MASTERS CAPITAL MANAGEMENT LLC

CIK

1104186

Location

ATLANTA, GA

Portfolio Value

Mid $2,679,608,578

Diversification

Diversified

Filing Date

Global Rank

#1,008 / 8,623 ▲ 73 · as of Mar 2026

Top Industry

Banks - Diversified 10.1%

3Y Alpha vs SPY

-3.7%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of MASTERS CAPITAL MANAGEMENT LLC's reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 24% that is ordinary stock — as little as 18% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+65.9%

SPY

+67.9%

Annualised alpha

-0.5%

Max drawdown

−30.7%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 24% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

70 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.5%

−0.8 pts

Top 5

31.5%

−0.9 pts

Top 10

48.8%

−0.7 pts

HHI

344

Diversified−3

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	19.9%	$533,352,750	11
Consumer Cyclical	19.7%	$527,421,000	9
Technology	18.1%	$484,978,000	12
Financial Services	11.1%	$297,016,000	3
Basic Materials	9.3%	$250,455,000	10
Energy	8.2%	$218,584,562	10
Healthcare	6.6%	$177,078,500	9
Consumer Defensive	4.0%	$107,412,500	3
Utilities	2.1%	$55,960,000	1
Unclassified	0.7%	$19,130,266	1
Real Estate	0.3%	$8,220,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

20 positions

Ticker	Company	Δ Shares	Shares	Value
REAL	TheRealReal, Inc.	+2,000,000	4,000,000	$36,320,000
C	Citigroup Inc	+1,300,000	2,000,000	$226,820,000
CLF	Cleveland-Cliffs Inc.	+1,200,000	3,200,000	$27,040,000
INTC	Intel Corp	+1,000,000	3,000,000	$132,390,000
BCS	Barclays PLC	+1,000,000	2,000,000	$42,320,000
ENVX	Enovix Corp	+1,000,000	3,000,000	$15,540,000
BMY	Bristol Myers Squibb Co	+700,000	1,000,000	$60,650,000
BWAY	Brainsway Ltd.	+650,000	1,650,000	$21,928,500
DCH	Dauch Corp	+500,000	3,500,000	$20,755,000
ASTS	AST SpaceMobile, Inc.	+500,000	1,000,000	$82,870,000
VYX	NCR Voyix Corp	+500,000	3,500,000	$22,155,000
FCX	Freeport-Mcmoran Inc	+420,100	800,000	$47,024,000
MHK	Mohawk Industries Inc	+400,000	800,000	$78,768,000
EVTL	Vertical Aerospace Ltd.	+400,000	3,400,000	$7,514,000
YPF	Ypf Sociedad Anonima	+380,000	1,000,000	$46,220,000
IBM	International Business Machines Corp	+300,000	500,000	$121,195,000
FLR	Fluor Corp	+255,000	1,355,000	$63,210,750
SENS	Senseonics Holdings, Inc.	+250,002	500,000	$3,330,000
CLX	Clorox Co /De/	+184,500	500,000	$51,815,000
FTK	Flotek Industries Inc/Cn/	+89,438	1,089,438	$18,487,762
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
SLB	Slb Limited/Nv	−1,000,000	1,000,000	$51,390,000
NXE	NexGen Energy Ltd.	−1,000,000	1,000,000	$11,600,000
UP	Wheels Up Experience Inc.	−1,000,000	4,000,000	$2,068,000
BORR	Borr Drilling Ltd	−900,000	2,000,000	$11,540,000
EMN	Eastman Chemical Co	−900,000	200,000	$15,264,000
GM	General Motors Co	−700,000	1,300,000	$96,850,000
IP	International Paper Co /New/	−500,000	500,000	$17,850,000
DNLI	Denali Therapeutics Inc.	−400,000	600,000	$11,520,000
BA	Boeing Co	−300,000	200,000	$39,806,000
AA	Alcoa Corp	−200,000	300,000	$19,899,000
TLS	Telos Corp	−100,000	2,000,000	$8,380,000
EVEX	Eve Holding, Inc.	−100,000	2,000,000	$4,960,000
LION	Lionsgate Studios Corp.	−5,186	1,994,814	$19,130,266
No positions match the current search.

