Headwater Capital Co Ltd
Long book
$622.0M
Q1 2026
Positions
15
Top-10 weight
91%
concentration
Last quarter
+25.7%
SPY +14.8%
Turnover
67%
of book per quarter
Strategy in plain words
auto-generated from filingsHeadwater Capital Co Ltd is a concentrated fundamental stock-picker, specialised in technology (79% of the long book), running a $622.0M US long book across 15 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: TAIWAN SEMICONDUCTOR-SP ADR, META PLATFORMS INC-CLASS A, ALPHABET INC-CL C, ALPHABET INC-CL A, NVIDIA CORP.
Over the last 6 quarters its long book ran on average 5.8pp per quarter ahead of the S&P 500, beating the index in 5 of 6 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-4.9%
Q1 2025
+18.0%
Q2 2025
+11.4%
Q3 2025
+15.8%
Q4 2025
-3.1%
Q1 2026
+25.7%
Sector allocation
Technology 85%
Services media 7%
Financials 6%
Other 2%
Long book by quarter
What does Headwater Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| META META PLATFORMS INC-CLASS A | Technology | 189.0K | $108.1M | 17.4% | +419.2% |
| GOOG ALPHABET INC-CL C | Technology | 295.0K | $84.6M | 13.6% | -37.5% |
| GOOGL ALPHABET INC-CL A | Technology | 230.0K | $66.1M | 10.6% | +130.0% |
| NVDA NVIDIA CORP | Technology | 315.0K | $54.9M | 8.8% | New |
| MU MICRON TECHNOLOGY INC | Technology | 107.0K | $36.1M | 5.8% | +37.2% |
| DASH DOORDASH INC - A | Services media | 210.0K | $31.5M | 5.1% | New |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 367.0K | $25.4M | 4.1% | New |
| LITE LUMENTUM HOLDINGS INC | Technology | 20.0K | $14.1M | 2.3% | -33.3% |
| RBLX ROBLOX CORP -CLASS A | Technology | 200.0K | $11.3M | 1.8% | New |
| ONON ON HOLDING AG-CLASS A | Other | 300.0K | $10.2M | 1.6% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 15 | $622.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 19, 2026 | 17 | $480.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 17 | $480.9M | SEC ↗ | |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 12, 2026 | 13 | $480.9M | SEC ↗ | |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 13 | $480.9M | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 13 | $408.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 13 | $288.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ANEW HOLDINGS | May 22, 2025 | 10 | $222.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 9 | $220.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 13, 2025 | 10 | $187.6M | canonical | SEC ↗ |