SEC 13F Intelligence

Managers / Q4 2021 · view latest →

NINE MASTS CAPITAL Ltd

CIK 0001569356 · LEVEL 20, ONE IFC, 1 HARBOUR VIEW STREET, CENTRAL, K3, HONG KONG · 852 2105 5800

Reported Value
$223M
Q4 2021
Positions
42
Filings on Record
32
2019–present window
Filed
Feb 10, 2022
original filing

Summary

Nine Masts Capital Ltd reported $223M in U.S.-listed holdings across 42 positions for Q4 2021.

The portfolio is heavily concentrated: Sea alone accounts for 20.9% of reported value.

Compared with Q3 2021, the fund opened 6 new positions and exited 6.

Portfolio Metrics

Turnover
+20.5%
vs prior filed quarter
Top-10 Concentration
+78.7%
share of reported value
Largest Position
+20.9%
Sea
New / Exited
6 / 6
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $518MQ4 ’18Q1 ’19: $630MQ2 ’19: $698MQ1 ’20: $68MQ2 ’20: $154MQ2 ’20Q3 ’20: $126MQ4 ’20: $116MQ1 ’21: $127MQ2 ’21: $141MQ2 ’21Q3 ’21: $265MQ4 ’21: $223MQ1 ’22: $466MQ2 ’22: $374MQ2 ’22Q3 ’22: $258MQ4 ’22: $313MQ1 ’23: $94MQ2 ’23: $131MQ2 ’23Q3 ’23: $139MQ4 ’23: $134MQ1 ’24: $383MQ2 ’24: $334MQ2 ’24Q3 ’24: $223MQ4 ’24: $571MQ1 ’25: $151MQ2 ’25: $274MQ2 ’25Q3 ’25: $244MQ4 ’25: $581MQ1 ’26: $693Mfilingsflow.com

Portfolio Composition

By security type
Other: 32.4%ADR: 29.5%GLOBAL: 22.3%Common Stock: 15.7%Equity WRT: 0.0%
  • Other · 32.4% · $72M
  • ADR · 29.5% · $66M
  • GLOBAL · 22.3% · $50M
  • Common Stock · 15.7% · $35M
  • Equity WRT · 0.0% · $26,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
POWER & DIGITAL INFRA ACQ CONEW+562.0K562.0K+$6M$6M
ATHMAUTOHOME INCNEW+80.0K80.0K+$2M$2M
BIDUNBAIDU INCNEW+15.6K15.6K+$2M$2M
R6C2ROYAL DUTCH SHELL PLCNEW+29.7K29.7K+$1M$1M
NTESNETEASE INCNEW+9.0K9.0K+$909,000$909,000
XPEVXPENG INCNEW+10.8K10.8K+$518,000$518,000
HDBHDFC BANK LTDADDED+251.3K289.0K+$16M$19M
BABAALIBABA GROUP HLDG LTDADDED+145.4K213.5K+$16M$26M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2021

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SEA LTDNOTE 0.250% 9/120.91%$47M50.5K
2FOXFOX CORPhistory →CL B COM15.73%$35M1.02M
3BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS11.67%$26M213.5K
4HDBHDFC BANK LTDhistory →SPONSORED ADS8.42%$19M289.0K
5ARTISAN ACQUISITION CORPCLASS A ORD SHS · *W EXP 03/26/2025.00%$11M1.47M
6ANGEL POND HOLDINGS CORPUNIT 99/99/99993.94%$9M889.7K
7DUDDELL STREET ACQUISITN CORCL A · *W EXP 99/99/9993.72%$8M1.27M
8SVF INVESTMENT CORPCL A SHS · *W EXP 12/20/2023.68%$8M940.2K
9BHP GROUP LTDSPONSORED ADS3.39%$8M125.3K
10POWER & DIGITAL INFRA ACQ COCOM CL A2.76%$6M562.0K
11TIGA ACQUISITION CORPSHS CL A · *W EXP 11/06/2022.42%$5M772.5K
12WITWIPRO LTDhistory →SPON ADR 1 SH2.32%$5M529.7K
13BLACK SPADE ACQUISITION COUNIT 99/99/99992.24%$5M500.0K
14GOBI ACQUISITION CORPCLASS A ORD SHS2.17%$5M500.0K
15AMCOR PLCORD1.77%$4M329.5K
16KKR ACQUISITION HOLDING I COCOM CLASS A · *W EXP 99/99/9991.67%$4M468.0K
17JOYY INCNOTE 0.750% 6/1 · NOTE 1.375% 6/11.41%$3M3.5K
18ATHMAUTOHOME INChistory →SP ADS RP CL A1.06%$2M80.0K
19BIDUNBAIDU INChistory →SPON ADR REP A1.04%$2M15.6K
20HH&L ACQUISITION COUNIT 99/99/9999 · SHS CL A · *W EXP 02/04/2021.02%$2M275.7K
21R6C2ROYAL DUTCH SHELL PLCSPON ADR B0.58%$1M29.7K
22SVF INVESTMENT CORP 3CL A SHS0.45%$1M100.0K
23SVF INVESTMENT CORP 2CL A SHS0.45%$994,000100.0K
24NTESNETEASE INCSPONSORED ADS0.41%$909,0009.0K
25JDJD.COM INCSPON ADR CL A0.39%$873,00012.4K
26SOCIAL CAPITAL HEDOSOPHA HLDSHS CL A0.32%$708,00069.4K
27PROPERTY SOLUTIONS ACQUISITIUNIT 03/01/20260.29%$647,00065.5K
28ORIGIN MATERIALS INCCOM0.27%$592,00091.8K
29BRIDGETOWN HOLDINGS LTDCOM CL A · *W EXP 09/30/2020.24%$536,000108.8K
30XPEVXPENG INCADS0.23%$518,00010.8K
31AFRICAN GOLD ACQUISITION CORUNIT 99/99/99990.05%$112,00011.2K
32CNXXWCONX CORP*W EXP 10/30/2020.01%$26,00030.0K
33AVEPOINT INC*W EXP 09/18/2020.01%$24,00020.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$693M249May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$581M120Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$244M76Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$274M94Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$151M72May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$571M171Feb 6, 202513F-HRchanges · EDGAR ↗
Q3 2024$223M111Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$334M147Aug 8, 202413F-HRchanges · EDGAR ↗
Q1 2024$383M77May 8, 202413F-HRchanges · EDGAR ↗
Q4 2023$134M30Feb 8, 202413F-HRchanges · EDGAR ↗
Q3 2023$139M36Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$131M31Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$94M28May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$313M47Feb 7, 202313F-HRchanges · EDGAR ↗
Q3 2022$258M43Oct 25, 202213F-HRchanges · EDGAR ↗
Q2 2022$374M46Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$466M47May 6, 202213F-HRchanges · EDGAR ↗
Q4 2021$223M42Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$265M42Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$141M30Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$127M26May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$116M16Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$126M42Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$154M21Aug 5, 202013F-HRchanges · EDGAR ↗
Q1 2020$68M24Apr 29, 202013F-HRchanges · EDGAR ↗
Q4 2019Under review145Jan 31, 202013F-HRchanges · EDGAR ↗
Q3 2019Under review148Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$698M145Aug 8, 201913F-HRchanges · EDGAR ↗
Q1 2019$630M184May 10, 2019RESTATEMENTchanges · EDGAR ↗
Q4 2018$518M178Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.