MASTERS CAPITAL MANAGEMENT LLC — 13F Holdings & Portfolio
CIK 1104186 · latest 13F-HR filed 2026-08-14
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, exited 9, added to 18, and trimmed 14.
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.
$3.90B
Long-equity book
93
Distinct positions
2026-06-30
Filed 2026-08-14
+7 / −9 / ↑18 / ↓14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
| Name | Title / Status | Ownership | Type |
|---|
Quarter-over-quarter changes
Share-count changes vs the prior 13F.
Top Adds (vs prior quarter)
- DELTA AIR LINES INC$27.2M +40.9%
- EASTMAN CHEM CO$11.5M +75.5%
- LIONSGATE STUDIOS CORP$11.4M +59.6%
- NCR VOYIX CORPORATION$10.5M +47.5%
- FLUOR CORP$9.2M +21.4%
Top Trims
- MOHAWK INDS INC-$37.1M -75.4%
- UNITED PARCEL SVCS INC-$16.9M -34.4%
- DENALI THERAPEUTICS INC-$6.4M -55.3%
- DAUCH CORP-$4.5M -21.7%
- TRANSOCEAN LTD-$3.5M -26.2%
New Positions
- TEREX CORP NEW$14.5M
- CELANESE CORP DEL$13.8M
- BOSTON SCIENTIFIC CORP$10.7M
- ALMONTY INDS INC$9.9M
- SLB LIMITED$9.3M
Exited Positions
- NOKIA CORP$16.1M
- HUNTSMAN CORP$13.3M
- CLEVELAND-CLIFFS INC NEW$10.1M
- FASTLY INC$8.7M
- LYFT INC$6.7M
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 |
| 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 |
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