NINE MASTS CAPITAL Ltd

Exempt adviser

CIK

1569356

Location

CENTRAL, K3

Portfolio Value

Small $727,454,471

Diversification

Moderately concentrated

Filing Date

Global Rank

#3,088 / 8,818 ▲ 338

Top Industry

Banks - Regional 28.8%

Period ended 4 months ago

Filed Aug 7, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Exempt adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 162024

Roster of Oct 1, 2026

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$1,461,893,618 gross assets

LEI

5493001KPM85G3WB5030

Private funds on Schedule D 7.B.(1)

As filed Mar 18, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$904,382,070 gross assets in 1 fund Hedge funds $904,382,070 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	—	—
Apr 2025 to Mar 2026	—	—
Apr 2024 to Mar 2025	—	—
Jun 2023 to Mar 2024	—	—
May 2023	$0	—
Dec 2019 to Apr 2023	—	—

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 80.2% of the book (60%+)

Turnover

High turnover

180.5% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 3.4 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 96.5%; sector active share 46.8% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

108 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

43.9%

+30.7 pts

Top 5

68.9%

+30.0 pts

Top 10

80.1%

+21.9 pts

HHI

2,201

Moderately concentrated+1,722

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	44.0%	$319,911,447	3
Financial Services	19.7%	$142,992,358	11
Communication Services	14.0%	$101,874,448	10
Technology	6.4%	$46,807,200	21
Industrials	5.0%	$36,013,954	7
Consumer Defensive	2.8%	$20,260,852	2
Utilities	2.6%	$18,884,464	9
Consumer Cyclical	1.9%	$13,718,072	10
Healthcare	1.8%	$13,028,682	9
Energy	0.9%	$6,875,712	8
Basic Materials	0.6%	$4,339,408	14
Real Estate	0.4%	$2,747,874	4

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
HDB	Hdfc Bank Ltd	+2,004,800	3,905,609	$100,881,880
KVUE	Kenvue Inc.	+445,124	1,059,993	$20,256,466
SPY	Spdr S&P 500 ETF Trust	+412,035	415,674	$310,412,872
DBRHP	DigitalBridge Group, Inc.	+68,909	147,100	$2,193,261
WBD	Warner Bros. Discovery, Inc.	+58,192	1,123,148	$29,943,125
TXNM	Txnm Energy Inc	+38,040	138,521	$7,865,222
PDD	PDD Holdings Inc.	+17,138	23,724	$1,809,666
NDAQ	Nasdaq, Inc.	+13,992	27,130	$2,138,386
ZIM	ZIM Integrated Shipping Services Ltd.	+13,000	103,084	$2,680,184
—		+5,291	130,035	$12,128,364
UBER	Uber Technologies, Inc	+4,186	4,327	$312,236
NWE	NorthWestern Energy Group, Inc.	+2,497	27,497	$1,969,335
TLN	Talen Energy Corp	+2,416	2,500	$960,650
UNF	Unifirst Corp	+1,979	13,070	$3,456,492
SCHW	Schwab Charles Corp	+1,365	2,423	$223,570
No positions match the current search.

