MASTERS CAPITAL MANAGEMENT LLC

CIK 1104186 · View on SEC EDGAR ↗

Portfolio value QoQ: +28.8% 13F does not disclose cash

Top 10 holdings weight55.16%

Top 25 holdings weight80.00%

Positions above 1%26

Effective number of positions17.4

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 45.32% Est. buys $2,088,941,400 · sells $1,568,770,882

Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 45.2% still held

New positions21

Increased19

Decreased16

Closed17

Put-notional exposure: 20.7% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

Portfolio value $3.9B #1,034 of 9,337 by 13F value · top 11.1%

Positions 80

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +65.9%

S&P 500 total return (same window) +37.0%

Excess return +28.9%

Annualized: +50.0% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.2% · Options excluded: 76.5%

Sector breakdown

Industrials 19.6%

Materials 14.4%

Technology 11.6%

Retail 6.2%

Energy 6.0%

Consumer Discretionary 5.1%

Financials 5.0%

Health Care 4.4%

Consumer products 2.8%

Communication Services 2.3%

Consumer Staples 0.6%

Real Estate 0.2%

Other/Unmapped 21.7%

Full portfolio 80 positions

				Type		Streak
SPY SPY	$746,770,000	19.16%	1,000,000	Put option
BA Boeing Company (The) Common Stock	$216,470,000	5.56%	1,000,000	Call option	$176,664,000	Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share	$191,960,000	4.93%	2,000,000	Call option	$66,500,000	Up ×1
NEM Newmont Corporation	$186,800,000	4.79%	2,000,000	Call option		Up ×1
ACN Accenture plc Class A Ordinary Shares (Ireland)	$161,772,000	4.15%	1,300,000	Call option		Up ×1
GM General Motors Company Common Stock	$154,160,000	3.96%	2,000,000	Call option	$57,310,000	Up ×1
C Citigroup, Inc. Common Stock	$139,960,000	3.59%	1,000,000	Call option	$-86,860,000	Down ×1
INTC Intel Corporation - Common Stock	$139,630,000	3.58%	1,000,000	Call option	$7,240,000	Down ×1
UPS United Parcel Service, Inc. Common Stock	$107,500,000	2.76%	1,000,000	Call option	$-69,584,000	Down ×2
AA Alcoa Corporation Common Stock	$104,280,000	2.68%	2,000,000	Call option	$84,381,000	Up ×1
CLX Clorox Company (The) Common Stock	$95,440,000	2.45%	1,000,000	Call option	$43,625,000	Up ×2
DAL Delta Air Lines, Inc. Common Stock	$93,660,000	2.40%	1,000,000		$27,180,000
SLB SLB Limited Common Shares	$92,980,000	2.39%	2,000,000	Call option	$41,590,000	Up ×1
TLT iShares 20+ Year Treasury Bond ETF	$86,420,000	2.22%	1,000,000	Call option	$-260,340,000	Down ×1
UBER Uber Technologies, Inc. Common Stock	$72,160,000	1.85%	1,000,000	Call option
EMN Eastman Chemical Company Common Stock	$66,980,000	1.72%	1,000,000	Call option
FCX Freeport-McMoRan, Inc. Common Stock	$62,890,000	1.61%	1,000,000	Call option	$15,866,000	Up ×2
BMY Bristol-Myers Squibb Company Common Stock	$57,620,000	1.48%	1,000,000	Call option	$-3,030,000
FLR Fluor Corporation Common Stock	$52,390,000	1.34%	1,000,000		$9,238,750	Up ×1
FLR Fluor Corporation Common Stock	$52,390,000	1.34%	1,000,000	Call option	$32,330,500	Up ×1
CVS CVS Health Corporation Common Stock	$51,725,000	1.33%	500,000	Call option	$15,815,000
NOW ServiceNow, Inc. Common Stock	$49,640,000	1.27%	500,000	Call option		Up ×1
DAL Delta Air Lines, Inc. Common Stock	$46,830,000	1.20%	500,000	Put option	$-19,650,000	Down ×1
ASTS AST SpaceMobile, Inc. - Class A Common Stock	$44,430,000	1.14%	500,000		$2,995,000
IONQ IonQ, Inc. Common Stock	$42,608,000	1.09%	800,000	Call option	$10,895,000	Down ×1
NOV NOV Inc. Common Stock	$40,810,000	1.05%	2,200,000		$3,190,000	Up ×1
AR Antero Resources Corporation Common Stock	$35,140,000	0.90%	1,000,000	Call option		Up ×1
VYX NCR Voyix Corporation Common Stock	$32,680,000	0.84%	4,000,000		$10,525,000	Up ×5
UPS United Parcel Service, Inc. Common Stock	$32,250,000	0.83%	300,000		$-16,940,000	Down ×1
LION Lionsgate Studios Corp Common Shares	$30,540,602	0.78%	1,994,814		$11,410,336
MBLY Mobileye Global Inc. - Class A Common Stock	$29,040,000	0.75%	3,000,000	Call option	$15,300,000	Up ×1
CLF Cleveland-Cliffs Inc. Common Stock	$28,170,000	0.72%	3,000,000	Call option	$11,270,000	Up ×2
