Massar Capital Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Massar Capital Management, LP reported 157 stock positions worth $279.2 million. Its top holding was United Parcel Service Class B (UPS) at 10.7% of the portfolio, followed by iShares MSCI Brazil ETF (EWZ, 5.9%) and Gitlab Class A (GTLB, 4.6%). Compared with Q2 2025, it opened 92 new positions, sold out of 46, added to 11 and reduced 11. The biggest buy was United Parcel Service Class B (UPS, shares +660%) and the biggest sale Mitsubishi Ufj Finl-Spon ADR (MUFG, shares −75%).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0002037238
Portfolio Value
$279.2M (Q3 2025)
SEC Filing
0002037238-25-000006 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q4 2024: $87.9M Q4 2024 Q1 2025: $83.4M Q1 2025 Q2 2025: $133.3M Q2 2025 Q3 2025: $279.2M $279.2M Q3 2025 Q4 2025: $508.2M Q4 2025 Q1 2026: $501.0M Q1 2026 Q2 2026: $291.4M Q2 2026

Holdings 157 stocks · $279.2M
UPS United Parcel Service Class B 10.71% 358,000 $29.9M Add +659.6%
EWZ iShares MSCI Brazil ETF 5.94% 535,000 $16.6M No change
GTLB Gitlab Inc. Class A 4.55% 281,830 $12.7M New
ETH Grayscale Ethereum Staking M 3.58% 255,000 $10.0M New
IBIT iShares Bitcoin Trust ETF 2.99% 128,545 $8.4M Add +359.1%
XYZ Block Inc. 2.46% 94,925 $6.9M New
TPL Texas Pacific Land Corp. 2.34% 7,000 $6.5M New
MSTR Strategy Inc. 2.07% 17,977 $5.8M New
INTC Intel Corp. 1.80% 150,000 $5.0M Reduce -55.3%
SMH Vaneck Semiconductor ETF 1.71% 14,614 $4.8M New
GFS Globalfoundries Inc. 1.67% 130,000 $4.7M New
SMLR Semler Scientific Inc. 1.61% 150,000 $4.5M New
JD Jd.com Inc.-ADR 1.38% 110,200 $3.9M Add +123.1%
NPK National Presto Inds Inc. 1.31% 32,500 $3.6M Reduce -35.0%
SMFG Sumitomo Mitsui-Spons ADR 1.20% 200,000 $3.3M Reduce -60.0%
SG Sweetgreen Inc. Class A 1.17% 411,000 $3.3M New
BABA Alibaba Group Holding-SP ADR 1.09% 17,000 $3.0M Add +70.3%
CMG Chipotle Mexican Grill Inc. 1.08% 76,725 $3.0M New
XBI SS SPDR S&P Biotech ETF 1.08% 30,000 $3.0M No change
URA Global X Uranium ETF 0.94% 55,000 $2.6M New
MFG Mizuho Financial Group-ADR 0.90% 377,000 $2.5M New
RBRK Rubrik Inc. Class A 0.89% 30,175 $2.5M New
ECH iShares MSCI Chile ETF 0.89% 75,000 $2.5M New
MUFG Mitsubishi Ufj Finl-Spon ADR 0.85% 148,500 $2.4M Reduce -74.9%
EC Ecopetrol SA-Sponsored ADR 0.79% 240,000 $2.2M Add +500.0%
WIX Wix.com Ltd. 0.77% 12,180 $2.2M New
FLR Fluor Corp. 0.77% 51,185 $2.2M Add +78.0%
EQT Eqt Corp. 0.75% 38,532 $2.1M New
SOC Sable Offshore Corp. 0.75% 120,000 $2.1M New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.74% 53,570 $2.1M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.74% 25,360 $2.1M New
GOOGL Alphabet Inc. Class A 0.70% 8,000 $1.9M No change
VFC VF Corp. 0.70% 134,550 $1.9M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.69% 16,890 $1.9M New
TACO Berto Acquisition Corp. 0.67% 180,000 $1.9M No change
XGN Exagen Inc. 0.67% 170,000 $1.9M No change
ALB Albemarle Corp. 0.66% 22,782 $1.8M New
EVLV Evolv Technologies Holdings 0.66% 242,500 $1.8M New
LULU Lululemon Athletica Inc. 0.64% 10,100 $1.8M New
AIRS Airsculpt Technologies Inc. 0.63% 220,150 $1.8M No change
KOID Kraneshares Global Humanoid 0.63% 55,000 $1.8M New
XLE SS Energy Select Sector 0.61% 19,185 $1.7M New