New Positions

Positions the filer opened this quarter

21 positions

Ticker	Company	Shares	Value
W	Wayfair Inc.	1,100,000	$82,731,000
APD	Air Products & Chemicals, Inc.	200,000	$58,098,000
ORA	Ormat Technologies, Inc.	500,000	$55,960,000
ECL	Ecolab Inc.	200,000	$53,204,000
ADM	Archer-Daniels-Midland Co	500,000	$36,345,000
CVS	CVS HEALTH Corp	500,000	$35,910,000
IONQ	IonQ, Inc.	1,100,000	$31,713,000
BSX	Boston Scientific Corp	500,000	$31,375,000
FLY	Firefly Aerospace Inc.	1,000,000	$28,470,000
FITB	Fifth Third Bancorp	600,000	$27,876,000
FSLY	Fastly, Inc.	800,000	$23,248,000
HRL	Hormel Foods Corp /De/	850,000	$19,252,500
MBLY	Mobileye Global Inc.	2,100,000	$14,427,000
VG	Venture Global, Inc.	880,000	$13,868,800
BETA	BETA Technologies, Inc.	700,000	$10,290,000
AAOI	Applied Optoelectronics, Inc.	100,000	$8,459,000
ISOU	IsoEnergy Ltd.	700,000	$7,378,000
RUN	Sunrun Inc.	500,000	$6,780,000
MANE	Veradermics, Inc	100,000	$6,315,000
IAG	Iamgold Corp	300,000	$5,646,000
ITRG	Integra Resources Corp.	1,000,000	$2,730,000
No positions match the current search.

Sold Out

Positions the filer fully exited

16 positions

Ticker	Company	Shares	Value
HON	Honeywell International Inc	600,000	$117,054,003
MET	Metlife Inc	1,000,000	$78,940,000
GLW	Corning Inc /Ny	500,000	$43,780,000
MRVL	Marvell Technology, Inc.	500,000	$42,490,000
DOW	Dow Inc.	1,700,000	$39,746,000
OLN	OLIN Corp	1,700,000	$35,411,000
NKE	NIKE, Inc.	500,000	$31,855,000
CE	Celanese Corp	669,200	$28,293,776
F	Ford Motor Co	2,000,000	$26,240,000
PFE	Pfizer Inc	1,000,000	$24,900,000
APA	APA Corp	1,000,000	$24,460,000
XOM	ExxonMobil Holdings Corp	200,000	$24,068,000
AAUC	Allied Gold Corp	500,000	$11,440,000
GPRE	Green Plains Inc.	1,000,000	$9,800,000
ACHR	Archer Aviation Inc.	999,600	$7,516,992
CELH	Celsius Holdings, Inc.	100,000	$4,574,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

70 tracked positions · $2,679,608,578 total · filing declares 98 positions · $3,026,366,579 · as of Mar 31, 2026

