MASTERS CAPITAL MANAGEMENT LLC
Sector Allocation
- Industrials33.9%$241.1M
- Materials13.8%$98.0M
- Technology11.5%$81.5M
- Communication Services10.5%$75.0M
- Energy9.6%$68.1M
- Healthcare8.0%$57.0M
- Consumer Discretionary4.2%$29.8M
- Financials3.8%$26.9M
- Consumer Staples3.5%$24.8M
- Real Estate1.3%$9.1M
AUM History
13fpro.ai/research/fund/masters-capital-management-llc-1104186
Conviction and streaks
Concentrating · top 10 = 57.0%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
DAL
$93.7MFLR
$52.4MASTS
$44.4MNOV
$40.8MVYX
$32.7MUPS
$32.3MLION
$30.5MBCS
$26.9MEMN
$26.8MHRL
$24.8MFTK
$23.5MBWAY
$23.3MREAL
$17.7MBETA
$17.2MDCH
$16.3MTEX
$14.5MCE
$13.8MMANE
$12.3MENVX
$12.1MMHK
$12.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/masters-capital-management-llc-1104186
MASTERS CAPITAL MANAGEMENT LLC 13F holdings — Q2 2026
$3.9B portfolio (+28.8% QoQ) · 80 holdings · Q2 2026 13F · top 10 are 57% of the stock portfolio
Includes $3.2B of put/call options ($807.4M puts, $2.4B calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $711.3M. Weights use the stock portfolio.
$93.7M
13.2% of stocks
No changeThis quarter-11.4%Since filed10+ qtrsHeld$52.4M
7.4% of stocks
+8%This quarter-14.3%Since filed10+ qtrsHeld$44.4M
6.3% of stocks
No changeThis quarter-44.4%Since filed10+ qtrsHeld$40.8M
5.7% of stocks
+10%This quarter-4.5%Since filed10+ qtrsHeld$32.7M
4.6% of stocks
+14%This quarter0.0%Since filed6 qtrsHeldAIQuality39.0#2,154Est. buyEstimated buy price is Pro: unlock with a free trialAdded 6 qtrs in a row$32.3M
4.5% of stocks
-40%This quarter-4.0%Since filed6 qtrsHeld$30.5M
4.3% of stocks
No changeThis quarter+1.3%Since filed9 qtrsHeld$26.9M
3.8% of stocks
No changeThis quarter-20.9%Since filed10+ qtrsHeld$26.8M
3.8% of stocks
+100%This quarter-11.3%Since filed6 qtrsHeld$24.8M
3.5% of stocks
+18%This quarter-14.6%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row
All holdings — MASTERS CAPITAL MANAGEMENT LLC (Q2 2026)
80 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | SPDR S&P 500 ETF TRUST | — | $746.8M | — | 1.00M | New | — | — | 13F | |
| 12 | BOEING CO | Industrials | $216.5M | — | 1.00M | +400% | — | — | 13F | |
| 13 | Alibaba Group Holding Ltd | Consumer Discretionary | $192.0M | — | 2.00M | +100% | — | — | 13F | |
| 14 | NEWMONT Corp /DE/ | Materials | $186.8M | — | 2.00M | New | — | — | 13F | |
| 15 | Accenture plc | Technology | $161.8M | — | 1.30M | New | — | — | 13F | |
| 16 | General Motors Co | Consumer Discretionary | $154.2M | — | 2.00M | +54% | — | — | 13F | |
| 17 | CITIGROUP INC | Financials | $140.0M | — | 1.00M | -50% | — | — | 13F | |
| 18 | INTEL CORP | Technology | $139.6M | — | 1.00M | -67% | — | — | 13F | |
| 19 | UNITED PARCEL SERVICE INC | Industrials | $107.5M | — | 1.00M | -44% | — | — | 13F | |
| 20 | Alcoa Corp | Materials | $104.3M | — | 2.00M | +567% | — | — | 13F | |
| 21 | CLOROX CO /DE/ | Consumer Staples | $95.4M | — | 1.00M | +100% | — | — | 13F | |
| 22 | SLB LIMITED/NV | Energy | $93.0M | — | 2.00M | +100% | — | — | 13F | |
| 23 | — CALL | ISHARES TR - 20 YR TR BD ETF | — | $86.4M | — | 1.00M | -75% | — | — | 13F |
| 24 | Uber Technologies, Inc | Technology | $72.2M | — | 1.00M | New | — | — | 13F | |
| 25 | EASTMAN CHEMICAL CO | Materials | $67.0M | — | 1.00M | New | — | — | 13F | |
