NINE MASTS CAPITAL Ltd

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CIK 1569356

13F portfolio (2026-Q1)

$451M

Positions

155

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

155

Top 5

45.1%

Top 10

67.9%

Effective N

15.8

HHI

0.063

This quarter

115 new · 0 exit →

By sector

Communication Services29.3%

Financials17.1%

Information Technology16.3%

Unclassified15.0%

Industrials9.9%

Consumer Discretionary3.7%

Health Care2.9%

Materials2.4%

Other3.3%

By market cap

Large ($10–200B)36.6%

Unknown32.7%

Mega (>$200B)15.6%

Mid ($2–10B)14.2%

Micro (<$300M)0.5%

Small ($300M–2B)0.4%

By region

North America67.5%

Asia-Pacific17.0%

Other15.0%

Europe0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Software & IT Services	15.26%	11
Banks	15.04%	4
Unclassified	14.99%	20
Media & Entertainment	14.14%	5
Semiconductors & Semiconductor Equipment	11.34%	5
Road & Rail	5.43%	1
Software	4.86%	3
Commercial Services & Supplies	4.03%	9
Chemicals	2.38%	5
Specialty Retail	2.11%	6
Health Care Equipment & Supplies	1.75%	3
Utilities	1.68%	4
Oil, Gas & Consumable Fuels	1.54%	4
Capital Markets	1.15%	4
Pharmaceuticals & Biotechnology	0.97%	33
Insurance	0.94%	1
Automobiles & Components	0.63%	1
Diversified Consumer Services	0.63%	3
Airlines	0.36%	1
Household Durables	0.22%	1
Health Care Providers & Services	0.16%	5
Leisure Products	0.12%	2
Machinery	0.09%	1
Technology Hardware & Equipment	0.03%	5
Life Sciences Tools & Services	0.03%	3
Equity Real Estate Investment Trusts (REITs)	0.03%	3
Distributors	0.02%	2
Beverages	0.02%	3
Hotels, Restaurants & Leisure	0.02%	2
Paper & Forest Products	0.01%	1
Food & Staples Retailing	0.01%	1
Professional Services	0.01%	1
Diversified Telecommunication Services	0.01%	1
Communications Equipment	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	GOOG	Alphabet Inc.	Communication Services	15.19%
2	HDB	HDFC Bank Ltd	Financials	10.48%
3	FOX	Fox Corp	Communication Services	7.48%
4	WBD	Warner Bros. Discovery, Inc.	Communication Services	6.48%
5	SLAB	SILICON LABORATORIES INC.	Information Technology	5.51%
6	NSC	NORFOLK SOUTHERN CORP	Industrials	5.43%
7	EA	ELECTRONIC ARTS INC.	Information Technology	4.84%
8	WBS	WEBSTER FINANCIAL CORP	Financials	4.51%
9	QQQ	INVESCO QQQ TR	Unclassified	4.24%
10	HOLX	HOLOGIC INC	Unclassified	3.76%

135/155 names classified · sector 85.0% of weight · industry 85.0% · mkt cap 67.3%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 46 quarters

Communication ServicesGOOGL, FOX, KT, GOOG, WBD · other

Information TechnologyTSM, INFY, ASX, BIDU, BILI · other

FinancialsHDB, SMFG, HSBC, MUFG, BRK.B · other

Consumer DiscretionarySONY, XPEV, LI, PVH, TSLA · other

IndustrialsBABA, RYAAY, NSC, CCL, ZG · other

MaterialsBHP, VALE, PKX, KVUE, TECK · other

Health CareONC, RDY, TAK, BHC, GSK · other

EnergySDRL, WDS, OXY, VAL, CVX · other

Consumer StaplesDEO, KHC, PEP, BUD, BTI · other

UtilitiesTXNM, BIPC, NWE, KEP, CLNE · other

Real EstateELME, BEKE, TWO, AIV, MAC · other

UnclassifiedIBIT, SPY, IVV, QQQ, ALTABA INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 85.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (51 classified)NINE MASTS CAPITAL Ltd centroid (Mid Core)

Communication ServicesIndustrialsInformation TechnologyFinancialsMaterialsHealth CareUtilitiesEnergyConsumer DiscretionaryConsumer StaplesReal Estate

Style box summary for NINE MASTS CAPITAL Ltd: centroid Mid Core. Heaviest cells: Large Growth 15.4%, Mid Core 14.1%, Small Growth 11.1%.

