NINE MASTS CAPITAL Ltd

Hedge Fund • Multi-Strategy

NINE MASTS CAPITAL Ltd is a Multi-Strategy Hedge Fund led by Trevor Kiaran Ka-Chi Li, reporting $508.7M in AUM as of Q3 2025 with 44% Unknown concentration, 86% concentrated in top 10 holdings, and 24% allocation to GOOG.

CFOTrevor Kiaran Ka-Chi Li

Portfolio Value: $215.0M
Positions: 34
Top Holding: GOOG at 24.48%
Last Reported: Q3 2025

AddressLevel 20, One Ifc, No. 1 Harbour View Street, Hong Kong, 00000, Hong Kong

Top Holdings

Largest long holdings in NINE MASTS CAPITAL Ltd's portfolio (85.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$52.6M	24.48%	+$11.0M Bought	0.00% 216.1K shares	Q2 2025 Held for 5 months
2 Fox Corporation FOX	Entertainment Communication Services	$36.2M	16.85%	+$23.6M Bought	0.14% 632.4K shares	Q1 2021 Held for 4y 8m
3 HDB HDFC Bank HDB	Unknown Unknown	$19.4M	9.04%	+$16.2M Bought	— 568.9K shares	Q1 2023 Held for 2y 8m
4 CUK Carnival CUK	Unknown Unknown	$17.6M	8.19%	+$17.6M New	— 665.6K shares	Q3 2025 Held for 2 months
5 Vale S.A. VALE	Unknown Unknown	$16.1M	7.47%	+$16.1M Bought	— 466.0K shares	Q3 2024 Held for 1y 2m
6 Mr. Cooper Group Inc. COOP	Financial - Mortgages Financial Services	$10.3M	4.78%	+$10.3M New	0.08% 48.8K shares	Q3 2025 Held for 2 months
7 RYAAY Ryanair Holdings plc RYAAY	Unknown Unknown	$10.1M	4.72%	-$6.1M Sold	— 168.5K shares	Q2 2025 Held for 5 months
8 ASE Technology Holding Co. ASX	Unknown Unknown	$9.3M	4.34%	+$2.1M Bought	— 841.7K shares	Q3 2024 Held for 1y 2m
9 DEO Diageo DEO	Unknown Unknown	$7.5M	3.50%	+$7.5M New	— 78.9K shares	Q3 2025 Held for 2 months
10 BIDU Baidu BIDU	Unknown Unknown	$4.9M	2.29%	+$4.9M Bought	— 36.0K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in NINE MASTS CAPITAL Ltd's latest filing

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Market Value

$215.0M

Prior: $266.1M

Q/Q Change

-19.21%

-$51.1M

Net Flows % of MV

-39.1%

Turnover Ratio

71.94%

New Purchases

12 stocks

$45.2M

Added To

6 stocks

+$54.6M

Sold Out Of

38 stocks

$173.3M

Reduced Holdings

9 stocks

-$10.5M

Increased Positions

Position	Shares Δ	Change
1 CUK Carnival CUK	New	0 → 665.6K +$17.6M
2 Mr. Cooper Group Inc. COOP	New	0 → 48.8K +$10.3M
3 DEO Diageo DEO	New	0 → 78.9K +$7.5M
4 Elme Communities ELME	New	0 → 247.2K +$4.2M
5 Brookfield Infrastructure Corporation BIPC	New	0 → 65.3K +$2.7M

Decreased Positions

Position	Shares Δ	Change
1 iShares Bitcoin Trust IBIT	Sold	1.2M → 0 −$73.0M
2 Edwards Lifesciences EW	Sold	400.0K → 0 −$31.3M
3 Liberty Broadband Corporation LBRDK	Sold	101.2K → 0 −$10.0M
4 Hess HES	Sold	70.0K → 0 −$9.7M
5 Target TGT	Sold	274.0K → 0 −$6.9M