NINE MASTS CAPITAL Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), NINE MASTS CAPITAL Ltd reported 11 stock positions worth $111.6 million. Its top holding was Alphabet Class A (GOOGL) at 41.5% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 14.3%) and Ase Technology Holding -ADR (ASX, 13.1%). Compared with Q4 2024, it opened 5 new positions, sold out of 76, added to 3 and reduced 3. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale an exit from iShares Core S&P 500 ETF (IVV).

Most Recent 13F
Q2 2026
Location
CENTRAL, K3
CIK
0001569356
Portfolio Value
$111.6M (Q1 2025)
SEC Filing
0001085146-25-003030 ↗ filed May 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $142.5M Q1 2024 Q2 2024: $222.2M Q2 2024 Q3 2024: $198.3M Q3 2024 Q4 2024: $517.7M Q4 2024 Q1 2025: $111.6M $111.6M Q1 2025 Q2 2025: $240.4M Q2 2025 Q3 2025: $220.0M Q3 2025 Q4 2025: $445.7M Q4 2025 Q1 2026: $451.1M Q1 2026 Q2 2026: $713.8M Q2 2026

Holdings 11 stocks · $111.6M
GOOGL Alphabet Inc. Class A 41.48% 299,274 $46.3M New
HDB HDFC Bank Ltd.-ADR 14.32% 240,457 $16.0M Reduce -59.1%
ASX Ase Technology Holding -ADR 13.11% 1,669,622 $14.6M Add +43.6%
BRK.A Berkshire Hathaway Inc. Class A 11.45% 16 $12.8M Reduce -33.3%
FOX Fox Corp. Class B 7.56% 160,000 $8.4M Add +268.3%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 4.16% 16,716 $4.6M New
BABA Alibaba Group Holding-SP ADR 2.57% 21,679 $2.9M New
TCOM Trip.com Group Ltd.-ADR 2.28% 40,000 $2.5M Add +105.7%
ZLAB Zai Lab Ltd.-ADR 1.66% 50,500 $1.8M New
LI Li Auto Inc. - ADR 0.91% 40,030 $1.0M Reduce -85.4%
XPEV Xpeng Inc. - ADR 0.50% 27,650 $560K New

Options reported separately and not counted above: SPY calls ($3.3M), TTD puts ($1.2M), ADBE puts ($1.1M), DDOG puts ($879K), AMD puts ($859K), LIN puts ($741K), U puts ($585K), AAPL puts ($532K), XBI puts ($483K), SHOP calls ($460K), NOW puts ($457K), VALE puts ($447K), and 47 more.

Other holdings (2): bonds, preferreds, convertibles and warrants · $10.0M (not counted above)
SecurityClassShares / PrincipalValueChange
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 10,000$9.9MAdd +233.3%
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 15,000$10KAdd +200.0%

Total filed on the 13F, all lines: $121.5M.