Classified: 60.9% of book weight (51/153 names) · unclassified 39.1%: HDB, SLAB, , QQQ, HOLX, ASX, JD, RNW, NIO, BEP +92 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 155 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	GOOGALPHABET INC	238,904	$69M	15.2%	NEW
2	HDBHDFC BANK LTD	1,900,809	$47M	10.5%	NEW
3	FOXFOX CORP	635,475	$34M	7.5%	TRIM −3%
4	WBDWARNER BROS DISCOVERY INC	1,064,956	$29M	6.5%	ADD 323%
5	SLABSILICON LABORATORIES INC	119,369	$25M	5.5%	NEW
6	NSCNORFOLK SOUTHN CORP	85,314	$24M	5.4%	TRIM −47%
7	EAELECTRONIC ARTS INC	107,191	$22M	4.8%	ADD 1234%
8	WBSWEBSTER FINL CORP CONN	293,333	$20M	4.5%	NEW
9	QQQINVESCO QQQ TR	33,106	$19M	4.2%	NEW
10	HOLXHOLOGIC INC	224,606	$17M	3.8%	ADD 349%
11	ASXASE TECHNOLOGY HLDG CO LTD	777,180	$16M	3.5%	ADD 5%
12	AESAES Corp.	979,942	$14M	3.1%	ADD 2419%
13	CLEARWATER ANALYTICS HLDGS I	581,714	$14M	3.0%	ADD 739%
14	KVUEKENVUE INC	614,869	$11M	2.3%	ADD 217%
15	QRVOQORVO INC	124,744	$10M	2.1%	TRIM −26%
16	JDJD.COM INC	314,290	$9M	2.1%	ADD 15%
17	PENPENUMBRA INC	23,743	$8M	1.7%	NEW
18	VALVALARIS LTD	61,854	$6M	1.3%	NEW
19	TXNMPNM RES INC	100,481	$6M	1.3%	ADD 42%
20	BHFBRIGHTHOUSE FINL INC	70,788	$4M	0.9%	NEW
21	APELLIS PHARMACEUTICALS INC	97,478	$4M	0.9%	NEW
22	ZZILLOW GROUP INC	85,073	$4M	0.8%	TRIM −40%
23	RNWRENEW ENERGY GLOBAL PLC	630,878	$3M	0.6%	TRIM −31%
24	NIONIO INC	474,500	$3M	0.6%	HOLD
25	UNFUNIFIRST CORP MASS	11,091	$3M	0.6%	NEW
26	JHGJANUS HENDERSON GROUP PLC	54,254	$3M	0.6%	ADD 37%
27	BEPBROOKFIELD RENEWABLE PARTNER	72,918	$2M	0.5%	NEW
28	ZIMZIM INTEGRATED SHIPPING SERV	90,084	$2M	0.5%	NEW
29	SPYSTATE STR SPDR S&P 500 ETF T	3,639	$2M	0.5%	TRIM −97%
30	NWENORTHWESTERN ENERGY GROUP IN	25,000	$2M	0.4%	NEW
31	RYAAYRYANAIR HOLDINGS PLC	28,159	$2M	0.4%	TRIM −79%
32	CANTALOUPE INC	146,736	$2M	0.4%	TRIM −48%
33	TAILCAMBRIA ETF TR	128,015	$1M	0.3%	NEW
34	DBRGDIGITALBRIDGE GROUP INC	78,191	$1M	0.3%	NEW
35	NDAQNASDAQ INC	13,138	$1M	0.2%	NEW
36	RVMDREVOLUTION MEDICINES INC	11,010	$1M	0.2%	NEW
37	LEGLEGGETT & PLATT INC	101,171	$999,569	0.2%	NEW
38	ABVXABIVAX SA	7,500	$835,125	0.2%	ADD 88%
39	WDSWOODSIDE ENERGY GROUP LTD	34,317	$819,490	0.2%	HOLD
40	NFLXNETFLIX INC	7,953	$764,681	0.2%	TRIM −44%
41	NVDANVIDIA CORPORATION	3,894	$679,114	0.2%	TRIM −57%
