# MASTERS CAPITAL MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1104186. Source: https://holderbook.com/funds/1104186-masters-capital-management-llc/

- Reported value: $3.9B
- Positions: 69
- Weight of the ten largest: 56.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $746.8M | 0 | 19.2% | 1 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $216.5M | 0 | 5.6% | 3 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $192.0M | 0 | 4.9% | 4 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $186.8M | 0 | 4.8% | 1 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $161.8M | 0 | 4.2% | 1 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $154.2M | 0 | 4.0% | 4 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $140.5M | 1,000,000 | 3.6% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $140.0M | 0 | 3.6% | 25 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $139.8M | 300,000 | 3.6% | 6 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $139.6M | 0 | 3.6% | 14 |
| FLUOR CORP | [FLR](https://holderbook.com/stocks/FLR/) | $104.8M | 1,000,000 | 2.7% | 20 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $104.3M | 0 | 2.7% | 27 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $102.3M | 200,000 | 2.6% | 7 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $95.4M | 0 | 2.4% | 3 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $93.8M | 400,000 | 2.4% | 6 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $86.4M | 0 | 2.2% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $72.2M | 0 | 1.9% | 1 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $62.9M | 0 | 1.6% | 10 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $57.6M | 0 | 1.5% | 7 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $51.7M | 0 | 1.3% | 2 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $49.6M | 0 | 1.3% | 1 |
| AST SPACEMOBILE INC | [ASTS](https://holderbook.com/stocks/ASTS/) | $44.4M | 500,000 | 1.1% | 10 |
| IONQ INC | [IONQ](https://holderbook.com/stocks/IONQ/) | $42.6M | 0 | 1.1% | 2 |
| NOV INC | [NOV](https://holderbook.com/stocks/NOV/) | $40.8M | 2,200,000 | 1.0% | 22 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $35.1M | 0 | 0.9% | 1 |
| NCR VOYIX CORPORATION | [VYX](https://holderbook.com/stocks/VYX/) | $33.9M | 4,000,000 | 0.9% | 6 |
| LIONSGATE STUDIOS CORP | [LION](https://holderbook.com/stocks/LION/) | $30.5M | 1,994,814 | 0.8% | 5 |
| MOBILEYE GLOBAL INC | [MBLY](https://holderbook.com/stocks/MBLY/) | $29.0M | 0 | 0.7% | 2 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $28.2M | 0 | 0.7% | 29 |
| CELANESE CORP DEL | [CE](https://holderbook.com/stocks/CE/) | $27.6M | 300,000 | 0.7% | 1 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $26.9M | 1,000,000 | 0.7% | 27 |
| HORMEL FOODS CORP | [HRL](https://holderbook.com/stocks/HRL/) | $24.8M | 1,000,000 | 0.6% | 2 |
| FLOTEK INDUSTRIES INC | [FTK](https://holderbook.com/stocks/FTK/) | $23.5M | 1,000,000 | 0.6% | 12 |
| BRAINSWAY LTD | [BWAY](https://holderbook.com/stocks/BWAY/) | $23.3M | 1,500,000 | 0.6% | 22 |
| BATH & BODY WORKS INC | [BBWI](https://holderbook.com/stocks/BBWI/) | $23.1M | 0 | 0.6% | 1 |
| YPF SOCIEDAD ANONIMA | [YPF](https://holderbook.com/stocks/YPF/) | $22.7M | 0 | 0.6% | 3 |
| SUNRUN INC | [RUN](https://holderbook.com/stocks/RUN/) | $20.1M | 500,000 | 0.5% | 2 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $19.1M | 0 | 0.5% | 3 |
| ENOVIX CORPORATION | [ENVX](https://holderbook.com/stocks/ENVX/) | $18.2M | 2,000,000 | 0.5% | 14 |