CNR Core Natural Resources Inc. 0.60% 20,200 $1.7M New
QQQ Invesco QQQ Trust Series 1 0.60% 2,792 $1.7M New
UEC Uranium Energy Corp. 0.60% 125,391 $1.7M New
CGNX Cognex Corp. 0.59% 36,570 $1.7M New
CRK Comstock Resources Inc. 0.59% 83,066 $1.6M New
KTOS Kratos Defense & Security 0.59% 17,976 $1.6M New
RTAC Renatus Tactical Acquisiti-A 0.59% 150,000 $1.6M No change
NET Cloudflare Inc. Class A 0.58% 7,514 $1.6M New
STNE Stoneco Ltd. Class A 0.58% 85,000 $1.6M Reduce -32.0%
HON Honeywell International Inc. 0.57% 7,500 $1.6M No change
TSM Taiwan Semiconductor-SP ADR 0.56% 5,639 $1.6M New
XYL Xylem Inc. 0.56% 10,524 $1.6M New
MELI MercadoLibre Inc. 0.55% 653 $1.5M New
LDOS Leidos Holdings Inc. 0.54% 8,014 $1.5M New
TRIP Tripadvisor Inc. 0.52% 90,000 $1.5M New
QXO Qxo Inc. 0.52% 76,700 $1.5M New
MCGAU Yorkville Acquisition Corp. 0.51% 130,000 $1.4M Add +30.0%
STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 0.50% 400,000 $1.4M No change
CLPT Clearpoint Neuro Inc. 0.50% 64,000 $1.4M Reduce -8.6%
BXSL Blackstone Secured Lending F 0.50% 53,323 $1.4M New
CIB Grupo Cibest SA-ADR 0.48% 26,000 $1.4M No change
OBDC Blue Owl Capital Corp. 0.48% 104,506 $1.3M New
COLO Global X MSCI Colombia ETF 0.47% 40,000 $1.3M No change
NE Noble Corp. PLC 0.46% 45,000 $1.3M No change
CNC Centene Corp. 0.45% 35,300 $1.3M New
TKNO Alpha Teknova Inc. 0.44% 200,000 $1.2M No change
RRX Regal Rexnord Corp. 0.44% 8,500 $1.2M New
QURE Uniqure NV 0.42% 20,000 $1.2M Reduce -50.0%
CCIX Churchill Capital Corp. Ix 0.41% 110,000 $1.2M Reduce -37.1%
MOH Molina Healthcare Inc. 0.41% 6,000 $1.1M New
VRT Vertiv Holdings Co. Class A 0.40% 7,400 $1.1M New
REMX Vaneck Rar Earth ND STG-Usdi 0.39% 16,712 $1.1M New
DNN Denison Mines Corp. 0.39% 399,833 $1.1M New
GEN Gen Digital Inc. 0.38% 37,819 $1.1M New
SMCI Super Micro Computer Inc. 0.38% 22,250 $1.1M New
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 0.38% 65,000 $1.1M Reduce -35.0%
SCCO Southern Copper Corp. 0.38% 8,670 $1.1M Add +1.0%
FFIV F5 Inc. 0.37% 3,204 $1.0M New
PALL Abrdn Physical Palladium SHS 0.37% 9,000 $1.0M No change
RIVN Rivian Automotive Inc. Class A 0.37% 70,000 $1.0M No change
MBLY Mobileye Global Inc. Class A 0.36% 72,000 $1.0M New
MAA Mid-America Apartment Comm 0.36% 7,200 $1.0M New
SBXDF Silverbox Corp. IV-A 0.35% 94,600 $990K Add +35.1%
NOW ServiceNow Inc. 0.35% 1,070 $985K New
ASAN Asana Inc. Class A 0.35% 73,300 $979K New
MWA Mueller Water Products Inc. Class A 0.35% 38,114 $973K New
ARCC Ares Capital Corp. 0.34% 46,319 $945K New
GDXJ Vaneck Junior Gold Miners 0.34% 9,500 $941K New
XPEV Xpeng Inc. - ADR 0.32% 38,300 $897K No change
KMI Kinder Morgan Inc. 0.30% 30,000 $849K No change
SU Suncor Energy Inc. 0.30% 20,000 $836K No change
RTACU Renatus Tactical Acquisition 0.30% 73,000 $835K No change
BEAG Bold Eagle Acquisition Cor-A 0.30% 80,000 $832K No change
GGAL Grupo Financiero Galicia-ADR 0.30% 30,000 $827K New
LNG Cheniere Energy Inc. 0.29% 3,500 $822K No change
BLND Blend Labs Inc. Class A 0.29% 220,000 $803K New
AMTM Amentum Holdings Inc. 0.28% 33,183 $795K New
LEN Lennar Corp. Class A 0.27% 6,000 $756K No change
CEPO Cantor Equity Partners I-A 0.27% 71,250 $745K Reduce -1.0%
CEPT Cantor Equity Partners Class A 0.26% 70,000 $736K No change
