Maso Capital Partners

HONG KONG, K3files as MASO CAPITAL PARTNERS Ltd

$61m in 44 US stocks at the end of 30 September 2025. The top 10 are 83.7% of the money. It changed about 47.4% of the portfolio this quarter.

Value

$61m

Stocks

Top 10 share

83.7%

Turnover

47.4%

What changed this quarter

New

Bought for the first time this quarter.

FiscalNote HoldingsNOTE
18.7% of the fund
ReNew Energy GlobalRNW
3.6% of the fund
Columbus Circle CAP Corp. I
3.2% of the fund
Smithfield FoodsSFD
3.1% of the fund
TON StrategyTONX
3.0% of the fund
Qfin HoldingsQFIN
2.1% of the fund
TransoceanRIG
1.7% of the fund
Drugs Made IN Amer ACQ IIDMIIU
1.6% of the fund
Vnet GroupVNET
1.3% of the fund
Stonebridge Acquisition II CAPACU
1.2% of the fund
Chenghe Acquisition IIICHECU
1.2% of the fund
InfleqtionINFQ
1.1% of the fund
Willow Lane AcquisitionWLAC
1.0% of the fund
Yorkville AcquisitionMCGA
0.9% of the fund
OracleORCL
0.5% of the fund
QuantumScapeQS
0.2% of the fund
Arqit QuantumARQQ
0.2% of the fund
1RT AcquisitionONCHU
0.2% of the fund
D-Wave QuantumQBTS
0.1% of the fund
Quantum ComputingQUBT
0.1% of the fund
Grabagun Digital HldgsPEW-WS
<0.1% of the fund
Chenghe Acquisition II
0.0% of the fund

Added

Bought more of a stock they already held.

Viking TherapeuticsVKTX
1.1% of the fund
+67%

Cut

Sold some of their stake.

JoyyJOYY
17.2% of the fund
-22%
Zeekr Intelligent Technology
1.6% of the fund
-63%
AelumaALMU
0.5% of the fund
-20%

Sold out

Sold their entire stake.

FiscalNote HoldingsNOTE
-100%
Smart SH GlobalEM
-100%
Skechers U S A
-100%
Luminar Technologies
-100%
Structure TherapeuticsGPCR
-100%
Colombier Acquisition Corp I
-100%
Chenghe Acquisition IICHEB-WS
-100%

Holdings

Sohu.comSOHU
Share
23.3%
Value
$14m
Shares
906,256
Held
FiscalNote HoldingsNOTE
Share
18.7%
Value
$11m
Shares
2,457,328
New
JoyyJOYY
Share
17.2%
Value
$10m
Shares
178,200
-22%
Oneconnect Finl Technology C
Share
5.5%
Value
$3m
Shares
439,966
Held
Oxley Bridge ACQOBAWU
Share
4.1%
Value
$3m
Shares
250,000
Held
ReNew Energy GlobalRNW
Share
3.6%
Value
$2m
Shares
282,758
New
Columbus Circle CAP Corp. I
Share
3.2%
Value
$2m
Shares
190,000
New
Smithfield FoodsSFD
Share
3.1%
Value
$2m
Shares
80,171
New
TON StrategyTONX
Share
3.0%
Value
$2m
Shares
262,881
New
Qfin HoldingsQFIN
Share
2.1%
Value
$1m
Shares
45,000
New
TransoceanRIG
Share
1.7%
Value
$1m
Shares
330,000
New
Drugs Made IN Amer ACQ IIDMIIU
Share
1.6%
Value
$994,500
Shares
100,000
New
Zeekr Intelligent Technology
Share
1.6%
Value
$973,653
Shares
31,944
-63%
Vnet GroupVNET
Share
1.3%
Value
$774,750
Shares
75,000
New
Stonebridge Acquisition II CAPACU
Share
1.2%
Value
$746,753
Shares
74,900
New
Chenghe Acquisition IIICHECU
Share
1.2%
Value
$745,506
Shares
74,700
New
Viking TherapeuticsVKTX
Share
1.1%
Value
$657,000
Shares
25,000
+67%
InfleqtionINFQ
Share
1.1%
Value
$643,000
Shares
50,000
New
Fiscalnote HoldingsNOTEW
Share
1.0%
Value
$594,000
Shares
9,000,000
Held
Willow Lane AcquisitionWLAC
Share
1.0%
Value
$579,000
Shares
50,000
New
Yorkville AcquisitionMCGA
Share
0.9%
Value
$533,000
Shares
50,000
New
AelumaALMU
Share
0.5%
Value
$316,639
Shares
19,667
-20%
OracleORCL
Share
0.5%
Value
$281,240
Shares
1,000
New
SIM Acquisition Corp. ISIMAW
Share
0.3%
Value
$185,000
Shares
500,000
Held
EQV Ventures Acquisition CORFTW-WS
Share
0.2%
Value
$133,333
Shares
266,666
Held
QuantumScapeQS
Share
0.2%
Value
$123,200
Shares
10,000
New
Arqit QuantumARQQ
Share
0.2%
Value
$110,050
Shares
2,840
New
1RT AcquisitionONCHU
Share
0.2%
Value
$105,500
Shares
10,000
New
Andretti Acquisition Corp IIPOLEW
Share
0.1%
Value
$75,000
Shares
375,000
Held
D-Wave QuantumQBTS
Share
0.1%
Value
$72,895
Shares
2,950
New
Quantum ComputingQUBT
Share
0.1%
Value
$68,485
Shares
3,720
New
Graf GlobalTONT-WS
Share
<0.1%
Value
$41,250
Shares
125,000
Held
Grabagun Digital HldgsPEW-WS
Share
<0.1%
Value
$29,169
Shares
23,333
New
Melar Acquisition Corp. IMACIW
Share
<0.1%
Value
$25,415
Shares
162,500
Held
Legato Merger Corp IIILEGT-WS
Share
<0.1%
Value
$23,200
Shares
62,500
Held
Estrella ImmunopharmaESLA
Share
<0.1%
Value
$11,500
Shares
10,000
Held
Launch One AcquisitionLPAAW
Share
<0.1%
Value
$11,000
Shares
50,000
Held
Eureka AcquisitionEURKR
Share
<0.1%
Value
$9,600
Shares
40,000
Held
Generation Essentials GroupTGE-WS
Share
<0.1%
Value
$8,733
Shares
66,666
Held
Bolt Projects HldsBSLKW
Share
<0.1%
Value
$2,602
Shares
65,048
Held
Prenetics GlobalPRENW
Share
<0.1%
Value
$1,706
Shares
49,015
Held
Namib MineralsNAMM
Share
<0.1%
Value
$987
Shares
300
Held
CenntroCENN
Share
<0.1%
Value
$83
Shares
141
Held
Chenghe Acquisition II
Share
0.0%
Value
$0
Shares
100,000
New

