NINE MASTS CAPITAL Ltd

CENTRAL, K3 · CIK 1569356 · 13F filing filed 2026-08-07

Exempt reporting adviser since 2012 · corporation

Private funds1 (1 hedge) · $1.5bn gross assets
Main officeHong Kong
Websiteninemasts.com
Form ADV · 2026-03-19SEC adviser record

Legal entityNine Masts Capital Limited (HK)

Kindhedge funds, futures
Others nearbyNew York, NY, Hong Kong, Dubai
FamilyNINE MASTS CAPITAL Ltd · 3 related pages

As an employer

Offices in1 country
Private fundshedge 1

$898.7m reported value +38.7% vs Q1 2026

95positions

76.7%in top 10

56 new 15 added 16 reduced 125 sold out vs Q1 2026

Options: 38 call positions ($70.9m notional), 37 put positions ($25.1m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	415,674	$310.4m34.54%	34.54%	Added +412.0k	+412,035 11322.8%
2	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	106,000	$125.2m13.93%	13.93%	Unchanged
3	HDFC BANK LTD SPONSORED ADS HDB	HDB	3,905,609	$100.9m11.23%	11.23%	Added +2.0m	+2,004,800 105.5%
4	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	1,123,148	$29.9m3.33%	3.33%	Added +58.2k	+58,192 5.5%
5	FOX CORP CL B COM FOX	FOX	635,475	$29.8m3.31%	3.31%	Unchanged
6	SILICON LABORATORIES INC COM SLAB	SLAB	93,749	$20.5m2.28%	2.28%	Reduced -25.6k	-25,620 -21.5%
7	KENVUE INC COM KVUE	KVUE	1,059,993	$20.3m2.25%	2.25%	Added +445.1k	+445,124 72.4%
8	ELECTRONIC ARTS INC COM EA	EA	97,511	$20.0m2.22%	2.22%	Reduced -9.7k	-9,680 -9.0%
9	NIO INC NOTE 4.625%10/1 · principal NIO 4.625 10.15.30 · principal	NIO 4.625 10.15.30	16,250	$16.3m1.82%	1.82%	Unchanged
10	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	17,500	$16.2m1.80%	1.80%	New
11	NORFOLK SOUTHN CORP COM NSC	NSC	51,169	$16.1m1.79%	1.79%	Reduced -34.1k	-34,145 -40.0%
12	AKAMAI TECHNOLOGIES INC NOTE 0.250% 5/1 · principal AKAM 0.25 05.15.33 · principal	AKAM 0.25 05.15.33	10,000	$14.6m1.63%	1.63%	New
13	BARCLAYS PLC ADR BCS	BCS	493,965	$13.3m1.48%	1.48%	New
14	QORVO INC COM QRVO	QRVO	130,035	$12.1m1.35%	1.35%	Added +5.3k	+5,291 4.2%
15	ROKU INC COM CL A ROKU	ROKU	83,000	$11.5m1.28%	1.28%	New
16	WEBSTER FINL CORP COM WBS	WBS	111,060	$8.5m0.94%	0.94%	Reduced -182.3k	-182,273 -62.1%
17	LLOYDS BANKING GROUP PLC SPONSORED ADR LYG	LYG	1,384,610	$8.1m0.90%	0.90%	New
18	JD.COM INC SPON ADS CL A JD	JD	314,290	$8.0m0.89%	0.89%	Unchanged
19	TXNM ENERGY INC COM TXNM	TXNM	138,521	$7.9m0.88%	0.88%	Added +38.0k	+38,040 37.9%
20	PENUMBRA INC COM PEN	PEN	23,264	$7.3m0.82%	0.82%	Reduced -479	-479 -2.0%
21	ASE TECHNOLOGY HLDG CO LTD SPONSORED ADS ASX	ASX	158,159	$7.1m0.79%	0.79%	Reduced -619.0k	-619,021 -79.7%
22	CHART INDS INC COM GTLS	GTLS	30,534	$6.4m0.71%	0.71%	New
23	TOPBUILD CORP COM BLD	BLD	14,000	$6.0m0.66%	0.66%	New
24	IRHYTHM TECHNOLOGIES INC NOTE 1.500% 9/0 · principal IRTC 1.5 09.01.29 · principal	IRTC 1.5 09.01.29	5,000	$5.5m0.61%	0.61%	New
25	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	5,000	$4.6m0.51%	0.51%	New
