# NINE MASTS CAPITAL Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1569356. Source: https://holderbook.com/funds/1569356-nine-masts-capital-ltd/

- Reported value: $994.7M
- Positions: 115
- Weight of the ten largest: 74.3%
- Filed: 2026-08-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $357.8M | 415,674 | 36.0% | 7 |
| ALIBABA GROUP HLDG LTD | - | $125.2M | 106,000 | 12.6% | 3 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $100.9M | 3,905,609 | 10.1% | 2 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $31.9M | 1,123,148 | 3.2% | 7 |
| FOX CORP | [FOX](https://holderbook.com/stocks/FOX/) | $29.8M | 635,475 | 3.0% | 22 |
| SILICON LABORATORIES INC | [SLAB](https://holderbook.com/stocks/SLAB/) | $20.6M | 93,749 | 2.1% | 2 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $20.3M | 1,059,993 | 2.0% | 3 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $20.1M | 97,511 | 2.0% | 3 |
| NIO INC | - | $16.3M | 16,250 | 1.6% | 7 |
| SUPER MICRO COMPUTER INC | - | $16.2M | 17,500 | 1.6% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $16.1M | 51,169 | 1.6% | 3 |
| AKAMAI TECHNOLOGIES INC | - | $14.6M | 10,000 | 1.5% | 1 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $13.3M | 493,965 | 1.3% | 1 |
| QORVO INC | [QRVO](https://holderbook.com/stocks/QRVO/) | $12.1M | 130,035 | 1.2% | 3 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $11.5M | 83,000 | 1.2% | 1 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $8.5M | 111,060 | 0.9% | 2 |
| LLOYDS BANKING GROUP PLC | [LYG](https://holderbook.com/stocks/LYG/) | $8.1M | 1,384,610 | 0.8% | 1 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $8.0M | 314,290 | 0.8% | 3 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $7.9M | 138,521 | 0.8% | 5 |
| PENUMBRA INC | [PEN](https://holderbook.com/stocks/PEN/) | $7.3M | 23,264 | 0.7% | 2 |
| ASE TECHNOLOGY HLDG CO LTD | [ASX](https://holderbook.com/stocks/ASX/) | $7.1M | 158,159 | 0.7% | 8 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $6.8M | 0 | 0.7% | 2 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $6.4M | 30,534 | 0.6% | 1 |
| TOPBUILD COR | [BLD](https://holderbook.com/stocks/BLD/) | $6.0M | 14,000 | 0.6% | 1 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $5.8M | 17,121 | 0.6% | 2 |
| IRHYTHM HOLDINGS INC | - | $5.5M | 5,000 | 0.6% | 1 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $5.2M | 23,818 | 0.5% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.7M | 0 | 0.5% | 2 |
| MAKEMYTRIP LIMITED MAURITIUS | - | $4.6M | 5,000 | 0.5% | 1 |
| BRIGHTHOUSE FINL INC | [BHF](https://holderbook.com/stocks/BHF/) | $4.5M | 69,788 | 0.5% | 2 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $3.9M | 228,574 | 0.4% | 1 |
| UNIFIRST CORP MASS | [UNF](https://holderbook.com/stocks/UNF/) | $3.5M | 13,070 | 0.3% | 2 |
| NIO INC | [NIO](https://holderbook.com/stocks/NIO/) | $3.4M | 474,500 | 0.3% | 3 |
| RENEW ENERGY GLOBAL PLC | [RNW](https://holderbook.com/stocks/RNW/) | $2.9M | 467,642 | 0.3% | 3 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $2.8M | 54,254 | 0.3% | 3 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $2.7M | 23,724 | 0.3% | 5 |
| ZIM INTEGRATED SHIPPING SERV | [ZIM](https://holderbook.com/stocks/ZIM/) | $2.7M | 103,084 | 0.3% | 2 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $2.6M | 83,638 | 0.3% | 3 |
| TRIP COM GROUP LTD | - | $2.5M | 2,500 | 0.2% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $2.3M | 0 | 0.2% | 2 |
| DIGITALBRIDGE GROUP INC | [DBRG](https://holderbook.com/stocks/DBRG/) | $2.3M | 147,100 | 0.2% | 2 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $2.3M | 0 | 0.2% | 2 |
| NASDAQ INC | [NDAQ](https://holderbook.com/stocks/NDAQ/) | $2.1M | 27,130 | 0.2% | 2 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $2.1M | 166 | 0.2% | 2 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.0M | 8,020 | 0.2% | 2 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $2.0M | 27,497 | 0.2% | 2 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $1.9M | 26,854 | 0.2% | 2 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 3,558 | 0.2% | 2 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $1.8M | 20,343 | 0.2% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.6M | 68,200 | 0.2% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $1.6M | 4,327 | 0.2% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 0 | 0.2% | 2 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $1.5M | 0 | 0.2% | 2 |
| PURECYCLE TECHNOLOGIES INC | [PCT](https://holderbook.com/stocks/PCT/) | $1.5M | 185,000 | 0.2% | 1 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $1.5M | 3,604 | 0.2% | 2 |
