Masters Capital Management LLC
Masters Capital Management LLC reported 42 US-listed holdings worth $711.3 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Delta Air Lines, Inc. (13.2%), Fluor Corp. (7.4%) and Ast Spacemobile Inc. (6.2%). Against the quarter before, it opened 7 positions, added to 9, trimmed 8 and sold out of 9.
Reported holdings$711.3M+5.1% on Q1 2026
Positions42-2 on Q1 2026
The largest ten57.0%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
Added toHeldTrimmed
The 14 largest of its 42 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +44.5% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 7Added 9Held 18Trimmed 8Sold out 9
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 7
- Terex Corp. TEX$14.5 million
- Celanese Corp. CE$13.8 million
- Boston Scientific Corp. BSX$10.7 million
- Almonty Inds Inc. ALM$9.9 million
- SLB Limited SLB$9.3 million
- Eos Energy Enterprises Inc. EOSE$7.1 million
- Wheels Up Experience Inc. UP$2.7 million
Added to 9
- Eastman Chemical Co. EMN+200,000 shares · +100%
- Beta Technologies Inc. BETA+328,200 shares · +47%
- NCR Voyix Corp. VYX+500,000 shares · +14%
- Fluor Corp. FLR+75,000 shares · +8%
- Hormel Foods Corp. HRL+150,000 shares · +18%
- NOV Inc. NOV+200,000 shares · +10%
- Vertical Aerospace Ltd EVTL+700,000 shares · +21%
- Senseonics Hldgs Inc. Com SENS+200,000 shares · +40%
and 1 more in the table below
Trimmed 8
- Mohawk Industries Inc. MHK-400,000 shares · -80%
- United Parcel Service Inc. UPS-200,000 shares · -40%
- Denali Therapeutics Inc. DNLI-400,000 shares · -67%
- the Realreal Inc. REAL-500,000 shares · -25%
- Dauch Corp. DCH-500,000 shares · -14%
- Brainsway Ltd BWAY-150,000 shares · -9%
- Flotek Industries Inc FTK-89,438 shares · -8%
- Isoenergy Ltd F ISOU-100,000 shares · -14%
Sold out of 9
- Nokia Corporation NOK$16.1 million last quarter
- Huntsman Corp. HUN$13.3 million last quarter
- Cleveland-Cliffs Inc. CLF$10.1 million last quarter
- Fastly Inc. A FSLY$8.7 million last quarter
- Lyft, Inc. LYFT$6.7 million last quarter
- Iamgold Corp. IAG$5.6 million last quarter
- Wheels Up Experience Inc. UP$2.1 million last quarter
- Mobileye Global Inc. MBLY$687,000 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Delta Air Lines, Inc. DAL | 1.0M | $93.7 million | 13.17% | no change |
| Fluor Corp. FLR | 1.0M | $52.4 million | 7.37% | +75.0K |
| Ast Spacemobile Inc. ASTS | 500.0K | $44.4 million | 6.25% | no change |
| NOV Inc. NOV | 2.2M | $40.8 million | 5.74% | +200.0K |
| NCR Voyix Corp. VYX | 4.0M | $32.7 million | 4.59% | +500.0K |
| United Parcel Service Inc. UPS | 300.0K | $32.2 million | 4.53% | -200.0K |
| Lionsgate Studios Corp. LION | 2.0M | $30.5 million | 4.29% | no change |
| Barclays plc BCS | 1.0M | $26.9 million | 3.78% | no change |
| Eastman Chemical Co. EMN | 400.0K | $26.8 million | 3.77% | +200.0K |
| Hormel Foods Corp. HRL | 1.0M | $24.8 million | 3.49% | +150.0K |
| Flotek Industries Inc FTK | 1.0M | $23.5 million | 3.31% | -89.4K |
| Brainsway Ltd BWAY | 1.5M | $23.3 million | 3.27% | -150.0K |
| the Realreal Inc. REAL | 1.5M | $17.7 million | 2.49% | -500.0K |
| Beta Technologies Inc. BETA | 1.0M | $17.2 million | 2.42% | +328.2K |
| Dauch Corp. DCH | 3.0M | $16.3 million | 2.29% | -500.0K |
| Terex Corp. TEX | 200.0K | $14.5 million | 2.04% | new |
| Celanese Corp. CE | 300.0K | $13.8 million | 1.94% | new |
| Veradermics Inc MANE | 100.0K | $12.3 million | 1.73% | no change |
| Enovix Corporation ENVX | 2.0M | $12.1 million | 1.71% | no change |
| Mohawk Industries Inc. MHK | 100.0K | $12.1 million | 1.71% | -400.0K |
| Boston Scientific Corp. BSX | 250.0K | $10.7 million | 1.50% | new |
| Almonty Inds Inc. ALM | 600.0K | $9.9 million | 1.40% | new |
| Transocean Ltd RIG | 2.0M | $9.8 million | 1.37% | no change |
