NINE MASTS CAPITAL Ltd

13F filer, CIK 1569356, CENTRAL, Hong Kong

NINE MASTS CAPITAL Ltd reported $570,943,168 across 171 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-06. Its ten largest share positions make up 82.26% of the portfolio.

Filed 2025-02-06 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001085146-25-000857

Period: 2024-12-31
Reported value: $571M
Holdings: 171
Top 10 weight: 82.26%
New: 94
Sold out: 34

Largest buys vs the previous quarter

Security	Shares change	Approx. value
IVVnew	+352,000	$207M
SPYnew	+83,000	$48.6M
IBITadded	+346,918	$18.4M
LInew	+274,400	$6.64M
NDMOnew	+427,617	$4.28M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
QQQexited	-27,850	-$13.6M
XLKexited	-42,227	-$9.53M
ONCexited	-17,409	-$4.21M
BSTreduced	-106,028	-$3.88M
IWMreduced	-12,925	-$2.86M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001085146-25-000857, largest first. % of portfolio is the value over $544,398,522, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
IVVISHARES TR	352,000	$207M	38.06%	new	Timeline
IBITISHARES BITCOIN TRUST ETF	1,518,200	$80.5M	14.79%	+346,918	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	83,000	$48.6M	8.94%	new	Timeline
HDBHDFC BANK LTD	588,638	$37.6M	6.9%	-35,252	Timeline
BRK-ABERKSHIRE HATHAWAY INC DEL	24	$16.3M	3%	0	Timeline
ASXASE TECHNOLOGY HLDG CO LTD	1,162,852	$11.7M	2.15%	+171,463	Timeline
ZGZILLOW GROUP INC	163,658	$11.6M	2.13%	+52,622	Timeline
NWSANEWS CORP NEW	364,396	$10M	1.84%	+121,147	Timeline
LILI AUTO INC	274,400	$6.64M	1.22%	new	Timeline
ISRLFISRAEL ACQUISITIONS CORP CL A	400,000	$4.52M	0.83%	0	Timeline
NDMONUVEEN DYNAMIC MUN OPPORTUNI	427,617	$4.28M	0.79%	new	Timeline
BBNBLACKROCK TAX MUNICPAL BD TR	218,463	$3.52M	0.65%	+166,989	Timeline
VOOVANGUARD INDEX FDS	6,464	$3.48M	0.64%	new	Timeline
FCXFREEPORT MCMORAN INC	85,594	$3.26M	0.6%	new	Timeline
BEPBROOKFIELD RENEWABLE ENERGY	137,573	$3.14M	0.58%	+97,105	Timeline
BHPBHP BILLITON LIMITED	60,800	$2.98M	0.55%	new	Timeline
AMDADVANCED MICRO DEVICES INC	21,720	$2.62M	0.48%	+20,920	Timeline
NMCONUVEEN MUN CR OPPORTUNITIES	233,908	$2.48M	0.46%	+179,294	Timeline
REGNREGENERON PHARMACEUTICALS	3,393	$2.42M	0.44%	new	Timeline
VALEVALE S A	253,362	$2.25M	0.41%	+186,591	Timeline
TAT&T INC	89,287	$2.03M	0.37%	new	Timeline
AERAERCAP HOLDINGS NV	20,968	$2.01M	0.37%	new	Timeline
FOXFOX CORP	43,444	$1.99M	0.37%	0	Timeline
EOGEOG RES INC	15,690	$1.92M	0.35%	+6,778	Timeline
PMLPIMCO MUN INCOME FD II	236,872	$1.92M	0.35%	+168,736	Timeline
ADBEADOBE INC	4,236	$1.88M	0.35%	new	Timeline
KHCKRAFT HEINZ CO	59,990	$1.84M	0.34%	+31,488	Timeline
LINLINDE PLC	4,369	$1.83M	0.34%	new	Timeline
BTTBLACKROCK MUN TARGET TERM TR	84,634	$1.74M	0.32%	0	Timeline
COPCONOCOPHILLIPS	17,487	$1.73M	0.32%	+679	Timeline
SLBSLB LIMITED	42,461	$1.63M	0.3%	+2,432	Timeline
HYGISHARES TR	18,972	$1.49M	0.27%	-28,278	Timeline
VKTXVIKING THERAPEUTICS INC	36,857	$1.48M	0.27%	+32,559	Timeline
GRNDGRINDR INC	80,000	$1.43M	0.26%	0	Timeline
HASHASBRO INC	24,190	$1.35M	0.25%	new	Timeline
TCOMTRIP COM GROUP LTD	19,445	$1.35M	0.25%	+15,945	Timeline
LEGNLEGEND BIOTECH CORP	38,466	$1.25M	0.23%	+24,857	Timeline
SCHWCHARLES SCHWAB CORP (THE)	16,569	$1.23M	0.23%	new	Timeline
MDTMEDTRONIC PLC	15,112	$1.21M	0.22%	new	Timeline
