MASTERS CAPITAL MANAGEMENT LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $746.8M | options only | - | new | OPTIONS | |
| BOEING CO CALL | BA | $216.5M | options only | +4.24pp | 3q | OPTIONS | |
| ALIBABA GROUP HLDG LTD CALL | BABA | $192.0M | options only | +0.78pp | 4q | OPTIONS | |
| NEWMONT CORP CALL | NEM | $186.8M | options only | - | new | OPTIONS | |
| ACCENTURE PLC IRELAND CALL | ACN | $161.8M | options only | - | new | OPTIONS | |
| GENERAL MTRS CO CALL | GM | $154.2M | options only | +0.76pp | 4q | OPTIONS | |
| DELTA AIR LINES INC PUT | DAL | $140.5M | 1,000,000 | -0.79pp | 31q | HELD | |
| CITIGROUP INC CALL | C | $140.0M | options only | -3.90pp | 25q | OPTIONS | |
| UNITED PARCEL SVCS INC CALL | UPS | $139.8M | 300,000 | -3.89pp | 6q | -40.0%-$93.2M | |
| INTEL CORP CALL | INTC | $139.6M | options only | -0.79pp | 14q | OPTIONS | |
| FLUOR CORP CALL | FLR | $104.8M | 1,000,000 | +0.60pp | 20q | +8.1%+$7.9M | |
| ALCOA CORP CALL | AA | $104.3M | options only | +2.02pp | 27q | OPTIONS | |
| SLB LIMITED CALL | SLB | $102.3M | 200,000 | +0.93pp | 7q | HELD | |
| CLOROX CO DEL CALL | CLX | $95.4M | options only | +0.74pp | 3q | OPTIONS | |
| EASTMAN CHEM CO CALL | EMN | $93.8M | 400,000 | +1.90pp | 6q | +100.0%+$46.9M | |
| ISHARES TR CALL | TLT | $86.4M | options only | -9.24pp | 2q | OPTIONS | |
| UBER TECHNOLOGIES INC CALL | UBER | $72.2M | options only | - | new | OPTIONS | |
| FREEPORT-MCMORAN INC CALL | FCX | $62.9M | options only | +0.06pp | 10q | OPTIONS | |
| BRISTOL-MYERS SQUIBB CO CALL | BMY | $57.6M | options only | -0.53pp | 7q | OPTIONS | |
| CVS HEALTH CORP CALL | CVS | $51.7M | options only | +0.14pp | 2q | OPTIONS | |
| SERVICENOW INC CALL | NOW | $49.6M | options only | - | new | OPTIONS | |
| AST SPACEMOBILE INC | ASTS | $44.4M | 500,000 | -1.60pp | 10q | HELD | |
| IONQ INC CALL | IONQ | $42.6M | options only | +0.05pp | 2q | OPTIONS | |
| NOV INC | NOV | $40.8M | 2,200,000 | -0.20pp | 22q | +10.0%+$3.7M | |
| ANTERO RESOURCES CORP CALL | AR | $35.1M | options only | - | new | OPTIONS | |
| NCR VOYIX CORPORATION CALL | VYX | $33.9M | 4,000,000 | +0.14pp | 6q | +14.3%+$4.2M | |
| LIONSGATE STUDIOS CORP | LION | $30.5M | 1,994,814 | +0.15pp | 5q | HELD | |
| MOBILEYE GLOBAL INC CALL | MBLY | $29.0M | options only | +0.27pp | 2q | OPTIONS | |
| CLEVELAND-CLIFFS INC NEW CALL | CLF | $28.2M | options only | -0.17pp | 29q | OPTIONS | |
| CELANESE CORP DEL PUT | CE | $27.6M | 300,000 | - | new | NEW | |
| BARCLAYS PLC | BCS | $26.9M | 1,000,000 | -0.71pp | 27q | HELD | |
| HORMEL FOODS CORP | HRL | $24.8M | 1,000,000 | flat | 2q | +17.6%+$3.7M | |
