Headwater Capital (Paul Wu)
china, value, concentrated, active, paul-wu
Quarter Analysis
13F change notes for Headwater Capital (Paul Wu) in 2026-03-31.
Paul Wu's small book ($620M, 15 names) ran an aggressive rotation: Meta scaled 5x to 17.4% top weight, Alphabet repositioned (GOOG cut -38% from 31% top weight, GOOGL added +130% to 10.6%), NVDA new at 8.8%, DoorDash + Robinhood new. Exits: Amazon (3q), Figma (1q), H World, Atour. Top-3 weight came down 60% → 49%. Reads as a manager who runs concentrated value but is actively reshaping into US mega-cap-tech + AI / consumer-fintech.
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▲ ADDED
META PLATFORMS INC META
Shares +419% — Meta scaled from a 5% sleeve to the 17.4% top weight. The biggest single conviction add.
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▼ REDUCED
ALPHABET INC GOOG
Cut -38% in shares from a 30.8% top weight; weight halved to 13.6%. Substantial profit-taking on the C-share class at +27% unrealized.
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▲ ADDED
ALPHABET INC GOOGL
Shares +130% to 10.6% — adding GOOGL (voting class) while cutting GOOG; net Alphabet exposure roughly steady but shifted toward the voting line.
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+ NEW
NVIDIA CORP NVDA
New 8.8% position — Paul Wu joining the AI-compute trade after sitting out.
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+ NEW
DOORDASH INC DASH
New 5.1% — US consumer-tech entering the book.
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+ NEW
ROBINHOOD MARKETS INC HOOD
New 4.1% — retail-brokerage / fintech bet pairing with the Futu position.
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× EXIT
AMAZON COM INC AMZN
Cleared after 3 quarters — short-tenured AMZN trade closed.
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× EXIT
FIGMA INC FIG
Closed after 1 quarter — single-quarter Figma bet abandoned.