| 26 | $FCX CALL | FREEPORT-MCMORAN INC | Materials | $62.9M | — | 1.00M | +25% | |||
| 27 | $BMY CALL | BRISTOL MYERS SQUIBB CO | Healthcare | $57.6M | — | 1.00M | — | |||
| 28 | $FLR CALL | FLUOR CORP | Industrials | $52.4M | — | 1.00M | +133% | |||
| 29 | $CVS CALL | CVS HEALTH Corp | Healthcare | $51.7M | — | 500K | — | |||
| 30 | $NOW CALL | ServiceNow, Inc. | Technology | $49.6M | — | 500K | New | |||
| 31 | $DAL PUT | DELTA AIR LINES, INC. | Industrials | $46.8M | — | 500K | -50% | |||
| 32 | $IONQ CALL | IonQ, Inc. | Technology | $42.6M | — | 800K | -27% | |||
| 33 | $AR CALL | ANTERO RESOURCES Corp | Energy | $35.1M | — | 1.00M | New | |||
| 34 | $MBLY CALL | Mobileye Global Inc. | Technology | $29.0M | — | 3.00M | +50% | |||
| 35 | $CLF CALL | CLEVELAND-CLIFFS INC. | Materials | $28.2M | — | 3.00M | +50% | |||
| 36 | $FTK | FLOTEK INDUSTRIES INC/CN/ | Materials | $23.5M | 3.3% | 1.00M | -8% | |||
| 37 | $BWAY | Brainsway Ltd. | Healthcare | $23.3M | 3.3% | 1.50M | -9% | |||
| 38 | $BBWI CALL | Bath & Body Works, Inc. | Consumer Discretionary | $23.1M | — | 1.00M | New | |||
| 39 | $YPF CALL | YPF SOCIEDAD ANONIMA | Energy | $22.7M | — | 500K | -50% | |||
| 40 | $IP CALL | INTERNATIONAL PAPER CO /NEW/ | Materials | $19.1M | — | 500K | — | |||
| 41 | $REAL | TheRealReal, Inc. | Consumer Discretionary | $17.7M | 2.5% | 1.50M | -25% | |||
| 42 | $BETA | BETA Technologies, Inc. | Industrials | $17.2M | 2.4% | 1.03M | +47% | |||
| 43 | $ONDS CALL | Ondas Inc. | Technology | $16.5M | — | 2.00M | New | |||
| 44 | $DCH | Dauch Corp | Industrials | $16.3M | 2.3% | 3.00M | -14% | |||
| 45 | $RKT CALL | Rocket Companies, Inc. | Financials | $15.8M | — | 1.00M | New | |||
| 46 | $TEX | TEREX CORP | Industrials | $14.5M | 2.0% | 200K | New | |||
| 47 | $CE PUT | Celanese Corp | Materials | $13.8M | — | 300K | New | |||
| 48 | $CE | Celanese Corp | Materials | $13.8M | 1.9% | 300K | New | |||
| 49 | $RUN CALL | Sunrun Inc. | Technology | $13.4M | — | 1.00M | New | |||
| 50 | $NU CALL | Nu Holdings Ltd. | Financials | $13.4M | — | 1.00M | New | |||
| 51 | $MANE | Veradermics, Inc | Healthcare | $12.3M | 1.7% | 100K | — | |||
| 52 | $ENVX | Enovix Corp | Technology | $12.1M | 1.7% | 2.00M | — | |||
| 53 | $MHK | MOHAWK INDUSTRIES INC | Consumer Discretionary | $12.1M | 1.7% | 100K | -80% | |||
| 54 | $BSX | BOSTON SCIENTIFIC CORP | Healthcare | $10.7M | 1.5% | 250K | New | |||
| 55 | $ALM | Almonty Industries Inc. | Materials | $9.9M | 1.4% | 600K | New | |||
| 56 | $RIG | Transocean Ltd. | Energy | $9.8M | 1.4% | 2.00M | — | |||
| 57 | $TLS | TELOS CORP | Technology | $9.7M | 1.4% | 2.10M | +5% | |||
| 58 | $NXE | NexGen Energy Ltd. | Materials | $9.4M | 1.3% | 1.00M | — | |||
| 59 | $SLB | SLB LIMITED/NV | Energy | $9.3M | 1.3% | 200K | New | |||
| 60 | $W CALL | Wayfair Inc. | Consumer Discretionary | $9.2M | — | 100K | -91% | |||
| 61 | $AOMD | Angel Oak Mortgage REIT, Inc. | Real Estate | $9.1M | 1.3% | 1.00M | — | |||
| 62 | $BORR | Borr Drilling Ltd | Energy | $8.3M | 1.2% | 2.00M | — | |||
| 63 | $EVTL | Vertical Aerospace Ltd. | Industrials | $7.1M | 1.0% | 4.10M | +21% | |||
| 64 | $EOSE | Eos Energy Enterprises, Inc. | Technology | $7.1M | 1.0% | 1.20M | New | |||
| 65 | $PONY CALL | Pony AI Inc. | Technology | $7.0M | — | 1.00M | — | |||