BCS Barclays PLC Common Stock	$26,860,000	0.69%	1,000,000		$5,700,000
EMN Eastman Chemical Company Common Stock	$26,792,000	0.69%	400,000		$11,528,000	Up ×1
HRL Hormel Foods Corporation Common Stock	$24,820,000	0.64%	1,000,000		$5,567,500	Up ×1
FTK Flotek Industries, Inc. Common Stock	$23,520,000	0.60%	1,000,000		$5,032,237	Down ×1
BWAY BrainsWay Ltd. - American Depositary Shares	$23,265,000	0.60%	1,500,000		$1,336,500	Down ×1
BBWI Bath & Body Works, Inc.	$23,130,000	0.59%	1,000,000	Call option		Up ×1
YPF YPF Sociedad Anonima Common Stock	$22,735,000	0.58%	500,000	Call option	$-23,485,000	Down ×1
IP International Paper Company Common Stock	$19,050,000	0.49%	500,000	Call option	$1,200,000
REAL The RealReal, Inc. - Common Stock	$17,685,000	0.45%	1,500,000		$-475,000	Down ×1
BETA Beta Technologies, Inc. Class A Common Stock	$17,222,350	0.44%	1,028,200		$6,932,350	Up ×1
ONDS Ondas Inc - Common Stock	$16,480,000	0.42%	2,000,000	Call option		Up ×1
DCH Dauch Corporation Common Stock	$16,260,000	0.42%	3,000,000		$-4,495,000	Down ×1
RKT Rocket Companies, Inc. Class A Common Stock	$15,750,000	0.40%	1,000,000	Call option		Up ×1
TEX Terex Corporation Common Stock	$14,478,000	0.37%	200,000			Up ×1
CE Celanese Corporation Common Stock	$13,800,000	0.35%	300,000
CE Celanese Corporation Common Stock	$13,800,000	0.35%	300,000	Put option		Up ×1
RUN Sunrun Inc. - Common Stock	$13,380,000	0.34%	1,000,000	Call option
NU Nu Holdings Ltd. Class A Ordinary Shares	$13,360,000	0.34%	1,000,000	Call option		Up ×1
MANE Veradermics, Incorporated Common Stock	$12,294,000	0.32%	100,000		$5,979,000
ENVX Enovix Corporation - Common Stock	$12,140,000	0.31%	2,000,000		$1,780,000
MHK Mohawk Industries, Inc. Common Stock	$12,133,000	0.31%	100,000		$-37,097,000	Down ×1
BSX Boston Scientific Corporation Common Stock	$10,670,000	0.27%	250,000			Up ×1
ALM Almonty Industries Inc. - Common Shares	$9,936,000	0.25%	600,000			Up ×1
RIG Transocean Ltd (Switzerland) Common Stock	$9,780,000	0.25%	2,000,000		$-3,480,000
TLS Telos Corporation - Common Stock	$9,660,000	0.25%	2,100,000		$1,280,000	Up ×1
NXE Nexgen Energy Ltd. Common Shares	$9,390,000	0.24%	1,000,000		$-2,210,000
SLB SLB Limited Common Shares	$9,298,000	0.24%	200,000			Up ×1
W Wayfair Inc. Class A Common Stock	$9,242,000	0.24%	100,000	Call option	$-73,489,000	Down ×1
AOMR Angel Oak Mortgage REIT, Inc. Common Stock	$9,080,000	0.23%	1,000,000		$860,000
BORR Borr Drilling Limited Common Shares	$8,260,000	0.21%	2,000,000		$-3,280,000
EVTL Vertical Aerospace Ltd. Ordinary Shares	$7,134,000	0.18%	4,100,000		$-380,000	Up ×2
EOSE Eos Energy Enterprises, Inc. - Common Stock	$7,056,000	0.18%	1,200,000			Up ×1
PONY Pony AI Inc. - American Depositary Shares	$6,950,000	0.18%	1,000,000	Call option	$-2,490,000
RUN Sunrun Inc. - Common Stock	$6,690,000	0.17%	500,000		$-90,000
PONY Pony AI Inc. - American Depositary Shares	$6,602,500	0.17%	950,000		$-2,365,500
GSM Ferroglobe PLC - Ordinary Shares	$6,360,000	0.16%	2,000,000		$-1,880,000
ENVX Enovix Corporation - Common Stock	$6,070,000	0.16%	1,000,000	Call option	$890,000
ISOU CUSIP: 46500E867	$5,982,000	0.15%	600,000		$-1,396,000	Down ×1
DNLI Denali Therapeutics Inc. - Common Stock	$5,144,000	0.13%	200,000		$-6,376,000	Down ×2
EVEX Eve Holding, Inc. Common Stock	$5,020,000	0.13%	2,000,000		$60,000
RIG Transocean Ltd (Switzerland) Common Stock	$4,890,000	0.13%	1,000,000	Call option	$-1,740,000
LUCD Lucid Diagnostics Inc. - Common Stock	$4,280,000	0.11%	4,000,000		$-320,000
SENS Senseonics Holdings, Inc. - Common Stock	$3,976,000	0.10%	700,000		$646,000	Up ×2
PLUG Plug Power, Inc. - Common Stock	$2,710,000	0.07%	1,000,000		$450,000
Unknown issuer (CUSIP: 96328L304)	$2,691,000	0.07%	300,000			Up ×1
ITRG CUSIP: 45826T509	$2,270,000	0.06%	1,000,000		$-460,000
STIM Neuronetics, Inc. - Common Stock	$1,300,000	0.03%	1,000,000		$-150,000
VYX NCR Voyix Corporation Common Stock	$1,225,500	0.03%	150,000	Call option		Up ×1
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
VYX	$32,680,000	0.84%	up ×5

