Headwater Capital Co Ltd Quant / Systematic

CIK: 0002036346 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 19, 2026

Total Value ($000): $480,875 (100.0% shares, 0.0% debt)

Holdings (17)

New Positions (4)

GOOGL ALPHABET INC 6.5%

Value ($000) $31,300 Shares 100,000 Est. Cost $285.60 Unrealized 0.0%

FIG FIGMA INC 4.0%

Value ($000) $19,432 Shares 520,000 Est. Cost $45.19 Unrealized 0.0%

YELP YELP INC 0.9%

Value ($000) $4,559 Shares 150,000 Est. Cost $30.84 Unrealized 0.0%

— APPLE INC 0.7%

Value ($000) $3,145 Shares 624,000 Est. Cost $5.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	100,000	$31,300	6.5%	$285.60	0.0%	CAP STK CL A	02079K305
FIG	FIGMA INC	520,000	$19,432	4.0%	$45.19	0.0%	CLASS A COM STK	316841105
YELP	YELP INC	150,000	$4,559	0.9%	$30.84	0.0%	CL A	985817105
—	APPLE INC	624,000	$3,145	0.7%	$5.04	—	PUT	037833950

Increased Positions (5)

GOOG ALPHABET INC 30.8%

Value ($000) $148,114 (+82.6%) Shares 472,000 (+41.7%) Est. Cost $222.88 Unrealized +28.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 23.0%

Value ($000) $110,616 (+26.9%) Shares 364,000 (+16.7%) Est. Cost $224.66 Unrealized —

PDD PDD HOLDINGS INC 6.1%

Value ($000) $29,481 (+48.7%) Shares 260,000 (+73.3%) Est. Cost $110.09 Unrealized —

AMZN AMAZON COM INC 5.0%

Value ($000) $24,005 (+9.3%) Shares 104,000 (+4.0%) Est. Cost $226.44 Unrealized +1.0%

ATAT ATOUR LIFESTYLE HLDGS LTD 1.6%

Value ($000) $7,880 (+16.5%) Shares 200,000 (+11.1%) Est. Cost $37.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	472,000 (+41.7%)	$148,114 (+82.6%)	30.8%	$222.88	+28.5%	CAP STK CL C	02079K107
TSM	TAIWAN SEMICONDUCTOR MFG LTD	364,000 (+16.7%)	$110,616 (+26.9%)	23.0%	$224.66	—	SPONSORED ADS	874039100
PDD	PDD HOLDINGS INC	260,000 (+73.3%)	$29,481 (+48.7%)	6.1%	$110.09	—	SPONSORED ADS	722304102
AMZN	AMAZON COM INC	104,000 (+4.0%)	$24,005 (+9.3%)	5.0%	$226.44	+1.0%	COM	023135106
ATAT	ATOUR LIFESTYLE HLDGS LTD	200,000 (+11.1%)	$7,880 (+16.5%)	1.6%	$37.77	—	SPONSORED ADS	04965M106

Exited Positions (4)

NVDA NVIDIA CORPORATION 3.9%

Value ($000) $18,658 Shares 100,000 Est. Cost $174.29 Unrealized +6.8%

MAR MARRIOTT INTL INC NEW 2.7%

Value ($000) $13,022 Shares 50,000 Est. Cost $249.21 Unrealized +14.5%

OPRA OPERA LTD 0.4%

Value ($000) $2,064 Shares 100,000 Est. Cost $19.77 Unrealized —

— INVESCO QQQ TR 0.4%

Value ($000) $1,947 Shares 3,300 Est. Cost $590.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	100,000	$18,658	3.9%	$174.29	+6.8%	—	67066G104
MAR	MARRIOTT INTL INC NEW	50,000	$13,022	2.7%	$249.21	+14.5%	—	571903202
OPRA	OPERA LTD	100,000	$2,064	0.4%	$19.77	—	—	68373M107
—	INVESCO QQQ TR	3,300	$1,947	0.4%	$590.00	—	—	46090E953

Decreased Positions (8)

BABA ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $2,345 (-89.1%) Shares 16,000 (-86.7%) Est. Cost $178.73 Unrealized —

META META PLATFORMS INC 5.0%

Value ($000) $24,027 (-34.6%) Shares 36,400 (-27.2%) Est. Cost $628.43 Unrealized +6.2%

TRIP TRIPADVISOR INC 1.1%

Value ($000) $5,096 (-65.9%) Shares 350,000 (-62.0%) Est. Cost $17.45 Unrealized -12.8%

LITE LUMENTUM HLDGS INC 2.3%

Value ($000) $11,058 (-45.6%) Shares 30,000 (-76.0%) Est. Cost $124.70 Unrealized +106.0%

TCOM TRIP COM GROUP LTD 4.9%

Value ($000) $23,371 (-16.0%) Shares 325,000 (-12.2%) Est. Cost $65.61 Unrealized —

MU MICRON TECHNOLOGY INC 4.6%

Value ($000) $22,262 (+10.9%) Shares 78,000 (-35.0%) Est. Cost $127.82 Unrealized +79.4%

HTHT H WORLD GROUP LTD 2.0%

Value ($000) $9,410 (-3.8%) Shares 200,000 (-20.0%) Est. Cost $39.11 Unrealized —

YUMC YUM CHINA HLDGS INC 1.0%

Value ($000) $4,774 (-7.1%) Shares 100,000 (-16.5%) Est. Cost $44.71 Unrealized +2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	16,000 (-86.7%)	$2,345 (-89.1%)	0.5%	$178.73	—	SPONSORED ADS	01609W102
META	META PLATFORMS INC	36,400 (-27.2%)	$24,027 (-34.6%)	5.0%	$628.43	+6.2%	CL A	30303M102
TRIP	TRIPADVISOR INC	350,000 (-62.0%)	$5,096 (-65.9%)	1.1%	$17.45	-12.8%	COM	896945201
LITE	LUMENTUM HLDGS INC	30,000 (-76.0%)	$11,058 (-45.6%)	2.3%	$124.70	+106.0%	COM	55024U109
TCOM	TRIP COM GROUP LTD	325,000 (-12.2%)	$23,371 (-16.0%)	4.9%	$65.61	—	ADS	89677Q107
MU	MICRON TECHNOLOGY INC	78,000 (-35.0%)	$22,262 (+10.9%)	4.6%	$127.82	+79.4%	COM	595112103
HTHT	H WORLD GROUP LTD	200,000 (-20.0%)	$9,410 (-3.8%)	2.0%	$39.11	—	SPONSORED ADS	44332N106
YUMC	YUM CHINA HLDGS INC	100,000 (-16.5%)	$4,774 (-7.1%)	1.0%	$44.71	+2.5%	COM	98850P109