NINE MASTS CAPITAL Ltd

CIK 0001569356 · Q1 2026

13F Equity AUM

$692.6M

+19.3% QoQ

Positions

198

+80 QoQ

AUM Rank

#3,535

Top 28%

Skill Alpha (FF)

+2.5%/yr^ns

No Clear Edge

Rank #1,021 · Top 12%

vs S&P -0.6%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 47.3%Top 10: 63.3%Top 20: 81.2%

BABA 0.5 06/01/3121.3%

GOOG9.9%

HDB6.8%

FOX4.9%

WBD4.4%

SLAB3.6%

NSC3.5%

EA3.2%

WBS2.9%

NDQ2.8%

Others (188)36.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Communication Services23.7%

Fixed Income22.3%

Financial Services15.4%

Technology13.8%

Consumer Cyclical5.2%

Healthcare4.9%

Industrials4.5%

Utilities4.5%

Other5.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 198Median: 0.01%Avg: 0.51%

0–0.5%

168(11.2%)

0.5–1%

8(5.4%)

1–3%

14(25.7%)

3–5%

5(19.7%)

5%+

3(38.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 184Unique: 14vs 20 funds

2.5%Low

198

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

GEODE CAPITAL MANAGEMENT, LLC

4.5%

VANGUARD CAPITAL MANAGEMENT LLC

4.5%

STATE STREET CORP

MORGAN STANLEY

2.4%

BANK OF AMERICA CORP /DE/

2.5%

JPMORGAN CHASE & CO

2.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.7%

FMR LLC

3.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New151Increased33Decreased11Exited71

New Positions

GOOG9.9%

+239K

HDB6.8%

+1.9M

SLAB3.6%

+232K

WBS2.9%

+293K

ORACLE CORP1.4%

+220K

PEN1.1%

+24K

GPN 1.5 03/01/311.1%

+9K

SNOW 0 10/01/291.1%

+6K

VAL-WT0.9%

+62K

BILL 0 04/01/300.6%

+5K

Increased

WBD4.4%

+1.9M(+773%)

AES2.0%

+941K(+2419%)

CWAN2.0%

+881K(+1271%)

NIO0.5%

+650K(+137%)

SPY0.8%

+510K(+489%)

KVUE1.5%

+421K(+217%)

EA3.2%

+199K(+2479%)

HOLX2.5%

+175K(+349%)

UBER0.2%

+150K(+3610%)

LNAI0.0%

+78K(+323%)

Decreased

RNWWW0.4%

-277,671(-31%)

AIV0.0%

-109,164(-91%)

RYAAY0.2%

-103,362(-79%)

NSC3.5%

-75,538(-47%)

Z0.5%

-56,423(-40%)

QRVO1.4%

-43,212(-26%)

CTLP0.2%

-33,627(-12%)

FOX4.9%

-17,700(-3%)

RXT0.0%

-16,856(-42%)

NDQ2.8%

-7,347(-18%)

Exited

-1,889,214

-41,403

-205,929

-93,717

-13,548

-78,786

-73,879

-410,245

-195,193

-19,865

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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