26	BRIGHTHOUSE FINL INC COM BHF	BHF	69,788	$4.4m0.49%	0.49%	Reduced -1.0k	-1,000 -1.4%
27	KT CORP SPONSORED ADR KT	KT	228,574	$3.9m0.44%	0.44%	New
28	UNIFIRST CORP MASS COM UNF	UNF	13,070	$3.5m0.38%	0.38%	Added +2.0k	+1,979 17.8%
29	RENEW ENERGY GLOBAL PLC CL A SHS RNW	RNW	467,642	$2.9m0.33%	0.33%	Reduced -163.2k	-163,236 -25.9%
30	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		54,254	$2.8m0.31%	0.31%	Unchanged
31	ZIM INTEGRATED SHIPPING SERV SHS ZIM	ZIM	103,084	$2.7m0.30%	0.30%	Added +13.0k	+13,000 14.4%
32	ZILLOW GROUP INC CL C CAP STK Z	Z	83,638	$2.6m0.29%	0.29%	Reduced -1.4k	-1,435 -1.7%
33	CONOCOPHILLIPS COM COP	COP	23,818	$2.5m0.28%	0.28%	New
34	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	2,500	$2.5m0.27%	0.27%	New
35	NIO INC SPON ADS NIO	NIO	474,500	$2.4m0.27%	0.27%	Unchanged
36	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		147,100	$2.3m0.26%	0.26%	Added +68.9k	+68,909 88.1%
37	NASDAQ INC COM NDAQ	NDAQ	27,130	$2.1m0.24%	0.24%	Added +14.0k	+13,992 106.5%
38	ALPHABET INC CAP STK CL C GOOG	GOOG	8,020	$2.0m0.23%	0.23%	Reduced -230.9k	-230,884 -96.6%
39	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	17,121	$2.0m0.22%	0.22%	New
40	NORTHWESTERN ENERGY GROUP IN COM NEW NWE	NWE	27,497	$2.0m0.22%	0.22%	Added +2.5k	+2,497 10.0%
41	VALARIS LTD CL A VAL	VAL	26,854	$1.9m0.22%	0.22%	Reduced -35.0k	-35,000 -56.6%
42	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	23,724	$1.8m0.20%	0.20%	Added +17.1k	+17,138 260.2%
43	NEXTERA ENERGY INC COM NEE	NEE	20,343	$1.8m0.20%	0.20%	New
44	PFIZER INC COM PFE	PFE	68,200	$1.6m0.18%	0.18%	New
45	PURECYCLE TECHNOLOGIES INC COM PCT	PCT	185,000	$1.5m0.17%	0.17%	New
46	APOGEE THERAPEUTICS INC COM COM		9,400	$1.2m0.14%	0.14%	New
47	AVANOS MED INC COM AVNS	AVNS	50,000	$1.2m0.14%	0.14%	New
48	AES CORP COM AES	AES	83,825	$1.2m0.14%	0.14%	Reduced -896.1k	-896,117 -91.5%
49	ESSENTIAL UTILS INC COM WTRG	WTRG	30,000	$1.1m0.13%	0.13%	New
50	TWO HBRS INVT CORP COM COM		90,600	$1.1m0.13%	0.13%	New
51	TALEN ENERGY CORP COM TLN	TLN	2,500	$960.6k0.11%	0.11%	Added +2.4k	+2,416 2876.2%
52	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	14,463	$936.5k0.10%	0.10%	Reduced -13.7k	-13,696 -48.6%
53	CONSTELLATION ENERGY CORP COM CEG	CEG	3,604	$895.1k0.10%	0.10%	New
54	MICROSOFT CORP COM MSFT	MSFT	2,054	$766.2k0.09%	0.09%	New
55	WOODSIDE ENERGY GROUP LTD SPONSORED ADR WDS	WDS	34,317	$663.0k0.07%	0.07%	Unchanged
56	BEAZER HOMES USA INC COM NEW BZH	BZH	21,535	$604.1k0.07%	0.07%	New
57	CHEVRON CORP NEW COM CVX	CVX	3,558	$589.8k0.07%	0.07%	New
58	MONGODB INC CL A MDB	MDB	1,721	$578.1k0.06%	0.06%	New
59	INTERNATIONAL MNY EXPRESS IN COM IMXI	IMXI	39,192	$566.3k0.06%	0.06%	New
60	LIVERAMP HLDGS INC COM RAMP	RAMP	14,266	$537.0k0.06%	0.06%	New
61	SELECT SECTOR SPDR TR ENERGY XLE	XLE	9,796	$520.3k0.06%	0.06%	New
