NINE MASTS CAPITAL Ltd

Name: NINE MASTS CAPITAL Ltd 13F holdings, Q3 2025
Creator: NINE MASTS CAPITAL Ltd
Published: 2025-11-13

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), NINE MASTS CAPITAL Ltd reported 35 stock positions worth $220.0 million. Its top holding was Alphabet Class C (GOOG) at 23.9% of the portfolio, followed by Fox Class B (FOX, 16.5%) and HDFC Bank Ltd.-ADR (HDB, 8.8%). Compared with Q2 2025, it opened 17 new positions, sold out of 35, added to 6 and reduced 9. The biggest buy was Fox Class B (FOX, shares +186%) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).

Most Recent 13F: Q2 2026
Location: CENTRAL, K3
CIK: 0001569356
Portfolio Value: $220.0M (Q3 2025)
SEC Filing: 0001569356-25-000004 ↗ filed Nov 13, 2025

Holdings Value

Holdings 35 stocks · $220.0M


GOOG Alphabet Inc. Class C	23.92%	216,087	$52.6M	Add +26.4%
FOX Fox Corp. Class B	16.47%	632,375	$36.2M	Add +186.0%
HDB HDFC Bank Ltd.-ADR	8.83%	568,939	$19.4M	Add +200.5%
CUK Carnival PLC-ADR	8.00%	665,643	$17.6M	New
VALE Vale SA-SP ADR	7.30%	465,997	$16.1M	New
COOP Mr Cooper Group Inc.	4.67%	48,789	$10.3M	New
RYAAY Ryanair Holdings PLC-SP ADR	4.61%	168,510	$10.1M	Reduce -37.5%
ASX Ase Technology Holding -ADR	4.24%	841,686	$9.3M	Add +29.0%
DEO Diageo PLC-Sponsored ADR	3.42%	78,872	$7.5M	New
ISRLF Israel Acquisitions Corp. Class A	2.29%	400,000	$5.0M	New
BIDU Baidu Inc. - Spon ADR	2.24%	36,004	$4.9M	New
ELME Elme Communities	1.89%	247,242	$4.2M	New
FYBR Frontier Communications Pare	1.74%	102,381	$3.8M	Reduce -3.8%
GRND Grindr Inc.	1.65%	241,300	$3.6M	Reduce -23.6%
BIPC Brookfield Infrastructure-A	1.22%	65,261	$2.7M	New
TXNM TXNM Energy Inc.	1.08%	42,000	$2.4M	Add +114.6%
LI Li Auto Inc. - ADR	0.82%	69,296	$1.8M	New
SHOP Shopify Inc. Class A	0.74%	11,000	$1.6M	New
HLN Haleon PLC-ADR	0.66%	163,003	$1.5M	New
NOW ServiceNow Inc.	0.55%	1,317	$1.2M	Reduce -38.8%
DVN Devon Energy Corp.	0.48%	29,868	$1.0M	No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	0.42%	19,000	$931K	Reduce -7.3%
XOM Exxon Mobil Corp.	0.41%	7,941	$895K	Add +130.8%
XPEV Xpeng Inc. - ADR	0.34%	30,887	$739K	Reduce -59.5%
VVR Invesco Senior Income Trust	0.28%	175,438	$607K	New
SCHW Schwab (charles) Corp.	0.25%	5,809	$555K	Reduce -30.5%
LYB Lyondellbasell Indu Class A	0.24%	10,765	$528K	New
WDS Woodside Energy Group-ADR	0.24%	34,317	$523K	No change
XAI OCTAGN FLT RAT & ALT INM	0.23%	94,820	$503K	New
RELX Relx PLC - Spon ADR	0.20%	9,284	$443K	New
AXP American Express Co.	0.14%	938	$312K	Reduce -58.9%
WF Woori Financial-Spon ADR	0.12%	4,868	$273K	New
AMCR Amcor PLC	0.12%	33,000	$270K	No change
RBLX Roblox Corp. Class A	0.12%	1,851	$256K	New
DDOG Datadog Inc. Class A	0.06%	883	$126K	Reduce -81.6%

Options reported separately and not counted above: VALE calls ($5.2M), SPY calls ($2.5M), U calls ($1.6M), WBD calls ($1.4M), TTD puts ($1.4M), PDD calls ($1.3M), NFLX calls ($638K), VALE puts ($624K), TGT calls ($556K), AAPL calls ($389K), NOW puts ($338K), NFE puts ($301K), and 26 more.

