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Headwater Capital Co Ltd

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13F filer, CIK 2036346, HONG KONG, China

Headwater Capital Co Ltd reported $480,875,086 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-02-19. Its ten largest share positions make up 92.26% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0002036346-26-000005

Period
2025-12-31
Reported value
$481M
Holdings
17
Top 10 weight
92.26%
New
4
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GOOGadded+139,000$43.6M
GOOGLnew+100,000$31.3M
FIGnew+520,000$19.4M
TSMadded+52,000$15.8M
PDDadded+110,000$12.5M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LITEreduced-95,000-$35M
NVDAexited-100,000-$18.7M
BABAreduced-104,000-$15.2M
MARexited-50,000-$13M
MUreduced-42,000-$12M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR/A 0002036346-26-000005, largest first. % of portfolio is the value over $480,875,086, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 120,000 shares; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 333,000 shares; 2025Q4: 472,000 shares 472,000$148M30.8%+139,000Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 250,000 shares; 2025Q1: 220,000 shares; 2025Q2: 280,000 shares; 2025Q3: 312,000 shares; 2025Q4: 364,000 shares 364,000$111M23%+52,000Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$31.3M6.51%newTimeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 100,000 shares; 2025Q1: 200,000 shares; 2025Q2: 200,000 shares; 2025Q3: 150,000 shares; 2025Q4: 260,000 shares 260,000$29.5M6.13%+110,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 38,000 shares; 2025Q1: 150,000 shares; 2025Q2: 100,000 shares; 2025Q3: 50,000 shares; 2025Q4: 36,400 shares 36,400$24M5%-13,600Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 70,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares; 2025Q4: 104,000 shares 104,000$24M4.99%+4,000Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 200,000 shares; 2025Q1: 500,000 shares; 2025Q2: 400,000 shares; 2025Q3: 370,000 shares; 2025Q4: 325,000 shares 325,000$23.4M4.86%-45,000Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 120,000 shares; 2025Q4: 78,000 shares 78,000$22.3M4.63%-42,000Timeline
FIGFIGMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 520,000 shares 520,000$19.4M4.04%newTimeline
LITELUMENTUM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: 30,000 shares 30,000$11.1M2.3%-95,000Timeline
HTHTH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 300,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,000 shares; 2025Q4: 200,000 shares 200,000$9.41M1.96%-50,000Timeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 180,000 shares; 2025Q4: 200,000 shares 200,000$7.88M1.64%+20,000Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 920,000 shares; 2025Q4: 350,000 shares 350,000$5.1M1.06%-570,000Timeline
YUMCYUM CHINA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 219,550 shares; 2025Q3: 119,700 shares; 2025Q4: 100,000 shares 100,000$4.77M0.99%-19,700Timeline
YELPYELP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$4.56M0.95%newTimeline
APPLE INCAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 624,000 shares 624,000$3.14M0.65%new
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 120,000 shares; 2025Q4: 16,000 shares 16,000$2.35M0.49%-104,000Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
NVDANVIDIA CORPORATION100,000$18.7Mshares
MARMARRIOTT INTL INC NEW50,000$13Mshares
OPRAOPERA LTD100,000$2.06Mshares
INVESCO QQQ TRINVESCO QQQ TR3,300$1.95Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0002036346-26-000002 superseded2026-02-10acceptance time not in the bulk data set
13F-HR/A 0002036346-26-000003 supersededrestatement2026-02-12acceptance time not in the bulk data set
13F-HR/A 0002036346-26-000004 supersededrestatement2026-02-17acceptance time not in the bulk data set
13F-HR/A 0002036346-26-000005 baserestatement2026-02-19acceptance time not in the bulk data set