NINE MASTS CAPITAL Ltd
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T CALL+PUT | SPY | $357.8M | 415,674 | +35.15pp | 7q | +11322.8%+$354.7M | |
| ALIBABA GROUP HLDG LTD | $125.2M | 106,000 | -8.67pp | 3q | DEBT | ||
| HDFC BANK LTD | HDB | $100.9M | 3,905,609 | +3.31pp | 2q | +105.5%+$51.8M | |
| WARNER BROS DISCOVERY INC PUT | WBD | $31.9M | 1,123,148 | -1.21pp | 7q | +5.5%+$1.7M | |
| FOX CORP | FOX | $29.8M | 635,475 | -1.88pp | 22q | HELD | |
| SILICON LABORATORIES INC CALL+PUT | SLAB | $20.6M | 93,749 | -1.58pp | 2q | -21.5%-$5.6M | |
| KENVUE INC | KVUE | $20.3M | 1,059,993 | +0.51pp | 3q | +72.4%+$8.5M | |
| ELECTRONIC ARTS INC PUT | EA | $20.1M | 97,511 | -1.17pp | 3q | -9.0%-$2.0M | |
| NIO INC | $16.3M | 16,250 | -0.69pp | 7q | DEBT | ||
| SUPER MICRO COMPUTER INC | $16.2M | 17,500 | - | new | DEBT | ||
| NORFOLK SOUTHN CORP | NSC | $16.1M | 51,169 | -1.92pp | 3q | -40.0%-$10.7M | |
| AKAMAI TECHNOLOGIES INC | $14.6M | 10,000 | - | new | DEBT | ||
| BARCLAYS PLC | BCS | $13.3M | 493,965 | - | new | NEW | |
| QORVO INC | QRVO | $12.1M | 130,035 | -0.17pp | 3q | +4.2%+$493.5K | |
| ROKU INC | ROKU | $11.5M | 83,000 | - | new | NEW | |
| WEBSTER FINL CORP | WBS | $8.5M | 111,060 | -2.09pp | 2q | -62.1%-$13.9M | |
| LLOYDS BANKING GROUP PLC | LYG | $8.1M | 1,384,610 | - | new | NEW | |
| JD.COM INC | JD | $8.0M | 314,290 | -0.54pp | 3q | HELD | |
| TXNM ENERGY INC | TXNM | $7.9M | 138,521 | -0.06pp | 5q | +37.9%+$2.2M | |
| PENUMBRA INC | PEN | $7.3M | 23,264 | -0.39pp | 2q | -2.0%-$151.2K | |
| ASE TECHNOLOGY HLDG CO LTD | ASX | $7.1M | 158,159 | -1.58pp | 8q | -79.6%-$27.9M | |
| PALO ALTO NETWORKS INC CALL+PUT | PANW | $6.8M | options only | +0.50pp | 2q | OPTIONS | |
| CHART INDS INC | GTLS | $6.4M | 30,534 | - | new | NEW | |
| TOPBUILD COR | BLD | $6.0M | 14,000 | - | new | NEW | |
| PALANTIR TECHNOLOGIES INC CALL+PUT | PLTR | $5.8M | 17,121 | +0.10pp | 2q | HELD | |
| IRHYTHM HOLDINGS INC | $5.5M | 5,000 | - | new | DEBT | ||
| CONOCOPHILLIPS CALL+PUT | COP | $5.2M | 23,818 | +0.10pp | 2q | HELD | |
| ALPHABET INC CALL+PUT | GOOGL | $4.7M | options only | +0.21pp | 2q | OPTIONS | |
| MAKEMYTRIP LIMITED MAURITIUS | $4.6M | 5,000 | - | new | DEBT | ||
| BRIGHTHOUSE FINL INC CALL+PUT | BHF | $4.5M | 69,788 | -0.18pp | 2q | -1.4%-$65.0K | |
| KT CORP | KT | $3.9M | 228,574 | - | new | NEW | |
| UNIFIRST CORP MASS | UNF | $3.5M | 13,070 | -0.06pp | 2q | +17.8%+$523.4K | |
| NIO INC PUT | NIO | $3.4M | 474,500 | -0.20pp | 3q | HELD | |
| RENEW ENERGY GLOBAL PLC | RNW | $2.9M | 467,642 | -0.12pp | 3q | -25.9%-$1.0M | |
| JANUS HENDERSON GROUP PLC | JHG | $2.8M | 54,254 | -0.12pp | 3q | HELD | |
| PDD HOLDINGS INC CALL+PUT | PDD | $2.7M | 23,724 | +0.12pp | 5q | +260.2%+$2.0M | |