Other holdings (3): bonds, preferreds, convertibles and warrants · $651K (not counted above)

Security	Class	Shares / Principal	Value	Change
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30)	DEB 3.750% 2/1 · principal	4,800	$444K	New
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29)	DEB 4.000%11/1 · principal	2,127	$202K	New
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	4,350	$5K	Reduce -78.8%

Total filed on the 13F, all lines: $220.7M.

Portfolio Sells Q2 2025 → Q3 2025


IBIT iShares Bitcoin Trust ETF	Sold out	0.00%	−30.39
LBRDK Liberty Broadband-C	Sold out	0.00%	−4.14
HES Hess Corp.	Sold out	0.00%	−4.03
TGT Target Corp.	Sold out	0.00%	−2.89
BEP Brookfield Renewable Partner	Sold out	0.00%	−2.31
EW Edwards Lifesciences Corp.	Sold out	0.00%	−2.10
K Kellanova	Sold out	0.00%	−1.88
RYAAY Ryanair Holdings PLC-SP ADR	Reduce -37.5%	4.61%	−1.86
JD Jd.com Inc.-ADR	Sold out	0.00%	−1.38
AAPL Apple Inc.	Sold out	0.00%	−1.34
GRND Grindr Inc.	Reduce -23.6%	1.65%	−1.34
MAGS Roundhill Magnificent Seven	Sold out	0.00%	−1.24
BRK.A Berkshire Hathaway Inc. Class A	Sold out	0.00%	−1.21
ANSS Ansys Inc.	Sold out	0.00%	−1.03
MMYT Makemytrip Ltd.	Sold out	0.00%	−0.64
WBA Walgreens Boots Alliance Inc.	Sold out	0.00%	−0.59
NVEE NV5 Global Inc.	Sold out	0.00%	−0.57
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−0.50
SKX Skechers USA Inc. Class A	Sold out	0.00%	−0.50
CNA Cna Financial Corp.	Sold out	0.00%	−0.48
EXPE Expedia Group Inc.	Sold out	0.00%	−0.46
NVDA Nvidia Corp.	Sold out	0.00%	−0.42
SPR Spirit Aerosystems Hold Class A	Sold out	0.00%	−0.40
YUMC Yum China Holdings Inc.	Sold out	0.00%	−0.37
NOW ServiceNow Inc.	Reduce -38.8%	0.55%	−0.37
BPMC Blueprint Medicines Corp.	Sold out	0.00%	−0.32
MDT Medtronic PLC	Sold out	0.00%	−0.28
XPEV Xpeng Inc. - ADR	Reduce -59.5%	0.34%	−0.23
ALE Allete Inc.	Sold out	0.00%	−0.23
CORZ Core Scientific Inc.	Sold out	0.00%	−0.21
ZK Zeekr Intelligent Techno-ADR	Sold out	0.00%	−0.21
DDOG Datadog Inc. Class A	Reduce -81.6%	0.06%	−0.21
TASK Taskus Inc. Class A	Sold out	0.00%	−0.21
AMLP Alerian MLP ETF	Sold out	0.00%	−0.21
TIXT Telus International Cda Inc.	Sold out	0.00%	−0.20
TTD Trade Desk Inc./the Class A	Reduce -7.3%	0.42%	−0.19
HOLX Hologic Inc.	Sold out	0.00%	−0.19
AMD Advanced Micro Devices	Sold out	0.00%	−0.17
AXP American Express Co.	Reduce -58.9%	0.14%	−0.16
DNB Dun & Bradstreet Holdings Inc.	Sold out	0.00%	−0.14
GEHC GE Healthcare Technology	Sold out	0.00%	−0.13
SCHW Schwab (charles) Corp.	Reduce -30.5%	0.25%	−0.07
WBD Warner Bros Discovery Inc.	Sold out	0.00%	−0.01
FYBR Frontier Communications Pare	Reduce -3.8%	1.74%	+0.13