| RIVIAN AUTOMOTIVE INC | [RIVN](https://holderbook.com/stocks/RIVN/) | $1.3M | 0 | 0.1% | 2 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $1.3M | 1,721 | 0.1% | 2 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $1.2M | 9,400 | 0.1% | 1 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $1.2M | 50,000 | 0.1% | 1 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $1.2M | 0 | 0.1% | 2 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $1.2M | 83,825 | 0.1% | 3 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $1.2M | 9,796 | 0.1% | 2 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $1.1M | 30,000 | 0.1% | 1 |
| TWO HARBORS INVENTMENT CORPO | [TWO](https://holderbook.com/stocks/TWO/) | $1.1M | 90,600 | 0.1% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.1M | 2,054 | 0.1% | 1 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $1.1M | 0 | 0.1% | 2 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $1.0M | 0 | 0.1% | 2 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $984.0K | 3,052 | 0.1% | 2 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $962.1K | 0 | 0.1% | 3 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $960.6K | 2,500 | 0.1% | 2 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $947.2K | 2,474 | 0.1% | 2 |
| RYANAIR HOLDINGS PLC | [RYAAY](https://holderbook.com/stocks/RYAAY/) | $936.5K | 14,463 | 0.1% | 5 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $759.0K | 2,423 | 0.1% | 7 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $667.3K | 426 | 0.1% | 2 |
| WOODSIDE ENERGY GROUP LTD | [WDS](https://holderbook.com/stocks/WDS/) | $663.0K | 34,317 | 0.1% | 5 |
| FIFTH THIRD BANCORP | [FITB](https://holderbook.com/stocks/FITB/) | $645.6K | 0 | 0.1% | 2 |
| BEAZER HOMES USA INC | [BZH](https://holderbook.com/stocks/BZH/) | $604.1K | 21,535 | 0.1% | 1 |
| INTERNATIONAL MONEY EXPRESS | [IMXI](https://holderbook.com/stocks/IMXI/) | $566.3K | 39,192 | 0.1% | 1 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $541.8K | 0 | 0.1% | 2 |
| LIVERAMP HLDGS INC | [RAMP](https://holderbook.com/stocks/RAMP/) | $537.0K | 14,266 | 0.1% | 1 |
| SOUTHERN COPPER CORP | [SCCO](https://holderbook.com/stocks/SCCO/) | $514.4K | 2,952 | 0.1% | 1 |
| INMODE LTD | [INMD](https://holderbook.com/stocks/INMD/) | $438.6K | 30,000 | 0.0% | 1 |
| COHERENT CORP | [COHR](https://holderbook.com/stocks/COHR/) | $426.5K | 0 | 0.0% | 1 |
| AMCOR PLC | [AMCR](https://holderbook.com/stocks/AMCR/) | $425.0K | 9,804 | 0.0% | 2 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $415.3K | 11,308 | 0.0% | 1 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $412.9K | 4,421 | 0.0% | 1 |
| VERA THERAPEUTICS INC | [VERA](https://holderbook.com/stocks/VERA/) | $404.8K | 9,434 | 0.0% | 1 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $398.6K | 0 | 0.0% | 2 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $397.4K | 6,319 | 0.0% | 1 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $392.7K | 11,475 | 0.0% | 1 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $381.0K | 25,331 | 0.0% | 1 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $367.3K | 3,270 | 0.0% | 1 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $360.7K | 1,826 | 0.0% | 1 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $329.0K | 998 | 0.0% | 3 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $328.6K | 3,226 | 0.0% | 1 |
| NEW FORTRESS ENERGY INC | [NFE](https://holderbook.com/stocks/NFE/) | $304.3K | 838,000 | 0.0% | 1 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $298.5K | 0 | 0.0% | 1 |
| INHIBRX BIOSCIENCES INC | [INBX](https://holderbook.com/stocks/INBX/) | $284.2K | 3,000 | 0.0% | 1 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $278.3K | 1,213 | 0.0% | 1 |
| XPENG INC | [XPEV](https://holderbook.com/stocks/XPEV/) | $277.9K | 0 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.5% | +14.8% | -4.3% | 67% |
| Q1 2026 | -7.9% | -4.6% | -3.2% | 75% |
| Q4 2025 | +17.3% | +2.4% | +15.0% | 87% |
| Q3 2025 | +4.6% | +7.8% | -3.2% | 110% |
| Q2 2025 | +8.2% | +10.5% | -2.3% | 84% |
| Q1 2025 | -3.7% | -4.6% | +0.9% | 92% |
| Q4 2024 | +11.0% | +2.1% | +8.9% | 92% |
| Q3 2024 | +2.9% | +5.4% | -2.5% | 92% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $994.7M | 115 |
| Q1 2026 | $692.6M | 198 |
| Q4 2025 | $580.7M | 118 |
| Q3 2025 | $243.5M | 53 |
| Q2 2025 | $274.0M | 68 |
| Q1 2025 | $150.6M | 48 |
| Q4 2024 | $570.9M | 113 |
| Q3 2024 | $222.6M | 80 |
| Q2 2024 | $333.8M | 129 |
| Q1 2024 | $383.4M | 77 |
| Q4 2023 | $134.4M | 30 |
| Q3 2023 | $139.2M | 36 |