Ovata Capital Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Ovata Capital Management Ltd reported 38 stock positions worth $263.4 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 20.7% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 13.6%) and Taiwan Semiconductor-SP ADR (TSM, 12.4%). Compared with Q4 2024, it opened 20 new positions, sold out of 13, added to 7 and reduced 8. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale an exit from Fidelity Wise Origin Bitcoin (FBTC).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001724517
- Portfolio Value
- $263.4M (Q1 2025)
- SEC Filing
- 0001724517-25-000004 ↗ filed May 12, 2025
Holdings Value
Holdings 38 stocks · $263.4M
| HDB HDFC Bank Ltd.-ADR | 20.73% | 817,880 | $54.6M | Add +18.5% |
| IBIT iShares Bitcoin Trust ETF | 13.63% | 761,468 | $35.9M | Add +80.8% |
| TSM Taiwan Semiconductor-SP ADR | 12.36% | 199,479 | $32.6M | New |
| INFY Infosys Ltd.-SP ADR | 6.68% | 961,511 | $17.6M | Add +60.5% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 5.09% | 12,000,000 | $13.4M | No change |
| WEIBO CORP (WB 1.375 12/01/30) | 4.17% | 10,000,000 | $11.0M | Add +400.0% |
| BABA Alibaba Group Holding-SP ADR | 3.98% | 79,663 | $10.5M | New |
| ASX Ase Technology Holding -ADR | 3.96% | 1,212,930 | $10.4M | Add +345.6% |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 3.01% | 8,000,000 | $7.9M | New |
| WIT Wipro Ltd.-ADR | 3.00% | 2,600,000 | $7.9M | No change |
| NIO INC (NIO 4.625 10/15/30) | 2.52% | 9,500,000 | $6.6M | Reduce -9.5% |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | 2.48% | 6,500,000 | $6.5M | Reduce -35.0% |
| RIO Rio Tinto PLC-Spon ADR | 2.23% | 98,171 | $5.9M | Reduce -10.8% |
| IBN Icici Bank Ltd.-Spon ADR | 1.73% | 144,100 | $4.5M | New |
| PKX Posco Holdings Inc. -Spon ADR | 1.71% | 95,000 | $4.5M | Reduce -14.0% |
| SWTX Springworks Therapeutics Inc. | 1.60% | 95,664 | $4.2M | New |
| KGS Kodiak Gas Services Inc. | 1.42% | 100,000 | $3.7M | New |
| LPLA LPL Financial Holdings Inc. | 1.24% | 10,000 | $3.3M | New |
| WAYFAIR INC (W 3.5 11/15/28) | 1.22% | 3,000,000 | $3.2M | Reduce -64.7% |
| SONY Sony Group Corp. - SP ADR | 0.90% | 93,465 | $2.4M | Add +111.6% |
| NIO INC (NIO 3.875 10/15/29) | 0.87% | 3,075,000 | $2.3M | Reduce -44.8% |
| CUK Carnival PLC-ADR | 0.79% | 118,640 | $2.1M | New |
| NTES Netease Inc.-ADR | 0.68% | 17,700 | $1.8M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.66% | 27,493 | $1.7M | New |
| LBRDK Liberty Broadband-C | 0.63% | 19,540 | $1.7M | New |
| BHP BHP Group Ltd.-Spon ADR | 0.41% | 22,622 | $1.1M | Add +283.4% |
| BWMN Bowman Consulting Group Ltd. | 0.33% | 40,000 | $873K | Reduce -59.9% |
| KOS Kosmos Energy Ltd. | 0.26% | 300,000 | $684K | New |
| TTI Tetra Technologies Inc. | 0.26% | 200,000 | $672K | Reduce -80.0% |
| LI Li Auto Inc. - ADR | 0.25% | 25,600 | $652K | New |
| NN Nextnav Inc. | 0.23% | 50,000 | $609K | New |
| GOOG Alphabet Inc. Class C | 0.21% | 3,600 | $562K | New |
| MA Mastercard Inc. Class A | 0.19% | 900 | $493K | New |
| BILI Bilibili Inc.-Sponsored ADR | 0.15% | 20,000 | $382K | New |
| NKE Nike Inc. Class B | 0.11% | 4,660 | $296K | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | 0.11% | 2,300,000 | $277K | No change |
| NVDA Nvidia Corp. | 0.10% | 2,500 | $271K | New |
| ARM Arm Holdings PLC-ADR | 0.08% | 2,045 | $218K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $34K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 194,545 | $34K | No change |
Total filed on the 13F, all lines: $263.4M.