Portfolio Buys Q2 2025 → Q3 2025


FOX Fox Corp. Class B	Add +186.0%	16.47%	+11.72
GOOG Alphabet Inc. Class C	Add +26.4%	23.92%	+11.31
CUK Carnival PLC-ADR	New	8.00%	+8.00
VALE Vale SA-SP ADR	New	7.30%	+7.30
HDB HDFC Bank Ltd.-ADR	Add +200.5%	8.83%	+5.81
COOP Mr Cooper Group Inc.	New	4.67%	+4.67
DEO Diageo PLC-Sponsored ADR	New	3.42%	+3.42
ISRLF Israel Acquisitions Corp. Class A	New	2.29%	+2.29
BIDU Baidu Inc. - Spon ADR	New	2.24%	+2.24
ELME Elme Communities	New	1.89%	+1.89
ASX Ase Technology Holding -ADR	Add +29.0%	4.24%	+1.44
BIPC Brookfield Infrastructure-A	New	1.22%	+1.22
LI Li Auto Inc. - ADR	New	0.82%	+0.82
SHOP Shopify Inc. Class A	New	0.74%	+0.74
HLN Haleon PLC-ADR	New	0.66%	+0.66
TXNM TXNM Energy Inc.	Add +114.6%	1.08%	+0.62
VVR Invesco Senior Income Trust	New	0.28%	+0.28
XOM Exxon Mobil Corp.	Add +130.8%	0.41%	+0.25
LYB Lyondellbasell Indu Class A	New	0.24%	+0.24
XAI OCTAGN FLT RAT & ALT INM	New	0.23%	+0.23
RELX Relx PLC - Spon ADR	New	0.20%	+0.20
WF Woori Financial-Spon ADR	New	0.12%	+0.12
RBLX Roblox Corp. Class A	New	0.12%	+0.12

Options Activity Q2 2025 → Q3 2025


VALE Vale SA-SP ADR	call	New	100,000	$5.2M
SPY SS SPDR S&P 500 ETF Trust-US	call	Add +5.3%	200,000	$2.5M
RBLX Roblox Corp. Class A	call	Sold out	40,000	$1.9Mbefore exit
VALE Vale SA-SP ADR	put	Reduce -1.5%	19,700	$624K
TGT Target Corp.	call	New	25,000	$556K
UBER Uber Technologies Inc.	call	Sold out	25,000	$523Kbefore exit
NOW ServiceNow Inc.	put	Reduce -57.1%	1,500	$338K
NFE New Fortress Energy Inc.	put	New	1,722,200	$301K
AMD Advanced Micro Devices	call	Reduce -54.3%	15,000	$247K
AMD Advanced Micro Devices	put	Reduce -69.8%	16,500	$179K
MDT Medtronic PLC	call	Add +50.0%	30,000	$168K
DKS Dick's Sporting Goods Inc.	call	Sold out	10,400	$139Kbefore exit
GEHC GE Healthcare Technology	put	New	15,900	$118K
UBER Uber Technologies Inc.	put	Sold out	27,500	$73Kbefore exit
SPY SS SPDR S&P 500 ETF Trust-US	put	Add +33.3%	20,000	$69K
LIN Linde PLC	call	Sold out	11,000	$58Kbefore exit
MDT Medtronic PLC	put	Reduce -37.1%	10,000	$51K
NOW ServiceNow Inc.	call	Sold out	2,000	$46Kbefore exit
GEHC GE Healthcare Technology	call	New	20,000	$36K
LIN Linde PLC	put	Add +254.6%	50,700	$22K
U Unity Software Inc.	put	Reduce -2.6%	100,000	$21K
TGT Target Corp.	put	New	27,500	$20K
K Kellanova	put	New	40,000	$13K
RBLX Roblox Corp. Class A	put	Reduce -80.0%	11,000	$5K

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

Notes & Other Activity Q2 2025 → Q3 2025


LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30)	DEB 3.750% 2/1 · principal	New	4,800	$444K
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29)	DEB 4.000%11/1 · principal	New	2,127	$202K
ISLWF Israel Acquisitions Corp.-28	*W EXP 99/99/999 · principal	Sold out	400,000	$89Kbefore exit
NOTEW Fiscalnote Holdings Inc.-CW25	*W EXP 07/29/202 · principal	Sold out	299,447	$30Kbefore exit
PRENW Prenetics Global Ltd. -CW26	*W EXP 05/18/202 · principal	Sold out	362,456	$14Kbefore exit
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	Reduce -78.8%	4,350	$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	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