Managers / Q4 2025 · view latest →
Headwater Capital Co Ltd
CIK 0002036346 · RM 6009, 60/F, CENTRAL PLAZA,, 18 HARBOUR ROAD, WANCHAI, HONG KONG, F4, 999077 · 852-92488600
Summary
Headwater Capital Co Ltd reported $481M in U.S.-listed holdings across 17 positions for Q4 2025.
The portfolio is heavily concentrated: GOOG alone accounts for 30.8% of reported value.
Compared with Q3 2025, the fund opened 4 new positions and exited 4.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 61.3% · $295M
- ADR · 38.1% · $183M
- Other · 0.7% · $3M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GOOGLALPHABET INC | NEW | +100.0K | 100.0K | +$31M | $31M |
| FIGFIGMA INC | NEW | +520.0K | 520.0K | +$19M | $19M |
| YELPYELP INC | NEW | +150.0K | 150.0K | +$5M | $5M |
| APPLE INC | NEW | +624.0K | 624.0K | +$3M | $3M |
| NVDANVIDIA CORPORATION | SOLD OUT | −100.0K | 0 | −$19M | $0 |
| MARMARRIOTT INTL INC NEW | SOLD OUT | −50.0K | 0 | −$13M | $0 |
| OPRAOPERA LTD | SOLD OUT | −100.0K | 0 | −$2M | $0 |
| INVESCO QQQ TR | SOLD OUT | −3.3K | 0 | −$2M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GOOGALPHABET INChistory → | CAP STK CL C · CAP STK CL A | 37.31% | $179M | 572.0K |
| 2 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 23.00% | $111M | 364.0K |
| 3 | PDDPDD HOLDINGS INChistory → | SPONSORED ADS | 6.13% | $29M | 260.0K |
| 4 | METAMETA PLATFORMS INChistory → | CL A | 5.00% | $24M | 36.4K |
| 5 | AMZNAMAZON COM INChistory → | COM | 4.99% | $24M | 104.0K |
| 6 | CLVTRIP COM GROUP LTDhistory → | ADS | 4.86% | $23M | 325.0K |
| 7 | MUMICRON TECHNOLOGY INChistory → | COM | 4.63% | $22M | 78.0K |
| 8 | FIGFIGMA INChistory → | CLASS A COM STK | 4.04% | $19M | 520.0K |
| 9 | LITELUMENTUM HLDGS INChistory → | COM | 2.30% | $11M | 30.0K |
| 10 | HTHTH WORLD GROUP LTDhistory → | SPONSORED ADS | 1.96% | $9M | 200.0K |
| 11 | ATATATOUR LIFESTYLE HLDGS LTDhistory → | SPONSORED ADS | 1.64% | $8M | 200.0K |
| 12 | TRIPTRIPADVISOR INChistory → | COM | 1.06% | $5M | 350.0K |
| 13 | YUMCYUM CHINA HLDGS INC | COM | 0.99% | $5M | 100.0K |
| 14 | YELPYELP INC | CL A | 0.95% | $5M | 150.0K |
| 15 | APPLE INC | PUT | 0.65% | $3M | 624.0K |
| 16 | BABAALIBABA GROUP HLDG LTD | SPONSORED ADS | 0.49% | $2M | 16.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $622M | 15 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $481M | 17 | Feb 19, 2026 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2025 | $409M | 17 | Nov 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $288M | 13 | Aug 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025REVEALED | $442M | 19 | May 9, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $188M | 10 | Jan 13, 2025 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.