CIK: 0001104186
Total reported value
$3.0B
Reporting period: 2026-03-31 · Number of holdings: 98
MASTERS CAPITAL MANAGEMENT LLC disclosed 98 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.0B and a quarterly turnover rate of 85.0%.
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Masters Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.040 — mathematically equivalent to about 25 equally-sized positions, well below its 98 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.37), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add C
+185.7% $145.1M
Trim GM
-35.0% -$65.8M
Trim BA
-60.0% -$68.8M
Trim EMN
-81.8% -$54.9M
Trim BABA
0.0% -$21.1M
Add IBM
+150.0% $62.0M
Showing top 71 holdings (of 98 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 11.46% | +11.46% | NEW | |
| 2 | C | Citigroup INC | Stock-Financials | 7.49% | +4.16% | +185.71% | |
| 3 | UPS | United Parcel Service-cl B | Stock-Industrials | 7.48% | — | — | |
| 4 | DAL | Delta Air Lines INC | Stock-Industrials | 4.39% | — | — | |
| 5 | INTC | Intel CORP | Stock-Tech | 4.37% | +1.36% | +50.00% | |
| 6 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 4.15% | -1.83% | — | |
| 7 | IBM | Intl Business Machines CORP | Stock-Tech | 4.00% | +1.58% | +150.00% | |
| 8 | GM | General Motors Co | Stock-Consumer Disc | 3.20% | -3.44% | -35.00% | |
| 9 | ASTS | Ast Spacemobile INC | Stock-Tech | 2.74% | +1.26% | +100.00% | |
| 10 | W | Wayfair Inc- Class A | Stock-Consumer Disc | 2.73% | +2.73% | NEW | |
| 11 | MHK | Mohawk Industries INC | Stock-Consumer Disc | 2.60% | +0.82% | +100.00% | |
| 12 | FLR | Fluor CORP | Stock-Industrials | 2.09% | +0.31% | +23.18% | |
| 13 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 2.00% | +1.34% | +233.33% | |
| 14 | APD | Air Products & Chemicals INC | Stock-Materials | 1.92% | +1.92% | NEW | |
| 15 | ORA | Ormat Technologies INC | Stock-Utilities | 1.85% | +1.85% | NEW | |
| 16 | BWA | Borgwarner INC | Stock-Consumer Disc | 1.79% | -0.05% | — | |
| 17 | ECL | Ecolab INC | Stock-Materials | 1.76% | +1.76% | NEW | |
| 18 | CLX | Clorox Company | Stock-Consumer Staples | 1.71% | +0.41% | +58.48% | |
| 19 | SLB | Slb LTD | Stock-Energy | 1.70% | -1.43% | -50.00% | |
| 20 | FCX | Freeport-mcmoran INC | Stock-Materials | 1.55% | +0.76% | +110.58% | |
| 21 | YPF | Ypf S.a.-sponsored Adr | Stock-Other | 1.53% | +0.62% | +61.29% | |
| 22 | BCS | Barclays Plc-spons Adr | Stock-Financials | 1.40% | +0.36% | +100.00% | |
| 23 | BA | Boeing Co/the | Stock-Industrials | 1.32% | -3.11% | -60.00% | |
| 24 | NOV | Nov INC | Stock-Energy | 1.24% | — | — | |
| 25 | ADM | Archer-daniels-midland Co | Stock-Consumer Staples | 1.20% | +1.20% | NEW | |
| 26 | REAL | Realreal Inc/the | Stock-Other | 1.20% | — | +100.00% | |
| 27 | CVS | Cvs Health CORP | Stock-Healthcare | 1.19% | +1.19% | NEW | |
| 28 | IONQ | Ionq INC | Stock-Tech | 1.05% | +1.05% | NEW | |
| 29 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.04% | +1.04% | NEW | |
| 30 | FLY | Firefly Aerospace INC | Stock-Other | 0.94% | +0.94% | NEW | |
| 31 | FITB | Fifth Third Bancorp | Stock-Financials | 0.92% | +0.92% | NEW | |
| 32 | CLF | Cleveland-cliffs INC | Stock-Materials | 0.89% | — | +60.00% | |