| 66 | $RUN | Sunrun Inc. | Technology | $6.7M | 0.9% | 500K | — | |||
| 67 | $PONY | Pony AI Inc. | Technology | $6.6M | 0.9% | 950K | — | |||
| 68 | $GSM | Ferroglobe PLC | Materials | $6.4M | 0.9% | 2.00M | — | |||
| 69 | $ENVX CALL | Enovix Corp | Technology | $6.1M | — | 1.00M | — | |||
| 70 | $ISOU | IsoEnergy Ltd. | Materials | $6.0M | 0.8% | 600K | -14% | |||
| 71 | $DNLI | Denali Therapeutics Inc. | Healthcare | $5.1M | 0.7% | 200K | -67% | |||
| 72 | $EVEX | Eve Holding, Inc. | Industrials | $5.0M | 0.7% | 2.00M | — | |||
| 73 | $RIG CALL | Transocean Ltd. | Energy | $4.9M | — | 1.00M | — | |||
| 74 | $LUCD | Lucid Diagnostics Inc. | Healthcare | $4.3M | 0.6% | 4.00M | — | |||
| 75 | $SENS | Senseonics Holdings, Inc. | Technology | $4.0M | 0.6% | 700K | +40% | |||
| 76 | $PLUG | PLUG POWER INC | Technology | $2.7M | 0.4% | 1.00M | — | |||
| 77 | $UP | Wheels Up Experience Inc. | Industrials | $2.7M | 0.4% | 300K | -93% | |||
| 78 | $ITRG | Integra Resources Corp. | Materials | $2.3M | 0.3% | 1.00M | — | |||
| 79 | $STIM | Neuronetics, Inc. | Healthcare | $1.3M | 0.2% | 1.00M | — | |||
| 80 | $VYX CALL | NCR Voyix Corp | Technology | $1.2M | — | 150K | New |
What changed in Q2 2026
Against the previous quarter's 13F: 20 new, 19 added to, 17 trimmed, 25 sold out. Share-count changes; largest moves by dollar size first.
New positions (20)
$SPYPUTSPDR S&P 500 ETF TRUST$746.8M
first bought this quarter
$NEMCALLNEWMONT Corp /DE/$186.8M
first bought this quarter
$ACNCALLAccenture plc$161.8M
first bought this quarter
$UBERCALLUber Technologies, Inc$72.2M
first bought this quarter
first bought this quarter
$NOWCALLServiceNow, Inc.$49.6M
first bought this quarter
+14 more in the Excel export
Added to (19)
$BACALLBOEING CO+400%
now $216.5M
$BABACALLAlibaba Group Holding Ltd+100%
now $192.0M
$AACALLAlcoa Corp+567%
now $104.3M
$GMCALLGeneral Motors Co+54%
now $154.2M
$CLXCALLCLOROX CO /DE/+100%
now $95.4M
$SLBCALLSLB LIMITED/NV+100%
now $93.0M
+13 more in the Excel export
Holdings by quarter
Every 13F MASTERS CAPITAL MANAGEMENT LLC has filed, 41 earlier quarters. Pick one to see what it held then.
Is it too late to follow MASTERS CAPITAL MANAGEMENT?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of MASTERS CAPITAL MANAGEMENT's top 20 holdings: 48/100 (our AI quality score, weighted by position size; 17 of the 20 are scored)
Top 10 since filing
-13.1%
Value-weighted move of the 10 largest stock positions
Turnover
15%
Last quarter; 59% over the last 4
Top 10 weight
57%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
80%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
MASTERS CAPITAL MANAGEMENT LLC disclosed 80 positions worth $3.9B in its Form 13F-HR for Q2 2026 — $711.3M in common stock plus $3.2B of put/call option positions (reported at underlying notional value, not premium at risk), led by $DAL (DELTA AIR LINES, INC.) at 13.2% of the equity portfolio, followed by $FLR and $ASTS. During the quarter the fund opened 20 new positions and exited 25 — including a new stake in $SPY and a full exit from $IBM. The portfolio is most concentrated in Industrials (33.9% of disclosed assets). All figures are sourced directly from MASTERS CAPITAL MANAGEMENT LLC’s Form 13F-HR filing with the SEC under CIK 1104186.
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