📊 Headwater 13F — Headwater Capital Co Ltd: $500M portfolio, 15 positions (Q2 2026)

1. TSM — $100M (20.0%) 2. META — $89M (17.7%) 3. GOOG — $75M (15.0%) 4. AMZN — $31M (6.2%) 5. FUTU — $30M (5.9%) 6. GOOGL — $25M (5.0%) 7. MU — $24M (4.8%) 8. TCOM — $24M (4.8%) 9. V — $24M (4.8%) 10. HOOD — $21M (4.2%) 11. RBLX — $17M (3.4%) 12. BWXT — $16M (3.1%) 13. APP — $10M (2.1%) 14. PAYP — $7M (1.4%) 15. QQQ — $7M (1.4%)

1. TSM — $100M (20.0%)