| Telos Corp. MD TLS | 2.1M | $9.7 million | 1.36% | +100.0K |
| Nexgen Energy Ltd NXE | 1.0M | $9.4 million | 1.32% | no change |
| SLB Limited SLB | 200.0K | $9.3 million | 1.31% | new |
| Angel Oak Mortgage REIT Inc. AOMR | 1.0M | $9.1 million | 1.28% | no change |
| Borr Drilling Ltd BORR | 2.0M | $8.3 million | 1.16% | no change |
| Vertical Aerospace Ltd EVTL | 4.1M | $7.1 million | 1.00% | +700.0K |
| Eos Energy Enterprises Inc. EOSE | 1.2M | $7.1 million | 0.99% | new |
| Sunrun Inc. RUN | 500.0K | $6.7 million | 0.94% | no change |
| Pony Ai Inc. PONY | 950.0K | $6.6 million | 0.93% | no change |
| Ferroglobe PLC GSM | 2.0M | $6.4 million | 0.89% | no change |
| Isoenergy Ltd F ISOU | 600.0K | $6.0 million | 0.84% | -100.0K |
| Denali Therapeutics Inc. DNLI | 200.0K | $5.1 million | 0.72% | -400.0K |
| Eve Hldg Inc. EVEX | 2.0M | $5.0 million | 0.71% | no change |
| Lucid Diagnostics Inc. LUCD | 4.0M | $4.3 million | 0.60% | no change |
| Senseonics Hldgs Inc. Com SENS | 700.0K | $4.0 million | 0.56% | +200.0K |
| Plug Power Inc. PLUG | 1.0M | $2.7 million | 0.38% | no change |
| Wheels Up Experience Inc. UP | 300.0K | $2.7 million | 0.38% | new |
| Integra Res Corp. ITRG | 1.0M | $2.3 million | 0.32% | no change |
| Neuronetics Inc. STIM | 1.0M | $1.3 million | 0.18% | no change |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
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Change is shares against its 13F for the quarter before; the 9 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| SPDR S&P 500 SPY | Puts | 1.0M | $746.8 million |
| Boeing Co. BA | Calls | 1.0M | $216.5 million |
| Alibaba Group Holding Limited BABA | Calls | 2.0M | $192.0 million |
| Newmont Corp. NEM | Calls | 2.0M | $186.8 million |
| Accenture plc ACN | Calls | 1.3M | $161.8 million |
| General Motors Co. GM | Calls | 2.0M | $154.2 million |
| Citigroup Inc. C | Calls | 1.0M | $140.0 million |
| Intel Corp. INTC | Calls | 1.0M | $139.6 million |
| United Parcel Service Inc. UPS | Calls | 1.0M | $107.5 million |
| Alcoa Corp. AA | Calls | 2.0M | $104.3 million |
| Clorox Co. CLX | Calls | 1.0M | $95.4 million |
| SLB Limited SLB | Calls | 2.0M | $93.0 million |
| iShares Trust TLT | Calls | 1.0M | $86.4 million |
| Uber Technologies, Inc. UBER | Calls | 1.0M | $72.2 million |
| Eastman Chemical Co. EMN | Calls | 1.0M | $67.0 million |
| Freeport-McMoRan Inc. FCX | Calls | 1.0M | $62.9 million |
| Bristol-Myers Squibb Co. BMY | Calls | 1.0M | $57.6 million |
| Fluor Corp. FLR | Calls | 1.0M | $52.4 million |
| CVS Health Corp. CVS | Calls | 500.0K | $51.7 million |
| ServiceNow, Inc. NOW | Calls | 500.0K | $49.6 million |
| Delta Air Lines, Inc. DAL | Puts | 500.0K | $46.8 million |
| Ionq Inc. Com IONQ | Calls | 800.0K | $42.6 million |
| Antero Resources Corp. AR | Calls | 1.0M | $35.1 million |
| Mobileye Global Inc. MBLY | Calls | 3.0M | $29.0 million |
| Cleveland-Cliffs Inc. CLF | Calls | 3.0M | $28.2 million |
| Bath & Body Works, Inc. BBWI | Calls | 1.0M | $23.1 million |
| Ypf Sociedad Anonima YPF | Calls | 500.0K | $22.7 million |
| International Paper Co. IP | Calls | 500.0K | $19.1 million |
| Ondas Hldgs Inc. ONDS | Calls | 2.0M | $16.5 million |
| Rocket Cos Inc. RKT | Calls | 1.0M | $15.8 million |
| Celanese Corp. CE | Puts | 300.0K | $13.8 million |
| Sunrun Inc. RUN | Calls | 1.0M | $13.4 million |
| Nu Holdings Ltd. NU | Calls | 1.0M | $13.4 million |
| Wayfair Inc. W | Calls | 100.0K | $9.2 million |
| Pony Ai Inc. PONY | Calls | 1.0M | $7.0 million |
| Enovix Corporation ENVX | Calls | 1.0M | $6.1 million |
| Transocean Ltd RIG | Calls | 1.0M | $4.9 million |
| NCR Voyix Corp. VYX | Calls | 150.0K | $1.2 million |
38 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.