Ovata Capital Management Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Ovata Capital Management Ltd reported 36 stock positions worth $690.5 million. Its top holding was Jazz Investments I Ltd. (jazz 2 06/15/26) at 12.0% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 10.9%) and Taiwan Semiconductor-SP ADR (TSM, 10.2%). Compared with Q4 2025, it opened 9 new positions, sold out of 25, added to 11 and reduced 6. The biggest buy was Jazz Investments I Ltd. (jazz 2 06/15/26) (shares +176%) and the biggest sale an exit from Spotify USA Inc. (spot 0 03/15/26).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001724517
- Portfolio Value
- $690.5M (Q1 2026)
- SEC Filing
- 0001724517-26-000004 ↗ filed May 13, 2026
Holdings Value
Holdings 36 stocks · $690.5M
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | 12.01% | 68,136,000 | $83.0M | Add +176.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 10.95% | 1,320,926 | $75.6M | Add +34.6% |
| TSM Taiwan Semiconductor-SP ADR | 10.16% | 218,101 | $70.1M | Reduce -0.1% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | 8.49% | 50,000,000 | $58.6M | New |
| HDB HDFC Bank Ltd.-ADR | 6.86% | 1,986,361 | $47.3M | Add +616.2% |
| IBIT iShares Bitcoin Trust ETF | 6.36% | 1,142,805 | $43.9M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 5.23% | 26,000,000 | $36.1M | Reduce -16.1% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | 4.79% | 27,409,000 | $33.1M | Add +103.0% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | 4.73% | 32,944,000 | $32.7M | Add +46.4% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | 3.74% | 22,500,000 | $25.8M | Reduce -19.6% |
| SOUTHERN CO (SO 4.5 06/15/27) | 3.14% | 19,500,000 | $21.7M | Add +95.0% |
| FBTC Fidelity Wise Origin Bitcoin | 2.53% | 295,558 | $17.5M | No change |
| BTC Grayscale Bitcoin Mini ETF | 2.47% | 567,872 | $17.0M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | 2.41% | 14,000,000 | $16.6M | New |
| MKS INC (MKSI 1.25 06/01/30) | 2.40% | 10,000,000 | $16.6M | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | 2.29% | 15,500,000 | $15.8M | Add +342.9% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 1.42% | 7,500,000 | $9.8M | New |
| UAA Under Armour Inc. Class A | 1.20% | 1,398,745 | $8.3M | No change |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 1.17% | 6,000,000 | $8.1M | No change |
| NIO INC (NIO 4.625 10/15/30) | 1.08% | 7,500,000 | $7.4M | Reduce -11.8% |
| LI AUTO INC (LI 0.25 05/01/28) | 0.87% | 6,000,000 | $6.0M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.81% | 115,045 | $5.6M | Add +3.3% |
| ASX Ase Technology Holding -ADR | 0.64% | 214,320 | $4.4M | Reduce -39.2% |
| BABA Alibaba Group Holding-SP ADR | 0.60% | 32,807 | $4.1M | Reduce -67.9% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | 0.58% | 4,000,000 | $4.0M | New |
| IQIYI INC (IQ 4.625 03/15/30) | 0.53% | 4,000,000 | $3.7M | New |
| SUNC Sunococorp LLC | 0.47% | 52,200 | $3.2M | No change |
| FLOC Flowco Holdings Inc. Class A | 0.43% | 144,000 | $3.0M | New |
| SEE Sealed Air Corp. | 0.43% | 70,449 | $3.0M | Add +209.3% |
| BIDU Baidu Inc. - Spon ADR | 0.40% | 25,700 | $2.8M | Add +414.0% |
| WBD Warner Bros Discovery Inc. | 0.39% | 96,954 | $2.7M | Add +721.2% |
| DBRG Digitalbridge Group Inc. | 0.23% | 101,560 | $1.6M | No change |
| LI Li Auto Inc. - ADR | 0.07% | 29,000 | $501K | No change |
| SONY Sony Group Corp. - SP ADR | 0.06% | 20,000 | $402K | No change |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.05% | 14,062 | $332K | No change |
| BEYOND MEAT INC (BYND 7 10/15/30) | 0.04% | 405,000 | $273K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $24.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 7.375 02/15/29) | UNIT 02/15/2029 | 250,000 | $12.6M | New |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | 300,000 | $12.4M | New |
Total filed on the 13F, all lines: $715.4M.