| ZIM INTEGRATED SHIPPING SERV | ZIM | $2.7M | 103,084 | -0.07pp | 2q | +14.4%+$338.0K | |
| ZILLOW GROUP INC | Z | $2.6M | 83,638 | -0.24pp | 3q | -1.7%-$45.2K | |
| TRIP COM GROUP LTD | $2.5M | 2,500 | - | new | DEBT | ||
| TESLA INC CALL+PUT | TSLA | $2.3M | options only | +0.02pp | 2q | OPTIONS | |
| DIGITALBRIDGE GROUP INC | DBRG | $2.3M | 147,100 | +0.06pp | 2q | +88.1%+$1.1M | |
| SHOPIFY INC CALL+PUT | SHOP | $2.3M | options only | -0.06pp | 2q | OPTIONS | |
| NASDAQ INC | NDAQ | $2.1M | 27,130 | +0.05pp | 2q | +106.5%+$1.1M | |
| ZSCALER INC CALL+PUT | ZS | $2.1M | 166 | -0.25pp | 2q | HELD | |
| ALPHABET INC | GOOG | $2.0M | 8,020 | -9.69pp | 2q | -96.6%-$58.4M | |
| NORTHWESTERN ENERGY GROUP IN | NWE | $2.0M | 27,497 | -0.04pp | 2q | +10.0%+$178.8K | |
| VALARIS LTD | VAL | $1.9M | 26,854 | -0.68pp | 2q | -56.6%-$2.5M | |
| CHEVRON CORPORATION CALL+PUT | CVX | $1.9M | 3,558 | -0.07pp | 2q | HELD | |
| NEXTERA ENERGY INC | NEE | $1.8M | 20,343 | - | new | NEW | |
| PFIZER INC CALL | PFE | $1.6M | 68,200 | +0.13pp | 2q | HELD | |
| UBER TECHNOLOGIES INC CALL+PUT | UBER | $1.6M | 4,327 | -0.05pp | 3q | +2968.8%+$1.6M | |
| META PLATFORMS INC CALL+PUT | META | $1.6M | options only | -0.16pp | 2q | OPTIONS | |
| BROADCOM INC CALL+PUT | AVGO | $1.5M | options only | +0.09pp | 2q | OPTIONS | |
| PURECYCLE TECHNOLOGIES INC | PCT | $1.5M | 185,000 | - | new | NEW | |
| CONSTELLATION ENERGY CORP CALL+PUT | CEG | $1.5M | 3,604 | +0.08pp | 2q | HELD | |
| RIVIAN AUTOMOTIVE INC CALL+PUT | RIVN | $1.3M | options only | -0.03pp | 2q | OPTIONS | |
| MONGODB INC PUT | MDB | $1.3M | 1,721 | -0.03pp | 2q | HELD | |
| APOGEE THERAPEUTICS INC | APGE | $1.2M | 9,400 | - | new | NEW | |
| AVANOS MED INC | AVNS | $1.2M | 50,000 | - | new | NEW | |
| FORD MTR CO CALL+PUT | F | $1.2M | options only | -0.03pp | 2q | OPTIONS | |
| AES CORP | AES | $1.2M | 83,825 | -1.87pp | 3q | -91.4%-$13.1M | |
| SELECT SECTOR SPDR TR CALL+PUT | XLE | $1.2M | 9,796 | -0.05pp | 2q | HELD | |
| ESSENTIAL UTILS INC | WTRG | $1.1M | 30,000 | - | new | NEW | |
| TWO HARBORS INVENTMENT CORPO | TWO | $1.1M | 90,600 | - | new | NEW | |
| MICROSOFT CORP CALL+PUT | MSFT | $1.1M | 2,054 | - | new | NEW | |
| VALERO ENERGY CORP CALL+PUT | VLO | $1.1M | options only | -0.07pp | 2q | OPTIONS | |
| CROWDSTRIKE HLDGS INC CALL+PUT | CRWD | $1.0M | options only | +0.03pp | 2q | OPTIONS | |
| FUTU HLDGS LTD CALL+PUT | FUTU | $984.0K | 3,052 | +0.04pp | 2q | HELD | |
| NVIDIA CORPORATION CALL+PUT | NVDA | $962.1K | options only | -0.16pp | 3q | OPTIONS | |
| TALEN ENERGY CORP | TLN | $960.6K | 2,500 | +0.06pp | 2q | +2876.2%+$928.4K | |
| SALESFORCE INC CALL+PUT | CRM | $947.2K | 2,474 | +0.04pp | 2q | HELD | |
