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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
(+42%)
Cap. Flow
+$64.3M
Cap. Flow
% of AUM
15.74%
Top 10 Holdings %
Top 10 Hldgs %
86.87%
Holding
21
New
8
Increased
4
Reduced
5
Closed
4
Avg Time Held Equity + Options
1.1
quarters
Top 10 Avg Time Held Equity + Options
1.3
quarters
Top 20 Avg Time Held Equity + Options
1.1
quarters
Avg Time Held Equity only
1
quarter
Top 10 Avg Time Held Equity only
1.3
quarters
Top 20 Avg Time Held Equity only
1
quarter
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$49M |
| 2 |
Amazon
AMZN
|
+$22.6M |
| 3 |
NVIDIA
NVDA
|
+$17.4M |
| 4 |
TripAdvisor
TRIP
|
+$16.1M |
| 5 |
Alibaba
BABA
|
+$15.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$37.2M |
| 2 |
Microsoft
MSFT
|
+$24.9M |
| 3 |
lululemon athletica
LULU
|
+$12.6M |
| 4 |
KE Holdings
BEKE
|
+$8.87M |
| 5 |
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 | Miscellaneous | 0.48% |
| 5 | Real Estate | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.4T
| $87.1M | 21.32% |
312,000
+32,000
| +11% | +$7.83M |
2024 Q4
3 quarters
|
|
|
2
Alphabet (Google) Class C
GOOG
$4.23T
| $81.1M | 19.84% |
333,000
+233,000
| +233% | +$49M |
2025 Q2
1 quarter
|
|
|
3
Meta Platforms (Facebook)
META
$1.83T
| $36.7M | 8.98% |
50,000
-50,000
| -50% | -$37.2M |
2024 Q4
3 quarters
|
|
4
Trip.com Group
TCOM
$23.7B
| $27.8M | 6.81% |
370,000
-30,000
| -8% | -$2M |
2024 Q4
3 quarters
|
|
|
5
Amazon
AMZN
$2.78T
| $22M | 5.37% |
+100,000
| New | +$22.6M |
2025 Q3
0 quarters
|
|
|
6
Alibaba
BABA
$262B
| $21.4M | 5.25% |
+120,000
| New | +$15.7M |
2025 Q3
0 quarters
|
|
7
Lumentum
LITE
$96.7B
| $20.3M | 4.98% |
+125,000
| New | +$15.6M |
2025 Q3
0 quarters
|
|
8
Micron Technology
MU
$1.2T
| $20.1M | 4.91% |
+120,000
| New | +$15.4M |
2025 Q3
0 quarters
|
|
9
Pinduoduo
PDD
$111B
| $19.8M | 4.85% |
150,000
-50,000
| -25% | -$5.92M |
2024 Q4
3 quarters
|
|
|
10
NVIDIA
NVDA
$5.68T
| $18.7M | 4.56% |
+100,000
| New | +$17.4M |
2025 Q3
0 quarters
|
|
|
11
TripAdvisor
TRIP
$1.02B
| $15M | 3.66% |
+920,000
| New | +$16.1M |
2025 Q3
0 quarters
|
|
|
12
Marriott International
MAR
$94B
| $13M | 3.19% |
50,000
-30,000
| -38% | -$8.06M |
2025 Q2
1 quarter
|
|
13
Huazhu Hotels Group
HTHT
$13.3B
| $9.78M | 2.39% |
+250,000
| New | +$8.73M |
2025 Q3
0 quarters
|
|
14
Atour Lifestyle Holdings
ATAT
$4.28B
| $6.77M | 1.66% |
+180,000
| New | +$6.58M |
2025 Q3
0 quarters
|
|
15
Yum China
YUMC
$14.1B
| $5.14M | 1.26% |
119,700
-99,850
| -45% | -$4.54M |
2025 Q2
1 quarter
|
|
|
OPRA
16
Opera Ltd
OPRA
$1.5B
| $2.06M | 0.5% |
100,000
+50,000
| +100% | +$893K |
2025 Q2
1 quarter
|
|
17
PUT
Invesco QQQ Trust
QQQ
$508B
| $1.95M | 0.48% |
3,300
+780
| +31% | +$447K |
2025 Q1
2 quarters
|
|
|
18
KE Holdings
BEKE
$18.6B
| – | – |
-500,000
| Closed | -$8.87M | – |
|
|
GOOS
19
Canada Goose Holdings
GOOS
$737M
| – | – |
-660,000
| Closed | -$7.39M | – |
|
|
20
lululemon athletica
LULU
$10.2B
| – | – |
-53,000
| Closed | -$12.6M | – |
|
|
21
Microsoft
MSFT
$3.93T
| – | – |
-50,000
| Closed | -$24.9M | – |
|
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FNBOMD
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 $64.3M 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.