I would install a cable tie mount just above the hole and use a cable tie to support the cable at that point. The cable should be going up into the hole, rather than down, to minimize the amount of water that flows down the cable into the mast. The hole should be lined with a rubber or plastic grommet to prevent the cable's jacket from chafing against the aluminum.
If the cable is thick enough, long enough and heavy enough, it may be worth getting some spectra cord, say 1/8" diameter and twisting the cable about it and taping it off every few feet, then attaching the upper end of the spectra cord to the same cable tie mount. This would allow the spectra cord to take the weight of the cable, rather than the cable itself. They do this in other cable bundles I've worked with.
A cable clam is generally used to run a cable through the deck and prevent the cable entry from allowing water through, while giving a large enough opening so the terminal end of the cable can pass through the opening.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.