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MASTERS CAPITAL MANAGEMENT LLC — 13F Holdings & Portfolio

CIK 1104186 · latest 13F-HR filed 2026-08-14

Backtest portfolio

MASTERS CAPITAL MANAGEMENT LLC manages $3.90B in 13F-reported U.S. long-equity assets across 93 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SPY (19.16%), BA (5.56%), C (3.59%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 7 new positions and exited 9; 18 existing positions rose in reported value and 14 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$3.90B

Long-equity book

Holdings
93

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+7 / −9 / ↑18 / ↓14

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
DAL13.2% · 0%FLR7.4% · +8%ASTS6.2% · 0%NOV5.7% · +10%VYX4.6% · +14%UPS4.5% · -40%LION4.3% · 0%BCS3.8% · 0%EMN3.8% · +100%HRL3.5% · +18%FTK3.3% · -8%BWAY3.3% · -9%REAL2.5% · -25%BETA2.4% · +47%DCH2.3% · -14%TEX2.0% · newCE1.9% · newMANE1.7% · 0%ENVX1.7% · 0%MHK1.7% · -80%BSX1.5% · newALM1.4% · newRIG1.4% · 0%TLS1.4% · +5%NXE1.3% · 0%SLB1.3% · newAOMR1.3% · 0%BORR1.2% · 0%EVTL1.0% · +21%EOSE1.0% · newRUN0.9% · 0%PONY0.9% · 0%GSM0.9% · 0%ISOU0.8% · -14%DNLI0.7% · -67%EVEX0.7% · 0%LUCD0.6% · 0%SENS0.6% · +40%PLUG0.4% · 0%UP0.4% · -92%ITRG0.3% · 0%STIM0.2% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 57%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 30, 2026.

Assets Under Management
$804.6M
Discretionary
$804.6M
Employees
17
Accounts
4
Address
3060 PEACHTREE ROAD, NW
SUITE 1425
ATLANTA, GA 30305-2234
Phone
(404) 364-2021
Website
Name Title / Status Ownership Type
DOBBINS, MICHELLE, DEVAULT ControlCHIEF FINANCIAL OFFICER
since Dec 1999
Less than 5%Individual
MASTERS, MICHAEL, WILLINGHAM ControlMANAGING MEMBER AND CHIEF EXECUTIVE OFFICER
since Jan 1995
50–75%Individual
POPE, GREGORY, SCOTT ControlCHIEF OPERATIONS OFFICER
since Dec 2010
Less than 5%Individual
FOSTER, TIMOTHY, JAMESCHIEF COMPLIANCE OFFICER
since Mar 2015
Less than 5%Individual
Ownership & leadership changes · 3 filings with changes since Mar 29, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 31, 2025 filing
  • No longer listedMASTERS, SUZANNE, SACKLEH · PRESIDENT/EXECUTIVE DIRECTOR · General partner, trustee or manager · indirect via THE WATERFALL FOUNDATION · control person · listed since Jan 1999
  • No longer listedTHE WATERFALL FOUNDATION · MEMBER · 5–10% · listed since Jan 1997
Mar 29, 2019 filing
  • No longer listedWHITE, ADAM, KYLE · DIRECTOR OF RESEARCH · Less than 5% · listed since Sep 2010
Mar 30, 2015 filing
  • AddedFOSTER, TIMOTHY, JAMES · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedDOBBINS, MICHELLE, DEVAULT · title CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER → CHIEF FINANCIAL OFFICER
Mar 29, 2012 filing (earliest on record)
  • ListedDOBBINS, MICHELLE, DEVAULT · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedMASTERS, MICHAEL, WILLINGHAM · MANAGING MEMBER AND CHIEF EXECUTIVE OFFICER · 50–75% · control person
  • ListedMASTERS, SUZANNE, SACKLEH · PRESIDENT/EXECUTIVE DIRECTOR · General partner, trustee or manager · indirect via THE WATERFALL FOUNDATION · control person
  • ListedPOPE, GREGORY, SCOTT · CHIEF OPERATIONS OFFICER · Less than 5% · control person
  • ListedTHE WATERFALL FOUNDATION · MEMBER · 5–10%
  • ListedWHITE, ADAM, KYLE · DIRECTOR OF RESEARCH · Less than 5%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 18 →