Portfolio Sells Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Sold out 0.00% −40.03
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −15.56
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −9.40
ZG Zillow Group Inc. Class A Sold out 0.00% −2.24
NWSA News Corp. Class A Sold out 0.00% −1.94
ISRLF Israel Acquisitions Corp. Class A Sold out 0.00% −0.87
NDMO Nuveen Dynamic Municipal Opp Sold out 0.00% −0.83
BBN BlackRock Taxable Muni BND Sold out 0.00% −0.68
VOO Vanguard S&P 500 ETF Sold out 0.00% −0.67
FCX Freeport-McMoran Inc. Sold out 0.00% −0.63
BEP Brookfield Renewable Partner Sold out 0.00% −0.61
BHP BHP Group Ltd.-Spon ADR Sold out 0.00% −0.57
AMD Advanced Micro Devices Sold out 0.00% −0.51
NMCO Nuveen Municipal Credit Opp Sold out 0.00% −0.48
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.47
VALE Vale SA-SP ADR Sold out 0.00% −0.43
T AT&T Inc. Sold out 0.00% −0.39
AER Aercap Holdings NV Sold out 0.00% −0.39
EOG EOG Resources Inc. Sold out 0.00% −0.37
PML PIMCO Municipal Income FD II Sold out 0.00% −0.37
LI Li Auto Inc. - ADR Reduce -85.4% 0.91% −0.37
ADBE Adobe Inc. Sold out 0.00% −0.36
KHC The Kraft Heinz Co. Sold out 0.00% −0.36
LIN Linde PLC Sold out 0.00% −0.35
BTT BlackRock 2030 Muni TRGT TRM Sold out 0.00% −0.34
COP Conocophillips Sold out 0.00% −0.34
SLB SLB Ltd. Sold out 0.00% −0.31
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.29
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.29
GRND Grindr Inc. Sold out 0.00% −0.28
HAS Hasbro Inc. Sold out 0.00% −0.26
LEGN Legend Biotech Corp.-ADR Sold out 0.00% −0.24
SCHW Schwab (charles) Corp. Sold out 0.00% −0.24
MDT Medtronic PLC Sold out 0.00% −0.23
IWM iShares Russell 2000 ETF Sold out 0.00% −0.23
DVN Devon Energy Corp. Sold out 0.00% −0.22
ACN Accenture PLC Class A Sold out 0.00% −0.20
ESI Element Solutions Inc. Sold out 0.00% −0.19
GTLB Gitlab Inc. Class A Sold out 0.00% −0.17
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.15
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.14
IAS Integral Ad Science Holding Sold out 0.00% −0.13
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.12
SGRY Surgery Partners Inc. Sold out 0.00% −0.12
LSPD Lightspeed Commerce Inc. Sold out 0.00% −0.11
X United States Steel Corp. Sold out 0.00% −0.11
INTC Intel Corp. Sold out 0.00% −0.11
XOM Exxon Mobil Corp. Sold out 0.00% −0.11
TPR Tapestry Inc. Sold out 0.00% −0.11
ABNB Airbnb Inc. Class A Sold out 0.00% −0.11

Portfolio Buys Q4 2024 → Q1 2025
GOOGL Alphabet Inc. Class A New 41.48% +41.48
ASX Ase Technology Holding -ADR Add +43.6% 13.11% +10.85
FOX Fox Corp. Class B Add +268.3% 7.56% +7.18
ONC Beone Medicines Ltd.-ADR New 4.16% +4.16
BABA Alibaba Group Holding-SP ADR New 2.57% +2.57
TCOM Trip.com Group Ltd.-ADR Add +105.7% 2.28% +2.02
ZLAB Zai Lab Ltd.-ADR New 1.66% +1.66
XPEV Xpeng Inc. - ADR New 0.50% +0.50

