Ovata Capital Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed March 3, 2026), Ovata Capital Management Ltd reported 52 stock positions worth $823.3 million. Its top holding was Spotify USA Inc. (spot 0 03/15/26) at 12.1% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 8.7%) and Taiwan Semiconductor-SP ADR (TSM, 8.2%). Compared with Q3 2025, it opened 23 new positions, sold out of 11, added to 10 and reduced 8. The biggest buy was a new position in Ionis Pharmaceuticals in (ions 0 04/01/26) and the biggest sale an exit from Uber Technologies Inc. (uber 0 12/15/25).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001724517
Portfolio Value
$823.3M (Q4 2025)
SEC Filing
0001724517-26-000003 ↗ filed Mar 3, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $192.1M Q1 2024 Q2 2024: $184.0M Q2 2024 Q3 2024: $236.2M Q3 2024 Q4 2024: $261.8M Q4 2024 Q1 2025: $263.4M Q1 2025 Q2 2025: $462.1M Q2 2025 Q3 2025: $499.8M Q3 2025 Q4 2025: $823.3M $823.3M Q4 2025 Q1 2026: $690.5M Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 52 stocks · $823.3M
SPOTIFY USA INC (SPOT 0 03/15/26) 12.10% 87,500,000 $99.6M Add +243.1%
RYAAY Ryanair Holdings PLC-SP ADR 8.74% 981,383 $72.0M Add +262.7%
TSM Taiwan Semiconductor-SP ADR 8.17% 218,258 $67.3M No change
IBIT iShares Bitcoin Trust ETF 6.87% 1,142,805 $56.6M No change
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) 6.30% 37,723,000 $51.9M New
SNOWFLAKE INC (SNOW 0 10/01/27) 5.89% 32,500,000 $48.5M New
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) 5.85% 31,000,000 $48.2M No change
CLOUDFLARE INC (NET 0 08/15/26) 4.74% 33,245,000 $39.0M New
FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO 4.41% 35,000,000 $36.3M Add +75.0%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 3.64% 28,000,000 $30.0M New
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) 3.48% 24,677,000 $28.6M New
COINBASE GLOBAL INC (COIN 0.5 06/01/26) 2.73% 22,500,000 $22.5M Add +54.1%
FBTC Fidelity Wise Origin Bitcoin 2.73% 295,558 $22.5M No change
CYBR Cyberark Software Ltd./Israel 1.97% 36,280 $16.2M New
BABA Alibaba Group Holding-SP ADR 1.93% 102,096 $15.9M Reduce -29.0%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) 1.86% 13,500,000 $15.3M New
FOX Fox Corp. Class B 1.39% 176,555 $11.5M Add +58.3%
SOUTHERN CO (SO 4.5 06/15/27) 1.30% 10,000,000 $10.7M New
FIRSTENERGY CORP (FE 4 05/01/26) 1.24% 10,000,000 $10.2M New
HDB HDFC Bank Ltd.-ADR 1.22% 277,332 $10.0M New
CAS Simplify China A SP Inc. ETF 1.08% 360,000 $8.9M No change
RIO Rio Tinto PLC-Spon ADR 0.98% 100,371 $8.1M Reduce -28.7%
TCOM Trip.com Group Ltd.-ADR 0.96% 111,412 $7.9M Add +35.3%
NIO INC (NIO 4.625 10/15/30) 0.94% 8,500,000 $7.8M No change
H WORLD GROUP LTD (HTHT 3 05/01/26) 0.93% 6,000,000 $7.7M Reduce -62.5%
JBS JBS NV-A 0.88% 499,983 $7.2M Add +1724.2%
UAA Under Armour Inc. Class A 0.84% 1,398,745 $7.0M No change
CWAN Clearwater Analytics HDS-A 0.83% 282,380 $6.8M New
ASX Ase Technology Holding -ADR 0.70% 352,320 $5.8M Reduce -62.8%
BEP Brookfield Renewable Partner 0.59% 180,781 $4.9M Add +3.4%
IBN Icici Bank Ltd.-Spon ADR 0.52% 144,100 $4.3M New
INFY Infosys Ltd.-SP ADR 0.49% 218,082 $4.0M Add +50.3%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) 0.44% 3,500,000 $3.6M New
WEIBO CORP (WB 1.375 12/01/30) 0.42% 3,000,000 $3.5M Reduce -33.3%
BHP BHP Group Ltd.-Spon ADR 0.34% 46,187 $2.8M Add +103.6%
SUNC Sunococorp LLC 0.31% 52,200 $2.6M New
WBD Warner Bros Discovery Inc. 0.31% 11,807 $2.6M New
MMYT Makemytrip Ltd. 0.29% 8,400 $2.4M New
GOOG Alphabet Inc. Class C 0.24% 6,400 $2.0M Reduce -31.2%
BITB Bitwise Bitcoin ETF 0.23% 39,977 $1.9M No change
DBRG Digitalbridge Group Inc. 0.19% 101,560 $1.6M New
SNPS Synopsys Inc. 0.15% 2,600 $1.2M New
TM Toyota Motor Corp. -Spon ADR 0.12% 4,500 $964K New
SEE Sealed Air Corp. 0.11% 22,773 $943K New
NTES Netease Inc.-ADR 0.11% 6,800 $937K Reduce -73.1%
ZS Zscaler Inc. 0.11% 3,880 $873K New
BIDU Baidu Inc. - Spon ADR 0.08% 5,000 $676K No change
SONY Sony Group Corp. - SP ADR 0.06% 20,000 $514K Reduce -25.9%
LI Li Auto Inc. - ADR 0.06% 29,000 $483K No change
HMC Honda Motor Co. Ltd.-Spons ADR 0.05% 14,062 $414K No change
BEYOND MEAT INC (BYND 7 10/15/30) 0.04% 405,000 $316K New
AGEN Agenus Inc. 0.01% 30,800 $97K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $6K (not counted above)
SecurityClassShares / PrincipalValueChange
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 194,545$6KNo change

Total filed on the 13F, all lines: $823.3M.