IWMISHARES TR	5,300	$1.17M	0.22%	-12,925	Timeline
DVNDEVON ENERGY CORP NEW	35,299	$1.16M	0.21%	new	Timeline
ACNACCENTURE PLC IRELAND	2,966	$1.04M	0.19%	new	Timeline
ESIELEMENT SOLUTIONS INC	38,192	$971K	0.18%	new	Timeline
GTLBGITLAB INC	15,677	$883K	0.16%	+6,657	Timeline
LWLAMB WESTON HLDGS INC	11,242	$751K	0.14%	new	Timeline
ACIALBERTSONS COMPANIES INC	38,000	$746K	0.14%	new	Timeline
INTEGRAL AD SCIENCE HLDNG COINTEGRAL AD SCIENCE HLDNG CO	64,291	$671K	0.12%	new
TECKTECK RESOURCES LTD	15,274	$619K	0.11%	-41,258	Timeline
SGRYSURGERY PARTNERS INC	28,648	$606K	0.11%	new	Timeline
LSPDLIGHTSPEED COMMERCE INC	38,000	$579K	0.11%	new	Timeline
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW	16,943	$576K	0.11%	new
INTCINTEL CORP	28,500	$571K	0.1%	new	Timeline
XOMEXXON MOBIL CORP	5,295	$570K	0.1%	new	Timeline
TPRTAPESTRY INC	8,544	$558K	0.1%	new	Timeline
ABNBAIRBNB INC	4,228	$556K	0.1%	-1,332	Timeline
NUVNUVEEN MUN VALUE FD INC	64,507	$554K	0.1%	new	Timeline
LLYELI LILLY & CO	700	$540K	0.1%	new	Timeline
WDSWOODSIDE ENERGY GROUP LTD	34,317	$522K	0.1%	0	Timeline
BSTBLACKROCK SCIENCE & TECHNOLO	13,972	$511K	0.09%	-106,028	Timeline
NOWSERVICENOW INC	471	$499K	0.09%	new	Timeline
TTDTHE TRADE DESK INC	4,235	$498K	0.09%	new	Timeline
GXOGXO LOGISTICS INCORPORATED	11,103	$483K	0.09%	new	Timeline
PANWPALO ALTO NETWORKS INC	2,554	$465K	0.09%	new	Timeline
LYBLYONDELLBASELL INDUSTRIES NV	5,725	$425K	0.08%	new	Timeline
UBERUBER TECHNOLOGIES INC	6,924	$418K	0.08%	new	Timeline
INCYINCYTE CORP	5,732	$396K	0.07%	new	Timeline
MUJBLACKROCK MUNIHLDGS NJ QLTY	34,224	$379K	0.07%	-12,368	Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWAR	2,017	$371K	0.07%	new	Timeline
KWEBKRANESHARES TRUST	9,985	$292K	0.05%	new	Timeline
NDAQNASDAQ INC	3,541	$274K	0.05%	new	Timeline
PMOFRANKLIN MUN OPPORTUNITIES T	26,736	$271K	0.05%	-52,843	Timeline
BLACKROCK INVESTMENT QUALIT…BLACKROCK INVESTMENT QUALITY M	24,119	$269K	0.05%	+2,728
INTERPUBLIC GROUP COSINTERPUBLIC GROUP COS	9,278	$260K	0.05%	new
ANFABERCROMBIE & FITCH CO	1,691	$253K	0.05%	new	Timeline
NEMNEWMONT CORP	6,612	$246K	0.05%	new	Timeline
GOOSCANADA GOOSE HLDGS INC	21,172	$212K	0.04%	+8,200	Timeline
MUCBLACKROCK MUNIHLDNGS CALI	19,706	$209K	0.04%	-60,110	Timeline
DDDUPONT DE NEMOURS INC	2,549	$194K	0.04%	new	Timeline
WBDWARNER BROS DISCOVERY INC	18,127	$192K	0.04%	new	Timeline
APIAGORA INC	44,000	$183K	0.03%	new	Timeline
LEOBNY MELLON STRATEGIC MUNS IN	26,608	$161K	0.03%	-46,774	Timeline
WDCWESTERN DIGITAL CORP	294	$17.5K	<0.01%	new	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
AMDADVANCED MICRO DEVICES INC COM	put	69,700	$2.27M	+54,700
SPYSTATE STR SPDR S&P 500 ETF T SHS	call	325,000	$1.8M	new
FCXFREEPORT MCMORAN INC Stock	put	135,000	$1.64M	0
VALEVALE S A SPONSORED ADS	put	263,200	$1.15M	new
SHOPSHOPIFY INC CL A SUB VTG SHS	call	33,000	$813K	0
ADBEADOBE INC COM	put	6,500	$760K	+2,000
NOWSERVICENOW INC COM	put	5,000	$709K	new
REGNREGENERON PHARMACEUTICALS Stock	put	3,400	$706K	0
SLBSLB LIMITED COM	put	42,500	$687K	0
HONHONEYWELL INTL INC COM	call	43,000	$649K	new
AEMAGNICO EAGLE MINES LTD Stock	call	35,000	$642K	0
LINLINDE PLC COM	put	17,500	$631K	+12,000
UUNITY SOFTWARE INC Stock	put	122,700	$584K	new
AAPLAPPLE INC COM	call	16,000	$572K	new
UUNITY SOFTWARE INC Stock	call	100,000	$568K	new