| FLOTEK INDUSTRIES INC | FTK | $23.5M | 1,000,000 | -0.01pp | 12q | -8.2%-$2.1M | |
| BRAINSWAY LTD | BWAY | $23.3M | 1,500,000 | -0.13pp | 22q | -9.1%-$2.3M | |
| BATH & BODY WORKS INC CALL | BBWI | $23.1M | options only | - | new | OPTIONS | |
| YPF SOCIEDAD ANONIMA CALL | YPF | $22.7M | options only | -0.94pp | 3q | OPTIONS | |
| SUNRUN INC CALL | RUN | $20.1M | 500,000 | +0.29pp | 2q | HELD | |
| INTERNATIONAL PAPER CO CALL | IP | $19.1M | options only | -0.10pp | 3q | OPTIONS | |
| ENOVIX CORPORATION CALL | ENVX | $18.2M | 2,000,000 | -0.05pp | 14q | HELD | |
| THE REALREAL INC | REAL | $17.7M | 1,500,000 | -0.75pp | 4q | -25.0%-$5.9M | |
| BETA TECHNOLOGIES INC | BETA | $17.2M | 1,028,200 | +0.10pp | 2q | +46.9%+$5.5M | |
| ONDAS INC CALL | ONDS | $16.5M | options only | - | new | OPTIONS | |
| DAUCH CORP | DCH | $16.3M | 3,000,000 | -0.27pp | 4q | -14.3%-$2.7M | |
| ROCKET COS INC CALL | RKT | $15.8M | options only | - | new | OPTIONS | |
| TRANSOCEAN LTD CALL | RIG | $14.7M | 2,000,000 | -0.28pp | 4q | HELD | |
| TEREX CORP NEW | TEX | $14.5M | 200,000 | - | new | NEW | |
| PONY AI INC CALL | PONY | $13.6M | 950,000 | -0.26pp | 7q | HELD | |
| NU HLDGS LTD CALL | NU | $13.4M | options only | - | new | OPTIONS | |
| VERADERMICS INC | MANE | $12.3M | 100,000 | +0.11pp | 2q | HELD | |
| MOHAWK INDS INC | MHK | $12.1M | 100,000 | -2.29pp | 5q | -80.0%-$48.5M | |
| BOSTON SCIENTIFIC CORP | BSX | $10.7M | 250,000 | -0.76pp | 2q | HELD | |
| ALMONTY INDS INC | ALM | $9.9M | 600,000 | - | new | NEW | |
| TELOS CORP MD | TLS | $9.7M | 2,100,000 | -0.03pp | 21q | +5.0%+$460.0K | |
| NEXGEN ENERGY LTD | NXE | $9.4M | 1,000,000 | -0.14pp | 12q | HELD | |
| WAYFAIR INC CALL | W | $9.2M | options only | -2.50pp | 2q | OPTIONS | |
| ANGEL OAK MORTGAGE REIT INC | AOMR | $9.1M | 1,000,000 | -0.04pp | 21q | HELD | |
| BORR DRILLING LTD | BORR | $8.3M | 2,000,000 | -0.17pp | 6q | HELD | |
| VERTICAL AEROSPACE LTD | EVTL | $7.1M | 4,100,000 | -0.07pp | 4q | +20.6%+$1.2M | |
| EOS ENERGY ENTERPRISES INC | EOSE | $7.1M | 1,200,000 | - | new | NEW | |
| FERROGLOBE PLC | GSM | $6.4M | 2,000,000 | -0.11pp | 23q | HELD | |
| ISOENERGY LTD | ISOU | $6.0M | 600,000 | -0.09pp | 2q | -14.3%-$997.0K | |
| DENALI THERAPEUTICS INC | DNLI | $5.1M | 200,000 | -0.25pp | 5q | -66.7%-$10.3M | |
| EVE HLDG INC | EVEX | $5.0M | 2,000,000 | -0.04pp | 8q | HELD | |
| LUCID DIAGNOSTICS INC | LUCD | $4.3M | 4,000,000 | -0.04pp | 6q | HELD | |
| SENSEONICS HLDGS INC | SENS | $4.0M | 700,000 | -0.01pp | 3q | +40.0%+$1.1M | |
| PLUG PWR INC | PLUG | $2.7M | 1,000,000 | -0.01pp | 5q | HELD | |
