Headwater Capital (Paul Wu)
china, value, concentrated, active, paul-wu
Quarter Analysis
13F change notes for Headwater Capital (Paul Wu) in 2025-12-31.
Paul Wu's first scaled quarter — book grew to $480M, 17 names. Big new Alphabet GOOGL position at 6.5%, PDD added +73%, Figma new at 4%. But also big cuts: NVDA fully exited after 2 quarters (then re-entered Q1), Micron -35%, Lumentum -76% on +127% gain, Tripadvisor -62%, Alibaba -87% (basically out). Reads as a manager building US-tech conviction (GOOGL, PDD) while pruning the Asia ADRs and the speculative AI-hardware names.
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+ NEW
ALPHABET INC GOOGL
New at 6.5% — first Alphabet entry. Paul Wu joining the consensus mega-cap-tech build.
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▲ ADDED
PDD HOLDINGS INC PDD
Shares +73% to 6.1% weight — China e-commerce conviction add.
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+ NEW
FIGMA INC FIG
Brand-new at 4% — design-software bet; abandoned the next quarter.
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× EXIT
NVIDIA CORPORATION NVDA
Closed after 2 quarters — short-tenured NVDA bet, but re-entered next quarter at higher size (8.8%).
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▼ REDUCED
LUMENTUM HLDGS INC LITE
Cut -76% at +127% unrealized — taking profit on the optical AI-datacenter winner.
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▼ REDUCED
ALIBABA GROUP HLDG LTD BABA
Cut -87% to a 0.5% rump — effectively exiting the legacy BABA position.
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▼ REDUCED
TRIPADVISOR INC TRIP
Cut -62% — China travel-tech exposure reduced ahead of the new TCOM entry next quarter.