Portfolio Sells Q4 2025 → Q1 2026
| SPOTIFY USA INC (SPOT 0 03/15/26) | Sold out | 0.00% | −12.10 |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | Sold out | 0.00% | −6.30 |
| SNOWFLAKE INC (SNOW 0 10/01/27) | Sold out | 0.00% | −5.89 |
| CLOUDFLARE INC (NET 0 08/15/26) | Sold out | 0.00% | −4.74 |
| FORD MOTOR COMPANY (F 0 03/15/26) | Sold out | 0.00% | −4.41 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −1.97 |
| FOX Fox Corp. Class B | Sold out | 0.00% | −1.39 |
| BABA Alibaba Group Holding-SP ADR | Reduce -67.9% | 0.60% | −1.33 |
| FIRSTENERGY CORP (FE 4 05/01/26) | Sold out | 0.00% | −1.24 |
| CAS Simplify China A SP Inc. ETF | Sold out | 0.00% | −1.08 |
| RIO Rio Tinto PLC-Spon ADR | Sold out | 0.00% | −0.98 |
| JBS JBS NV-A | Sold out | 0.00% | −0.88 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.83 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | Reduce -16.1% | 5.23% | −0.63 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −0.59 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.52 |
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −0.49 |
| WEIBO CORP (WB 1.375 12/01/30) | Sold out | 0.00% | −0.42 |
| BHP BHP Group Ltd.-Spon ADR | Sold out | 0.00% | −0.34 |
| MMYT Makemytrip Ltd. | Sold out | 0.00% | −0.29 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.24 |
| BITB Bitwise Bitcoin ETF | Sold out | 0.00% | −0.23 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.15 |
| TM Toyota Motor Corp. -Spon ADR | Sold out | 0.00% | −0.12 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.11 |
| ZS Zscaler Inc. | Sold out | 0.00% | −0.11 |
| ASX Ase Technology Holding -ADR | Reduce -39.2% | 0.64% | −0.07 |
| AGEN Agenus Inc. | Sold out | 0.00% | −0.01 |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | Reduce -19.6% | 3.74% | +0.10 |
| NIO INC (NIO 4.625 10/15/30) | Reduce -11.8% | 1.08% | +0.13 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.1% | 10.16% | +1.99 |
Portfolio Buys Q4 2025 → Q1 2026
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | Add +176.1% | 12.01% | +8.54 |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | New | 8.49% | +8.49 |
| HDB HDFC Bank Ltd.-ADR | Add +616.2% | 6.86% | +5.64 |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | Add +103.0% | 4.79% | +2.93 |
| BTC Grayscale Bitcoin Mini ETF | New | 2.47% | +2.47 |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | New | 2.41% | +2.41 |
| MKS INC (MKSI 1.25 06/01/30) | New | 2.40% | +2.40 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +34.6% | 10.95% | +2.20 |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | Add +46.4% | 4.73% | +2.00 |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | Add +342.9% | 2.29% | +1.85 |
| SOUTHERN CO (SO 4.5 06/15/27) | Add +95.0% | 3.14% | +1.84 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | New | 1.42% | +1.42 |
| LI AUTO INC (LI 0.25 05/01/28) | New | 0.87% | +0.87 |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | New | 0.58% | +0.58 |
| IQIYI INC (IQ 4.625 03/15/30) | New | 0.53% | +0.53 |
| FLOC Flowco Holdings Inc. Class A | New | 0.43% | +0.43 |
| BIDU Baidu Inc. - Spon ADR | Add +414.0% | 0.40% | +0.32 |
| SEE Sealed Air Corp. | Add +209.3% | 0.43% | +0.31 |
| WBD Warner Bros Discovery Inc. | Add +721.2% | 0.39% | +0.07 |
| TCOM Trip.com Group Ltd.-ADR | Add +3.3% | 0.81% | −0.15 |
Notes & Other Activity Q4 2025 → Q1 2026
| NEXTERA ENERGY INC (NEE 7.375 02/15/29) | UNIT 02/15/2029 | New | 250,000 | $12.6M |
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | New | 300,000 | $12.4M |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | Sold out | 194,545 | $6Kbefore 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) |