Top Trims

Show all 14 →

New Positions

Show all 7 →

Exited Positions

Show all 9 →

MASTERS CAPITAL MANAGEMENT LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $746.8M 19.16% 1,000,000 SH
2 BOEING CO Call BA 097023105 $216.5M 5.56% 1,000,000 SH
3 CITIGROUP INC Call C 172967424 $140.0M 3.59% 1,000,000 SH
4 INTEL CORP Call INTC 458140100 $139.6M 3.58% 1,000,000 SH
5 ACCENTURE PLC IRELAND Call ACN G1151C101 $124.4M 3.19% 1,000,000 SH
6 ALIBABA GROUP HLDG LTD Call BABA 01609W102 $96.0M 2.46% 1,000,000 SH
7 ALIBABA GROUP HLDG LTD Call BABA 01609W102 $96.0M 2.46% 1,000,000 SH
8 CLOROX CO DEL Call CLX 189054109 $95.4M 2.45% 1,000,000 SH
9 DELTA AIR LINES INC DAL 247361702 $93.7M 2.40% 1,000,000 SH
10 NEWMONT CORP Call NEM 651639106 $93.4M 2.40% 1,000,000 SH
11 NEWMONT CORP Call NEM 651639106 $93.4M 2.40% 1,000,000 SH
12 ISHARES TR Call TLT 464287432 $86.4M 2.22% 1,000,000 SH
13 GENERAL MTRS CO Call GM 37045V100 $77.1M 1.98% 1,000,000 SH
14 GENERAL MTRS CO Call GM 37045V100 $77.1M 1.98% 1,000,000 SH
15 UBER TECHNOLOGIES INC Call UBER 90353T100 $72.2M 1.85% 1,000,000 SH
16 FREEPORT MCMORAN INC Call FCX 35671D857 $62.9M 1.61% 1,000,000 SH
17 BRISTOL-MYERS SQUIBB CO Call BMY 110122108 $57.6M 1.48% 1,000,000 SH
18 UNITED PARCEL SVCS INC Call UPS 911312106 $53.8M 1.38% 500,000 SH
19 UNITED PARCEL SVCS INC Call UPS 911312106 $53.8M 1.38% 500,000 SH
20 FLUOR CORP FLR 343412102 $52.4M 1.34% 1,000,000 SH
21 FLUOR CORP Call FLR 343412102 $52.4M 1.34% 1,000,000 SH
22 ALCOA CORP Call AA 013872106 $52.1M 1.34% 1,000,000 SH
23 ALCOA CORP Call AA 013872106 $52.1M 1.34% 1,000,000 SH
24 CVS HEALTH CORP Call CVS 126650100 $51.7M 1.33% 500,000 SH
25 SERVICENOW INC Call NOW 81762P102 $49.6M 1.27% 500,000 SH
26 DELTA AIR LINES INC Put DAL 247361702 $46.8M 1.20% 500,000 SH
27 SLB LIMITED Call SLB 806857108 $46.5M 1.19% 1,000,000 SH
28 SLB LIMITED Call SLB 806857108 $46.5M 1.19% 1,000,000 SH
29 AST SPACEMOBILE INC ASTS 00217D100 $44.4M 1.14% 500,000 SH
30 IONQ INC Call IONQ 46222L108 $42.6M 1.09% 800,000 SH
31 NOV INC NOV 62955J103 $40.8M 1.05% 2,200,000 SH
32 ANTERO RESOURCES CORP Call AR 03674X106 $35.1M 0.90% 1,000,000 SH
33 EASTMAN CHEM CO Call EMN 277432100 $33.5M 0.86% 500,000 SH
34 EASTMAN CHEM CO Call EMN 277432100 $33.5M 0.86% 500,000 SH
35 NCR VOYIX CORPORATION VYX 62886E108 $32.7M 0.84% 4,000,000 SH
36 UNITED PARCEL SVCS INC UPS 911312106 $32.2M 0.83% 300,000 SH
37 LIONSGATE STUDIOS CORP LION 53626N102 $30.5M 0.78% 1,994,814 SH
38 BARCLAYS PLC BCS 06738E204 $26.9M 0.69% 1,000,000 SH
39 EASTMAN CHEM CO EMN 277432100 $26.8M 0.69% 400,000 SH
40 ACCENTURE PLC IRELAND Call ACN G1151C101 $24.9M 0.64% 200,000 SH
41 HORMEL FOODS CORP HRL 440452100 $24.8M 0.64% 1,000,000 SH
42 FLOTEK INDUSTRIES INC FTK 343389409 $23.5M 0.60% 1,000,000 SH
43 BRAINSWAY LTD BWAY 10501L106 $23.3M 0.60% 1,500,000 SH
44 BATH & BODY WORKS INC Call BBWI 070830104 $23.1M 0.59% 1,000,000 SH
45 YPF SOCIEDAD ANONIMA Call YPF 984245100 $22.7M 0.58% 500,000 SH
46 INTERNATIONAL PAPER CO Call IP 460146103 $19.1M 0.49% 500,000 SH
47 CLEVELAND-CLIFFS INC NEW Call CLF 185899101 $18.8M 0.48% 2,000,000 SH
48 THE REALREAL INC REAL 88339P101 $17.7M 0.45% 1,500,000 SH
49 BETA TECHNOLOGIES INC BETA 086921103 $17.2M 0.44% 1,028,200 SH
50 DAUCH CORP DCH 024061103 $16.3M 0.42% 3,000,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $3.90B 93 0001104186-26-000006
2026-03-31 2026-05-15 $3.03B 98 0001104186-26-000004
2025-12-31 2026-02-17 $2.45B 85 0001104186-26-000003
2025-09-30 2025-11-14 $2.76B 83 0001104186-25-000012
Filer Information
Address
3060 PEACHTREE ROAD NW
SUITE 1425
ATLANTA, GA 30305
Phone
(404) 364-2021
Filing Manager
MASTERS CAPITAL MANAGEMENT LLC
ATLANTA, GA
Signatory
Mike Masters
Managing Member