Athos Capital Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Athos Capital Ltd reported 30 stock positions worth $78.8 million. Its top holding was Kellanova (K) at 9.5% of the portfolio, followed by Intra-Cellular Therapies (ITCI, 9.2%) and Discover Financial Services (DFS, 8.7%). Compared with Q4 2024, it opened 11 new positions, sold out of 4, added to 2 and reduced 1. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Endeavor Group Hold Class A (EDR).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001681662
Portfolio Value
$78.8M (Q1 2025)
SEC Filing
0001681662-25-000003 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $76.1M Q1 2024 Q2 2024: $168.6M Q2 2024 Q3 2024: $307.6M Q3 2024 Q4 2024: $209.9M Q4 2024 Q1 2025: $78.8M $78.8M Q1 2025 Q2 2025: $64.5M Q2 2025 Q3 2025: $153.9M Q3 2025 Q4 2025: $248.1M Q4 2025 Q1 2026: $323.7M Q1 2026 Q2 2026: $277.8M Q2 2026

Holdings 30 stocks · $78.8M
K Kellanova 9.47% 90,500 $7.5M No change
ITCI Intra-Cellular Therapies Inc. 9.21% 55,000 $7.3M New
DFS Discover Financial Services 8.66% 40,000 $6.8M New
DESP Despegar.com Corp. 7.87% 330,000 $6.2M New
JNPR Juniper Networks Inc. 6.94% 150,999 $5.5M Add +208.2%
LBRDK Liberty Broadband-C 6.25% 57,900 $4.9M No change
GB Global Blue Group Holding AG 4.67% 500,000 $3.7M New
PLYA Playa Hotels & Resorts NV 4.57% 270,000 $3.6M New
ANSS Ansys Inc. 4.22% 10,500 $3.3M No change
EVRI Everi Holdings Inc. 3.47% 200,000 $2.7M Add +100.0%
FNA Paragon 28 Inc. 3.31% 200,000 $2.6M New
BSIIU Black Spade Acquisition II C 3.23% 250,000 $2.5M No change
FACTU Fact II Acquisition Corp. 3.20% 250,000 $2.5M No change
DYNCU Dynamix Corp. 3.19% 250,000 $2.5M No change
ESGR Enstar Group Ltd. 3.12% 7,400 $2.5M No change
JOYY Joyy Inc.-ADR 2.93% 54,900 $2.3M No change
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 2.67% 200,000 $2.1M New
RDUS Radius Recycling Inc. Class A 2.57% 70,000 $2.0M New
X United States Steel Corp. 2.14% 40,000 $1.7M New
AGS Playags Inc. 1.63% 106,100 $1.3M No change
BEAGU Bold Eagle Acquisition Corp. 1.31% 100,000 $1.0M No change
CHEB.U Chenghe Acquisition II Co. 0.97% 75,000 $766K No change
IPG Interpublic Group of Cos Inc. 0.86% 25,000 $679K New
PARAA Paramount Global Class B 0.76% 50,000 $598K Reduce -24.6%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.73% 2,114 $575K New
OACCU Oaktree Acquisition III Life 0.66% 50,000 $522K No change
HUYA Huya Inc.-ADR 0.52% 127,346 $409K No change
CCIXU Churchill Capital Corp. Ix 0.35% 25,000 $272K No change
LEGT.U Legato Merger Corp. III 0.34% 25,000 $264K No change
DOYU Douyu International Hold-ADR 0.19% 19,925 $149K No change

Options reported separately and not counted above: IPG calls ($2.7M).

Other holdings (12): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
SecurityClassShares / PrincipalValueChange
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 114,289$1.4MNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 42,840$464KNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 157,703$378KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 92,368$116KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 66,062$75KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 28,420$44KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 28,588$37KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 128,981$32KNo change
CPTWF Captivision Inc.-28 *W EXP 11/15/202 32,075$15KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 21,383$12KNew
PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 37,052$6KNo change
SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 11,378$5KNo change

Total filed on the 13F, all lines: $81.3M.

Portfolio Sells Q4 2024 → Q1 2025
EDR Endeavor Group Hold Class A Sold out 0.00% −76.58
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −3.31
SMAR Smartsheet Inc. Class A Sold out 0.00% −1.77
PKX Posco Holdings Inc. -Spon ADR Sold out 0.00% −1.24
PARAA Paramount Global Class B Reduce -24.6% 0.76% +0.43

Portfolio Buys Q4 2024 → Q1 2025
ITCI Intra-Cellular Therapies Inc. New 9.21% +9.21
DFS Discover Financial Services New 8.66% +8.66
DESP Despegar.com Corp. New 7.87% +7.87
JNPR Juniper Networks Inc. Add +208.2% 6.94% +6.06
GB Global Blue Group Holding AG New 4.67% +4.67
PLYA Playa Hotels & Resorts NV New 4.57% +4.57
FNA Paragon 28 Inc. New 3.31% +3.31
EVRI Everi Holdings Inc. Add +100.0% 3.47% +2.83
IMSR Terrestrial Energy Inc. New 2.67% +2.67
RDUS Radius Recycling Inc. Class A New 2.57% +2.57
X United States Steel Corp. New 2.14% +2.14
IPG Interpublic Group of Cos Inc. New 0.86% +0.86
ONC Beone Medicines Ltd.-ADR New 0.73% +0.73

Options Activity Q4 2024 → Q1 2025
X United States Steel Corp. call Sold out 150,000 $5.1Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 Sold out 57,178 $249Kbefore exit
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 05/23/202 Sold out 21,383 $246Kbefore exit
AILWQ Arrowroot Acquisition -CW26 *W EXP 04/16/202 Sold out 120,076 $50Kbefore exit
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 New 21,383 $12K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 29$277.8MWBD, MOMO, BEKE, NSC, JHG
Q1 2026 32$323.7MWBD, MOMO, BEKE, KVUE, VIPS
Q4 2025 26$248.1MKVUE, MOMO, BEKE, RNAM, HOLX
Q3 2025 23$153.9MBEKE, KVUE, GTLS, LBRDK, TXNM
Q2 2025 23$64.5MSKX, K, CHA, GB, ANSS
Q1 2025 30$78.8MK, ITCI, DFS, DESP, JNPR
Q4 2024 23$209.9MEDR, K, IBIT, LBRDK, SMAR
Q3 2024 24$307.6MEDR, PKX, IBIT, ACI, K
Q2 2024 24$168.6MEDR, HOLI, ACI, IBIT, VSTO
Q1 2024 21$76.1MHOLI, ACI, X, BILI, JNPR