STIM Neuronetics Inc. 0.23% 240,000 $655K Add +9.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.23% 40,000 $640K No change
ALHC Alignment Healthcare Inc. 0.23% 36,500 $637K New
GEO The Geo Group Inc. 0.22% 30,000 $615K No change
CEE Central and Eastern Europe F 0.22% 40,000 $614K No change
MRVI Maravai Lifesciences Hldgs-A 0.21% 200,000 $574K No change
VAL Valaris Ltd. 0.19% 11,000 $536K No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 0.19% 33,383 $517K Reduce -83.0%
NOTVQ Inotiv Inc. 0.18% 350,000 $508K No change
CENX Century Aluminum Company 0.18% 17,250 $506K New
CC The Chemours Co. 0.18% 31,500 $499K New
IDR Idaho Strategic Resources Inc. 0.18% 14,500 $490K New
AMKR Amkor Technology Inc. 0.17% 16,950 $481K New
UAMY United States Antimony Corp. 0.17% 77,000 $477K New
IPX Iperionx Ltd. - ADR 0.17% 9,500 $469K New
WWR Westwater Resources Inc. 0.17% 490,200 $465K New
USAR USA Rare Earth Inc. 0.17% 27,000 $464K New
PPTA Perpetua Resources Corp. 0.16% 22,750 $460K New
GRVY Gravity Co. Ltd.-Sponsored ADR 0.16% 7,000 $448K No change
UUUU Energy Fuels Inc. 0.16% 29,000 $445K New
VALE Vale SA-SP ADR 0.16% 40,000 $434K No change
FCX Freeport-McMoran Inc. 0.15% 11,000 $431K No change
AVAL Grupo Aval Acciones Y Valore 0.15% 130,000 $429K No change
APO Apollo Global Management Inc. 0.14% 3,000 $400K No change
EWJ iShares MSCI Japan ETF 0.14% 4,980 $399K New
SAIC Science Applications Inte 0.14% 3,976 $395K New
ONTO Onto Innovation Inc. 0.14% 3,000 $388K New
LRMR Larimar Therapeutics Inc. 0.14% 117,000 $378K Add +126.9%
RMBS Rambus Inc. 0.13% 3,600 $375K New
AR Antero Resources Corp. 0.13% 11,000 $369K No change
PBR Petroleo Brasileiro-Spon ADR 0.12% 27,500 $348K No change
MU Micron Technology Inc. 0.12% 2,000 $335K New
PCT Purecycle Technologies Inc. 0.12% 25,000 $329K No change
DDOG Datadog Inc. Class A 0.11% 2,217 $316K No change
OSIS Osi Systems Inc. 0.11% 1,265 $315K New
RIGL Rigel Pharmaceuticals Inc. 0.11% 11,100 $314K New
GOOG Alphabet Inc. Class C 0.10% 1,200 $292K No change
QLYS Qualys Inc. 0.10% 2,121 $281K New
CVRX CVRX Inc. 0.10% 34,600 $279K New
HTGC Hercules Capital Inc. 0.10% 14,575 $276K New
RZLT Rezolute Inc. 0.09% 28,155 $265K No change
CIEN Ciena Corp. 0.09% 1,780 $259K New
ZWS Zurn Elkay Water Solutions C 0.09% 5,352 $252K New
RKT Rocket Cos Inc. Class A 0.09% 12,740 $247K No change
TPC Tutor Perini Corp. 0.09% 3,692 $242K New
BEPC Brookfield Renewable Corp. 0.09% 7,000 $241K No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.09% 9,564 $238K New
IONS Ionis Pharmaceuticals Inc. 0.08% 3,462 $226K New
BWMN Bowman Consulting Group Ltd. 0.08% 5,272 $223K New
APP AppLovin Corp. Class A 0.08% 300 $216K New
UPST Upstart Holdings Inc. 0.07% 4,100 $208K New
CYTK Cytokinetics Inc. 0.07% 3,740 $206K New
NUVB Nuvation Bio Inc. 0.07% 54,717 $202K No change
AQN Algonquin Power & Utilities 0.05% 27,437 $147K New
ADAM Adamas Trust Inc. 0.05% 20,912 $146K New

Options reported separately and not counted above: QQQ puts ($66.0M), MARA calls ($40.3M), MARA puts ($40.3M), COIN puts ($38.5M), COIN calls ($38.5M), CORZ calls ($35.3M), CORZ puts ($35.3M), MSTR calls ($33.7M), MSTR puts ($33.7M), XYZ puts ($33.0M), XYZ calls ($33.0M), IWM puts ($15.7M), and 5 more.