42	PDDPDD HOLDINGS INC	6,586	$672,957	0.1%	HOLD
43	HIMSHIMS & HERS HEALTH INC	25,000	$519,000	0.1%	NEW
44	QGENQIAGEN NV	12,500	$500,500	0.1%	NEW
45	AMCRAMCOR PLC ORD	12,000	$477,000	0.1%	NEW
46	CSQCALAMOS STRATEGIC TOTAL RETU	27,663	$473,591	0.1%	HOLD
47	VECOVEECO INSTRS INC DEL	12,513	$423,690	0.1%	NEW
48	LLYELI LILLY & CO	450	$413,897	0.1%	NEW
49	AZNASTRAZENECA PLC	2,000	$394,440	0.1%	NEW
50	COFCAPITAL ONE FINL CORP	888	$161,998	0.0%	NEW
51	SCHWSCHWAB CHARLES CORP	1,058	$99,431	0.0%	TRIM −74%
52	SSTSYSTEM1 INC	18,548	$56,015	0.0%	NEW
53	PIIIP3 HEALTH PARTNERS INC	17,964	$55,329	0.0%	NEW
54	GALTGALECTIN THERAPEUTICS INC	19,324	$53,914	0.0%	NEW
55	ACHOWENS & MINOR INC NEW	22,373	$51,010	0.0%	NEW
56	LUNGPULMONX CORP	38,598	$49,791	0.0%	ADD 282%
57	BMEABIOMEA FUSION INC	32,472	$49,682	0.0%	NEW
58	FFFUTUREFUEL CORP	12,782	$49,211	0.0%	NEW
59	OTLKOUTLOOK THERAPEUTICS INC	232,546	$47,858	0.0%	NEW
60	PRQRPROQR THRAPEUTICS N V	29,518	$47,819	0.0%	NEW
61	IRWDIRONWOOD PHARMACEUTICALS INC	13,527	$47,480	0.0%	NEW
62	CURVTORRID HLDGS INC	26,011	$46,300	0.0%	NEW
63	LCTXLINEAGE CELL THERAPEUTICS IN	29,194	$46,127	0.0%	NEW
64	WTIW & T OFFSHORE INC	13,453	$45,875	0.0%	ADD 6%
65	FLNACASSAVA SCIENCES INC	27,107	$45,811	0.0%	NEW
66	INOINOVIO PHARMACEUTICALS INC	26,317	$45,792	0.0%	NEW
67	OABIOMNIAB INC	29,062	$45,627	0.0%	NEW
68	KLCKINDERCARE LEARNING COMPANIE	20,626	$45,377	0.0%	NEW
69	IVVDINVIVYD INC	34,698	$45,107	0.0%	NEW
70	CYHCOMMUNITY HEALTH SYS INC NEW	15,329	$45,067	0.0%	NEW
71	PGENPRECIGEN INC	11,608	$44,923	0.0%	NEW
72	MXCTMAXCYTE INC	63,591	$44,673	0.0%	NEW
73	NKTXNKARTA INC	21,131	$44,586	0.0%	NEW
74	CNTYCENTURY CASINOS INC	31,932	$44,385	0.0%	NEW
75	AIVAPARTMENT INVT & MGMT CO	10,836	$44,103	0.0%	TRIM −91%
76	JELDJELD-WEN HLDG INC	35,152	$43,588	0.0%	NEW
77	CLARCLARUS CORP NEW	16,014	$43,558	0.0%	NEW
78	DCGODOCGO INC	68,750	$43,251	0.0%	ADD 225%
79	TOITHE ONCOLOGY INSTITUTE INC	14,018	$43,035	0.0%	NEW
80	HRTXHERON THERAPEUTICS INC	53,399	$42,725	0.0%	NEW
81	GNLXGENELUX CORPORATION	17,473	$42,285	0.0%	NEW
82	TCRXTSCAN THERAPEUTICS INC	41,740	$42,157	0.0%	NEW
83	WOOFPETCO HEALTH & WELLNESS CO I	15,027	$41,775	0.0%	NEW
84	LNAILUNAI BIOWORKS INC	102,426	$41,739	0.0%	ADD 323%