AMDADVANCED MICRO DEVICES INC COM	call	40,300	$547K	+32,800
RBLXROBLOX CORP Stock	put	55,000	$496K	new
UBERUBER TECHNOLOGIES INC COM	put	27,500	$482K	new
BKRBAKER HUGHES COMPANY Stock	call	70,000	$441K	0
SNOWSNOWFLAKE INC Stock	put	20,000	$428K	new
KHCKRAFT HEINZ CO Stock	put	60,000	$408K	0
DDOGDATADOG INC STOK	put	20,300	$400K	new
TMUST-MOBILE US INC COM	put	20,000	$392K	new
RBLXROBLOX CORP Stock	call	40,000	$387K	new
DVNDEVON ENERGY CORP NEW Stock	put	66,400	$372K	new
XBISPDR SERIES TRUST S&P BIOTECH	put	20,000	$358K	new
TTDTHE TRADE DESK INC STOK	put	20,500	$353K	new
WBDWARNER BROS DISCOVERY INC Stock	put	210,000	$344K	new
ABNBAIRBNB INC COM	put	20,000	$332K	0
DDOGDATADOG INC STOK	call	10,000	$329K	new
SCHWCHARLES SCHWAB CORP (THE) COM	put	31,500	$322K	new
AAPLAPPLE INC COM	put	31,800	$310K	new
EOGEOG RES INC Stock	put	16,000	$307K	0
ADSKAUTODESK INC Stock	call	8,000	$296K	0
WBDWARNER BROS DISCOVERY INC Stock	call	175,000	$290K	new
NFLXNETFLIX INC. COM	call	2,000	$290K	new
EXPEEXPEDIA GROUP INC Stock	put	14,300	$289K	new
EXPEEXPEDIA GROUP INC Stock	call	11,000	$265K	new
AMZNAMAZON COM INC COM	put	12,400	$239K	new
WDAYWORKDAY INC Stock	call	6,000	$227K	0
XOMEXXON MOBIL CORP COM	put	11,500	$195K	new
DISDISNEY WALT CO COM	call	15,000	$195K	0
MDTMEDTRONIC PLC COM	put	30,000	$190K	+5,000
SHOPSHOPIFY INC CL A SUB VTG SHS	put	30,000	$190K	0
NOWSERVICENOW INC COM	call	2,000	$187K	new
WDCWESTERN DIGITAL CORP COM	put	18,600	$179K	new
XLISELECT SECTOR SPDR TR INDL	call	72,000	$173K	new
LINLINDE PLC COM	call	33,000	$140K	+28,000
ADSKAUTODESK INC Stock	put	8,800	$138K	0
GEHCGE HEALTHCARE TECHNOLOGIES I Stock	call	20,000	$137K	new
CCLCARNIVAL CORP Stock	put	3,000,000	$135K	0
GEHCGE HEALTHCARE TECHNOLOGIES I Stock	put	15,900	$127K	new
UBERUBER TECHNOLOGIES INC COM	call	25,000	$126K	new
DDDUPONT DE NEMOURS INC Stock	put	15,000	$126K	0
SNOWSNOWFLAKE INC Stock	call	13,000	$125K	new
AMZNAMAZON COM INC COM	call	9,000	$110K	new
ABNBAIRBNB INC COM	call	10,000	$108K	0
TGTTARGET CORP Stock	put	12,000	$107K	new
WDAYWORKDAY INC Stock	put	6,000	$85.8K	0
TGTTARGET CORP Stock	call	10,000	$82.2K	new
XBISPDR SERIES TRUST S&P BIOTECH	call	20,000	$81.5K	new
PATHUIPATH INC CL A	put	38,500	$71.8K	new
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW COM	call	34,200	$60.9K	new
DISDISNEY WALT CO COM	put	14,000	$58.1K	0
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW COM	put	12,000	$55.2K	new
ADBEADOBE INC COM	call	5,000	$48.6K	0
MDTMEDTRONIC PLC COM	call	15,000	$42.8K	-12,500
FCXFREEPORT MCMORAN INC Stock	call	100,000	$41.8K	0
WDCWESTERN DIGITAL CORP COM	call	12,500	$30.2K	new
XOMEXXON MOBIL CORP COM	call	8,200	$26.2K	new
PATHUIPATH INC CL A	call	22,500	$21.5K	new
INTCINTEL CORP COM	call	483,000	$16.9K	new
DUN & BRADSTREET HLDGS INCDUN & BRADSTREET HLDGS INC COM	put	27,600	$15.2K	new
EOGEOG RES INC Stock	call	16,000	$6K	0
AALAMERICAN AIRLINES GROUP INC Stock	put	1,180,000	$5.9K	0
REGNREGENERON PHARMACEUTICALS Stock	call	2,500	$5.5K	0
BKRBAKER HUGHES COMPANY Stock	put	70,000	$5.25K	0
COPCONOCOPHILLIPS COM	call	17,500	$1.75K	0
SLBSLB LIMITED COM	call	42,500	$1.7K	0
AEMAGNICO EAGLE MINES LTD Stock	put	53,500	$1.34K	0
VALEVALE S A SPONSORED ADS	call	200,000	$1K	new
KHCKRAFT HEINZ CO Stock	call	60,000	$300	0

