Headwater Capital Co Ltd

HONG KONG, F4 · CIK 2036346 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$493.4m reported value -20.7% vs Q1 2026

14positions

89.8%in top 10

5 new 2 added 7 reduced 6 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($7.0m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	210,000	$100.3m20.33%	20.33%	Reduced -126.0k	-126,000 -37.5%
2	META PLATFORMS INC CL A META	META	157,500	$88.7m17.98%	17.98%	Reduced -31.5k	-31,500 -16.7%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	213,000	$75.3m15.25%	15.25%	Reduced -82.0k	-82,000 -27.8%
4	AMAZON COM INC COM AMZN	AMZN	130,000	$31.0m6.28%	6.28%	New
5	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	315,000	$29.5m5.98%	5.98%	Added +215.0k	+215,000 215.0%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	70,000	$25.0m5.07%	5.07%	Reduced -160.0k	-160,000 -69.6%
7	MICRON TECHNOLOGY INC COM MU	MU	21,000	$24.2m4.91%	4.91%	Reduced -86.0k	-86,000 -80.4%
8	TRIP COM GROUP LTD ADS TCOM	TCOM	605,000	$24.1m4.89%	4.89%	Reduced -55.0k	-55,000 -8.3%
9	VISA INC COM CL A V	V	70,000	$24.0m4.87%	4.87%	New
10	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	210,000	$21.1m4.27%	4.27%	Reduced -157.0k	-157,000 -42.8%
11	ROBLOX CORP CL A RBLX	RBLX	315,000	$17.1m3.47%	3.47%	Added +115.0k	+115,000 57.5%
12	BWX TECHNOLOGIES INC COM BWXT	BWXT	80,000	$15.6m3.16%	3.16%	New
13	APPLOVIN CORP COM CL A APP	APP	20,000	$10.3m2.09%	2.09%	New
14	PAYPAY CORP SPONSORED ADS PAYP	PAYP	500,000	$7.2m1.45%	1.45%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NVIDIA CORPORATION NVDA	NVDA	315,000	$54.9m315.0k shares
DOORDASH INC DASH	DASH	210,000	$31.5m210.0k shares
PDD HOLDINGS INC PDD	PDD	150,000	$15.3m150.0k shares
LUMENTUM HLDGS INC LITE	LITE	20,000	$14.1m20.0k shares
ON HLDG AG ONON	ONON	300,000	$10.2m300.0k shares
KANZHUN LIMITED BZ	BZ	300,000	$4.0m300.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	630,000	$7.0m630.0k shares	New