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NMC

Nine Masts Capital Portfolio holdings

AUM $693M
1-Year Est. Return 31.93%
This Fund
S&P 500
This Quarter Est. Return
+13.64%
1 Year Est. Return
+31.93%
3 Year Est. Return
+76.49%
5 Year Est. Return
+38.28%
10 Year Est. Return
+77.77%
AUM
$244M
AUM Growth
-$30.5M
Cap. Flow
-$54.6M
Cap. Flow %
-22.41%
Top 10 Hldgs %
75.74%
Holding
117
New
24
Increased
10
Reduced
16
Closed
41

Top Buys

Rank Stock Value
1
FOX icon
Fox Class B
FOX
+$21.7M
2
CUK
Carnival PLC
CUK
+$18.3M
3
HDB icon
HDFC Bank
HDB
+$14M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$9.49M
5
COOP
Mr. Cooper
COOP
+$8.98M

Top Sells

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$73M
2
TGT icon
Target
TGT
+$27M
3
LBRDK icon
Liberty Broadband Class C
LBRDK
+$9.96M
4
HES
Hess
HES
+$9.7M
5
RYAAY icon
Ryanair
RYAAY
+$6.18M

Sector Composition

Rank Sector Weight
1 Communication Services 40.57%
2 Financials 14.74%
3 Consumer Discretionary 8.38%
4 Materials 6.81%
5 Technology 6.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DVN icon
51
PUT
Devon Energy
DVN
$51.3B
$168K 0.07%
66,400
– –
MDT icon
52
CALL
Medtronic
MDT
$112B
$168K 0.07%
30,000
+10,000
+50% +$919K
XBI icon
53
PUT
State Street SPDR S&P Biotech ETF
XBI
$10B
$146K 0.06%
20,000
– –
DDOG icon
54
Datadog
DDOG
$94B
$126K 0.05%
883
-3,916
-82% -$539K
GEHC icon
55
PUT
GE HealthCare
GEHC
$32.7B
$118K 0.05%
+15,900
New +$1.19M
XOM icon
56
PUT
ExxonMobil
XOM
$650B
$109K 0.04%
11,500
– –
AAPL icon
57
PUT
Apple
AAPL
$4.97T
$90.6K 0.04%
31,800
– –
SPY icon
58
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$771B
$69.3K 0.03%
20,000
+5,000
+33% +$3.21M
MDT icon
59
PUT
Medtronic
MDT
$112B
$50.8K 0.02%
10,000
-5,900
-37% -$542K
AXP icon
60
PUT
American Express
AXP
$224B
$41.4K 0.02%
7,200
– –
SCHW
61
PUT
Charles Schwab
SCHW
$182B
$37.2K 0.02%
31,500
– –
GEHC icon
62
CALL
GE HealthCare
GEHC
$32.7B
$36K 0.01%
+20,000
New +$1.49M
XBI icon
63
CALL
State Street SPDR S&P Biotech ETF
XBI
$10B
$35.3K 0.01%
20,000
– –
CCL icon
64
PUT
Carnival Corporation Ltd
CCL
$38.1B
$30K 0.01%
3,000,000
– –
WBD icon
65
PUT
Warner Bros
WBD
$64.3B
$24.1K 0.01%
210,000
– –
PDD icon
66
PUT
Pinduoduo
PDD
$126B
$23.8K 0.01%
40,000
– –
NFLX icon
67
PUT
Netflix
NFLX
$307B
$23.7K 0.01%
32,000
– –
LIN icon
68
PUT
Linde
LIN
$236B
$21.5K 0.01%
50,700
+36,400
+255% +$17.2M
U icon
69
PUT
Unity
U
$14B
$20.5K 0.01%
100,000
-2,700
-3% -$100K
TGT icon
70
PUT
Target
TGT
$66.3B
$19.5K 0.01%
+27,500
New +$2.71M
K
71
PUT
DELISTED
Kellanova
K
$13K 0.01%
+40,000
New +$3.18M
XOM icon
72
CALL
ExxonMobil
XOM
$650B
$6.44K ﹤0.01%
8,200
– –
RBLX icon
73
PUT
Roblox
RBLX
$35.9B
$4.67K ﹤0.01%
11,000
-44,000
-80% -$5.47M
AAPL icon
74
Apple
AAPL
$4.97T
– –
-15,742
Closed -$3.56M
ALE
75
DELISTED
Allete
ALE
– –
-8,588
Closed -$550K
1 2
3
4 5

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CL
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CPA
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IIC
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MCM
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SSA
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WC
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WIM
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Nine Masts Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Nine Masts Capital held 117 positions worth $244M, down 11% from $274M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Nine Masts Capital withdrew a net $54.6M in Q3 2025, closing 41 positions and reducing 16 holdings. Its most notable exit was iShares Bitcoin Trust, an estimated $73M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 41% of assets, up from 21% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Nine Masts Capital opened a new position in Carnival PLC worth $17.6M.

  • Nine Masts Capital's largest Q3 2025 buy was Carnival PLC: 665,643 shares worth $17.6M.
  • Nine Masts Capital added most to Fox Class B in Q3 2025, an estimated $21.7M increase.
  • Nine Masts Capital's biggest Q3 2025 reduction was Ryanair, cutting an estimated $6.18M.
  • Nine Masts Capital fully exited iShares Bitcoin Trust in Q3 2025, selling an estimated $73M.
  • Nine Masts Capital's ten largest holdings make up 76% of its $244M portfolio in Q3 2025.
  • Nine Masts Capital opened 24 new positions and closed 41 in Q3 2025.
  • Nine Masts Capital's portfolio value fell 11% quarter-over-quarter to $244M.

Based on Nine Masts Capital's 13F filing for Q3 2025, filed 13 Nov 2025.