QUARTERLY LETTERS TO INVESTORS

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Headwaters Capital Letter to Shareholders Opposing Danaher's Proposed Acquisition of Abcam

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Q2 '23

Q2 '23

Investor Letter

Q1 '23

Q1 '23

Investor Letter

Q4 '22

Q4 '22

Investor Letter

Q3 '22

Q3 '22

Investor Letter

Q2 '22

Q2 '22

Investor Letter

Q1 '22

Q1 '22

Investor Letter

Q4 '21

Q4 '21

Investor Letter

Q3 '21

Q3 '21

Investor Letter

Q2 '21

Q2 '21

Investor Letter

Q1 '21

Q1 '21

Investor Letter

Q4 '20

Q4' 20

Investor Letter