62	SOUTHERN COPPER CORP COM SCCO	SCCO	2,952	$514.4k0.06%	0.06%	New
63	INMODE LTD SHS INMD	INMD	30,000	$438.6k0.05%	0.05%	New
64	AMCOR PLC COM NEW AMCR	AMCR	9,804	$425.0k0.05%	0.05%	Reduced -2.2k	-2,196 -18.3%
65	BARRICK MNG CORP COM SHS B	B	11,308	$415.3k0.05%	0.05%	New
66	NEWMONT CORP COM NEM	NEM	4,421	$412.9k0.05%	0.05%	New
67	VERA THERAPEUTICS INC CL A VERA	VERA	9,434	$404.8k0.05%	0.05%	New
68	FREEPORT-MCMORAN INC CL B FCX	FCX	6,319	$397.4k0.04%	0.04%	New
69	AXALTA COATING SYS LTD COM AXTA	AXTA	11,475	$392.7k0.04%	0.04%	New
70	SALESFORCE INC COM CRM	CRM	2,474	$387.6k0.04%	0.04%	New
71	VALE S A SPONSORED ADS VALE	VALE	25,331	$381.0k0.04%	0.04%	New
72	WHEATON PRECIOUS METALS CORP COM WPM	WPM	3,270	$367.3k0.04%	0.04%	New
73	CAMECO CORP COM CCJ	CCJ	3,226	$328.6k0.04%	0.04%	New
74	UBER TECHNOLOGIES INC COM UBER	UBER	4,327	$312.2k0.03%	0.03%	Added +4.2k	+4,186 2968.8%
75	NEW FORTRESS ENERGY INC COM CL A COM CL A		838,000	$304.3k0.03%	0.03%	New
76	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	3,052	$286.1k0.03%	0.03%	New
77	INHIBRX BIOSCIENCES INC COM INBX	INBX	3,000	$284.2k0.03%	0.03%	New
78	STEEL DYNAMICS INC COM STLD	STLD	1,213	$278.3k0.03%	0.03%	New
79	ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH MT	MT	4,610	$277.6k0.03%	0.03%	New
80	NUCOR CORP COM NUE	NUE	1,241	$276.4k0.03%	0.03%	New
81	QIAGEN NV ORD SHARES QGEN	QGEN	7,000	$273.7k0.03%	0.03%	Reduced -5.5k	-5,500 -44.0%
82	KINROSS GOLD CORP COM KGC	KGC	11,579	$273.5k0.03%	0.03%	New
83	AMERICAN TOWER CORP NEW COM AMT	AMT	1,500	$245.4k0.03%	0.03%	New
84	SCHWAB CHARLES CORP COM SCHW	SCHW	2,423	$223.6k0.02%	0.02%	Added +1.4k	+1,365 129.0%
85	VENTAS INC COM VTR	VTR	2,500	$222.0k0.02%	0.02%	New
86	APPLOVIN CORP COM CL A APP	APP	426	$219.5k0.02%	0.02%	New
87	SASOL LTD SPONSORED ADR SSL	SSL	20,000	$196.4k0.02%	0.02%	New
88	COMMSCOPE HLDG CO INC COM VISN	VISN	15,000	$191.7k0.02%	0.02%	New
89	SERVICENOW INC COM NOW	NOW	1,826	$181.3k0.02%	0.02%	New
90	ABIVAX SA SPONSORED ADS ABVX	ABVX	998	$133.0k0.01%	0.01%	Reduced -6.5k	-6,502 -86.7%
91	PAYONEER GLOBAL INC COM PAYO	PAYO	13,493	$96.1k0.01%	0.01%	New
92	VOX ROYALTY CORP COM VOXR	VOXR	16,825	$79.6k0.01%	0.01%	New
93	GOLD ROYALTY CORP COMMON SHARES GROY	GROY	27,730	$76.5k0.01%	0.01%	New
94	ZSCALER INC COM ZS	ZS	166	$23.4k0.00%	0.00%	New
95	PRENETICS GLOBAL LTD *W EXP 05/18/202 · principal PRENW · principal	PRENW	362,456	$4.4k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
INVESCO QQQ TR QQQ	QQQ	33,106	$19.1m33.1k shares
HOLOGIC INC HOLX	HOLX	224,606	$17.0m224.6k shares
CLEARWATER ANALYTICS HLDGS I		581,714	$13.8m581.7k shares
ORACLE CORP ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	220,000	$9.9m220.0k shares
GLOBAL PMTS INC GPN 1.5 03.01.31	GPN 1.5 03.01.31	8,500	$7.5m8.5k shares
SNOWFLAKE INC SNOW 0 10.01.29	SNOW 0 10.01.29	6,000	$7.4m6.0k shares
