static numbers suggest.

The headline move is META: shares outstanding nearly quintupled from 36,400 to 189,000, pushing the position from under 5 percent of the book to over 17 percent and adding roughly $84 million in a single quarter. That kind of escalation into a name that was already held signals something more decisive than drift—this was a manager deliberately loading into a thesis it already owned rather than hunting for new ideas. The companion increase in Lumentum (+37 percent) and Micron (+37 percent) reinforces the same driver: a builder's appetite for AI infrastructure and optical networking, not a broad tech dip-buy.

The other side of the ledger is equally instructive. Apple, a holding since at least December, was wiped out entirely—all 624,000 shares gone in a single quarter. So was Amazon, which had been a $24 million position. What looked like a China-and-tech-growth book at year-end is now something narrower and more focused: the consumer-discretionary and e-commerce names (TripAdvisor, Yum China, Alibaba, Atour Lifestyle) were all sold, and PDD Holdings was cut by 42 percent despite still sitting at $15 million. The surviving Asia exposure—Trip.com, Futu, Kanzhun, and Roblox—is concentrated in platforms with a strong U.S. listing and a consumer-facing brand, not the broad China recovery story that PDD represented.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TSM
TAIWAN SEMICONDUCTOR MFG
$114M336K18.3%
02
META
META PLATFORMS INC
$108M189K17.4%
03
GOOG
ALPHABET INC
$85M295K13.6%
04
GOOGL
ALPHABET INC
$66M230K10.6%
05
NVDA
NVIDIA CORP
$55M315K8.8%
06
MU
MICRON TECHNOLOGY INC
$36M107K5.8%
07
TCOM
TRIP COM GROUP LTD
$33M660K5.3%
08
DASH
DOORDASH INC
$32M210K5.1%
09
HOOD
ROBINHOOD MARKETS INC
$25M367K4.1%
10
PDD
PDD HOLDINGS INC
$15M150K2.5%

Filing history

2026Q1Mar 31
$622M 29.3%
15 positionsView →
2025Q4Dec 31
$481M 17.6%
17 positionsView →
2025Q3Sep 30
$409M 41.8%
17 positionsView →
2025Q2Jun 30
$288M 34.9%
13 positionsLocked
2025Q1Mar 31
$442M 135.9%
19 positionsLocked
2024Q4Dec 31
$188M
10 positionsLocked