NINE MASTS CAPITAL Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), NINE MASTS CAPITAL Ltd reported 57 stock positions worth $142.5 million. Its top holding was Alphabet Class A (GOOGL) at 15.6% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 8.0%) and iShares MSCI Emerging Market (EEM, 7.7%). Compared with Q4 2023, it opened 47 new positions, sold out of 3, added to 4 and reduced 3. The biggest buy was a new position in iShares MSCI Emerging Market (EEM) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- CENTRAL, K3
- CIK
- 0001569356
- Portfolio Value
- $142.5M (Q1 2024)
- SEC Filing
- 0001085146-24-002321 ↗ filed May 8, 2024
Holdings Value
Holdings 57 stocks · $142.5M
| GOOGL Alphabet Inc. Class A | 15.58% | 147,101 | $22.2M | Add +287.9% |
| HDB HDFC Bank Ltd.-ADR | 7.98% | 216,325 | $11.4M | Reduce -14.9% |
| EEM iShares MSCI Emerging Market | 7.66% | 265,500 | $10.9M | New |
| BHC Bausch Health Cos Inc. | 6.51% | 874,500 | $9.3M | New |
| TYL Tyler Technologies Inc. | 6.12% | 20,500 | $8.7M | New |
| IWM iShares Russell 2000 ETF | 3.68% | 24,934 | $5.2M | New |
| NVG Nuveen Amt-FR Muni CRDT | 3.49% | 409,624 | $5.0M | New |
| NAD Nuveen Quality Municipal Inc. | 3.22% | 400,360 | $4.6M | New |
| ISRLF Israel Acquisitions Corp. Class A | 3.06% | 400,000 | $4.4M | New |
| XYZ Block Inc. | 3.02% | 50,915 | $4.3M | Add +60.1% |
| FOX Fox Corp. Class B | 2.88% | 143,332 | $4.1M | No change |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 2.73% | 351,655 | $3.9M | New |
| XPEV Xpeng Inc. - ADR | 2.65% | 460,671 | $3.8M | New |
| NZF Nuveen Municipal Credit Inc. | 2.49% | 289,861 | $3.5M | New |
| ZTO Zto Express Cayman Inc.-ADR | 1.79% | 117,322 | $2.5M | New |
| NMCO Nuveen Municipal Credit Opp | 1.77% | 238,745 | $2.5M | New |
| BHP BHP Group Ltd.-Spon ADR | 1.70% | 42,041 | $2.4M | New |
| BBN BlackRock Taxable Muni BND | 1.65% | 144,010 | $2.4M | New |
| NMZ Nuveen Muni Hi Inc. Opport | 1.50% | 201,897 | $2.1M | New |
| NAC Nuveen Ca QLTY Muni Inc. | 1.38% | 178,646 | $2.0M | New |
| PML PIMCO Municipal Income FD II | 1.37% | 229,450 | $2.0M | New |
| MUC BlackRock Munihold Ca QLTY | 1.05% | 136,127 | $1.5M | New |
| BLE BlackRock Muni Inc. TR II | 1.01% | 132,235 | $1.4M | New |
| BFK BlackRock Municipal Inc. TRST | 0.91% | 124,854 | $1.3M | New |
| MMU Western Asset Managed Munici | 0.86% | 116,982 | $1.2M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.85% | 27,450 | $1.2M | Add +61.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.81% | 54,742 | $1.2M | New |
| VMO Invesco Municipal Opport | 0.79% | 116,303 | $1.1M | New |
| EDU New Oriental Educatio-SP ADR | 0.76% | 12,375 | $1.1M | Add +76.8% |
| XMUIX BlackRock Municipal Income | 0.72% | 85,393 | $1.0M | New |
| GRND Grindr Inc. | 0.71% | 100,000 | $1.0M | No change |
| XNCMX Nuveen Ca Amt-FR Muni Inc. | 0.67% | 78,893 | $959K | New |
| VGM Invesco Trust for Investmen | 0.66% | 95,289 | $940K | New |
| VCV Invesco Ca Val Muni Inc. TR | 0.66% | 93,857 | $935K | New |
| IIM Invesco Value Municipal Inco | 0.62% | 73,630 | $884K | New |
| MUJ BlackRock Munihold NJ QLTY | 0.57% | 69,579 | $809K | New |
| LI Li Auto Inc. - ADR | 0.56% | 25,666 | $796K | Reduce -6.8% |
| WDS Woodside Energy Group-ADR | 0.48% | 34,317 | $682K | No change |
| PMO Franklin Muncipl Opps Tst-Ui | 0.46% | 65,146 | $662K | New |
| YUMC Yum China Holdings Inc. | 0.46% | 16,650 | $656K | New |
| LEO BNY Mellon Strategic Muni | 0.43% | 101,459 | $619K | New |
| MHD BlackRock Muniholdings Fund | 0.40% | 47,342 | $572K | New |
| DKNG Draftkings Inc. Class A | 0.40% | 12,500 | $568K | New |
| MP MP Materials Corp. | 0.34% | 33,900 | $485K | New |
| M Macy's Inc. | 0.29% | 20,400 | $408K | New |