| 33 | FSLY | Fastly INC - Class A | Stock-Tech | 0.77% | +0.77% | NEW | |
| 34 | VYX | Ncr Voyix CORP | Stock-Tech | 0.73% | — | +16.67% | |
| 35 | BWAY | Brainsway Ltd-adr | Stock-Other | 0.72% | — | +65.00% | |
| 36 | DCH | Dauch Corporation | Stock-Other | 0.69% | — | +16.67% | |
| 37 | AA | Alcoa CORP | Stock-Materials | 0.66% | — | -40.00% | |
| 38 | RIG | Transocean Ltd. | Stock-Energy | 0.66% | — | — | |
| 39 | HRL | Hormel Foods CORP | Stock-Consumer Staples | 0.64% | +0.64% | NEW | |
| 40 | LION | Lionsgate Studios CORP | Stock-Other | 0.63% | — | -0.26% | |
| 41 | FTK | Flotek Industries INC | Stock-Other | 0.61% | — | +8.94% | |
| 42 | PONY | Pony Ai INC | Stock-Other | 0.61% | -0.54% | — | |
| 43 | IP | International Paper Co | Stock-Consumer Disc | 0.59% | -1.02% | -50.00% | |
| 44 | NOK | Nokia Corp-spon Adr | Stock-Tech | 0.53% | — | — | |
| 45 | ENVX | Enovix CORP | Stock-Other | 0.51% | — | +50.00% | |
| 46 | EMN | Eastman Chemical Co | Stock-Materials | 0.50% | -2.36% | -81.82% | |
| 47 | MBLY | Mobileye Global Inc-a | Stock-Other | 0.48% | +0.48% | NEW | |
| 48 | VG | Venture Global Inc-cl A | Stock-Energy | 0.46% | +0.46% | NEW | |
| 49 | HUN | Huntsman CORP | Stock-Materials | 0.44% | — | — | |
| 50 | LYFT | Lyft Inc-a | Stock-Tech | 0.44% | — | — |
Performance for Q3 2026
-2.9%
Performance Last 4 Quarters
+29.2%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 98 | $3.0B | 85 | |
| 2025-12-31 | 85 | $2.5B | 95 | |
| 2025-09-30 | 83 | $2.8B | 100 | |
| 2025-06-30 | 80 | $2.6B | 0 | |
| 2025-03-31 | 82 | $2.0B | 100 | |
| 2024-12-31 | 90 | $2.7B | 0 | |
| 2024-09-30 | 72 | $2.1B | 0 | |
| 2024-06-30 | 70 | $1.8B | 0 | |
| 2024-03-31 | 79 | $2.8B | 0 | |
| 2023-12-31 | 69 | $2.4B | 0 | |
| 2023-09-30 | 63 | $1.8B | 0 | |
| 2023-06-30 | 67 | $2.5B | 0 | |
| 2023-03-31 | 64 | $2.0B | 0 | |
| 2022-12-31 | 55 | $1.3B | 0 | |
| 2022-09-30 | 45 | $1.4B | 0 | |
| 2022-06-30 | 64 | $2.1B | 0 | |
| 2022-03-31 | 75 | $2.5B | 0 | |
| 2021-12-31 | 70 | $2.5B | 0 | |
| 2021-09-30 | 78 | $2.4B | 0 | |
| 2021-06-30 | 79 | $3.4B | 47 | |
| 2021-03-31 | 75 | $3.0B | 100 | |
| 2020-12-31 | 77 | $1.7B | 99 | |
| 2020-09-30 | 61 | $1.5B | 100 | |
| 2020-06-30 | 57 | $885.1M | 100 | |
| 2020-03-31 | 60 | $861.4M | 100 | |
| 2019-12-31 | 53 | $1.8B | 100 | |
| 2019-09-30 | 58 | $1.7B | 100 | |
| 2019-06-30 | 59 | $2.0B | 100 | |
| 2019-03-31 | 63 | $1.9B | 99 | |
| 2018-12-31 | 62 | $1.8B | 100 | |
| 2018-09-30 | 87 | $4.0B | 75 | |
| 2018-06-30 | 77 | $3.6B | 100 | |
| 2018-03-31 | 92 | $4.6B | 87 | |
| 2017-12-31 | 86 | $4.2B | 77 | |
| 2017-09-30 | 80 | $4.3B | 70 | |
| 2017-06-30 | 85 | $4.0B | 66 | |
| 2017-03-31 | 80 | $4.0B | 61 | |
| 2016-12-31 | 95 | $4.6B | 74 | |
| 2016-09-30 | 84 | $5.0B | 86 | |
| 2016-06-30 | 74 | $3.4B | 89 | |
| 2016-03-31 | 86 | $4.8B | 89 | |
| 2015-12-31 | 82 | $3.8B | 84 | |
| 2015-09-30 | 75 | $3.0B | 85 | |
| 2015-06-30 | 70 | $3.1B | 90 | |
| 2015-03-31 | 72 | $3.5B | 96 | |
| 2014-12-31 | 76 | $3.6B | 100 | |
| 2014-09-30 | 72 | $2.7B | 100 | |
| 2014-06-30 | 69 | $2.2B | 93 | |
| 2014-03-31 | 78 | $3.0B | 100 | |
| 2013-12-31 | 63 | $2.4B | 100 | |
| 2013-09-30 | 63 | $1.9B | 100 | |
