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HC
Headwater Capital Portfolio holdings
AUM
$500M
1-Year Est. Return
72.8%
This Fund
S&P 500
This Quarter
Est. Return
+25.22%
1 Year Est. Return
+72.8%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$500M
AUM Growth
-$122M
(-20%)
Cap. Flow
-$244M
Cap. Flow
% of AUM
-48.73%
Top 10 Holdings %
Top 10 Hldgs %
88.57%
Holding
21
New
6
Increased
2
Reduced
7
Closed
6
Avg Time Held Equity + Options
2
quarters
Top 10 Avg Time Held Equity + Options
2.8
quarters
Top 20 Avg Time Held Equity + Options
2
quarters
Avg Time Held Equity only
2.1
quarters
Top 10 Avg Time Held Equity only
2.8
quarters
Top 20 Avg Time Held Equity only
2.1
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$32.6M |
| 2 |
Futu Holdings
FUTU
|
+$27.5M |
| 3 |
Visa
V
|
+$22.5M |
| 4 |
BWX Technologies
BWXT
|
+$16.7M |
| 5 |
Applovin
APP
|
+$9.65M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$64.5M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$57.6M |
| 3 |
NVIDIA
NVDA
|
+$54.9M |
| 4 |
TSMC
TSM
|
+$51.1M |
| 5 |
DoorDash
DASH
|
+$31.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 43.25% |
| 2 | Technology | 26.32% |
| 3 | Financials | 14.91% |
| 4 | Consumer Discretionary | 11.01% |
| 5 | Industrials | 3.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
TSMC
TSM
$2.43T
| $100M | 20.04% |
210,000
-126,000
| -38% | -$51.1M |
2024 Q4
6 quarters
|
|
2
Meta Platforms (Facebook)
META
$1.84T
| $88.7M | 17.73% |
157,500
-31,500
| -17% | -$19.3M |
2024 Q4
6 quarters
|
|
|
3
Alphabet (Google) Class C
GOOG
$4.26T
| $75.3M | 15.04% |
213,000
-82,000
| -28% | -$29.3M |
2025 Q2
4 quarters
|
|
|
4
Amazon
AMZN
$2.79T
| $31M | 6.19% |
+130,000
| New | +$32.6M |
2026 Q2
0 quarters
|
|
|
5
Futu Holdings
FUTU
$15.3B
| $29.5M | 5.9% |
315,000
+215,000
| +215% | +$27.5M |
2026 Q1
1 quarter
|
|
|
6
Alphabet (Google) Class A
GOOGL
$4.3T
| $25M | 5% |
70,000
-160,000
| -70% | -$57.6M |
2025 Q4
2 quarters
|
|
|
7
Micron Technology
MU
$1.21T
| $24.2M | 4.84% |
21,000
-86,000
| -80% | -$64.5M |
2025 Q3
3 quarters
|
|
8
Trip.com Group
TCOM
$23.8B
| $24.1M | 4.82% |
605,000
-55,000
| -8% | -$2.73M |
2024 Q4
6 quarters
|
|
|
9
Visa
V
$705B
| $24M | 4.8% |
+70,000
| New | +$22.5M |
2026 Q2
0 quarters
|
|
10
Robinhood
HOOD
$97.7B
| $21.1M | 4.21% |
210,000
-157,000
| -43% | -$13.1M |
2026 Q1
1 quarter
|
|
11
Roblox
RBLX
$32B
| $17.1M | 3.42% |
315,000
+115,000
| +58% | +$5.72M |
2026 Q1
1 quarter
|
|
|
12
BWX Technologies
BWXT
$13.1B
| $15.6M | 3.11% |
+80,000
| New | +$16.7M |
2026 Q2
0 quarters
|
|
|
13
Applovin
APP
$92.7B
| $10.3M | 2.06% |
+20,000
| New | +$9.65M |
2026 Q2
0 quarters
|
|
|
PAYP
14
PayPay
PAYP
$10.3B
| $7.17M | 1.43% |
+500,000
| New | +$9.2M |
2026 Q2
0 quarters
|
|
15
PUT
Invesco QQQ Trust
QQQ
$509B
| $7.02M | 1.4% |
+630,000
| New | +$433M |
2026 Q2
0 quarters
|
|
16
Kanzhun
BZ
$6.58B
| – | – |
-300,000
| Closed | -$4.02M | – |
|
|
17
DoorDash
DASH
$82.2B
| – | – |
-210,000
| Closed | -$31.5M | – |
|
18
Lumentum
LITE
$97B
| – | – |
-20,000
| Closed | -$14.1M | – |
|
|
19
NVIDIA
NVDA
$5.71T
| – | – |
-315,000
| Closed | -$54.9M | – |
|
20
On Holding
ONON
$11.2B
| – | – |
-300,000
| Closed | -$10.2M | – |
|
21
Pinduoduo
PDD
$111B
| – | – |
-150,000
| Closed | -$15.3M | – |
|
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Headwater Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Headwater Capital held 21 positions worth $500M, down 20% from $622M the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Headwater Capital withdrew a net $244M in Q2 2026, closing 6 positions and reducing 7 holdings. Its most notable exit was NVIDIA, an estimated $54.9M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 43% of assets, down from 44% a quarter earlier, followed by Technology and Financials.
Against the trend, Headwater Capital opened a new position in Amazon worth $31M.
- Headwater Capital's largest Q2 2026 buy was Amazon: 130,000 shares worth $31M.
- Headwater Capital added most to Futu Holdings in Q2 2026, an estimated $27.5M increase.
- Headwater Capital's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $64.5M.
- Headwater Capital fully exited NVIDIA in Q2 2026, selling an estimated $54.9M.
- Headwater Capital's ten largest holdings make up 89% of its $500M portfolio in Q2 2026.
- Headwater Capital opened 6 new positions and closed 6 in Q2 2026.
- Headwater Capital's portfolio value fell 20% quarter-over-quarter to $500M.
Based on Headwater Capital's 13F filing for Q2 2026, filed 14 Aug 2026.