| RYANAIR HOLDINGS PLC | RYAAY | $936.5K | 14,463 | -0.14pp | 5q | -48.6%-$886.8K | |
| SCHWAB CHARLES CORP CALL+PUT | SCHW | $759.0K | 2,423 | +0.01pp | 7q | +129.0%+$427.6K | |
| APPLOVIN CORP CALL+PUT | APP | $667.3K | 426 | -0.03pp | 2q | HELD | |
| WOODSIDE ENERGY GROUP LTD | WDS | $663.0K | 34,317 | -0.05pp | 5q | HELD | |
| FIFTH THIRD BANCORP CALL+PUT | FITB | $645.6K | options only | -0.01pp | 2q | OPTIONS | |
| BEAZER HOMES USA INC | BZH | $604.1K | 21,535 | - | new | NEW | |
| INTERNATIONAL MONEY EXPRESS | IMXI | $566.3K | 39,192 | - | new | NEW | |
| DOMINION ENERGY INC CALL+PUT | D | $541.8K | options only | -0.01pp | 2q | OPTIONS | |
| LIVERAMP HLDGS INC | RAMP | $537.0K | 14,266 | - | new | NEW | |
| SOUTHERN COPPER CORP | SCCO | $514.4K | 2,952 | - | new | NEW | |
| INMODE LTD | INMD | $438.6K | 30,000 | - | new | NEW | |
| COHERENT CORP CALL | COHR | $426.5K | options only | - | new | OPTIONS | |
| AMCOR PLC | AMCR | $425.0K | 9,804 | -0.03pp | 2q | -18.3%-$95.2K | |
| BARRICK MNG CORP | B | $415.3K | 11,308 | - | new | NEW | |
| NEWMONT CORP | NEM | $412.9K | 4,421 | - | new | NEW | |
| VERA THERAPEUTICS INC | VERA | $404.8K | 9,434 | - | new | NEW | |
| DIAMONDBACK ENERGY INC CALL+PUT | FANG | $398.6K | options only | -0.05pp | 2q | OPTIONS | |
| FREEPORT-MCMORAN INC | FCX | $397.4K | 6,319 | - | new | NEW | |
| AXALTA COATING SYS LTD | AXTA | $392.7K | 11,475 | - | new | NEW | |
| VALE S A | VALE | $381.0K | 25,331 | - | new | NEW | |
| WHEATON PRECIOUS METALS CORP | WPM | $367.3K | 3,270 | - | new | NEW | |
| SERVICENOW INC PUT | NOW | $360.7K | 1,826 | - | new | NEW | |
| ABIVAX SA CALL | ABVX | $329.0K | 998 | -0.09pp | 3q | -86.7%-$2.1M | |
| CAMECO CORP | CCJ | $328.6K | 3,226 | - | new | NEW | |
| NEW FORTRESS ENERGY INC | NFE | $304.3K | 838,000 | - | new | NEW | |
| CIENA CORP CALL | CIEN | $298.5K | options only | - | new | OPTIONS | |
| INHIBRX BIOSCIENCES INC | INBX | $284.2K | 3,000 | - | new | NEW | |
| STEEL DYNAMICS INC | STLD | $278.3K | 1,213 | - | new | NEW | |
| XPENG INC CALL+PUT | XPEV | $277.9K | options only | -0.03pp | 2q | OPTIONS | |
| ARCELORMITTAL SA LUXEMBOURG | MT | $277.6K | 4,610 | - | new | NEW | |
| NUCOR CORP | NUE | $276.4K | 1,241 | - | new | NEW | |
| QIAGEN NV | QGEN | $273.7K | 7,000 | -0.04pp | 2q | -44.0%-$215.1K | |
| KINROSS GOLD CORP | KGC | $273.5K | 11,579 | - | new | NEW | |
| DARDEN RESTAURANTS INC CALL | DRI | $261.5K | options only | -0.01pp | 2q | OPTIONS | |
| AMERICAN TOWER CORP | AMT | $245.4K | 1,500 | -0.12pp | 2q | HELD | |
| VENTAS INC | VTR | $222.0K | 2,500 | - | new | NEW | |
| SPDR SERIES TRUST CALL+PUT | XBI | $208.9K | options only | - | new | OPTIONS | |
| PROLOGIS INC. CALL | PLD | $207.9K | options only | -0.01pp | 2q | OPTIONS | |
