Q2 2026 13F · SEC CIK 1104186

Masters Capital Management LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $711.3M
Reported positions: 42
Top holdings a year, 3 yrs: +18.9%
Average holding period: 3.1 yrs

Masters Capital Management LLC is a hedge fund that reported 42 positions worth $711.3M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Delta Air Lines Inc Com New (DAL, 13.2%), Fluor Corp (FLR, 7.4%), Ast Spacemobile Inc (ASTS, 6.2%). A portfolio copying its top holdings returned 18.9% a year over the last 3 years, against 20.4% for the S&P 500.

Masters Capital Management LLC holdings all 42 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Masters Capital Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
DALDelta Air Lines Inc Com New	13.2%	9.8%	1,000,000	+0.0%	$93.7M
FLRFluor Corp	7.4%	6.4%	1,000,000	+8.1%	$52.4M
ASTSAst Spacemobile Inc	6.2%	6.1%	500,000	+0.0%	$44.4M
NOVNov Inc	5.7%	5.6%	2,200,000	+10.0%	$40.8M
NCRNcr Voyix Corporation	4.6%	3.3%	4,000,000	+14.3%	$32.7M
UPSUnited Parcel Svcs Inc Cl B	4.5%	7.3%	300,000	-40.0%	$32.3M
LIONLionsgate Studios Corp	4.3%	2.8%	1,994,814	+0.0%	$30.5M
BCSBarclays PLC	3.8%	3.1%	1,000,000	+0.0%	$26.9M
EMNEastman Chem Co	3.8%	2.3%	400,000	+100.0%	$26.8M
HRLHormel Foods Corp	3.5%	2.8%	1,000,000	+17.6%	$24.8M
FTKFlotek Industries	3.3%	2.7%	1,000,000	-8.2%	$23.5M
BWAYBrainsway Ltd	3.3%	3.2%	1,500,000	-9.1%	$23.3M
REALThe Realreal Inc	2.5%	2.7%	1,500,000	-25.0%	$17.7M
BETABeta Technologies Inc	2.4%	1.5%	1,028,200	+46.9%	$17.2M
DCHDauch Corp	2.3%	3.1%	3,000,000	-14.3%	$16.3M
TEXTerex Corp New	2.0%	New	200,000	—	$14.5M
CECelanese Corp Del	1.9%	New	300,000	—	$13.8M
MANEVeradermics Inc	1.7%	0.9%	100,000	+0.0%	$12.3M
ENVXEnovix Corporation	1.7%	1.5%	2,000,000	+0.0%	$12.1M
MHKMohawk Inds Inc	1.7%	7.3%	100,000	-80.0%	$12.1M
BSXBoston Scientific Corp	1.5%	New	250,000	—	$10.7M
ALMAlmonty Inds Inc Com New	1.4%	New	600,000	—	$9.9M
RIGTransocean Ltd	1.4%	2.0%	2,000,000	+0.0%	$9.8M
TLSTelos Corp Md	1.4%	1.2%	2,100,000	+5.0%	$9.7M
NXENexgen Energy Ltd	1.3%	1.7%	1,000,000	+0.0%	$9.4M
SLBSlb Limited	1.3%	New	200,000	—	$9.3M
AOMRAngel Oak Mortgage REIT Inc	1.3%	1.2%	1,000,000	+0.0%	$9.1M
BORRBorr Drilling Ltd	1.2%	1.7%	2,000,000	+0.0%	$8.3M
EVTLVertical Aerospace Ltd	1.0%	1.1%	4,100,000	+20.6%	$7.1M
EOSEEos Energy Enterprises Inc	1.0%	New	1,200,000	—	$7.1M
RUNSunrun Inc	0.9%	1.0%	500,000	+0.0%	$6.7M
PONYPony Ai Inc	0.9%	1.3%	950,000	+0.0%	$6.6M
GSMFerroglobe PLC	0.9%	1.2%	2,000,000	+0.0%	$6.4M
ISOUIsoEnergy Ltd (Pre-Reincorporation)	0.8%	1.1%	600,000	-14.3%	$6.0M
DNLIDenali Therapeutics Inc Com	0.7%	1.7%	200,000	-66.7%	$5.1M
EVEXEve Hldg Inc	0.7%	0.7%	2,000,000	+0.0%	$5.0M
LUCDLucid Diagnostics Inc	0.6%	0.7%	4,000,000	+0.0%	$4.3M
SENSSenseonics Hldgs Inc	0.6%	0.5%	700,000	+40.0%	$4.0M
PLUGPlug Power Inc	0.4%	0.3%	1,000,000	+0.0%	$2.7M
UPWheels Up Experience Inc	0.4%	New	300,000	—	$2.7M
ITRGIntegra Res Corp	0.3%	0.4%	1,000,000	+0.0%	$2.3M
STIMNeuronetics Inc	0.2%	0.2%	1,000,000	+0.0%	$1.3M

What Masters Capital Management LLC bought and sold in Q2 2026, against Q1 2026.

Sold out

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +37.5% /yr; S&P 500 +20.1%
3 years: +18.9% /yr; S&P 500 +20.4%
5 years: +13.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$711.3M	42
Q1 2026	$677.0M	44
Q4 2025	$723.1M	43
Q3 2025	$622.5M	43
Q2 2025	$519.3M	39
Q1 2025	$472.1M	39
Q4 2024	$586.1M	38
Q3 2024	$520.0M	36
Q2 2024	$558.6M	35
Q1 2024	$530.2M	38
Q4 2023	$569.1M	36
Q3 2023	$507.9M	36

Questions about Masters Capital Management LLC's portfolio

What stocks does Masters Capital Management LLC own?

Masters Capital Management LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 42 positions worth $711.3M. The largest are Delta Air Lines Inc Com New (DAL) at 13.2%, Fluor Corp (FLR) at 7.4%, Ast Spacemobile Inc (ASTS) at 6.2%, Nov Inc (NOV) at 5.7% and Ncr Voyix Corporation (NCR) at 4.6%.

What did Masters Capital Management LLC buy last quarter?

In Q2 2026, Masters Capital Management LLC added a new position in Terex Corp New (TEX), a new position in Celanese Corp Del (CE), a new position in Boston Scientific Corp (BSX), a new position in Almonty Inds Inc Com New (ALM), a new position in Slb Limited (SLB), Eastman Chem Co (EMN) (+100.0% shares), Beta Technologies Inc (BETA) (+46.9% shares) and Senseonics Hldgs Inc (SENS) (+40.0% shares), compared with its Q1 2026 filing.

What did Masters Capital Management LLC sell last quarter?

In Q2 2026, Masters Capital Management LLC sold all of Nokia Corp (NOK), sold all of Huntsman Corp (HUN), sold all of Cleveland-Cliffs Inc (CLF), sold all of Fastly Inc (FSLY), sold all of Lyft Inc (LYFT), Mohawk Inds Inc (MHK) (-80.0% shares), Denali Therapeutics Inc Com (DNLI) (-66.7% shares) and United Parcel Svcs Inc Cl B (UPS) (-40.0% shares), compared with its Q1 2026 filing.

How has Masters Capital Management LLC's portfolio performed?

A portfolio copying Masters Capital Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +18.9% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +37.5% against +20.1%. Over 5 years: +13.0% a year against +11.6%.

When is Masters Capital Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Masters Capital Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.