| PARAA Paramount Global Class B | 0.28% | 34,400 | $405K | New |
| NFLX Netflix Inc. | 0.27% | 638 | $387K | New |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.23% | 2,051 | $324K | Reduce -86.0% |
| AFB Allianceberstein NTL Muni | 0.21% | 27,422 | $301K | New |
| BILI Bilibili Inc.-Sponsored ADR | 0.20% | 25,000 | $280K | New |
| IQI Invesco Quality Muni Inc. TR | 0.19% | 28,511 | $276K | New |
| VKQ Invesco Municipal Trust | 0.18% | 26,002 | $252K | New |
| XBKNX BlackRock Invest QLTY Muni | 0.17% | 19,872 | $247K | New |
| ZLAB Zai Lab Ltd.-ADR | 0.16% | 14,000 | $231K | New |
| RCM R1 RCM Inc. | 0.14% | 15,300 | $197K | New |
| XMVFX BlackRock Munivest Fund | 0.13% | 27,113 | $191K | New |
| NBH Neuberger Municipal Fund Inc. | 0.12% | 16,950 | $177K | New |
Options reported separately and not counted above: CCL puts ($675K), AAL puts ($189K), UAL puts ($9K).
Other holdings (17): bonds, preferreds, convertibles and warrants · $183.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 31,500 | $37.9M | New |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 33,000 | $31.0M | New |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 28,000 | $29.2M | Add +21.7% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 26,000 | $25.7M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 16,000 | $18.0M | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 12,000 | $13.5M | Add +60.0% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 10,000 | $12.3M | New |
| DJTWW Trump Media & Technology Gro | *W EXP 03/25/202 · principal | 303,000 | $8.3M | New |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 10,000 | $5.9M | New |
| GRND.WS Grindr Inc. -26 | *W EXP 11/18/202 · principal | 407,186 | $941K | No change |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A · principal | 850,000 | $502K | New |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 · principal | 299,447 | $75K | Reduce -0.5% |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 · principal | 400,000 | $28K | New |
| MRDB.WS Mariadb PLC-27 | *W EXP 12/16/202 · principal | 288,530 | $26K | No change |
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | 7,500 | $7K | No change |
| CNXXW Conx Corp. Class A -CW27 | *W EXP 10/30/202 · principal | 27,300 | $5K | No change |
| PRENW Prenetics Global Ltd. -CW26 | *W EXP 05/18/202 · principal | 362,456 | $4K | No change |
Total filed on the 13F, all lines: $326.0M.
Portfolio Sells Q4 2023 → Q1 2024
Portfolio Buys Q4 2023 → Q1 2024
| EEM iShares MSCI Emerging Market | New | 7.66% | +7.66 |
| BHC Bausch Health Cos Inc. | New | 6.51% | +6.51 |
| TYL Tyler Technologies Inc. | New | 6.12% | +6.12 |
| IWM iShares Russell 2000 ETF | New | 3.68% | +3.68 |
| NVG Nuveen Amt-FR Muni CRDT | New | 3.49% | +3.49 |
| GOOGL Alphabet Inc. Class A | Add +287.9% | 15.58% | +3.43 |
| NAD Nuveen Quality Municipal Inc. | New | 3.22% | +3.22 |
| ISRLF Israel Acquisitions Corp. Class A | New | 3.06% | +3.06 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | New | 2.73% | +2.73 |
| XPEV Xpeng Inc. - ADR | New | 2.65% | +2.65 |
| NZF Nuveen Municipal Credit Inc. | New | 2.49% | +2.49 |
| ZTO Zto Express Cayman Inc.-ADR | New | 1.79% | +1.79 |
| NMCO Nuveen Municipal Credit Opp | New | 1.77% | +1.77 |
| BHP BHP Group Ltd.-Spon ADR | New | 1.70% | +1.70 |
| BBN BlackRock Taxable Muni BND | New | 1.65% | +1.65 |
| NMZ Nuveen Muni Hi Inc. Opport | New | 1.50% | +1.50 |
| NAC Nuveen Ca QLTY Muni Inc. | New | 1.38% | +1.38 |
| PML PIMCO Municipal Income FD II | New | 1.37% | +1.37 |
| MUC BlackRock Munihold Ca QLTY | New | 1.05% | +1.05 |
| BLE BlackRock Muni Inc. TR II | New | 1.01% | +1.01 |
