In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Athos Capital Ltd reported 32 stock positions worth $323.7 million . Its top holding was Warner Bros Discovery (WBD) at 14.8% of the portfolio, followed by Hello Group Inc. -SPN ADR (MOMO, 13.3% ) and Ke Holdings Inc.-ADR (BEKE, 10.4% ). Compared with Q4 2025, it opened 11 new positions, sold out of 5, added to 12 and reduced 3. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale Kenvue (KVUE, shares −50% ).
Location HONG KONG, K3
CIK 0001681662
Portfolio Value $323.7M (Q1 2026) Holdings 32 stocks · $323.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 WBD Warner Bros Discovery Inc. 1,744,075 $47.9M New MOMO Hello Group Inc. -SPN ADR 7,481,459 $43.1M Add +3.5% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2,248,400 $33.7M Reduce -7.0% KVUE Kenvue Inc. 1,746,127 $30.1M Reduce -49.5% VIPS Vipshop Holdings Ltd. - ADR 1,477,450 $23.2M New JHG Janus Henderson Group PLC 311,583 $16.0M Add +266.6% HOLX Hologic Inc. 196,900 $14.9M Add +15.8% GTLS Chart Industries Inc. 65,260 $13.5M Add +16.4% WBS Webster Financial Corp. 150,000 $10.4M New FOLD Amicus Therapeutics Inc. 695,500 $10.1M Add +15.9% LBRDK Liberty Broadband-C 189,722 $9.5M Add +16.0% TXNM TXNM Energy Inc. 160,242 $9.4M Add +16.0% EA Electronic Arts Inc. 42,200 $8.6M New BHF Brighthouse Financial Inc. 130,000 $7.8M New ACLX Arcellx Inc. 64,900 $7.5M New NSC Norfolk Southern Corp. 22,520 $6.5M Add +16.1% CHA Chagee Holdings Ltd.-ADR 634,615 $5.9M Add +337.0% JOYY Joyy Inc.-ADR 67,933 $4.0M Add +16.5% PEN Penumbra Inc. 11,160 $3.7M New RVMD Revolution Medicines Inc. 36,900 $3.6M New MMYT Makemytrip Ltd. 92,320 $3.4M New FACTU Fact II Acquisition Corp. 250,000 $2.7M No change RNW Renew Energy Global PLC-A 329,817 $1.5M Reduce -35.0% RNA Atrium Therapeutics Inc. 107,965 $1.4M New DYNCU Dynamix Corp. 125,000 $1.4M No change SLAB Silicon Laboratories Inc. 6,204 $1.3M New BEAGU Bold Eagle Acquisition Corp. 100,000 $1.1M No change OACCU Oaktree Acquisition III Life 50,000 $534K No change HUYA Huya Inc.-ADR 152,990 $505K Add +13.2% LEGT.U Legato Merger Corp. III 25,000 $278K No change CCIXU Churchill Capital Corp. Ix 25,000 $263K No change DOYU Douyu International Hold-ADR 23,863 $120K Add +13.3%
Other holdings (12): bonds, preferreds, convertibles and warrants · $682K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 157,703 $238K No change BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 66,062 $131K New TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,331 $102K No change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 92,368 $90K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 28,420 $36K No change SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 11,378 $27K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 28,588 $19K No change MRNOW Murano Global BV-28 *W EXP 03/19/202 42,840 $18K No change CPTWF Captivision Inc.-28 *W EXP 11/15/202 32,075 $13K No change ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 17,135 $5K New PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 37,052 $2K No change ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 21,383 $1K No change
Total filed on the 13F, all lines: $324.3M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ KVUE Kenvue Inc. Reduce -49.5% 9.30% −14.74 RNAM Avidity Biosciences Inc. Sold out 0.00% −5.37 BEKE Ke Holdings Inc.-ADR Reduce -7.0% 10.40% −4.95 CDTX Cidara Therapeutics Inc. Sold out 0.00% −3.56 CFLT Confluent Inc. Class A Sold out 0.00% −1.39 TASK Taskus Inc. Class A Sold out 0.00% −1.14 RNW Renew Energy Global PLC-A Reduce -35.0% 0.47% −0.69 BL Blackline Inc. Sold out 0.00% −0.45
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ WBD Warner Bros Discovery Inc. New 14.80% +14.80 VIPS Vipshop Holdings Ltd. - ADR New 7.18% +7.18 JHG Janus Henderson Group PLC Add +266.6% 4.95% +3.32 WBS Webster Financial Corp. New 3.22% +3.22 EA Electronic Arts Inc. New 2.66% +2.66 BHF Brighthouse Financial Inc. New 2.40% +2.40 ACLX Arcellx Inc. New 2.30% +2.30 CHA Chagee Holdings Ltd.-ADR Add +337.0% 1.83% +1.14 PEN Penumbra Inc. New 1.13% +1.13 RVMD Revolution Medicines Inc. New 1.11% +1.11 MMYT Makemytrip Ltd. New 1.06% +1.06 RNA Atrium Therapeutics Inc. New 0.45% +0.45 SLAB Silicon Laboratories Inc. New 0.40% +0.40 HUYA Huya Inc.-ADR Add +13.2% 0.16% −0.00 DOYU Douyu International Hold-ADR Add +13.3% 0.04% −0.02 LBRDK Liberty Broadband-C Add +16.0% 2.95% −0.25 NSC Norfolk Southern Corp. Add +16.1% 2.00% −0.26 JOYY Joyy Inc.-ADR Add +16.5% 1.23% −0.30 FOLD Amicus Therapeutics Inc. Add +15.9% 3.11% −0.34 TXNM TXNM Energy Inc. Add +16.0% 2.89% −0.38 GTLS Chart Industries Inc. Add +16.4% 4.17% −0.49 HOLX Hologic Inc. Add +15.8% 4.60% −0.50 MOMO Hello Group Inc. -SPN ADR Add +3.5% 13.31% −5.77
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ CWAN Clearwater Analytics HDS-A call Sold out 500,000 $12.1Mbefore 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 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 New 66,062 $131K ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 New 17,135 $5K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $277.8M WBD, MOMO, BEKE, NSC, JHG Q1 2026 32 $323.7M WBD, MOMO, BEKE, KVUE, VIPS Q4 2025 26 $248.1M KVUE, MOMO, BEKE, RNAM, HOLX Q3 2025 23 $153.9M BEKE, KVUE, GTLS, LBRDK, TXNM Q2 2025 23 $64.5M SKX, K, CHA, GB, ANSS Q1 2025 30 $78.8M K, ITCI, DFS, DESP, JNPR Q4 2024 23 $209.9M EDR, K, IBIT, LBRDK, SMAR Q3 2024 24 $307.6M EDR, PKX, IBIT, ACI, K Q2 2024 24 $168.6M EDR, HOLI, ACI, IBIT, VSTO Q1 2024 21 $76.1M HOLI, ACI, X, BILI, JNPR