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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
+26.17%
1 Year Est. Return
+72.8%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$409M
AUM Growth
+$121M
Cap. Flow
+$64.8M
Cap. Flow %
15.85%
Top 10 Hldgs %
86.87%
Holding
21
New
8
Increased
4
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$49M
2
AMZN icon
Amazon
AMZN
+$22.6M
3
NVDA icon
NVIDIA
NVDA
+$17.4M
4
TRIP icon
TripAdvisor
TRIP
+$16.1M
5
BABA icon
Alibaba
BABA
+$15.7M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$37.2M
2
MSFT icon
Microsoft
MSFT
+$24.9M
3
LULU icon
lululemon athletica
LULU
+$12.6M
4
BEKE icon
KE Holdings
BEKE
+$8.87M
5
MAR icon
Marriott International
MAR
+$8.06M

Sector Composition

Rank Sector Weight
1 Technology 35.77%
2 Consumer Discretionary 34.43%
3 Communication Services 29.33%
4 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.17T
$87.1M 21.32%
312,000
+32,000
+11% +$7.83M
GOOG icon
2
Alphabet (Google) Class C
GOOG
$4.15T
$81.1M 19.84%
333,000
+233,000
+233% +$49M
META icon
3
Meta Platforms (Facebook)
META
$1.39T
$36.7M 8.98%
50,000
-50,000
-50% -$37.2M
TCOM icon
4
Trip.com Group
TCOM
$28.9B
$27.8M 6.81%
370,000
-30,000
-8% -$2M
AMZN icon
5
Amazon
AMZN
$2.82T
$22M 5.37%
+100,000
New +$22.6M
BABA icon
6
Alibaba
BABA
$299B
$21.4M 5.25%
+120,000
New +$15.7M
LITE icon
7
Lumentum
LITE
$77.7B
$20.3M 4.98%
+125,000
New +$15.6M
MU icon
8
Micron Technology
MU
$1.09T
$20.1M 4.91%
+120,000
New +$15.4M
PDD icon
9
Pinduoduo
PDD
$125B
$19.8M 4.85%
150,000
-50,000
-25% -$5.92M
NVDA icon
10
NVIDIA
NVDA
$5.29T
$18.7M 4.56%
+100,000
New +$17.4M
TRIP icon
11
TripAdvisor
TRIP
$1.18B
$15M 3.66%
+920,000
New +$16.1M
MAR icon
12
Marriott International
MAR
$93.4B
$13M 3.19%
50,000
-30,000
-38% -$8.06M
HTHT icon
13
Huazhu Hotels Group
HTHT
$15.1B
$9.78M 2.39%
+250,000
New +$8.73M
ATAT icon
14
Atour Lifestyle Holdings
ATAT
$4.8B
$6.77M 1.66%
+180,000
New +$6.58M
YUMC icon
15
Yum China
YUMC
$16.3B
$5.14M 1.26%
119,700
-99,850
-45% -$4.54M
OPRA
16
Opera Ltd
OPRA
$1.59B
$2.06M 0.5%
100,000
+50,000
+100% +$893K
QQQ icon
17
PUT
Invesco QQQ Trust
QQQ
$486B
$1.95M 0.48%
3,300
+780
+31% +$447K
BEKE icon
18
KE Holdings
BEKE
$18.7B
– –
-500,000
Closed -$8.87M
GOOS
19
Canada Goose Holdings
GOOS
$832M
– –
-660,000
Closed -$7.39M
LULU icon
20
lululemon athletica
LULU
$13.1B
– –
-53,000
Closed -$12.6M
MSFT icon
21
Microsoft
MSFT
$3.58T
– –
-50,000
Closed -$24.9M

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TLP
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BCM
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PT
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FGWP
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PCA
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ISWM
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FNBOMD
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WFM
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Headwater Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Headwater Capital held 21 positions worth $409M, up 42% from $288M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Headwater Capital deployed $64.8M of net new capital in Q3 2025, opening 8 new positions and adding to 4 existing holdings. Its largest new stake was Amazon: 100,000 shares worth $22M.

By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Meta Platforms (Facebook), an estimated $37.2M trimmed.

  • Headwater Capital's largest Q3 2025 buy was Amazon: 100,000 shares worth $22M.
  • Headwater Capital added most to Alphabet (Google) Class C in Q3 2025, an estimated $49M increase.
  • Headwater Capital's biggest Q3 2025 reduction was Meta Platforms (Facebook), cutting an estimated $37.2M.
  • Headwater Capital fully exited Microsoft in Q3 2025, selling an estimated $24.9M.
  • Headwater Capital's ten largest holdings make up 87% of its $409M portfolio in Q3 2025.
  • Headwater Capital opened 8 new positions and closed 4 in Q3 2025.
  • Headwater Capital's portfolio value rose 42% quarter-over-quarter to $409M.

Based on Headwater Capital's 13F filing for Q3 2025, filed 12 Nov 2025.