MASTERS CAPITAL MANAGEMENT LLC

Registered adviser

CIK

1104186

Location

ATLANTA, GA

Portfolio Value

Mid $3,896,716,952

Diversification

Diversified

Filing Date

Global Rank

#1,051 / 8,818 ▲ 71

Top Industry

Aerospace & Defense 8.1%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 137605

Roster of Oct 1, 2026

Regulatory AUM

$804,599,172

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

4 funds · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$804,599,172 gross assets

LEI

54930021ZMJS835N2V95

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$647,596,563 gross assets in 4 funds Hedge funds $647,596,563 (4)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$804,599,172	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$687,134,382	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$656,176,467	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$569,653,091	Pooled investment vehicles (100%)
Apr 2023	$569,653,091	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$801,848,517	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 57.0%, 20.9 effective positions, active share 98.5% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

62.9% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 10.9 quarters, but 4.3% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 98.5%; sector active share 42.9% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

69 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

19.2%

+7.7 pts

Top 5

38.6%

+3.4 pts

Top 10

56.9%

+4.9 pts

HHI

592

Diversified+191

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	22.2%	$863,730,602	3
Industrials	17.3%	$676,011,350	12
Technology	15.5%	$603,908,000	11
Basic Materials	13.4%	$522,078,000	9
Consumer Cyclical	12.1%	$472,660,000	9
Energy	6.7%	$262,785,000	9
Financial Services	5.0%	$195,930,000	4
Healthcare	4.4%	$170,274,000	9
Consumer Defensive	3.1%	$120,260,000	2
Real Estate	0.2%	$9,080,000	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
EVTL	Vertical Aerospace Ltd.	+700,000	4,100,000	$7,134,000
VYX	NCR Voyix Corp	+500,000	4,000,000	$32,680,000
BETA	BETA Technologies, Inc.	+328,200	1,028,200	$17,222,350
NOV	NOV Inc.	+200,000	2,200,000	$40,810,000
SENS	Senseonics Holdings, Inc.	+200,000	700,000	$3,976,000
EMN	Eastman Chemical Co	+200,000	400,000	$26,792,000
HRL	Hormel Foods Corp	+150,000	1,000,000	$24,820,000
TLS	Telos Corp	+100,000	2,100,000	$9,660,000
FLR	Fluor Corp	+75,000	1,000,000	$52,390,000
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
UP	Wheels Up Experience Inc.	−3,700,000	300,000	$2,691,000
DCH	Dauch Corp	−500,000	3,000,000	$16,260,000
REAL	TheRealReal, Inc.	−500,000	1,500,000	$17,685,000
MHK	Mohawk Industries Inc	−400,000	100,000	$12,133,000
DNLI	Denali Therapeutics Inc.	−400,000	200,000	$5,144,000
UPS	United Parcel Service Inc	−200,000	300,000	$32,250,000
BWAY	Brainsway Ltd.	−150,000	1,500,000	$23,265,000
ISOU	IsoEnergy Ltd.	−100,000	600,000	$5,982,000
FTK	Flotek Industries Inc	−89,438	1,000,000	$23,520,000
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
TEX	Terex Corp	200,000	$14,478,000
CE	Celanese Corp	300,000	$13,800,000
BSX	Boston Scientific Corp	250,000	$10,670,000
ALM	Almonty Industries Inc.	600,000	$9,936,000
SLB	Slb Limited	200,000	$9,298,000
EOSE	Eos Energy Enterprises, Inc.	1,200,000	$7,056,000
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
NOK	Nokia Corp	2,000,000	$16,080,000
HUN	Huntsman CORP	1,000,000	$13,310,000
CLF	Cleveland-Cliffs Inc.	1,200,000	$10,140,000
FSLY	Fastly, Inc.	300,000	$8,718,000
LYFT	Lyft, Inc.	500,000	$6,650,000
IAG	Iamgold Corp	300,000	$5,646,000
MBLY	Mobileye Global Inc.	100,000	$687,000
NFE	New Fortress Energy Inc.	1,000,000	$590,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