85	CLNECLEAN ENERGY FUELS CORP	16,829	$41,736	0.0%	NEW
86	DNUTKRISPY KREME INC	12,239	$41,490	0.0%	NEW
87	ALXOALX ONCOLOGY HLDGS INC	20,623	$41,349	0.0%	ADD 33%
88	FLWS1 800 FLOWERS COM INC	13,589	$41,311	0.0%	NEW
89	PDSBPDS BIOTECHNOLOGY CORP	67,507	$40,842	0.0%	NEW
90	QVCAQQVC GROUP INC	18,648	$40,466	0.0%	NEW
91	LESLLESLIES INC	36,060	$40,387	0.0%	NEW
92	NAUTNAUTILUS BIOTECHNOLOGY INC	10,395	$40,333	0.0%	NEW
93	PRLDPRELUDE THERAPEUTICS INC	11,699	$40,011	0.0%	NEW
94	OCGNOCUGEN INC	21,938	$39,708	0.0%	NEW
95	DVLTDATAVAULT AI INC	63,756	$39,420	0.0%	NEW
96	CERSCERUS CORP	21,538	$39,199	0.0%	NEW
97	CRBUCARIBOU BIOSCIENCES INC	20,612	$39,163	0.0%	NEW
98	CHRSCOHERUS ONCOLOGY INC	23,018	$38,900	0.0%	NEW
99	JSPRJASPER THERAPEUTICS INC	44,165	$38,697	0.0%	NEW
100	BDTXBLACK DIAMOND THERAPEUTICS I	17,806	$37,927	0.0%	NEW
101	NWLNEWELL BRANDS INC	11,011	$37,768	0.0%	NEW
102	TDUPTHREDUP INC	11,502	$37,727	0.0%	NEW
103	GOSSGOSSAMER BIO INC	114,766	$37,701	0.0%	NEW
104	TTECTTEC HLDGS INC	15,029	$37,573	0.0%	NEW
105	CCCCC4 THERAPEUTICS INC	14,157	$37,233	0.0%	ADD 23%
106	EVHEVOLENT HEALTH INC	16,281	$37,121	0.0%	NEW
107	BRCCBRC INC	47,605	$36,951	0.0%	NEW
108	ALTALTIMMUNE INC	11,850	$36,498	0.0%	NEW
109	VZVERIZON COMMUNICATIONS INC	727	$36,495	0.0%	NEW
110	TNYATENAYA THERAPEUTICS INC	51,344	$35,551	0.0%	NEW
111	AMTXAEMETIS INC	11,110	$35,441	0.0%	NEW
112	EPEMPIRE PETE CORP	11,967	$35,422	0.0%	NEW
113	FLLFULL HSE RESORTS INC	15,585	$35,066	0.0%	NEW
114	ATNMACTINIUM PHARMACEUTICALS INC	35,227	$35,061	0.0%	ADD 172%
115	BHRBRAEMAR HOTELS & RESORTS INC	14,784	$34,890	0.0%	NEW
116	HFFGHF FOODS GROUP INC	18,478	$34,184	0.0%	ADD 63%
117	ONLORION PROPERTIES INC	15,823	$34,019	0.0%	NEW
118	DHDEFINITIVE HEALTHCARE CORP	27,241	$33,506	0.0%	NEW
119	CNDTCONDUENT INC	26,142	$33,462	0.0%	NEW
120	HUMAHUMACYTE INC	54,535	$33,086	0.0%	NEW
121	RANIRANI THERAPEUTICS HLDGS INC	44,849	$32,955	0.0%	NEW
122	BLNKBLINK CHARGING CO	57,917	$32,833	0.0%	NEW
123	EXFYEXPENSIFY INC	37,557	$32,671	0.0%	NEW
124	QSIQUANTUM SI INC	41,134	$31,838	0.0%	NEW
125	GPROGOPRO INC	41,067	$31,622	0.0%	NEW
126	ZVIAZEVIA PBC	26,343	$30,821	0.0%	NEW
127	TEADTEADS HLDG CO	46,639	$30,716	0.0%	NEW
