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NMC

Nine Masts Capital Portfolio holdings

AUM $995M
1-Year Est. Return 22.79%
This Fund
S&P 500
This Quarter Est. Return
+0.32%
1 Year Est. Return
+22.79%
3 Year Est. Return
+88.15%
5 Year Est. Return
+47.84%
10 Year Est. Return
+90.58%
AUM
$581M
AUM Growth
+$337M
Cap. Flow
+$231M
Cap. Flow %
39.71%
Top 10 Hldgs %
74.44%
Holding
170
New
91
Increased
8
Reduced
13
Closed
50

Top Buys

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$107M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$70.4M
3
NSC icon
Norfolk Southern
NSC
+$46.5M
4
CYBR
CyberArk
CYBR
+$19.9M
5
QRVO icon
Qorvo
QRVO
+$14.8M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$52.6M
2
HDB icon
HDFC Bank
HDB
+$19.4M
3
CUK
Carnival PLC
CUK
+$15.7M
4
COOP
Mr. Cooper
COOP
+$10.3M
5
DEO icon
Diageo
DEO
+$7.53M

Sector Composition

Rank Sector Weight
1 Miscellaneous 52.77%
2 Communication Services 11.87%
3 Technology 11.7%
4 Industrials 10.35%
5 Healthcare 5.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBIT icon
1
iShares Bitcoin Trust
IBIT
$62.2B
$93.8M 16.15%
+1,889,214
New +$107M
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$814B
$71M 12.23%
+104,139
New +$70.4M
NSC icon
3
Norfolk Southern
NSC
$74B
$46.4M 8%
+160,852
New +$46.5M
FOX icon
4
Fox Class B
FOX
$24.6B
$42.4M 7.3%
653,175
+20,800
+3% +$1.21M
QQQ icon
5
Invesco QQQ Trust
QQQ
$490B
– –
0
– –
CYBR
6
DELISTED
CyberArk
CYBR
$18.5M 3.18%
+41,403
New +$19.9M
QRVO icon
7
Qorvo
QRVO
$9.07B
$14.2M 2.44%
+167,956
New +$14.8M
ASX icon
8
ASE Group
ASX
$97.7B
$11.9M 2.05%
739,619
-102,067
-12% -$1.45M
GSK icon
9
GSK
GSK
$100B
$10.1M 1.74%
+205,929
New +$9.6M
Z icon
10
Zillow
Z
$7.78B
$9.65M 1.66%
+141,496
New +$10.2M
EXAS
11
DELISTED
Exact Sciences
EXAS
$9.52M 1.64%
+93,717
New +$7.53M
RYAAY icon
12
Ryanair
RYAAY
$28.7B
$9.49M 1.63%
131,521
-36,989
-22% -$2.4M
JD icon
13
JD.com
JD
$38.2B
$7.86M 1.35%
+273,890
New +$8.56M
WBD icon
14
Warner Bros
WBD
$70.8B
$7.26M 1.25%
+251,849
New +$5.89M
VRSN icon
15
VeriSign
VRSN
$26.4B
$6.77M 1.17%
+13,548
New +$3.4M
RNAM
16
DELISTED
Avidity Biosciences
RNAM
$5.68M 0.98%
+78,786
New +$5.09M
RNW icon
17
ReNew
RNW
$2.5B
$5.13M 0.88%
+908,549
New +$6.57M
DAY
18
DELISTED
Dayforce
DAY
$5.11M 0.88%
+73,879
New +$5.09M
PBR icon
19
Petrobras
PBR
$130B
$4.86M 0.84%
+410,245
New +$5.01M
ETHA
20
iShares Ethereum Trust ETF
ETHA
$8.53B
$4.38M 0.75%
+195,193
New +$5.1M
TXNM
21
TXNM Energy Inc
TXNM
$5.98B
$4.18M 0.72%
70,981
+28,981
+69% +$1.67M
GTLS
22
DELISTED
Chart Industries
GTLS
$4.1M 0.71%
+19,865
New +$4.03M
HOLX
23
DELISTED
Hologic
HOLX
$3.72M 0.64%
+50,000
New +$3.65M
KVUE icon
24
Kenvue
KVUE
$36B
$3.34M 0.58%
+193,863
New +$3.17M
CTLP
25
DELISTED
Cantaloupe
CTLP
$2.98M 0.51%
+280,363
New +$2.97M
1
2 3 4 5

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RBC
Romano Brothers & Co Evanston, Illinois $994M AUM 41.36% 1-Year Est. Return
SFA
Souders Financial Advisors Cincinnati, Ohio $994M AUM 18.44% 1-Year Est. Return
LG
Leuthold Group Minneapolis, Minnesota $995M AUM 44.2% 1-Year Est. Return
AGDI
Absolute Gestao de Investimentos Sao Paulo, Brazil $994M AUM 54.06% 1-Year Est. Return
RCG
Rock Creek Group Washington, District of Columbia $994M AUM 11.29% 1-Year Est. Return
PAI
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HWA
HHM Wealth Advisors Chattanooga, Tennessee $996M AUM 23.11% 1-Year Est. Return
DA
Denali Advisors San Diego, California $993M AUM 34.77% 1-Year Est. Return

Nine Masts Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Nine Masts Capital held 170 positions worth $581M, up 138% from $244M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Nine Masts Capital deployed $231M of net new capital in Q4 2025, opening 91 new positions and adding to 8 existing holdings. Its largest new stake was iShares Bitcoin Trust: 1,889,214 shares worth $93.8M.

By sector, the portfolio is most concentrated in Miscellaneous at 53% of assets, up from 10% a quarter earlier, followed by Communication Services and Technology.

On the sell side, the largest reduction was Carnival PLC, an estimated $15.7M trimmed.

  • Nine Masts Capital's largest Q4 2025 buy was iShares Bitcoin Trust: 1,889,214 shares worth $93.8M.
  • Nine Masts Capital added most to TXNM Energy Inc in Q4 2025, an estimated $1.67M increase.
  • Nine Masts Capital's biggest Q4 2025 reduction was Carnival PLC, cutting an estimated $15.7M.
  • Nine Masts Capital fully exited Alphabet (Google) Class C in Q4 2025, selling an estimated $52.6M.
  • Nine Masts Capital's ten largest holdings make up 74% of its $581M portfolio in Q4 2025.
  • Nine Masts Capital opened 91 new positions and closed 50 in Q4 2025.
  • Nine Masts Capital's portfolio value rose 138% quarter-over-quarter to $581M.

Based on Nine Masts Capital's 13F filing for Q4 2025, filed 10 Feb 2026.