Ovata Capital Management Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Ovata Capital Management Ltd reported 31 stock positions worth $261.8 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 16.8% of the portfolio, followed by Fidelity Wise Origin Bitcoin (FBTC, 10.5%) and Simplify Wo US Eq 150/50 ETF (WUSA, 10.0%). Compared with Q3 2024, it opened 11 new positions, sold out of 11, added to 6 and reduced 7. The biggest buy was a new position in Simplify Wo US Eq 150/50 ETF (WUSA) and the biggest sale Fidelity Wise Origin Bitcoin (FBTC, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001724517
- Portfolio Value
- $261.8M (Q4 2024)
- SEC Filing
- 0001724517-25-000003 ↗ filed Feb 13, 2025
Holdings Value
Holdings 31 stocks · $261.8M
| HDB HDFC Bank Ltd.-ADR | 16.75% | 690,320 | $43.9M | Add +89.7% |
| FBTC Fidelity Wise Origin Bitcoin | 10.52% | 336,658 | $27.5M | Reduce -61.0% |
| WUSA Simplify Wo US Eq 150/50 ETF | 9.98% | 1,000,000 | $26.1M | New |
| IBIT iShares Bitcoin Trust ETF | 8.57% | 421,268 | $22.5M | Reduce -29.8% |
| BITB Bitwise Bitcoin ETF | 7.62% | 390,992 | $20.0M | Reduce -16.8% |
| INFY Infosys Ltd.-SP ADR | 5.01% | 599,039 | $13.1M | Add +1.5% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 4.90% | 12,000,000 | $12.8M | Reduce -7.7% |
| WAYFAIR INC (W 3.5 11/15/28) | 4.04% | 8,500,000 | $10.6M | No change |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | 3.79% | 10,000,000 | $9.9M | New |
| WIT Wipro Ltd.-ADR | 3.52% | 2,600,000 | $9.2M | No change |
| NIO INC (NIO 4.625 10/15/30) | 2.78% | 10,500,000 | $7.3M | No change |
| RIO Rio Tinto PLC-Spon ADR | 2.48% | 110,021 | $6.5M | Add +7.7% |
| SEA LTD (SEALTD 0.25 09/15/26) | 2.08% | 6,000,000 | $5.5M | Reduce -33.3% |
| VLY Valley National Bancorp | 2.08% | 600,000 | $5.4M | New |
| SMTC Semtech Corp. | 1.89% | 80,000 | $4.9M | New |
| PKX Posco Holdings Inc. -Spon ADR | 1.83% | 110,485 | $4.8M | New |
| NIO INC (NIO 3.875 10/15/29) | 1.59% | 5,575,000 | $4.2M | No change |
| NAMS Newamsterdam Pharma Co. NV | 1.47% | 150,000 | $3.9M | New |
| LOAR Loar Holdings Inc. | 1.41% | 50,000 | $3.7M | New |
| TTI Tetra Technologies Inc. | 1.37% | 1,000,000 | $3.6M | Add +33.3% |
| ASX Ase Technology Holding -ADR | 1.05% | 272,200 | $2.8M | New |
| RCKT Rocket Pharmaceuticals Inc. | 0.96% | 200,000 | $2.5M | New |
| BTC Grayscale Bitcoin Mini ETF | 0.96% | 60,460 | $2.5M | No change |
| BWMN Bowman Consulting Group Ltd. | 0.95% | 99,800 | $2.5M | Add +33.4% |
| WEIBO CORP (WB 1.375 12/01/30) | 0.84% | 2,000,000 | $2.2M | New |
| JD Jd.com Inc.-ADR | 0.69% | 52,391 | $1.8M | Add +175.7% |
| SONY Sony Group Corp. - SP ADR | 0.36% | 44,165 | $949K | Reduce -22.3% |
| PONY Pony AI Inc. | 0.21% | 37,500 | $538K | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | 0.13% | 2,300,000 | $352K | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.11% | 5,900 | $290K | Reduce -26.3% |
| AGEN Agenus Inc. | 0.04% | 40,000 | $110K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $45K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 194,545 | $30K | No change |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 150,000 | $15K | No change |
Total filed on the 13F, all lines: $261.9M.