128	RBBNRIBBON COMMUNICATIONS INC	14,377	$30,479	0.0%	NEW
129	COTYCOTY INC	14,714	$29,575	0.0%	NEW
130	GOCOQGOHEALTH INC	19,219	$29,021	0.0%	NEW
131	HCATHEALTH CATALYST INC	22,587	$28,685	0.0%	NEW
132	PLTKPLAYTIKA HLDG CORP	10,294	$28,617	0.0%	NEW
133	MVISMICROVISION INC DEL	44,155	$28,312	0.0%	NEW
134	SGMOQSANGAMO THERAPEUTICS INC	113,465	$28,015	0.0%	NEW
135	PSQHPSQ HOLDINGS INC	52,683	$27,922	0.0%	NEW
136	SNBRQSLEEP NUMBER CORP	15,135	$27,167	0.0%	NEW
137	TLNTALEN ENERGY CORP	84	$26,815	0.0%	NEW
138	XRXXEROX HOLDINGS CORP	20,654	$26,644	0.0%	ADD 29%
139	GETYGETTY IMAGES HOLDINGS INC	33,567	$26,632	0.0%	ADD 60%
140	AIFCALT5 SIGMA CORP	23,925	$26,557	0.0%	NEW
141	EGHT8X8 INC NEW	15,581	$25,864	0.0%	NEW
142	VUZIVUZIX CORP	11,018	$25,452	0.0%	NEW
143	NXDRNEXTDOOR HOLDINGS INC	18,066	$25,292	0.0%	NEW
144	ALITALIGHT INC	43,127	$25,130	0.0%	NEW
145	OPTUOPTIMUM COMMUNICATIONS INC	19,272	$25,054	0.0%	NEW
146	BTCSBTCS INC	17,198	$23,905	0.0%	NEW
147	UISUNISYS CORP	11,482	$23,768	0.0%	NEW
148	RXTRACKSPACE TECHNOLOGY INC	23,381	$22,909	0.0%	TRIM −42%
149	BTBTBIT DIGITAL INC	17,404	$22,799	0.0%	ADD 54%
150	NRDYNERDY INC	27,877	$22,753	0.0%	NEW
151	SMRTSMARTRENT INC	14,181	$21,272	0.0%	NEW
152	SKYXSKYX PLATFORMS CORP	18,011	$20,172	0.0%	NEW
153	ABTCAMERICAN BITCOIN CORP.	20,562	$19,008	0.0%	NEW
154	KOCOCA COLA CO	164	$12,472	0.0%	NEW
155	UBERUBER TECHNOLOGIES INC	141	$10,142	0.0%	TRIM −97%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

GOOGALPHABET INC

—

171K

216K

—

239K

$69M

HDBHDFC BANK LTD

589K

240K

95K

569K

—

1.9M

$47M

FOXFOX CORP

43K

160K

221K

632K

653K

635K

$34M

WBDWARNER BROS DISCOVERY INC

18K

—

252K

1.1M

$29M

SLABSILICON LABORATORIES INC

—

119K

$25M

NSCNORFOLK SOUTHN CORP

—

161K

85K

$24M

EAELECTRONIC ARTS INC

—

107K

$22M

WBSWEBSTER FINL CORP CONN

—

293K

$20M

QQQINVESCO QQQ TR

—

33K

$19M

HOLXHOLOGIC INC

—

50K

225K

$17M

ASXASE TECHNOLOGY HLDG CO LTD

1.2M

1.7M

652K

842K

740K

777K

$16M

AESAES Corp.

—

39K

980K

$14M

CLEARWATER ANALYTICS HLDGS I

—

69K

582K

$14M

KVUEKENVUE INC

—

194K

615K

$11M

QRVOQORVO INC

—

168K

125K

$10M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆NINE MASTS CAPITAL Ltd