1y return+44.8%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2024: $162 against $127 in the S&P 500.2
Headwater Capital Co LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | $100.3M | 20.3% | −37.5% |
| METAMeta Platforms Inc | $88.7M | 18.0% | −16.7% |
| GOOGAlphabet Inc | $75.3M | 15.3% | −27.8% |
| AMZNAmazon Com Inc | $31.0M | 6.3% | New |
| FUTUFutu Hldgs Ltd | $29.5M | 6.0% | +215.0% |
| GOOGLAlphabet Inc | $25.0M | 5.1% | −69.6% |
| MUMicron Technology Inc | $24.2M | 4.9% | −80.4% |
| TCOMTrip Com Group Ltd | $24.1M | 4.9% | −8.3% |
| VVisa Inc | $24.0M | 4.9% | New |
| HOODRobinhood Mkts Inc | $21.1M | 4.3% | −42.8% |
| RBLXRoblox Corp | $17.1M | 3.5% | +57.5% |
| BWXTBwx Technologies Inc | $15.6M | 3.2% | New |
| APPApplovin Corp | $10.3M | 2.1% | New |
| PAYPPaypay Corp | $7.2M | 1.5% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | December 31, 2024 | +141.8% | $100.3M |
| GOOGAlphabet Inc | June 30, 2025 | +99.2% | $75.3M |
| HOODRobinhood Mkts Inc | March 31, 2026 | +44.7% | $21.1M |
| GOOGLAlphabet Inc | December 31, 2025 | +14.2% | $25.0M |
| METAMeta Platforms Inc | December 31, 2024 | −3.8% | $88.7M |
| RBLXRoblox Corp | March 31, 2026 | −3.9% | $17.1M |
| FUTUFutu Hldgs Ltd | March 31, 2026 | −31.5% | $29.5M |
| TCOMTrip Com Group Ltd | December 31, 2024 | −42.0% | $24.1M |
Sold off last quarter
- NVDANvidia Corp was $54.9M
- DASHDoordash Inc was $31.5M
- PDDPdd Holdings Inc was $15.3M
- LITELumentum Holdings Inc was $14.1M
- On Hldg AgCUSIP H5919C104 was $10.2M
- BZKanzhun Ltd was $4.0M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +16.3% | +14.8% |
| March 31, 2026 | −3.2% | −4.6% |
| December 31, 2025 | +15.6% | +2.4% |
| September 30, 2025 | +11.2% | +7.8% |
| June 30, 2025 | +17.7% | +10.5% |
| March 31, 2025 | −5.1% | −4.6% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Headwater Capital Co Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2036346&type=13F-HR&dateb=&owner=include&count=40CIK 2036346
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/2036346/000203634626000007/Filed August 14, 2026 · accession 0002036346-26-000007