Portfolio Sells Q3 2024 → Q4 2024
| FBTC Fidelity Wise Origin Bitcoin | Reduce -61.0% | 10.52% | −9.74 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −6.46 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −2.23 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −1.99 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −1.93 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −1.45 |
| ARDT Ardent Health Inc. | Sold out | 0.00% | −1.37 |
| SEA LTD (SEALTD 0.25 09/15/26) | Reduce -33.3% | 2.08% | −1.36 |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | Reduce -7.7% | 4.90% | −1.35 |
| SVCO Silvaco Group Inc. | Sold out | 0.00% | −0.61 |
| IBIT iShares Bitcoin Trust ETF | Reduce -29.8% | 8.57% | −0.59 |
| PRAX Praxis Precision Medicines I | Sold out | 0.00% | −0.24 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| SONY Sony Group Corp. - SP ADR | Reduce -22.3% | 0.36% | −0.11 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -26.3% | 0.11% | −0.10 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.07 |
| BOLD Boundless Bio Inc. | Sold out | 0.00% | −0.04 |
| BITB Bitwise Bitcoin ETF | Reduce -16.8% | 7.62% | +0.75 |
Portfolio Buys Q3 2024 → Q4 2024
| WUSA Simplify Wo US Eq 150/50 ETF | New | 9.98% | +9.98 |
| HDB HDFC Bank Ltd.-ADR | Add +89.7% | 16.75% | +6.82 |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | New | 3.79% | +3.79 |
| VLY Valley National Bancorp | New | 2.08% | +2.08 |
| SMTC Semtech Corp. | New | 1.89% | +1.89 |
| PKX Posco Holdings Inc. -Spon ADR | New | 1.83% | +1.83 |
| NAMS Newamsterdam Pharma Co. NV | New | 1.47% | +1.47 |
| LOAR Loar Holdings Inc. | New | 1.41% | +1.41 |
| ASX Ase Technology Holding -ADR | New | 1.05% | +1.05 |
| RCKT Rocket Pharmaceuticals Inc. | New | 0.96% | +0.96 |
| WEIBO CORP (WB 1.375 12/01/30) | New | 0.84% | +0.84 |
| TTI Tetra Technologies Inc. | Add +33.3% | 1.37% | +0.38 |
| JD Jd.com Inc.-ADR | Add +175.7% | 0.69% | +0.35 |
| PONY Pony AI Inc. | New | 0.21% | +0.21 |
| BWMN Bowman Consulting Group Ltd. | Add +33.4% | 0.95% | +0.19 |
| INFY Infosys Ltd.-SP ADR | Add +1.5% | 5.01% | −0.55 |
| RIO Rio Tinto PLC-Spon ADR | Add +7.7% | 2.48% | −0.73 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $1.3B | SEAGATE HDD CAYMAN (STX 3.5 06/01/28), WEC ENERGY GROUP INC (WEC 4.375 06/01/27), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), CLOUDFLARE INC (NET 0 08/15/26), HDB |
| Q1 2026 | 36 | $690.5M | JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26), RYAAY, TSM, PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), HDB |
| Q4 2025Amended | 52 | $823.3M | SPOTIFY USA INC (SPOT 0 03/15/26), RYAAY, TSM, IBIT, IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) |
| Q3 2025 | 40 | $499.8M | IBIT, TSM, ALIBABA GROUP HOLDING (BABA 0.5 06/01/31), UBER TECHNOLOGIES INC (UBER 0 12/15/25), SPOTIFY USA INC (SPOT 0 03/15/26) |
| Q2 2025 | 44 | $462.1M | IBIT, ALIBABA GROUP HOLDING (BABA 0.5 06/01/31), TSM, HDB, FBTC |
| Q1 2025 | 38 | $263.4M | HDB, IBIT, TSM, INFY, H WORLD GROUP LTD (HTHT 3 05/01/26) |
| Q4 2024 | 31 | $261.8M | HDB, FBTC, WUSA, IBIT, BITB |
| Q3 2024 | 31 | $236.2M | FBTC, HDB, IBIT, BITB, GBTC |
| Q2 2024 | 37 | $184.0M | H WORLD GROUP LTD (HTHT 3 05/01/26), FBTC, GBTC, BITB, HDB |
| Q1 2024 | 34 | $192.1M | FBTC, GBTC, BITB, HDB, H WORLD GROUP LTD (HTHT 3 05/01/26) |