Headwater Capital’s Pinduoduo PDD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2025 Q2	$20.9M	Hold	200,000	–	–	7.26%	6
2025 Q1	$23.7M	Buy	200,000 +100,000	+100%	+$11.8M	10.64%	4
2024 Q4	$9.7M	Buy	+100,000	New	+$9.7M	5.17%	10