| SASOL LTD | SSL | $196.4K | 20,000 | - | new | NEW | |
| VISTANCE NETWORKS INC | VISN | $191.7K | 15,000 | - | new | NEW | |
| PAYONEER GLOBAL INC | PAYO | $96.1K | 13,493 | - | new | NEW | |
| VOX ROYALTY CORP | VOXR | $79.6K | 16,825 | - | new | NEW | |
| GOLD ROYALTY CORP | GROY | $76.5K | 27,730 | - | new | NEW | |
| PRENETICS GLOBAL LTD | PRENW | $4.4K | 362,456 | flat | 3q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $357.8M | 36.0% |
| Banks & Lending | $131.4M | 13.2% |
| Telecom & Media | $77.1M | 7.7% |
| Software & IT Services | $44.6M | 4.5% |
| Semiconductors & Electronics | $42.9M | 4.3% |
| Chemicals | $22.1M | 2.2% |
| Utilities | $19.9M | 2.0% |
| Transport & Logistics | $19.7M | 2.0% |
| Other sectors | $76.5M | 7.7% |
| Not classified | $202.6M | 20.4% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $994.7M | 115 | 47 | 15 | 17 | 130 | 74.3% | 38 |
| Q1 2026 | $692.6M | 198 | 151 | 24 | 18 | 71 | 63.3% | 43 |
| Q4 2025 | $580.7M | 118 | 90 | 9 | 10 | 25 | 74.4% | 41 |
| Q3 2025 | $243.5M | 53 | 18 | 6 | 17 | 33 | 78.1% | 44 |
| Q2 2025 | $274.0M | 68 | 42 | 3 | 3 | 22 | 68.0% | 44 |
| Q1 2025 | $150.6M | 48 | 7 | 5 | 19 | 72 | 85.9% | 43 |
| Q4 2024 | $570.9M | 113 | 58 | 21 | 11 | 25 | 78.8% | 37 |
| Q3 2024 | $222.6M | 80 | 29 | 15 | 23 | 78 | 70.4% | 43 |
| Q2 2024 | $333.8M | 129 | 70 | 14 | 35 | 18 | 62.8% | 39 |
| Q1 2024 | $383.4M | 77 | 55 | 6 | 3 | 8 | 65.6% | 38 |
| Q4 2023 | $134.4M | 30 | 7 | 4 | 6 | 13 | 84.7% | 39 |
| Q3 2023 | $139.2M | 36 | 15 | 2 | 1 | 10 | 80.3% | 34 |
| Q2 2023 | $130.6M | 31 | 9 | 1 | 6 | 6 | 80.9% | 41 |
| Q1 2023 | $94.4M | 28 | 4 | 2 | 10 | 23 | 91.2% | 42 |
| Q4 2022 | $313.2M | 47 | 23 | 8 | 8 | 19 | 78.6% | 38 |
| Q3 2022 | $258.5M | 43 | 13 | 1 | 16 | 16 | 82.2% | 25 |
| Q2 2022 | $374.4M | 46 | 13 | 3 | 11 | 12 | 87.5% | 36 |
| Q1 2022 | $466.3M | 45 | 13 | 3 | 7 | 10 | 88.8% | 36 |
| Q4 2021 | $223.3M | 42 | 6 | 4 | 12 | 6 | 78.7% | 41 |
| Q3 2021 | $265.3M | 42 | 25 | 4 | 8 | 13 | 77.9% | 43 |
| Q2 2021 | $140.9M | 30 | 21 | 4 | 4 | 14 | 80.3% | 43 |
| Q1 2021 | $126.9M | 23 | 17 | 1 | 4 | 10 | 92.2% | 44 |
| Q4 2020 | $116.4M | 16 | 11 | 2 | 2 | 21 | 97.4% | 47 |
| Q3 2020 | $126.4M | 26 | 18 | 0 | 6 | 9 | 91.6% | 65 |
| Q2 2020 | $153.6M | 17 | 7 | 3 | 5 | 12 | 96.5% | 36 |
| Q1 2020 | $68.1M | 22 | 8 | 0 | 10 | 70 | 97.4% | 29 |
| Q4 2019 | $329.5M | 84 | 32 | 13 | 27 | 37 | 75.9% | 31 |
| Q3 2019 | $524.0M | 89 | 43 | 14 | 16 | 42 | 79.1% | 43 |
| Q2 2019 | $698.2M | 88 | 36 | 23 | 19 | 47 | 79.8% | 39 |
| Q1 2019 | $320.8M | 99 | 49 | 12 | 33 | 51 | 67.8% | 36 |
| Q4 2018 | $630.2M | 101 | 0 | 0 | 0 | 0 | 65.4% | 130 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.