Trimmed

Positions the filer reduced

16 positions

Ticker	Company	Δ Shares	Shares	Value
AES	Aes Corp	−896,117	83,825	$1,228,874
ASX	ASE Technology Holding Co., Ltd.	−619,021	158,159	$7,136,134
GOOG	Alphabet Inc.	−230,884	8,020	$2,833,706
—		−182,273	111,060	$8,487,205
RNW	ReNew Energy Global plc	−163,236	467,642	$2,922,762
VAL	Valaris Ltd	−35,000	26,854	$1,949,600
NSC	Norfolk Southern Corp	−34,145	51,169	$16,097,255
SLAB	Silicon Laboratories Inc.	−25,620	93,749	$20,489,781
RYAAY	Ryanair Holdings PLC	−13,696	14,463	$936,479
—		−9,680	97,511	$19,993,655
ABVX	Abivax S.A.	−6,502	998	$132,993
QGEN	Qiagen N.V.	−5,500	7,000	$273,700
AMCR	Amcor plc	−2,196	9,804	$425,003
Z	Zillow Group, Inc.	−1,435	83,638	$2,636,269
BHF	Brighthouse Financial, Inc.	−1,000	69,788	$4,417,580
PEN	Penumbra Inc	−479	23,264	$7,345,608
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
BCS	Barclays PLC	493,965	$13,267,899
ROKU	Roku, Inc	83,000	$11,465,620
LYG	Lloyds Banking Group plc	1,384,610	$8,072,276
—		30,534	$6,379,774
—		14,000	$4,963,420
KT	Kt Corp	228,574	$3,949,758
COP	Conocophillips	23,818	$2,476,119
TWOD	Two Harbors Investment Corp.	90,600	$2,260,470
PLTR	Palantir Technologies Inc.	17,121	$1,997,507
NEE	Nextera Energy Inc	20,343	$1,785,505
PFE	Pfizer Inc	68,200	$1,642,256
PCT	PureCycle Technologies, Inc.	185,000	$1,500,350
—		9,400	$1,247,662
—		50,000	$1,244,000
WTRG	Essential Utilities, Inc.	30,000	$1,149,300
CEG	Constellation Energy Corp	3,604	$895,125
MSFT	Microsoft Corp	2,054	$766,183
BZH	Beazer Homes USA Inc	21,535	$604,056
CVX	Chevron Corp	3,558	$589,774
MDB	MongoDB, Inc.	1,721	$578,083
IMXI	International Money Express, Inc.	39,192	$566,324
RAMP	LiveRamp Holdings, Inc.	14,266	$536,972
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	9,796	$520,265
SCCO	Southern Copper Corp	2,952	$514,415
INMD	InMode Ltd.	30,000	$438,600
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	33,106	$19,108,121
—		224,606	$16,977,968
—		581,714	$13,757,536
—		97,478	$3,921,540
BEP	Brookfield Renewable Partners L.P.	72,918	$2,380,043
—		146,736	$1,586,216
TAIL	Cambria Tail Risk ETF	128,015	$1,499,055
RVMD	Revolution Medicines, Inc.	11,010	$1,070,722
—		101,171	$999,569
NFLX	Netflix Inc	7,953	$764,680
NVDA	Nvidia Corp	3,894	$679,113
HIMS	Hims & Hers Health, Inc.	25,000	$519,000
CSQ	Calamos Strategic Total Return Fund	27,663	$473,590
VECO	Veeco Instruments Inc	12,513	$423,690
LLY	ELI LILLY & Co	450	$413,896
AZN	Astrazeneca PLC	2,000	$394,440
COF	Capital One Financial Corp	888	$161,997
SST	System1, Inc.	18,548	$56,014
PIII	P3 Health Partners Inc.	17,964	$55,329
GALT	Galectin Therapeutics Inc	19,324	$53,913
ACH	Accendra Health Inc	22,373	$51,010
LUNG	Pulmonx Corp	38,598	$49,791
BMEA	Biomea Fusion, Inc.	32,472	$49,682
FF	FutureFuel Corp.	12,782	$49,210
OTLK	Outlook Therapeutics, Inc.	232,546	$47,904
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