69 tracked positions · $3,896,716,952 total · filing declares 93 positions · $3,896,716,952 · as of Jun 30, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 69 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT	NEW	1,000,000	NEW	$746,770,000	NEW	—	—	19.16%
BA	Boeing Co CALL Industrials	Added	1,000,000	+800,000	$216,470,000	+443.8%	—	—	5.56%
BABA	Alibaba Group Holding Ltd CALL Consumer Cyclical	Added	2,000,000	+1,000,000	$191,960,000	+53.0%	—	—	4.93%
NEM	NEWMONT Corp CALL Basic Materials	NEW	2,000,000	NEW	$186,800,000	NEW	—	—	4.79%
ACN	Accenture plc CALL Technology	NEW	1,300,000	NEW	$161,772,000	NEW	—	—	4.15%
GM	General Motors Co CALL Consumer Cyclical	Added	2,000,000	+700,000	$154,160,000	+59.2%	—	—	3.96%
DAL	Delta Air Lines, Inc. PUT + SHARES Industrials	Reduced	1,500,000	-500,000	$140,490,000	+5.7%	17	$38.14	3.61%
C	Citigroup Inc CALL Financial Services	Reduced	1,000,000	-1,000,000	$139,960,000	−38.3%	—	—	3.59%
UPS	United Parcel Service Inc CALL + SHARES Industrials	Reduced	1,300,000	-1,000,000	$139,750,000	−38.2%	6	$110.40	3.59%
INTC	Intel Corp CALL Technology	Reduced	1,000,000	-2,000,000	$139,630,000	+5.5%	—	—	3.58%
FLR	Fluor Corp CALL + SHARES Industrials	Added	2,000,000	+645,000	$104,780,000	+65.8%	14	$36.47	2.69%
AA	Alcoa Corp CALL Basic Materials	Added	2,000,000	+1,700,000	$104,280,000	+424.0%	—	—	2.68%
SLB	Slb Limited CALL + SHARES Energy	Added	2,200,000	+1,200,000	$102,278,000	+99.0%	1	$53.59	2.62%
CLX	Clorox Co CALL Consumer Defensive	Added	1,000,000	+500,000	$95,440,000	+84.2%	—	—	2.45%
EMN	Eastman Chemical Co CALL + SHARES Basic Materials	Added	1,400,000	+1,200,000	$93,772,000	+514.3%	6	$76.83	2.41%
TLT	iShares 20+ Year Treasury Bond ETF CALL	Reduced	1,000,000	-3,000,000	$86,420,000	−75.1%	—	—	2.22%
UBER	Uber Technologies, Inc CALL Technology	NEW	1,000,000	NEW	$72,160,000	NEW	—	—	1.85%
FCX	Freeport-Mcmoran Inc CALL Basic Materials	Added	1,000,000	+200,000	$62,890,000	+33.7%	—	—	1.61%
BMY	Bristol Myers Squibb Co CALL Healthcare	Held	1,000,000	0	$57,620,000	−5.0%	—	—	1.48%
CVS	CVS HEALTH Corp CALL Healthcare	Held	500,000	0	$51,725,000	+44.0%	—	—	1.33%
NOW	ServiceNow, Inc. CALL Technology	NEW	500,000	NEW	$49,640,000	NEW	—	—	1.27%
ASTS	AST SpaceMobile, Inc. Technology	Reduced	500,000	-500,000	$44,430,000	−46.4%	10	$5.67	1.14%
IONQ	IonQ, Inc. CALL Technology	Reduced	800,000	-300,000	$42,608,000	+34.4%	—	—	1.09%
NOV	NOV Inc. Energy	Added	2,200,000	+200,000	$40,810,000	+8.5%	21	$15.60	1.05%