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

Showing 1–50 of 70 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
C	Citigroup Inc CALL Financial Services	Added	2,000,000	+1,300,000	$226,820,000	+177.7%	8.46%
UPS	United Parcel Service Inc CALL + SHARES Industrials	Held	2,300,000	0	$226,274,000	−0.8%	8.44%
DAL	Delta Air Lines, Inc. PUT + SHARES Industrials	Held	2,000,000	0	$132,960,000	−4.2%	4.96%
INTC	Intel Corp CALL Technology	Added	3,000,000	+1,000,000	$132,390,000	+79.4%	4.94%
BABA	Alibaba Group Holding Ltd CALL Consumer Cyclical	Held	1,000,000	0	$125,460,000	−14.4%	4.68%
IBM	International Business Machines Corp CALL Technology	Added	500,000	+300,000	$121,195,000	+104.6%	4.52%
GM	General Motors Co CALL Consumer Cyclical	Reduced	1,300,000	-700,000	$96,850,000	−40.5%	3.61%
ASTS	AST SpaceMobile, Inc. CALL + SHARES Technology	Added	1,000,000	+500,000	$82,870,000	+128.2%	3.09%
W	Wayfair Inc. CALL Consumer Cyclical	NEW	1,100,000	NEW	$82,731,000	NEW	3.09%
MHK	Mohawk Industries Inc CALL + SHARES Consumer Cyclical	Added	800,000	+400,000	$78,768,000	+80.2%	2.94%
FLR	Fluor Corp CALL + SHARES Industrials	Added	1,355,000	+255,000	$63,210,750	+45.0%	2.36%
BMY	Bristol Myers Squibb Co CALL Healthcare	Added	1,000,000	+700,000	$60,650,000	+274.8%	2.26%
APD	Air Products & Chemicals, Inc. CALL Basic Materials	NEW	200,000	NEW	$58,098,000	NEW	2.17%
ORA	Ormat Technologies, Inc. CALL Utilities	NEW	500,000	NEW	$55,960,000	NEW	2.09%
BWA	Borgwarner Inc CALL Consumer Cyclical	Held	1,000,000	0	$54,260,000	+20.4%	2.02%
ECL	Ecolab Inc. CALL Basic Materials	NEW	200,000	NEW	$53,204,000	NEW	1.99%
CLX	Clorox Co /De/ CALL Consumer Defensive	Added	500,000	+184,500	$51,815,000	+62.9%	1.93%
SLB	Slb Limited/Nv CALL Energy	Reduced	1,000,000	-1,000,000	$51,390,000	−33.1%	1.92%
FCX	Freeport-Mcmoran Inc CALL Basic Materials	Added	800,000	+420,100	$47,024,000	+143.7%	1.75%
YPF	Ypf Sociedad Anonima CALL Energy	Added	1,000,000	+380,000	$46,220,000	+106.2%	1.72%
BCS	Barclays PLC CALL + SHARES Financial Services	Added	2,000,000	+1,000,000	$42,320,000	+66.3%	1.58%
BA	Boeing Co CALL Industrials	Reduced	200,000	-300,000	$39,806,000	−63.3%	1.49%
NOV	NOV Inc. Energy	Held	2,000,000	0	$37,620,000	+20.3%	1.40%
ADM	Archer-Daniels-Midland Co CALL Consumer Defensive	NEW	500,000	NEW	$36,345,000	NEW	1.36%
REAL	TheRealReal, Inc. CALL + SHARES Consumer Cyclical	Added	4,000,000	+2,000,000	$36,320,000	+15.1%	1.36%
CVS	CVS HEALTH Corp CALL Healthcare	NEW	500,000	NEW	$35,910,000	NEW	1.34%
IONQ	IonQ, Inc. CALL Technology	NEW	1,100,000	NEW	$31,713,000	NEW	1.18%
BSX	Boston Scientific Corp CALL Healthcare	NEW	500,000	NEW	$31,375,000	NEW	1.17%
FLY	Firefly Aerospace Inc. CALL Industrials	NEW	1,000,000	NEW	$28,470,000	NEW	1.06%
FITB	Fifth Third Bancorp CALL Financial Services	NEW	600,000	NEW	$27,876,000	NEW	1.04%
CLF	Cleveland-Cliffs Inc. CALL + SHARES Basic Materials	Added	3,200,000	+1,200,000	$27,040,000	+1.8%	1.01%
FSLY	Fastly, Inc. CALL + SHARES Technology	NEW	800,000	NEW	$23,248,000	NEW	0.87%
VYX	NCR Voyix Corp Technology	Added	3,500,000	+500,000	$22,155,000	−27.6%	0.83%
BWAY	Brainsway Ltd. Healthcare	Added	1,650,000	+650,000	$21,928,500	+15.3%	0.82%
DCH	Dauch Corp Consumer Cyclical	Added	3,500,000	+500,000	$20,755,000	+7.9%	0.77%
AA	Alcoa Corp CALL Basic Materials	Reduced	300,000	-200,000	$19,899,000	−25.1%	0.74%
RIG	Transocean Ltd. CALL + SHARES Energy	Held	3,000,000	0	$19,890,000	+60.5%	0.74%
HRL	Hormel Foods Corp /De/ Consumer Defensive	NEW	850,000	NEW	$19,252,500	NEW	0.72%
LION	Lionsgate Studios Corp.	Reduced	1,994,814	-5,186	$19,130,266	+4.8%	0.71%
FTK	Flotek Industries Inc/Cn/ Energy	Added	1,089,438	+89,438	$18,487,762	+7.3%	0.69%
PONY	Pony AI Inc. CALL + SHARES Technology	Held	1,950,000	0	$18,408,000	−34.9%	0.69%
IP	International Paper Co /New/ CALL Consumer Cyclical	Reduced	500,000	-500,000	$17,850,000	−54.7%	0.67%
NOK	Nokia Corp Technology	Held	2,000,000	0	$16,080,000	+24.3%	0.60%
ENVX	Enovix Corp CALL + SHARES Industrials	Added	3,000,000	+1,000,000	$15,540,000	+6.3%	0.58%
EMN	Eastman Chemical Co Basic Materials	Reduced	200,000	-900,000	$15,264,000	−78.3%	0.57%
MBLY	Mobileye Global Inc. CALL + SHARES Consumer Cyclical	NEW	2,100,000	NEW	$14,427,000	NEW	0.54%
VG	Venture Global, Inc. CALL Energy	NEW	880,000	NEW	$13,868,800	NEW	0.52%
HUN	Huntsman CORP Basic Materials	Held	1,000,000	0	$13,310,000	+33.1%	0.50%
LYFT	Lyft, Inc. CALL + SHARES Technology	Held	1,000,000	0	$13,300,000	−31.3%	0.50%
NXE	NexGen Energy Ltd. Energy	Reduced	1,000,000	-1,000,000	$11,600,000	−37.0%	0.43%

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.