| 2013-06-30 | 43 | $1.3B | 0 |
Masters Capital Management LLC's most significant position changes for 2026-03-31: New buy: Ishares 20+ Year Treasury Bd (TLT); Sold out: Honeywell International INC (HON); New buy: Wayfair Inc- Class A (W); Sold out: Metlife INC (MET); New buy: Air Products & Chemicals INC (APD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | C | Citigroup INC | +4.2% | +185.71% | Add |
| 2 | IBM | Intl Business Machines CORP | +1.6% | +150.00% | Add |
| 3 | INTC | Intel CORP | +1.4% | +50.00% | Add |
| 4 | BMY | Bristol-myers Squibb Co | +1.3% | +233.33% | Add |
| 5 | ASTS | Ast Spacemobile INC | +1.3% | +100.00% | Add |
| 6 | MHK | Mohawk Industries INC | +0.8% | +100.00% | Add |
| 7 | FCX | Freeport-mcmoran INC | +0.8% | +110.58% | Add |
| 8 | YPF | Ypf S.a.-sponsored Adr | +0.6% | +61.29% | Add |
| 9 | CLX | Clorox Company | +0.4% | +58.48% | Add |
| 10 | BCS | Barclays Plc-spons Adr | +0.4% | +100.00% | Add |
| 11 | FLR | Fluor CORP | +0.3% | +23.18% | Add |
| 12 | BWA | Borgwarner INC | -0.1% | — | Unchanged |
| 13 | EVTL | Vertical Aerospace Ltd. | -0.4% | +13.33% | Add |
| 14 | PONY | Pony Ai INC | -0.5% | — | Unchanged |
| 15 | IP | International Paper Co | -1% | -50.00% | Trim |
| 16 | SLB | Slb LTD | -1.4% | -50.00% | Trim |
| 17 | BABA | Alibaba Group Holding-sp Adr | -1.8% | — | Unchanged |
| 18 | EMN | Eastman Chemical Co | -2.4% | -81.82% | Trim |
| 19 | BA | Boeing Co/the | -3.1% | -60.00% | Trim |
| 20 | GM | General Motors Co | -3.4% | -35.00% | Trim |
| 21 | TLT | Ishares 20+ Year Treasury Bd | — | NEW | New buy |
| 22 | HON | Honeywell International INC | — | EXIT | Sold out |
| 23 | W | Wayfair Inc- Class A | — | NEW | New buy |
| 24 | MET | Metlife INC | — | EXIT | Sold out |
| 25 | APD | Air Products & Chemicals INC | — | NEW | New buy |
| 26 | ORA | Ormat Technologies INC | — | NEW | New buy |
| 27 | ECL | Ecolab INC | — | NEW | New buy |
| 28 | GLW | Corning INC | — | EXIT | Sold out |
| 29 | MRVL | Marvell Technology INC | — | EXIT | Sold out |
| 30 | DOW | Dow INC | — | EXIT | Sold out |
| 31 | ADM | Archer-daniels-midland Co | — | NEW | New buy |
| 32 | CVS | Cvs Health CORP | — | NEW | New buy |
| 33 | OLN | Olin CORP | — | EXIT | Sold out |
| 34 | NKE | Nike INC -cl B | — | EXIT | Sold out |
| 35 | IONQ | Ionq INC | — | NEW | New buy |
| 36 | BSX | Boston Scientific CORP | — | NEW | New buy |
| 37 | FLY | Firefly Aerospace INC | — | NEW | New buy |
| 38 | CE | Celanese CORP | — | EXIT | Sold out |
| 39 | FITB | Fifth Third Bancorp | — | NEW | New buy |
| 40 | F | Ford Motor Co | — | EXIT | Sold out |
| 41 | PFE | Pfizer INC | — | EXIT | Sold out |
| 42 | APA | Apa CORP | — | EXIT | Sold out |
| 43 | XOM | Exxon Mobil CORP | — | EXIT | Sold out |
| 44 | FSLY | Fastly INC - Class A | — | NEW | New buy |
| 45 | HRL | Hormel Foods CORP | — | NEW | New buy |
| 46 | MBLY | Mobileye Global Inc-a | — | NEW | New buy |
| 47 | VG | Venture Global Inc-cl A | — | NEW | New buy |
| 48 | AAUC | Allied Gold CORP | — | EXIT | Sold out |
| 49 | BETA | Beta Technologies INC -cl A | — | NEW | New buy |
| 50 | GPRE | Green Plains INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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