Portfolio Sells Q2 2025 → Q3 2025
MUFG Mitsubishi Ufj Finl-Spon ADR Reduce -74.9% 0.85% −5.25
SMFG Sumitomo Mitsui-Spons ADR Reduce -60.0% 1.20% −4.47
INTC Intel Corp. Reduce -55.3% 1.80% −3.83
NPK National Presto Inds Inc. Reduce -35.0% 1.31% −2.37
OXY Occidental Petroleum Corp. Sold out 0.00% −2.35
MAGS Roundhill Magnificent Seven Sold out 0.00% −2.33
CF CF Industries Holdings Inc. Sold out 0.00% −1.78
CCIR Cohen Circle Acquisitio Class A Sold out 0.00% −1.65
RDW Redwire Corp. Sold out 0.00% −1.46
MOS The Mosaic Co. Sold out 0.00% −1.45
CCIX Churchill Capital Corp. Ix Reduce -37.1% 0.41% −1.21
VISN Vistance Networks Inc. Reduce -83.0% 0.19% −1.03
MRVL Marvell Technology Inc. Sold out 0.00% −0.93
STNE Stoneco Ltd. Class A Reduce -32.0% 0.58% −0.93
GSRT GSR III Acquisition Corp. Sold out 0.00% −0.89
BA The Boeing Co. Sold out 0.00% −0.79
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.77
BLBD Blue Bird Corp. Sold out 0.00% −0.74
PAAS Pan American Silver Corp. Sold out 0.00% −0.74
UBER Uber Technologies Inc. Sold out 0.00% −0.70
CMA Comerica Inc. Sold out 0.00% −0.62
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −0.54
TEM Tempus AI Inc. Class A Sold out 0.00% −0.52
IONQ Ionq Inc. Sold out 0.00% −0.45
IMSR Terrestrial Energy Inc. Reduce -35.0% 0.38% −0.45
ACHR Archer Aviation Inc. Class A Sold out 0.00% −0.41
RDNT Radnet Inc. Sold out 0.00% −0.38
CEPO Cantor Equity Partners I-A Reduce -1.0% 0.27% −0.38
FSLR First Solar Inc. Sold out 0.00% −0.37
TALK Talkspace Inc. Sold out 0.00% −0.31
OM Outset Medical Inc. Sold out 0.00% −0.29
VERA Vera Therapeutics Inc. Sold out 0.00% −0.28
AGX Argan Inc. Sold out 0.00% −0.26
CLS Celestica Inc. Sold out 0.00% −0.25
OUST Ouster Inc. Sold out 0.00% −0.23
AMD Advanced Micro Devices Sold out 0.00% −0.22
OPRX Optimizerx Corp. Sold out 0.00% −0.22
CVNA Carvana Co. Sold out 0.00% −0.21
ANGO Angiodynamics Inc. Sold out 0.00% −0.21
INTU Intuit Inc. Sold out 0.00% −0.20
MGNI Magnite Inc. Sold out 0.00% −0.20
IBM Intl Business Machines Corp. Sold out 0.00% −0.20
TWLO Twilio Inc. Class A Sold out 0.00% −0.20
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.18
ECG Everus Construction Group Sold out 0.00% −0.17
ANET Arista Networks Inc. Sold out 0.00% −0.17
ESOA Energy Services of America Sold out 0.00% −0.16
U Unity Software Inc. Sold out 0.00% −0.16
GWRE Guidewire Software Inc. Sold out 0.00% −0.16
CLPT Clearpoint Neuro Inc. Reduce -8.6% 0.50% −0.13

Portfolio Buys Q2 2025 → Q3 2025
UPS United Parcel Service Class B Add +659.6% 10.71% +7.14
GTLB Gitlab Inc. Class A New 4.55% +4.55
ETH Grayscale Ethereum Staking M New 3.58% +3.58
XYZ Block Inc. New 2.46% +2.46
TPL Texas Pacific Land Corp. New 2.34% +2.34
MSTR Strategy Inc. New 2.07% +2.07
SMH Vaneck Semiconductor ETF New 1.71% +1.71
IBIT iShares Bitcoin Trust ETF Add +359.1% 2.99% +1.71
GFS Globalfoundries Inc. New 1.67% +1.67
SMLR Semler Scientific Inc. New 1.61% +1.61