| THE REALREAL INC | [REAL](https://holderbook.com/stocks/REAL/) | $17.7M | 1,500,000 | 0.5% | 4 |
| BETA TECHNOLOGIES INC | [BETA](https://holderbook.com/stocks/BETA/) | $17.2M | 1,028,200 | 0.4% | 2 |
| ONDAS INC | [ONDS](https://holderbook.com/stocks/ONDS/) | $16.5M | 0 | 0.4% | 1 |
| DAUCH CORP | [DCH](https://holderbook.com/stocks/DCH/) | $16.3M | 3,000,000 | 0.4% | 4 |
| ROCKET COS INC | [RKT](https://holderbook.com/stocks/RKT/) | $15.8M | 0 | 0.4% | 1 |
| TRANSOCEAN LTD | [RIG](https://holderbook.com/stocks/RIG/) | $14.7M | 2,000,000 | 0.4% | 4 |
| TEREX CORP NEW | [TEX](https://holderbook.com/stocks/TEX/) | $14.5M | 200,000 | 0.4% | 1 |
| PONY AI INC | [PONY](https://holderbook.com/stocks/PONY/) | $13.6M | 950,000 | 0.3% | 7 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $13.4M | 0 | 0.3% | 1 |
| VERADERMICS INC | [MANE](https://holderbook.com/stocks/MANE/) | $12.3M | 100,000 | 0.3% | 2 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $12.1M | 100,000 | 0.3% | 5 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $10.7M | 250,000 | 0.3% | 2 |
| ALMONTY INDS INC | [ALM](https://holderbook.com/stocks/ALM/) | $9.9M | 600,000 | 0.3% | 1 |
| TELOS CORP MD | [TLS](https://holderbook.com/stocks/TLS/) | $9.7M | 2,100,000 | 0.2% | 21 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $9.4M | 1,000,000 | 0.2% | 12 |
| WAYFAIR INC | [W](https://holderbook.com/stocks/W/) | $9.2M | 0 | 0.2% | 2 |
| ANGEL OAK MORTGAGE REIT INC | [AOMR](https://holderbook.com/stocks/AOMR/) | $9.1M | 1,000,000 | 0.2% | 21 |
| BORR DRILLING LTD | [BORR](https://holderbook.com/stocks/BORR/) | $8.3M | 2,000,000 | 0.2% | 6 |
| VERTICAL AEROSPACE LTD | [EVTL](https://holderbook.com/stocks/EVTL/) | $7.1M | 4,100,000 | 0.2% | 4 |
| EOS ENERGY ENTERPRISES INC | [EOSE](https://holderbook.com/stocks/EOSE/) | $7.1M | 1,200,000 | 0.2% | 1 |
| FERROGLOBE PLC | [GSM](https://holderbook.com/stocks/GSM/) | $6.4M | 2,000,000 | 0.2% | 23 |
| ISOENERGY LTD | [ISOU](https://holderbook.com/stocks/ISOU/) | $6.0M | 600,000 | 0.2% | 2 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $5.1M | 200,000 | 0.1% | 5 |
| EVE HLDG INC | [EVEX](https://holderbook.com/stocks/EVEX/) | $5.0M | 2,000,000 | 0.1% | 8 |
| LUCID DIAGNOSTICS INC | [LUCD](https://holderbook.com/stocks/LUCD/) | $4.3M | 4,000,000 | 0.1% | 6 |
| SENSEONICS HLDGS INC | [SENS](https://holderbook.com/stocks/SENS/) | $4.0M | 700,000 | 0.1% | 3 |
| PLUG PWR INC | [PLUG](https://holderbook.com/stocks/PLUG/) | $2.7M | 1,000,000 | 0.1% | 5 |
| WHEELS UP EXPERIENCE INC | - | $2.7M | 300,000 | 0.1% | 1 |
| INTEGRA RES CORP | [ITRG](https://holderbook.com/stocks/ITRG/) | $2.3M | 1,000,000 | 0.1% | 2 |
| NEURONETICS INC | [STIM](https://holderbook.com/stocks/STIM/) | $1.3M | 1,000,000 | 0.0% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.8% | +14.8% | -1.0% | 60% |
| Q3 2025 | +8.2% | +7.8% | +0.4% | 66% |
| Q1 2025 | -8.9% | -4.6% | -4.3% | 62% |
| Q4 2024 | +2.4% | +2.1% | +0.3% | 73% |
| Q3 2024 | +4.1% | +5.4% | -1.3% | 64% |
| Q4 2023 | +7.2% | +11.2% | -3.9% | 76% |
| Q3 2023 | -2.9% | -3.6% | +0.7% | 67% |
| Q2 2023 | +2.2% | +8.3% | -6.0% | 62% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.9B | 69 |
| Q1 2026 | $3.0B | 71 |
| Q4 2025 | $2.5B | 65 |
| Q3 2025 | $2.8B | 64 |
| Q2 2025 | $2.6B | 64 |
| Q1 2025 | $2.0B | 58 |
| Q4 2024 | $2.7B | 63 |
| Q3 2024 | $2.1B | 56 |
| Q2 2024 | $1.8B | 54 |
| Q1 2024 | $2.8B | 58 |
| Q4 2023 | $2.4B | 48 |
| Q3 2023 | $1.8B | 51 |