| BFK BlackRock Municipal Inc. TRST | New | 0.91% | +0.91 |
| MMU Western Asset Managed Munici | New | 0.86% | +0.86 |
| BTT BlackRock 2030 Muni TRGT TRM | New | 0.81% | +0.81 |
| VMO Invesco Municipal Opport | New | 0.79% | +0.79 |
| XMUIX BlackRock Municipal Income | New | 0.72% | +0.72 |
| XNCMX Nuveen Ca Amt-FR Muni Inc. | New | 0.67% | +0.67 |
| VGM Invesco Trust for Investmen | New | 0.66% | +0.66 |
| VCV Invesco Ca Val Muni Inc. TR | New | 0.66% | +0.66 |
| IIM Invesco Value Municipal Inco | New | 0.62% | +0.62 |
| MUJ BlackRock Munihold NJ QLTY | New | 0.57% | +0.57 |
| PMO Franklin Muncipl Opps Tst-Ui | New | 0.46% | +0.46 |
| YUMC Yum China Holdings Inc. | New | 0.46% | +0.46 |
| LEO BNY Mellon Strategic Muni | New | 0.43% | +0.43 |
| MHD BlackRock Muniholdings Fund | New | 0.40% | +0.40 |
| DKNG Draftkings Inc. Class A | New | 0.40% | +0.40 |
| MP MP Materials Corp. | New | 0.34% | +0.34 |
| M Macy's Inc. | New | 0.29% | +0.29 |
| PARAA Paramount Global Class B | New | 0.28% | +0.28 |
| NFLX Netflix Inc. | New | 0.27% | +0.27 |
| AFB Allianceberstein NTL Muni | New | 0.21% | +0.21 |
| BILI Bilibili Inc.-Sponsored ADR | New | 0.20% | +0.20 |
| IQI Invesco Quality Muni Inc. TR | New | 0.19% | +0.19 |
| VKQ Invesco Municipal Trust | New | 0.18% | +0.18 |
| XBKNX BlackRock Invest QLTY Muni | New | 0.17% | +0.17 |
| ZLAB Zai Lab Ltd.-ADR | New | 0.16% | +0.16 |
| RCM R1 RCM Inc. | New | 0.14% | +0.14 |
| XMVFX BlackRock Munivest Fund | New | 0.13% | +0.13 |
| NBH Neuberger Municipal Fund Inc. | New | 0.12% | +0.12 |
| EDU New Oriental Educatio-SP ADR | Add +76.8% | 0.76% | −0.38 |
| TCOM Trip.com Group Ltd.-ADR | Add +61.3% | 0.85% | −0.54 |
Notes & Other Activity Q4 2023 → Q1 2024
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | New | 31,500 | $37.9M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | New | 33,000 | $31.0M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Add +21.7% | 28,000 | $29.2M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | New | 26,000 | $25.7M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Sold out | 23,000 | $20.9Mbefore exit |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Add +60.0% | 12,000 | $13.5M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | New | 10,000 | $12.3M |
| DJTWW Trump Media & Technology Gro | *W EXP 03/25/202 · principal | New | 303,000 | $8.3M |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | New | 10,000 | $5.9M |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | Sold out | 5,500 | $4.8Mbefore exit |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Sold out | 4,000 | $3.4Mbefore exit |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 2,000 | $2.0Mbefore exit |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A · principal | New | 850,000 | $502K |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 · principal | Reduce -0.5% | 299,447 | $75K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 · principal | New | 400,000 | $28K |
| HHLA.WS Hh&l Acquisition -A -CW26 | *W EXP 02/04/202 · principal | Sold out | 82,180 | $2Kbefore exit |
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 | 87 | $713.8M | SPY, HDB, WBD, FOX, SLAB |
| Q1 2026 | 155 | $451.1M | GOOG, HDB, FOX, WBD, SLAB |
| Q4 2025 | 110 | $445.7M | IBIT, SPY, NSC, FOX, CYBR |
| Q3 2025 | 35 | $220.0M | GOOG, FOX, HDB, CUK, VALE |
| Q2 2025 | 53 | $240.4M | IBIT, GOOG, RYAAY, FOX, LBRDK |
| Q1 2025 | 11 | $111.6M | GOOGL, HDB, ASX, BRK.A, FOX |
| Q4 2024 | 82 | $517.7M | IVV, IBIT, SPY, HDB, BRK.A |
| Q3 2024 | 59 | $198.3M | IBIT, HDB, BRK.A, QQQ, ASX |
| Q2 2024 | 109 | $222.2M | HDB, GOOGL, XLK, EEM, TYL |
| Q1 2024 | 57 | $142.5M | GOOGL, HDB, EEM, BHC, TYL |