Headwater Capital’s Pinduoduo PDD Stock Holding History

Headwater Capital’s Portfolio PDD Stock Details PDD Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q2	–	Sell	-150,000	Closed	-$15.3M	–	21
2026 Q1	$15.3M	Sell	150,000 -110,000	-42%	-$11.6M	2.46%	10
2025 Q4	$29.5M	Buy	260,000 +110,000	+73%	+$13.7M	6.13%	4
2025 Q3	$19.8M	Sell	150,000 -50,000	-25%	-$5.92M	4.85%	9
2025 Q2	$20.9M	Hold	200,000	–	–	7.26%	6
2025 Q1	$23.7M	Buy	200,000 +100,000	+100%	+$11.5M	10.64%	4
2024 Q4	$9.7M	Buy	+100,000	New	+$11.6M	5.17%	10

Other funds holding PDD

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Baillie Gifford & Co Edinburgh, United Kingdom $110B AUM 4.8% 1-Year Est. Return

HHII

H&H International Investment Palo Alto, California $19.1B AUM 27.41% 1-Year Est. Return

Vanguard Capital Management Malvern, Pennsylvania $4.68T AUM

Invesco Atlanta, Georgia $1.26T AUM 61.52% 1-Year Est. Return

Goldman Sachs New York $1.15T AUM 47.82% 1-Year Est. Return

HSG Holding Na, Hong Kong $1.2B AUM 23.01% 1-Year Est. Return

HCM

Himalaya Capital Management Seattle, Washington $3.7B AUM 39.18% 1-Year Est. Return

State Street Boston, Massachusetts $3.37T AUM 44.26% 1-Year Est. Return

NetEase Inc Hangzhou, China $765M AUM 24.08% 1-Year Est. Return

Headwater Capital's PDD Position: Q2 2026 in Review

Headwater Capital sold out of Pinduoduo (PDD) in Q2 2026, closing a stake of 150,000 shares — an estimated $15.3M sold.

Headwater Capital first reported a position in PDD in Q4 2024 and held it in 6 quarters. The position peaked at $29.5M in Q4 2025. 507 funds tracked by Wall St. Rank hold PDD as of Q2 2026.

Headwater Capital reported no remaining Pinduoduo position as of Q2 2026 after selling out during the quarter.
Headwater Capital sold 150,000 Pinduoduo shares in Q2 2026, an estimated $15.3M.
Headwater Capital first reported a position in Pinduoduo in Q4 2024 and held it in 6 quarters.
Headwater Capital's Pinduoduo position peaked at $29.5M in Q4 2025.
507 funds tracked by Wall St. Rank held Pinduoduo as of Q2 2026.

Based on Headwater Capital's 13F filing for Q2 2026, filed 14 Aug 2026.