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
SPY	$746,770,000	1,000,000	19.16%
NEM	$186,800,000	2,000,000	4.79%
ACN	$161,772,000	1,300,000	4.15%
UBER	$72,160,000	1,000,000	1.85%
EMN	$66,980,000	1,000,000	1.72%
NOW	$49,640,000	500,000	1.27%
AR	$35,140,000	1,000,000	0.90%
BBWI	$23,130,000	1,000,000	0.59%
ONDS	$16,480,000	2,000,000	0.42%
RKT	$15,750,000	1,000,000	0.40%
TEX	$14,478,000	200,000	0.37%
CE	$13,800,000	300,000	0.35%
CE	$13,800,000	300,000	0.35%
RUN	$13,380,000	1,000,000	0.34%
NU	$13,360,000	1,000,000	0.34%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
TLT	Trimmed	-3.0M	-$260.3M
C	Trimmed	-1.0M	-$86.9M
UPS	Trimmed	-800K	-$69.6M
BABA	Bought more	+1.0M	+$66.5M
GM	Bought more	+700K	+$57.3M
CLX	Bought more	+500K	+$43.6M
SLB	Bought more	+1.0M	+$41.6M
MHK	Trimmed	-400K	-$37.1M
FLR	Bought more	+570K	+$32.3M
DAL	Price move only	+0	+$27.2M