Company	Share of fund	Value	Shares	Change
Sohu.comSOHU	23.3%	$14m	906,256	Held
FiscalNote HoldingsNOTE	18.7%	$11m	2,457,328	New
JoyyJOYY	17.2%	$10m	178,200	-22%
Oneconnect Finl Technology C	5.5%	$3m	439,966	Held
Oxley Bridge ACQOBAWU	4.1%	$3m	250,000	Held
ReNew Energy GlobalRNW	3.6%	$2m	282,758	New
Columbus Circle CAP Corp. I	3.2%	$2m	190,000	New
Smithfield FoodsSFD	3.1%	$2m	80,171	New
TON StrategyTONX	3.0%	$2m	262,881	New
Qfin HoldingsQFIN	2.1%	$1m	45,000	New
TransoceanRIG	1.7%	$1m	330,000	New
Drugs Made IN Amer ACQ IIDMIIU	1.6%	$994,500	100,000	New
Zeekr Intelligent Technology	1.6%	$973,653	31,944	-63%
Vnet GroupVNET	1.3%	$774,750	75,000	New
Stonebridge Acquisition II CAPACU	1.2%	$746,753	74,900	New
Chenghe Acquisition IIICHECU	1.2%	$745,506	74,700	New
Viking TherapeuticsVKTX	1.1%	$657,000	25,000	+67%
InfleqtionINFQ	1.1%	$643,000	50,000	New
Fiscalnote HoldingsNOTEW	1.0%	$594,000	9,000,000	Held
Willow Lane AcquisitionWLAC	1.0%	$579,000	50,000	New
Yorkville AcquisitionMCGA	0.9%	$533,000	50,000	New
AelumaALMU	0.5%	$316,639	19,667	-20%
OracleORCL	0.5%	$281,240	1,000	New
SIM Acquisition Corp. ISIMAW	0.3%	$185,000	500,000	Held
EQV Ventures Acquisition CORFTW-WS	0.2%	$133,333	266,666	Held
QuantumScapeQS	0.2%	$123,200	10,000	New
Arqit QuantumARQQ	0.2%	$110,050	2,840	New
1RT AcquisitionONCHU	0.2%	$105,500	10,000	New
Andretti Acquisition Corp IIPOLEW	0.1%	$75,000	375,000	Held
D-Wave QuantumQBTS	0.1%	$72,895	2,950	New
Quantum ComputingQUBT	0.1%	$68,485	3,720	New
Graf GlobalTONT-WS	<0.1%	$41,250	125,000	Held
Grabagun Digital HldgsPEW-WS	<0.1%	$29,169	23,333	New
Melar Acquisition Corp. IMACIW	<0.1%	$25,415	162,500	Held
Legato Merger Corp IIILEGT-WS	<0.1%	$23,200	62,500	Held
Estrella ImmunopharmaESLA	<0.1%	$11,500	10,000	Held
Launch One AcquisitionLPAAW	<0.1%	$11,000	50,000	Held
Eureka AcquisitionEURKR	<0.1%	$9,600	40,000	Held
Generation Essentials GroupTGE-WS	<0.1%	$8,733	66,666	Held
Bolt Projects HldsBSLKW	<0.1%	$2,602	65,048	Held
Prenetics GlobalPRENW	<0.1%	$1,706	49,015	Held
Namib MineralsNAMM	<0.1%	$987	300	Held
CenntroCENN	<0.1%	$83	141	Held
Chenghe Acquisition II	0.0%	$0	100,000	New

Over time and by industry

Value over time

Sep '25

Value is up 7.3% since 30 June 2025.

Where the money is

Financial services3.9%

Utilities3.6%

Everyday goods3.1%

Technology2.7%

Energy1.7%

Health care1.1%

Materials0.0%

Retail & consumer0.0%

Other84.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.