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US call Reduce -41.5% 190,000 $3.3M
FCX Freeport-McMoran Inc. put Sold out 135,000 $1.6Mbefore exit
AMD Advanced Micro Devices put Reduce -78.5% 15,000 $859K
LIN Linde PLC put Add +242.9% 60,000 $741K
REGN Regeneron Pharmaceuticals put Sold out 3,400 $706Kbefore exit
SLB SLB Ltd. put Sold out 42,500 $687Kbefore exit
AEM Agnico Eagle Mines Ltd. call Sold out 35,000 $642Kbefore exit
U Unity Software Inc. put Reduce -18.5% 100,000 $585K
NOW ServiceNow Inc. put Reduce -70.0% 1,500 $457K
VALE Vale SA-SP ADR put Reduce -92.4% 20,000 $447K
BKR Baker Hughes Co. call Sold out 70,000 $441Kbefore exit
SNOW Snowflake Inc. put Sold out 20,000 $429Kbefore exit
KHC The Kraft Heinz Co. put Sold out 60,000 $408Kbefore exit
TMUS T-Mobile US Inc. put Sold out 20,000 $393Kbefore exit
RBLX Roblox Corp. Class A put Reduce -20.0% 44,000 $333K
NFLX Netflix Inc. put New 3,200 $309K
EOG EOG Resources Inc. put Sold out 16,000 $307Kbefore exit
AXP American Express Co. put New 7,200 $259K
XOM Exxon Mobil Corp. put Sold out 11,500 $195Kbefore exit
CTSH Cognizant Tech Solutions-A put New 30,000 $162K
LIN Linde PLC call Reduce -39.4% 20,000 $146K
GEHC GE Healthcare Technology call Sold out 20,000 $137Kbefore exit
CCL Carnival Corp. put Sold out 3,000,000 $135Kbefore exit
GEHC GE Healthcare Technology put Sold out 15,900 $127Kbefore exit
MDT Medtronic PLC put Reduce -47.0% 15,900 $114K
TGT Target Corp. put Reduce -4.2% 11,500 $109K
TGT Target Corp. call Sold out 10,000 $82Kbefore exit
X United States Steel Corp. call Sold out 34,200 $61Kbefore exit
CTSH Cognizant Tech Solutions-A call New 33,000 $60K
X United States Steel Corp. put Sold out 12,000 $55Kbefore exit
MDT Medtronic PLC call Reduce -66.7% 5,000 $39K
XOM Exxon Mobil Corp. call Sold out 8,200 $26Kbefore exit
FCX Freeport-McMoran Inc. call Reduce -50.0% 50,000 $20K
INTC Intel Corp. call Sold out 483,000 $17Kbefore exit
DNB Dun & Bradstreet Holdings Inc. put Sold out 27,600 $15Kbefore exit
DD Dupont DE Nemours Inc. call New 15,000 $12K
EOG EOG Resources Inc. call Sold out 16,000 $6Kbefore exit
AAL American Airlines Group Inc. put Sold out 1,180,000 $6Kbefore exit
REGN Regeneron Pharmaceuticals call Sold out 2,500 $6Kbefore exit
BKR Baker Hughes Co. put Sold out 70,000 $5Kbefore exit
AMD Advanced Micro Devices call Reduce -81.4% 7,500 $3K
COP Conocophillips call Sold out 17,500 $2Kbefore exit
SLB SLB Ltd. call Sold out 42,500 $2Kbefore exit
AEM Agnico Eagle Mines Ltd. put Sold out 53,500 $1Kbefore exit
VALE Vale SA-SP ADR call Sold out 200,000 $1Kbefore exit
KHC The Kraft Heinz Co. call Sold out 60,000 $300before 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
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Add +233.3% 10,000 $9.9M
GRND.WS Grindr Inc. -26 *W EXP 11/18/202 · principal Sold out 407,186 $2.7Mbefore exit
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 · principal Sold out 299,447 $47Kbefore exit
NIO INC (NIO 0.5 02/01/27) NOTE 0.500% 2/0 · principal Sold out 17,700 $18Kbefore exit
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 · principal Sold out 400,000 $16Kbefore exit
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Add +200.0% 15,000 $10K
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 · principal Sold out 362,456 $3Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 87$713.8MSPY, HDB, WBD, FOX, SLAB
Q1 2026 155$451.1MGOOG, HDB, FOX, WBD, SLAB
Q4 2025 110$445.7MIBIT, SPY, NSC, FOX, CYBR
Q3 2025 35$220.0MGOOG, FOX, HDB, CUK, VALE
Q2 2025 53$240.4MIBIT, GOOG, RYAAY, FOX, LBRDK
Q1 2025 11$111.6MGOOGL, HDB, ASX, BRK.A, FOX
Q4 2024 82$517.7MIVV, IBIT, SPY, HDB, BRK.A
Q3 2024 59$198.3MIBIT, HDB, BRK.A, QQQ, ASX
Q2 2024 109$222.2MHDB, GOOGL, XLK, EEM, TYL
Q1 2024 57$142.5MGOOGL, HDB, EEM, BHC, TYL