BILL HOLDINGS INC BILL 0 04.01.30	BILL 0 04.01.30	5,000	$4.5m5.0k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	97,478	$3.9m97.5k shares
TXNM ENERGY INC TXNM 5.75 06.01.54	TXNM 5.75 06.01.54	2,500	$3.3m2.5k shares
BROOKFIELD RENEWABLE PARTNER BEP	BEP	72,918	$2.4m72.9k shares
CANTALOUPE INC USAT	USAT	146,736	$1.6m146.7k shares
CAMBRIA ETF TR TAIL	TAIL	128,015	$1.5m128.0k shares
REVOLUTION MEDICINES INC RVMD	RVMD	11,010	$1.1m11.0k shares
LEGGETT & PLATT INC LEG	LEG	101,171	$999.6k101.2k shares
LIBERTY MEDIA CORP DEL LINTA 3.75 02.15.30	LINTA 3.75 02.15.30	20,900	$836.0k20.9k shares
NETFLIX INC NFLX	NFLX	7,953	$764.7k8.0k shares
NVIDIA CORPORATION NVDA	NVDA	3,894	$679.1k3.9k shares
HIMS & HERS HEALTH INC HIMS	HIMS	25,000	$519.0k25.0k shares
CALAMOS STRATEGIC TOTAL RETU CSQ	CSQ	27,663	$473.6k27.7k shares
VEECO INSTRS INC DEL VECO	VECO	12,513	$423.7k12.5k shares
ELI LILLY & CO LLY	LLY	450	$413.9k450 shares
ASTRAZENECA PLC AZN	AZN	2,000	$394.4k2.0k shares
CAPITAL ONE FINL CORP COF	COF	888	$162.0k888 shares
SYSTEM1 INC SST	SST	18,548	$56.0k18.5k shares
P3 HEALTH PARTNERS INC PIII	PIII	17,964	$55.3k18.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	11,000	$47.1m11.0k shares	Reduced
PALO ALTO NETWORKS INC PANW · Call	PANW	Call	358	$6.6m358 shares	Reduced
ALPHABET INC GOOGL · Call	GOOGL	Call	509	$3.6m509 shares	Reduced
PALANTIR TECHNOLOGIES INC PLTR · Put	PLTR	Put	670	$3.3m670 shares	Reduced
CONOCOPHILLIPS COP · Put	COP	Put	1,000	$2.4m1.0k shares	Reduced
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	13,273	$2.0m13.3k shares	Reduced
ZSCALER INC ZS · Put	ZS	Put	250	$1.9m250 shares	Reduced
TESLA INC TSLA · Call	TSLA	Call	200	$1.5m200 shares	Reduced
META PLATFORMS INC META · Put	META	Put	155	$1.5m155 shares	Reduced
SHOPIFY INC SHOP · Put	SHOP	Put	490	$1.5m490 shares	Reduced
BROADCOM INC AVGO · Call	AVGO	Call	142	$1.3m142 shares	Reduced
ALPHABET INC GOOGL · Put	GOOGL	Put	795	$1.2m795 shares	Reduced
CHEVRON CORP NEW CVX · Put	CVX	Put	680	$1.0m680 shares	Reduced
NIO INC NIO · Put	NIO	Put	6,500	$958.8k6.5k shares	Reduced
VALERO ENERGY CORP VLO · Call	VLO	Call	129	$945.8k129 shares	Reduced
UBER TECHNOLOGIES INC UBER · Put	UBER	Put	920	$938.8k920 shares	Reduced
RIVIAN AUTOMOTIVE INC RIVN · Call	RIVN	Call	1,841	$911.3k1.8k shares	Reduced
PDD HOLDINGS INC PDD · Put	PDD	Put	300	$891.8k300 shares	Reduced
CROWDSTRIKE HLDGS INC CRWD · Call	CRWD	Call	25	$871.6k25 shares	Reduced
SHOPIFY INC SHOP · Call	SHOP	Call	592	$832.8k592 shares	Reduced
TESLA INC TSLA · Put	TSLA	Put	260	$816.2k260 shares	Reduced
FORD MTR CO F · Call	F	Call	3,724	$787.2k3.7k shares	Reduced
MONGODB INC MDB · Put	MDB	Put	75	$697.1k75 shares	Reduced
FUTU HLDGS LTD FUTU · Put	FUTU	Put	120	$677.7k120 shares	Reduced
FIFTH THIRD BANCORP FITB · Call	FITB	Call	626	$563.4k626 shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
ISRAEL ACQUISITIONS CORP ISRLF · 13G · filed 2026-05-29	ISRLF	31.6%	+25.3 pts	13G	2026-05-29