108 tracked positions · $727,454,471 total · filing declares 170 positions · $994,651,903 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 108 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT CALL + SHARES	Reduced	427,524	-186,115	$319,262,096	+5483.4%	3	$724.58	43.89%
HDB	Hdfc Bank Ltd Financial Services	Added	3,905,609	+2,004,800	$100,881,880	+113.3%	2	$27.99	13.87%
WBD	Warner Bros. Discovery, Inc. PUT + SHARES Communication Services	Reduced	1,136,421	-1,062,835	$30,296,983	−0.9%	3	$26.91	4.16%
FOX	Fox Corp Communication Services	Held	635,475	0	$29,765,649	−11.8%	22	$50.81	4.09%
SLAB	Silicon Laboratories Inc. PUT CALL + SHARES Technology	Reduced	94,944	-137,425	$20,750,960	−18.0%	2	$183.37	2.85%
KVUE	Kenvue Inc. Consumer Defensive	Added	1,059,993	+445,124	$20,256,466	+91.1%	3	$17.46	2.78%
	PUT + SHARES	Reduced	98,111	-109,080	$20,116,679	−9.0%	3	$201.86	2.77%
NSC	Norfolk Southern Corp Industrials	Reduced	51,169	-34,145	$16,097,255	−34.3%	3	$289.20	2.21%
BCS	Barclays PLC Financial Services	NEW	493,965	NEW	$13,267,899	NEW	1	$24.12	1.82%
		Added	130,035	+5,291	$12,128,364	+25.6%	3	$88.41	1.67%
ROKU	Roku, Inc Communication Services	NEW	83,000	NEW	$11,465,620	NEW	1	$121.99	1.58%
		Reduced	111,060	-182,273	$8,487,205	−58.3%	2	$68.46	1.17%
LYG	Lloyds Banking Group plc Financial Services	NEW	1,384,610	NEW	$8,072,276	NEW	1	$5.42	1.11%
JD	JD.com, Inc. Consumer Cyclical	Held	314,290	0	$8,008,109	−13.8%	3	$30.88	1.10%
TXNM	Txnm Energy Inc Utilities	Added	138,521	+38,040	$7,865,222	+33.9%	5	$57.61	1.08%
PEN	Penumbra Inc Healthcare	Reduced	23,264	-479	$7,345,608	−5.8%	2	$338.61	1.01%
ASX	ASE Technology Holding Co., Ltd. Technology	Reduced	158,159	-619,021	$7,136,134	−57.6%	8	$10.74	0.98%
		NEW	30,534	NEW	$6,379,774	NEW	1	unpriced	0.88%
		NEW	14,000	NEW	$4,963,420	NEW	1	unpriced	0.68%
BHF	Brighthouse Financial, Inc. PUT CALL + SHARES Financial Services	Reduced	70,518	-71,770	$4,463,789	+1.8%	2	$62.42	0.61%
KT	Kt Corp Communication Services	NEW	228,574	NEW	$3,949,758	NEW	1	$19.93	0.54%
UNF	Unifirst Corp Industrials	Added	13,070	+1,979	$3,456,492	+23.9%	2	$235.29	0.48%
RNW	ReNew Energy Global plc Utilities	Reduced	467,642	-163,236	$2,922,762	+1.2%	3	$7.23	0.40%
GOOG	Alphabet Inc. Communication Services	Reduced	8,020	-230,884	$2,833,706	−95.9%	2	$314.16	0.39%
		Held	54,254	0	$2,818,495	+1.1%	3	unpriced	0.39%
ZIM	ZIM Integrated Shipping Services Ltd. Industrials	Added	103,084	+13,000	$2,680,184	+12.9%	2	$25.02	0.37%
COP	Conocophillips PUT CALL + SHARES Energy	Reduced	25,704	-162,896	$2,672,187	−8.7%	1	$118.52	0.37%
Z	Zillow Group, Inc. Communication Services	Reduced	83,638	-1,435	$2,636,269	−25.1%	3	$72.41	0.36%
NIO	NIO Inc. PUT + SHARES Consumer Cyclical	Reduced	481,000	-643,500	$2,433,860	−64.1%	3	$6.17	0.33%
TWOD	Two Harbors Investment Corp. Real Estate	NEW	90,600	NEW	$2,260,470	NEW	1	unpriced	0.31%
DBRHP	DigitalBridge Group, Inc. Financial Services	Added	147,100	+68,909	$2,193,261	+72.9%	2	$17.18	0.30%
PLTR	Palantir Technologies Inc. PUT CALL + SHARES Technology	Reduced	18,415	-91,385	$2,148,477	−76.7%	1	$136.41	0.30%
NDAQ	Nasdaq, Inc. Financial Services	Added	27,130	+13,992	$2,138,386	+91.7%	2	$88.63	0.29%
NWE	NorthWestern Energy Group, Inc. Utilities	Added	27,497	+2,497	$1,969,335	+19.5%	2	$68.00	0.27%
VAL	Valaris Ltd Energy	Reduced	26,854	-35,000	$1,949,600	−67.9%	2	$77.90	0.27%
PDD	PDD Holdings Inc. PUT CALL + SHARES Consumer Cyclical	Reduced	24,224	-14,362	$1,847,806	+67.5%	3	$101.20	0.25%
NEE	Nextera Energy Inc Utilities	NEW	20,343	NEW	$1,785,505	NEW	1	$90.46	0.25%
PFE	Pfizer Inc CALL + SHARES Healthcare	Reduced	68,300	-87,900	$1,644,664	+489.8%	1	$26.16	0.23%
PCT	PureCycle Technologies, Inc. Industrials	NEW	185,000	NEW	$1,500,350	NEW	1	$8.97	0.21%
		NEW	9,400	NEW	$1,247,662	NEW	1	$90.09	0.17%
		NEW	50,000	NEW	$1,244,000	NEW	1	$23.56	0.17%
AES	Aes Corp Utilities	Reduced	83,825	-896,117	$1,228,874	−91.1%	3	$14.86	0.17%
WTRG	Essential Utilities, Inc. Utilities	NEW	30,000	NEW	$1,149,300	NEW	1	$38.18	0.16%
TLN	Talen Energy Corp Utilities	Reduced	2,500	-2,984	$960,650	+37.2%	2	$366.20	0.13%
RYAAY	Ryanair Holdings PLC Industrials	Reduced	14,463	-13,696	$936,479	−42.5%	5	$50.89	0.13%
CEG	Constellation Energy Corp PUT CALL + SHARES Utilities	Reduced	3,750	-6,850	$931,386	+84.6%	1	$281.62	0.13%
MSFT	Microsoft Corp PUT CALL + SHARES Technology	NEW	2,149	NEW	$801,619	NEW	1	$404.60	0.11%
CVX	Chevron Corp PUT CALL + SHARES Energy	Reduced	4,543	-93,957	$753,046	−88.9%	1	$186.13	0.10%
WDS	Woodside Energy Group Ltd Energy	Held	34,317	0	$663,004	−19.1%	5	$13.99	0.09%
XLE	State Street(R) Energy Select Sector SPDR(R) ETF PUT CALL + SHARES	Reduced	11,723	-180,977	$622,607	−81.3%	1	$57.18	0.09%

Showing the top 50 of 108 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.