AR	ANTERO RESOURCES Corp CALL Energy	NEW	1,000,000	NEW	$35,140,000	NEW	—	—	0.90%
VYX	NCR Voyix Corp CALL + SHARES Technology	Added	4,150,000	+650,000	$33,905,500	+53.0%	6	$10.30	0.87%
LION	Lionsgate Studios Corp.	Held	1,994,814	0	$30,540,602	+59.6%	5	$6.69	0.78%
MBLY	Mobileye Global Inc. CALL Consumer Cyclical	Added	3,000,000	+900,000	$29,040,000	+101.3%	—	—	0.75%
CLF	Cleveland-Cliffs Inc. CALL Basic Materials	Reduced	3,000,000	-200,000	$28,170,000	+4.2%	—	—	0.72%
CE	Celanese Corp PUT + SHARES Basic Materials	NEW	600,000	NEW	$27,600,000	NEW	1	$57.88	0.71%
BCS	Barclays PLC Financial Services	Reduced	1,000,000	-1,000,000	$26,860,000	−36.5%	26+	before history	0.69%
HRL	Hormel Foods Corp Consumer Defensive	Added	1,000,000	+150,000	$24,820,000	+28.9%	2	$23.65	0.64%
FTK	Flotek Industries Inc Energy	Reduced	1,000,000	-89,438	$23,520,000	+27.2%	25	unpriced	0.60%
BWAY	Brainsway Ltd. Healthcare	Reduced	1,500,000	-150,000	$23,265,000	+6.1%	22	$4.45	0.60%
BBWI	Bath & Body Works, Inc. CALL Consumer Cyclical	NEW	1,000,000	NEW	$23,130,000	NEW	—	—	0.59%
YPF	Ypf Sociedad Anonima CALL Energy	Reduced	500,000	-500,000	$22,735,000	−50.8%	—	—	0.58%
RUN	Sunrun Inc. CALL + SHARES Technology	Added	1,500,000	+1,000,000	$20,070,000	+196.0%	2	$16.65	0.52%
IP	International Paper Co CALL Consumer Cyclical	Held	500,000	0	$19,050,000	+6.7%	—	—	0.49%
ENVX	Enovix Corp CALL + SHARES Industrials	Held	3,000,000	0	$18,210,000	+17.2%	14	$10.26	0.47%
REAL	TheRealReal, Inc. Consumer Cyclical	Reduced	1,500,000	-2,500,000	$17,685,000	−51.3%	4	$10.23	0.45%
BETA	BETA Technologies, Inc. Industrials	Added	1,028,200	+328,200	$17,222,350	+67.4%	2	$19.28	0.44%
ONDS	Ondas Inc. CALL Technology	NEW	2,000,000	NEW	$16,480,000	NEW	—	—	0.42%
DCH	Dauch Corp Consumer Cyclical	Reduced	3,000,000	-500,000	$16,260,000	−21.7%	4	$6.03	0.42%
RKT	Rocket Companies, Inc. CALL Financial Services	NEW	1,000,000	NEW	$15,750,000	NEW	—	—	0.40%
RIG	Transocean Ltd. CALL + SHARES Energy	Held	3,000,000	0	$14,670,000	−26.2%	4	$4.32	0.38%
TEX	Terex Corp Industrials	NEW	200,000	NEW	$14,478,000	NEW	1	$62.54	0.37%
PONY	Pony AI Inc. CALL + SHARES Technology	Held	1,950,000	0	$13,552,500	−26.4%	7	$14.26	0.35%
NU	Nu Holdings Ltd. CALL Financial Services	NEW	1,000,000	NEW	$13,360,000	NEW	—	—	0.34%
MANE	Veradermics, Inc Healthcare	Held	100,000	0	$12,294,000	+94.7%	2	$50.44	0.32%
MHK	Mohawk Industries Inc Consumer Cyclical	Reduced	100,000	-700,000	$12,133,000	−84.6%	4	$116.98	0.31%

Showing the top 50 of 69 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.