Portfolio Sells Q4 2024 → Q1 2025
| FBTC Fidelity Wise Origin Bitcoin | Sold out | 0.00% | −10.52 |
| WUSA Simplify Wo US Eq 150/50 ETF | Sold out | 0.00% | −9.98 |
| BITB Bitwise Bitcoin ETF | Sold out | 0.00% | −7.62 |
| WAYFAIR INC (W 3.5 11/15/28) | Reduce -64.7% | 1.22% | −2.82 |
| SEA LTD (SEALTD 0.25 09/15/26) | Sold out | 0.00% | −2.08 |
| VLY Valley National Bancorp | Sold out | 0.00% | −2.08 |
| SMTC Semtech Corp. | Sold out | 0.00% | −1.89 |
| NAMS Newamsterdam Pharma Co. NV | Sold out | 0.00% | −1.47 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −1.41 |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | Reduce -35.0% | 2.48% | −1.31 |
| TTI Tetra Technologies Inc. | Reduce -80.0% | 0.26% | −1.11 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.96 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −0.96 |
| NIO INC (NIO 3.875 10/15/29) | Reduce -44.8% | 0.87% | −0.72 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.69 |
| BWMN Bowman Consulting Group Ltd. | Reduce -59.9% | 0.33% | −0.62 |
| NIO INC (NIO 4.625 10/15/30) | Reduce -9.5% | 2.52% | −0.26 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -10.8% | 2.23% | −0.25 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.21 |
| PKX Posco Holdings Inc. -Spon ADR | Reduce -14.0% | 1.71% | −0.12 |
| AGEN Agenus Inc. | Sold out | 0.00% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | New | 12.36% | +12.36 |
| IBIT iShares Bitcoin Trust ETF | Add +80.8% | 13.63% | +5.06 |
| BABA Alibaba Group Holding-SP ADR | New | 3.98% | +3.98 |
| HDB HDFC Bank Ltd.-ADR | Add +18.5% | 20.73% | +3.98 |
| WEIBO CORP (WB 1.375 12/01/30) | Add +400.0% | 4.17% | +3.34 |
| PDD HOLDINGS INC (PDD 0 12/01/25) | New | 3.01% | +3.01 |
| ASX Ase Technology Holding -ADR | Add +345.6% | 3.96% | +2.91 |
| IBN Icici Bank Ltd.-Spon ADR | New | 1.73% | +1.73 |
| INFY Infosys Ltd.-SP ADR | Add +60.5% | 6.68% | +1.66 |
| SWTX Springworks Therapeutics Inc. | New | 1.60% | +1.60 |
| KGS Kodiak Gas Services Inc. | New | 1.42% | +1.42 |
| LPLA LPL Financial Holdings Inc. | New | 1.24% | +1.24 |
| CUK Carnival PLC-ADR | New | 0.79% | +0.79 |
| NTES Netease Inc.-ADR | New | 0.68% | +0.68 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.66% | +0.66 |
| LBRDK Liberty Broadband-C | New | 0.63% | +0.63 |
| SONY Sony Group Corp. - SP ADR | Add +111.6% | 0.90% | +0.53 |
| BHP BHP Group Ltd.-Spon ADR | Add +283.4% | 0.41% | +0.30 |
| KOS Kosmos Energy Ltd. | New | 0.26% | +0.26 |
| LI Li Auto Inc. - ADR | New | 0.25% | +0.25 |
| NN Nextnav Inc. | New | 0.23% | +0.23 |
| GOOG Alphabet Inc. Class C | New | 0.21% | +0.21 |
| MA Mastercard Inc. Class A | New | 0.19% | +0.19 |
| BILI Bilibili Inc.-Sponsored ADR | New | 0.15% | +0.15 |
| NKE Nike Inc. Class B | New | 0.11% | +0.11 |
| NVDA Nvidia Corp. | New | 0.10% | +0.10 |
| ARM Arm Holdings PLC-ADR | New | 0.08% | +0.08 |
Notes & Other Activity Q4 2024 → Q1 2025
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | Sold out | 150,000 | $15Kbefore 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 | 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) |