Headwater Capital Co Ltd

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.