| WHEELS UP EXPERIENCE INC | $2.7M | 300,000 | - | new | NEW | ||
| INTEGRA RES CORP | ITRG | $2.3M | 1,000,000 | -0.03pp | 2q | HELD | |
| NEURONETICS INC | STIM | $1.3M | 1,000,000 | -0.01pp | 8q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $746.8M | 19.2% |
| Business Services | $425.9M | 10.9% |
| Autos & Aerospace | $416.3M | 10.7% |
| Mining & Metals | $416.1M | 10.7% |
| Transport & Logistics | $280.2M | 7.2% |
| Chemicals | $240.3M | 6.2% |
| Semiconductors & Electronics | $204.2M | 5.2% |
| Banks & Lending | $195.9M | 5.0% |
| Energy | $183.1M | 4.7% |
| Software & IT Services | $144.5M | 3.7% |
| Construction & Building | $104.8M | 2.7% |
| Biotech & Pharma | $75.1M | 1.9% |
| Other sectors | $374.5M | 9.6% |
| Not classified | $89.1M | 2.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $3.9B | 69 | 15 | 9 | 10 | 17 | 56.9% | 45 |
| Q1 2026 | $3.0B | 71 | 22 | 10 | 10 | 16 | 52.0% | 45 |
| Q4 2025 | $2.5B | 65 | 15 | 13 | 4 | 14 | 49.5% | 48 |
| Q3 2025 | $2.8B | 64 | 23 | 8 | 2 | 23 | 57.2% | 45 |
| Q2 2025 | $2.6B | 64 | 19 | 9 | 12 | 13 | 57.4% | 45 |
| Q1 2025 | $2.0B | 58 | 16 | 7 | 13 | 21 | 54.4% | 45 |
| Q4 2024 | $2.7B | 63 | 21 | 11 | 8 | 14 | 50.3% | 45 |
| Q3 2024 | $2.1B | 56 | 16 | 10 | 11 | 14 | 61.7% | 45 |
| Q2 2024 | $1.8B | 54 | 10 | 10 | 20 | 14 | 55.2% | 45 |
| Q1 2024 | $2.8B | 58 | 14 | 6 | 9 | 4 | 60.1% | 45 |
| Q4 2023 | $2.4B | 48 | 10 | 15 | 8 | 13 | 66.1% | 45 |
| Q3 2023 | $1.8B | 51 | 13 | 6 | 9 | 14 | 54.3% | 45 |
| Q2 2023 | $2.5B | 52 | 16 | 9 | 2 | 13 | 59.1% | 45 |
| Q1 2023 | $2.0B | 49 | 18 | 9 | 4 | 12 | 58.2% | 45 |
| Q4 2022 | $1.3B | 43 | 13 | 10 | 4 | 7 | 54.6% | 45 |
| Q3 2022 | $1.4B | 37 | 5 | 4 | 11 | 10 | 72.4% | 45 |
| Q2 2022 | $2.1B | 42 | 3 | 10 | 8 | 10 | 66.0% | 46 |
| Q1 2022 | $2.5B | 49 | 10 | 12 | 10 | 13 | 56.3% | 46 |
| Q4 2021 | $2.5B | 52 | 8 | 13 | 7 | 15 | 51.3% | 45 |
| Q3 2021 | $2.4B | 59 | 16 | 12 | 10 | 11 | 51.7% | 46 |
| Q2 2021 | $3.4B | 54 | 14 | 6 | 8 | 7 | 62.5% | 47 |
| Q1 2021 | $3.0B | 47 | 22 | 6 | 4 | 23 | 67.9% | 47 |
| Q4 2020 | $1.7B | 48 | 17 | 3 | 9 | 12 | 54.3% | 47 |
| Q3 2020 | $1.5B | 43 | 16 | 6 | 7 | 12 | 59.7% | 47 |
| Q2 2020 | $885.1M | 39 | 10 | 8 | 8 | 15 | 52.5% | 45 |
| Q1 2020 | $861.4M | 44 | 21 | 10 | 6 | 19 | 61.5% | 45 |
| Q4 2019 | $1.8B | 42 | 17 | 4 | 15 | 24 | 67.0% | 45 |
| Q3 2019 | $1.7B | 49 | 18 | 2 | 14 | 17 | 54.0% | 45 |
| Q2 2019 | $2.0B | 48 | 19 | 5 | 10 | 18 | 57.8% | 45 |
| Q1 2019 | $1.9B | 47 | 18 | 4 | 12 | 11 | 59.3% | 45 |
| Q4 2018 | $1.8B | 40 | 0 | 0 | 0 | 0 | 60.8% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.