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
NIO INCNIO INC NOTE 0.500% 2/0	principal	17,700	$17.5M	+10,200
NIO INCNIO INC NOTE 4.625%10/1	principal	5,000	$3.47M	new
PDD HOLDINGS INCPDD HOLDINGS INC NOTE 12/0	principal	3,000	$2.89M	new
GRINDR INCGRINDR INC *W EXP 11/18/202	principal	407,186	$2.75M	0
FISCALNOTE HOLDINGS INCFISCALNOTE HOLDINGS INC *W EXP 07/29/202	principal	299,447	$46.7K	0
ISLWFISRAEL ACQUISITIONS CORP WT EX Warrant	principal	400,000	$16K	0
PRENWPRENETICS GLOBAL LTD *W EXP 05/18/202	principal	362,456	$2.83K	0

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
QQQINVESCO QQQ TR	27,850	$13.6M	shares
XLKSELECT SECTOR SPDR TR	42,227	$9.53M	shares
BILIBILI INCBILIBILI INC	5,500	$5.47M	principal
ONCBEONE MEDICINES LTD	17,409	$4.21M	shares
YUMCYUM CHINA HLDGS INC	32,636	$1.55M	shares
SMARTSHEET INC. (CLASS A)SMARTSHEET INC. (CLASS A)	25,203	$1.4M	shares
BLACKROCK MUNI INC TR IIBLACKROCK MUNI INC TR II	87,989	$991K	shares
BLACKROCK MUN INCOME TRBLACKROCK MUN INCOME TR	87,363	$923K	shares
HQHABRDN HEALTHCARE INVESTORS	45,939	$855K	shares
COPCONOCOPHILLIPS	17,500	$524K	put
DSMBNY MELLON STRATEGIC MUN BD	75,885	$473K	shares
HTHTH WORLD GROUP LTD	10,877	$426K	shares
JOYYJOYY INC	9,635	$349K	shares
DISDISNEY WALT CO	3,610	$347K	shares
NADNUVEEN QUALITY MUNCP INCOME	26,184	$324K	shares
NBHNEUBERGER MUN FD INC	28,667	$318K	shares
VGMINVESCO TR INVT GRADE MUNS	28,982	$306K	shares
VKQINVESCO MUNICIPAL TRUST	28,564	$293K	shares
RTORENTOKIL INITIAL PLC	11,450	$285K	shares
PBRPETROLEO BRASILEIRO S A	200,000	$248K	put
NACNUVEEN CA DIVI ADV MUN	20,421	$243K	shares
MMUWESTERN ASSET MANAGED MUNS F	21,753	$236K	shares
QCOMQUALCOMM INC	1,368	$233K	shares
CTSHCOGNIZANT TECHNOLOGY SOLUTIO	30,000	$230K	put
XMVFXBLACKROCK MUNIVEST FUND	29,247	$222K	shares
CTSHCOGNIZANT TECHNOLOGY SOLUTIO	33,000	$219K	call
PBRPETROLEO BRASILEIRO S A	12,943	$187K	shares
DDDUPONT DE NEMOURS INC	15,000	$175K	call
HYGISHARES TR	315,000	$143K	put
VMOINVESCO MUN OPPORTUNIT TR	10,725	$110K	shares
PBRPETROLEO BRASILEIRO S A	200,000	$101K	call
GDSGDS HLDGS LTD	59,700	$65.7K	put
LEGNLEGEND BIOTECH CORP	40,900	$49.1K	call
SMARTSHEET INC. (CLASS A)SMARTSHEET INC. (CLASS A)	23,200	$580	put

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001085146-25-000857	base		2025-02-06	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC