HC
Headwater Capital Co Ltd: 13F Holdings & AI Insights
Headwater Capital Co LtdCIK: 0002036346
Sector-focusedMomentum followerHigh-turnover trader
Total reported value
$622.0M
Reporting period: 2026-03-31 · Number of holdings: 15
Headwater Capital Co Ltd disclosed 15 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $622.0M and a quarterly turnover rate of 83.0%.
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Personality snowflake
- Concentration
- 45.54
- Portfolio Stability
- 83
- Momentum/Contrarian
- 100
- Sector conviction
- 100
- Diversification
- 30
- Sizing Uniformity
- 91.29
Headwater Capital Co Ltd's disclosed holdings carry a Herfindahl concentration index of 0.114 — mathematically equivalent to about 9 equally-sized positions, close to its 15 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.87), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Trim GOOG
-37.5% -$63.5M
Add META
+419.2% $84.1M
Trim TSM
-7.7% $2.9M
Add GOOGL
+130.0% $34.8M
Trim PDD
-42.3% -$14.2M
Add MU
+37.2% $13.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 18.26% | -4.74% | -7.69% | |
| 2 | META | Meta Platforms Inc-class A | Stock-Comm Services | 17.39% | +12.39% | +419.23% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 13.61% | -17.19% | -37.50% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 10.63% | +4.12% | +130.00% | |
| 5 | NVDA | Nvidia CORP | Stock-Tech | 8.83% | +8.83% | NEW | |
| 6 | MU | Micron Technology INC | Stock-Tech | 5.81% | +1.18% | +37.18% | |
| 7 | TCOM | Trip.com Group Ltd-adr | Stock-Consumer Disc | 5.28% | +0.42% | +103.08% | |
| 8 | DASH | Doordash INC - A | Stock-Consumer Disc | 5.07% | +5.07% | NEW | |
| 9 | HOOD | Robinhood Markets INC - A | Stock-Financials | 4.09% | +4.09% | NEW | |
| 10 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 2.46% | -3.67% | -42.31% | |
| 11 | LITE | Lumentum Holdings INC | Stock-Tech | 2.26% | -0.04% | -33.33% | |
| 12 | FUTU | Futu Holdings Ltd-adr | Stock-Financials | 2.20% | +2.20% | NEW | |
| 13 | RBLX | Roblox CORP -class A | Stock-Comm Services | 1.82% | +1.82% | NEW | |
| 14 | ✓ | On Hldg AG | Stock-Other | 1.64% | +1.64% | NEW | |
| 15 | BZ | Kanzhun LTD - Adr | Stock-Other | 0.65% | +0.65% | NEW |
Portfolio Performance
Performance for Q3 2026
+0.3%
Performance Last 4 Quarters
+36.4%
Based on 69% of reported portfolio value with available pricing
- Stdev
- +27.1%
- Beta
- +1.67
- Alpha
- +1.5%
- Max Drawdown
- -8.3%
- Annualized Perf
- +32.4%
- Batting Avg vs S&P
- +52.9%
- Sortino
- +2.91
- Stutzer
- +0.37
- Treynor
- +0.19
- Sterling
- +1.77
- Calmar
- +3.92
- Information Ratio
- +0.79
- Tracking Error
- +17.1%
- Stdev Down
- +10.9%
- Winning Months %
- +64.7%
- Losing Months %
- +35.3%
- Best 12 Months
- +70.1%
- Worst 12 Months
- +25.9%
- Efficiency Ratio
- +0.47
- Sharpe
- +1.16
- Stdev Sectors
- +15.7%
- Skewness
- +1.17
- Kurtosis
- +1.98
- Upside Potential
- +4.84
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Headwater Capital Co Ltd's most significant position changes for 2026-03-31: New buy: Nvidia CORP (NVDA); New buy: Doordash INC - A (DASH); New buy: Robinhood Markets INC - A (HOOD); Sold out: Amazon.com INC (AMZN); Sold out: Figma Inc-cl A (FIG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | META | Meta Platforms Inc-class A | +12.4% | +419.23% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +4.1% | +130.00% | Add |
| 3 | MU | Micron Technology INC | +1.2% | +37.18% | Add |
| 4 | TCOM | Trip.com Group Ltd-adr | +0.4% | +103.08% | Add |
| 5 | LITE | Lumentum Holdings INC | 0% | -33.33% | Trim |
| 6 | PDD | Pdd Holdings INC | -3.7% | -42.31% | Trim |
| 7 | TSM | Taiwan Semiconductor-sp Adr | -4.7% | -7.69% | Trim |
| 8 | GOOG | Alphabet Inc-cl C | -17.2% | -37.50% | Trim |
| 9 | NVDA | Nvidia CORP | — | NEW | New buy |
| 10 | DASH | Doordash INC - A | — | NEW | New buy |
| 11 | HOOD | Robinhood Markets INC - A | — | NEW | New buy |
| 12 | AMZN | Amazon.com INC | — | EXIT | Sold out |
| 13 | FIG | Figma Inc-cl A | — | EXIT | Sold out |
| 14 | FUTU | Futu Holdings Ltd-adr | — | NEW | New buy |
| 15 | RBLX | Roblox CORP -class A | — | NEW | New buy |
| 16 | ✓ | On Hldg AG | — | NEW | New buy |
| 17 | HTHT | H World Group Ltd-adr | — | EXIT | Sold out |
| 18 | ATAT | Atour Lifestyle Holdings-adr | — | EXIT | Sold out |
| 19 | TRIP | Tripadvisor INC | — | EXIT | Sold out |
| 20 | YUMC | Yum China Holdings INC | — | EXIT | Sold out |
| 21 | YELP | Yelp INC | — | EXIT | Sold out |
| 22 | BZ | Kanzhun LTD - Adr | — | NEW | New buy |
| 23 | MCHX | Marchex, Inc. | — | EXIT | Sold out |
| 24 | BABA | Alibaba Group Holding-sp Adr | — | EXIT | Sold out |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-19 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-17 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-12 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-22 | Amendment | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-13 | 13F-HR | View on EDGAR |
FAQ
What is Headwater Capital Co Ltd and what type of investor is it?
Headwater Capital Co Ltd is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $622.0M, spread across 15 disclosed positions.
What are Headwater Capital Co Ltd's largest equity positions?
Based on the latest 13F filing, Headwater Capital Co Ltd's top holdings by market value are:
1. Taiwan Semiconductor-sp Adr (TSM) — $113.6M (18.3%)
2. Meta Platforms Inc-class A (META) — $108.1M (17.4%)
3. Alphabet Inc-cl C (GOOG) — $84.6M (13.6%)
4. Alphabet Inc-cl A (GOOGL) — $66.1M (10.6%)
5. Nvidia CORP (NVDA) — $54.9M (8.8%)
What changes did Headwater Capital Co Ltd make in its most recent portfolio filing?
In the latest reported quarter, Headwater Capital Co Ltd made 24 notable position adjustments: 7 new positions were initiated, 4 existing holdings were added to, 4 positions were partially reduced, and 9 were completely exited. The largest of these moves: New buy: Nvidia CORP (NVDA); New buy: Doordash INC - A (DASH); New buy: Robinhood Markets INC - A (HOOD); Sold out: Amazon.com INC (AMZN); Sold out: Figma Inc-cl A (FIG)
What sectors does Headwater Capital Co Ltd focus on?
Headwater Capital Co Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 44.5%
• Information Technology: 36.0%
• Consumer Discretionary: 13.1%
• Financials: 6.4%
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