SG Sweetgreen Inc. Class A New 1.17% +1.17
CMG Chipotle Mexican Grill Inc. New 1.08% +1.08
URA Global X Uranium ETF New 0.94% +0.94
MFG Mizuho Financial Group-ADR New 0.90% +0.90
RBRK Rubrik Inc. Class A New 0.89% +0.89
ECH iShares MSCI Chile ETF New 0.89% +0.89
WIX Wix.com Ltd. New 0.77% +0.77
EQT Eqt Corp. New 0.75% +0.75
SOC Sable Offshore Corp. New 0.75% +0.75
GDS GDS Holdings Ltd. - ADR New 0.74% +0.74
KSPI JSC Kaspi.kz ADR New 0.74% +0.74
VFC VF Corp. New 0.70% +0.70
DIS The Walt Disney Co. New 0.69% +0.69
ALB Albemarle Corp. New 0.66% +0.66
EVLV Evolv Technologies Holdings New 0.66% +0.66
LULU Lululemon Athletica Inc. New 0.64% +0.64
KOID Kraneshares Global Humanoid New 0.63% +0.63
XLE SS Energy Select Sector New 0.61% +0.61
CNR Core Natural Resources Inc. New 0.60% +0.60
QQQ Invesco QQQ Trust Series 1 New 0.60% +0.60
UEC Uranium Energy Corp. New 0.60% +0.60
CGNX Cognex Corp. New 0.59% +0.59
CRK Comstock Resources Inc. New 0.59% +0.59
KTOS Kratos Defense & Security New 0.59% +0.59
NET Cloudflare Inc. Class A New 0.58% +0.58
TSM Taiwan Semiconductor-SP ADR New 0.56% +0.56
XYL Xylem Inc. New 0.56% +0.56
MELI MercadoLibre Inc. New 0.55% +0.55
LDOS Leidos Holdings Inc. New 0.54% +0.54
EC Ecopetrol SA-Sponsored ADR Add +500.0% 0.79% +0.53
TRIP Tripadvisor Inc. New 0.52% +0.52
QXO Qxo Inc. New 0.52% +0.52
BXSL Blackstone Secured Lending F New 0.50% +0.50
OBDC Blue Owl Capital Corp. New 0.48% +0.48
CNC Centene Corp. New 0.45% +0.45
RRX Regal Rexnord Corp. New 0.44% +0.44
MOH Molina Healthcare Inc. New 0.41% +0.41
VRT Vertiv Holdings Co. Class A New 0.40% +0.40
REMX Vaneck Rar Earth ND STG-Usdi New 0.39% +0.39
DNN Denison Mines Corp. New 0.39% +0.39

Options Activity Q2 2025 → Q3 2025
QQQ Invesco QQQ Trust Series 1 put New 110,000 $66.0M
MARA Mara Holdings Inc. call New 2,208,900 $40.3M
MARA Mara Holdings Inc. put New 2,208,900 $40.3M
COIN Coinbase Global Inc. Class A put New 114,200 $38.5M
COIN Coinbase Global Inc. Class A call New 114,200 $38.5M
CORZ Core Scientific Inc. call New 1,965,600 $35.3M
CORZ Core Scientific Inc. put New 1,965,600 $35.3M
MSTR Strategy Inc. call New 104,500 $33.7M
MSTR Strategy Inc. put New 104,500 $33.7M
XYZ Block Inc. put New 456,500 $33.0M
XYZ Block Inc. call New 456,500 $33.0M
IWM iShares Russell 2000 ETF put New 65,000 $15.7M
TSLA Tesla Inc. put New 30,000 $13.3M
IBIT iShares Bitcoin Trust ETF put New 100,000 $6.5M
IBIT iShares Bitcoin Trust ETF call New 100,000 $6.5M
NVDA Nvidia Corp. put New 30,000 $5.6M
TSLA Tesla Inc. call New 12,500 $5.6M
NVDA Nvidia Corp. call Sold out 3,600 $569Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 246$291.4MEWZ, IGV, MELI, VIAV, ONTO
Q1 2026 230$501.0MJD, QQQ, KWEB, MELI, PYPL
Q4 2025 292$508.2MBABA, ORCL, XYZ, EWZ, COIN
Q3 2025 157$279.2MUPS, EWZ, GTLB, ETH, IBIT
Q2 2025Amended 111$133.3MEWZ, MUFG, SMFG, INTC, NPK
Q1 2025 111$83.4MEWZ, EWW, MAGS, INTC, CCIR
Q4 2024 47$87.9MMRNA, ILMN, TKO, UTHR, USFD