3 positions hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
SPY	Dec. 31, 2025	1,000,000	$666,180,000	No longer tracked
IBM	June 30, 2026	500,000	$121,195,000	-21.3%
HON	March 31, 2026	600,000	$117,054,000	-5.8%
GILD	Dec. 31, 2025	1,000,000	$111,000,000	17.5%
WMT	Sept. 30, 2025	1,000,000	$97,780,000	4.0%
TLT	Sept. 30, 2025	1,000,000	$88,250,000
UAL	Sept. 30, 2025	1,000,000	$79,630,000	15.9%
MET	March 31, 2026	1,000,000	$78,940,000	37.4%
GDXJ	Sept. 30, 2025	1,000,000	$67,590,000	14.7%
MU	Sept. 30, 2025	500,000	$61,625,000	524.9%
BAX	Sept. 30, 2025	2,000,000	$60,560,000	7.0%
NUE	June 30, 2025	500,000	$60,170,000	93.8%
ADM	Dec. 31, 2025	1,000,000	$59,740,000	43.0%
APD	June 30, 2026	200,000	$58,098,000	-4.2%
ORA	June 30, 2026	500,000	$55,960,000	-14.5%
BWA	June 30, 2026	1,000,000	$54,260,000	-4.6%
ECL	June 30, 2026	200,000	$53,204,000	0.8%
W	Sept. 30, 2025	1,000,000	$51,140,000	18.0%
XBI	Dec. 31, 2025	500,000	$50,100,000	23.8%
UBER	Sept. 30, 2025	500,000	$46,650,000	-29.5%
GDX	June 30, 2025	1,000,000	$45,970,000	69.5%
TFC	Sept. 30, 2025	1,029,900	$44,275,401	1.2%
GLW	March 31, 2026	500,000	$43,780,000	24.3%
MRVL	March 31, 2026	500,000	$42,490,000	189.8%
BA	Sept. 30, 2025	200,000	$41,906,000	-12.1%
NUE	Dec. 31, 2025	300,000	$40,629,000	53.9%
DOW	March 31, 2026	1,700,000	$39,746,000	-32.4%
LVS	June 30, 2025	1,000,000	$38,630,000	-16.5%
ADM	June 30, 2026	500,000	$36,345,000	7.6%
OLN	March 31, 2026	1,700,000	$35,411,000	-45.5%
NKE	March 31, 2026	500,000	$31,855,000	-34.5%
VFC	Dec. 31, 2025	2,000,000	$28,860,000	-20.1%
FLY	June 30, 2026	1,000,000	$28,470,000	-22.3%
CE	March 31, 2026	669,200	$28,293,776	-31.8%
FITB	June 30, 2026	600,000	$27,876,000	-9.5%
F	March 31, 2026	2,000,000	$26,240,000	6.4%
PFE	March 31, 2026	1,000,000	$24,900,000	-2.1%
HAL	Dec. 31, 2025	1,000,000	$24,600,000	15.8%
APA	March 31, 2026	1,000,000	$24,460,000	3.9%
XOM	March 31, 2026	200,000	$24,068,000	-3.1%
DB	June 30, 2025	1,000,000	$23,830,000	20.0%
FSLY	June 30, 2026	800,000	$23,248,000	38.9%
COHR	Sept. 30, 2025	250,000	$22,302,500	214.1%
CRC	June 30, 2025	500,000	$21,985,000	14.9%
PRGO	Sept. 30, 2025	697,400	$18,634,528	-37.1%
RUN	Dec. 31, 2025	1,000,000	$17,290,000	-57.8%
NOK	June 30, 2026	2,000,000	$16,080,000	-17.4%
VG	June 30, 2026	880,000	$13,868,800	21.4%
HUN	June 30, 2026	1,000,000	$13,310,000	-17.4%
LYFT	June 30, 2026	1,000,000	$13,300,000	7.9%
SMG	Sept. 30, 2025	200,000	$13,192,000	-11.3%
PBR	Dec. 31, 2025	1,000,000	$12,660,000	100.8%
LGFB	June 30, 2025	1,500,000	$11,880,000	No longer tracked
AAUC	March 31, 2026	500,000	$11,440,000	-35.0%
PPG	Sept. 30, 2025	100,000	$11,375,000	1.3%
VALE	Dec. 31, 2025	1,000,000	$10,860,000	8.1%
MIR	Sept. 30, 2025	500,000	$10,765,000	-30.1%
CRC	Dec. 31, 2025	200,000	$10,636,000	17.4%
GPRE	March 31, 2026	1,000,000	$9,800,000	-7.8%
ADNT	Sept. 30, 2025	500,000	$9,730,000	-27.3%
VALE	June 30, 2025	970,000	$9,680,600	45.0%
AAOI	June 30, 2026	100,000	$8,459,000	-12.1%
LYFT	Sept. 30, 2025	500,000	$7,880,000	-28.4%
ACHR	March 31, 2026	999,600	$7,516,992	-10.1%
MBLY	June 30, 2025	500,000	$7,197,500	-58.5%
SMR	June 30, 2025	500,000	$7,080,000	-79.7%
HTZ	Dec. 31, 2025	1,000,000	$6,800,000	-59.9%
QS	Sept. 30, 2025	1,000,000	$6,720,000	-62.3%
TTI	Sept. 30, 2025	2,000,000	$6,720,000	6.8%
ETOR	Sept. 30, 2025	100,000	$6,659,000	-36.0%
RIG	June 30, 2025	2,000,000	$6,340,000	108.5%
IAG	June 30, 2026	300,000	$5,646,000	17.1%
DQ	Dec. 31, 2025	200,000	$5,626,000	-62.4%
CELH	March 31, 2026	100,000	$4,574,000	-23.1%
GOGO	June 30, 2025	500,000	$4,310,000	-84.3%
UP	June 30, 2026	4,000,000	$2,066,000	-61.3%
NVTS	June 30, 2025	1,000,000	$2,050,000	82.7%
SRRK	Sept. 30, 2025	50,000	$1,771,000	14.0%
NFE	June 30, 2026	1,000,000	$590,000	1417.9%
NG	Sept. 30, 2025	100,000	$409,000	No longer tracked
INMB	Sept. 30, 2025	100,000	$231,000	-9.7%