Portfolio Sells Q3 2025 → Q4 2025
UBER TECHNOLOGIES INC (UBER 0 12/15/25) Sold out 0.00% −7.45
BABA Alibaba Group Holding-SP ADR Reduce -29.0% 1.93% −3.31
H WORLD GROUP LTD (HTHT 3 05/01/26) Reduce -62.5% 0.93% −2.63
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) Sold out 0.00% −2.55
ASX Ase Technology Holding -ADR Reduce -62.8% 0.70% −1.37
RIO Rio Tinto PLC-Spon ADR Reduce -28.7% 0.98% −0.87
WEIBO CORP (WB 1.375 12/01/30) Reduce -33.3% 0.42% −0.75
NTES Netease Inc.-ADR Reduce -73.1% 0.11% −0.66
PDD HOLDINGS INC (PDD 0 12/01/25) Sold out 0.00% −0.60
PPLI People Inc. Sold out 0.00% −0.48
MIR Mirion Technologies Inc. Sold out 0.00% −0.47
HEI Heico Corp. Sold out 0.00% −0.25
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.22
GOOG Alphabet Inc. Class C Reduce -31.2% 0.24% −0.21
HOLX Hologic Inc. Sold out 0.00% −0.11
SONY Sony Group Corp. - SP ADR Reduce -25.9% 0.06% −0.09
BEYOND MEAT INC (BYND 0 03/15/27) Sold out 0.00% −0.09
CHA Chagee Holdings Ltd.-ADR Sold out 0.00% −0.09
SANA Sana Biotechnology Inc. Sold out 0.00% −0.07

Portfolio Buys Q3 2025 → Q4 2025
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) New 6.30% +6.30
SNOWFLAKE INC (SNOW 0 10/01/27) New 5.89% +5.89
RYAAY Ryanair Holdings PLC-SP ADR Add +262.7% 8.74% +5.49
SPOTIFY USA INC (SPOT 0 03/15/26) Add +243.1% 12.10% +5.11
CLOUDFLARE INC (NET 0 08/15/26) New 4.74% +4.74
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) New 3.64% +3.64
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) New 3.48% +3.48
CYBR Cyberark Software Ltd./Israel New 1.97% +1.97
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) New 1.86% +1.86
SOUTHERN CO (SO 4.5 06/15/27) New 1.30% +1.30
FIRSTENERGY CORP (FE 4 05/01/26) New 1.24% +1.24
HDB HDFC Bank Ltd.-ADR New 1.22% +1.22
CWAN Clearwater Analytics HDS-A New 0.83% +0.83
JBS JBS NV-A Add +1724.2% 0.88% +0.79
IBN Icici Bank Ltd.-Spon ADR New 0.52% +0.52
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) New 0.44% +0.44
FORD MOTOR COMPANY (F 0 03/15/26) Add +75.0% 4.41% +0.36
SUNC Sunococorp LLC New 0.31% +0.31
WBD Warner Bros Discovery Inc. New 0.31% +0.31
MMYT Makemytrip Ltd. New 0.29% +0.29
DBRG Digitalbridge Group Inc. New 0.19% +0.19
SNPS Synopsys Inc. New 0.15% +0.15
TM Toyota Motor Corp. -Spon ADR New 0.12% +0.12
SEE Sealed Air Corp. New 0.11% +0.11
FOX Fox Corp. Class B Add +58.3% 1.39% +0.11
ZS Zscaler Inc. New 0.11% +0.11
BHP BHP Group Ltd.-Spon ADR Add +103.6% 0.34% +0.09
BEYOND MEAT INC (BYND 7 10/15/30) New 0.04% +0.04
INFY Infosys Ltd.-SP ADR Add +50.3% 0.49% +0.01
AGEN Agenus Inc. New 0.01% +0.01
TCOM Trip.com Group Ltd.-ADR Add +35.3% 0.96% −0.30
BEP Brookfield Renewable Partner Add +3.4% 0.59% −0.31
COINBASE GLOBAL INC (COIN 0.5 06/01/26) Add +54.1% 2.73% −0.51

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$1.3BSEAGATE 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$690.5MJAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26), RYAAY, TSM, PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), HDB
Q4 2025Amended 52$823.3MSPOTIFY USA INC (SPOT 0 03/15/26), RYAAY, TSM, IBIT, IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)
Q3 2025 40$499.8MIBIT, 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$462.1MIBIT, ALIBABA GROUP HOLDING (BABA 0.5 06/01/31), TSM, HDB, FBTC
Q1 2025 38$263.4MHDB, IBIT, TSM, INFY, H WORLD GROUP LTD (HTHT 3 05/01/26)
Q4 2024 31$261.8MHDB, FBTC, WUSA, IBIT, BITB
Q3 2024 31$236.2MFBTC, HDB, IBIT, BITB, GBTC
Q2 2024 37$184.0MH WORLD GROUP LTD (HTHT 3 05/01/26), FBTC, GBTC, BITB, HDB
Q1 2024 34$192.1MFBTC, GBTC, BITB, HDB, H WORLD GROUP LTD (HTHT 3 05/01/26)