Masters Capital Management LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Masters Capital Management LLC reported 42 stock positions worth $711.3 million . Its top holding was Delta Air Lines (DAL) at 13.2% of the portfolio, followed by Fluor (FLR, 7.4% ) and Ast Spacemobile (ASTS, 6.2% ). Compared with Q1 2026, it opened 7 new positions, sold out of 9, added to 9 and reduced 8. The biggest buy was a new position in Terex (TEX) and the biggest sale Mohawk Industries (MHK, shares −80% ).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $711.3M (Q2 2026) Holdings 42 stocks · $711.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 DAL Delta Air Lines Inc. 1,000,000 $93.7M No change FLR Fluor Corp. 1,000,000 $52.4M Add +8.1% ASTS Ast Spacemobile Inc. 500,000 $44.4M No change NOV Nov Inc. 2,200,000 $40.8M Add +10.0% VYX NCR Voyix Corp. 4,000,000 $32.7M Add +14.3% UPS United Parcel Service Class B 300,000 $32.3M Reduce -40.0% LION Lionsgate Studios Corp. 1,994,814 $30.5M No change BCS Barclays PLC-Spons ADR 1,000,000 $26.9M No change EMN Eastman Chemical Co. 400,000 $26.8M Add +100.0% HRL Hormel Foods Corp. 1,000,000 $24.8M Add +17.6% FTK Flotek Industries Inc. 1,000,000 $23.5M Reduce -8.2% BWAY Brainsway Ltd.-ADR 1,500,000 $23.3M Reduce -9.1% REAL The Realreal Inc. filed as THE REALREAL INC 1,500,000 $17.7M Reduce -25.0% BETA Beta Technologies Inc. Class A 1,028,200 $17.2M Add +46.9% DCH Dauch Corporation 3,000,000 $16.3M Reduce -14.3% TEX Terex Corp. 200,000 $14.5M New CE Celanese Corp. 300,000 $13.8M New MANE Veradermics Inc. 100,000 $12.3M No change ENVX Enovix Corp. 2,000,000 $12.1M No change MHK Mohawk Industries Inc. 100,000 $12.1M Reduce -80.0% BSX Boston Scientific Corp. 250,000 $10.7M New ALM Almonty Industries Inc. 600,000 $9.9M New RIG Transocean Ltd. 2,000,000 $9.8M No change TLS Telos Corporation 2,100,000 $9.7M Add +5.0% NXE Nexgen Energy Ltd. 1,000,000 $9.4M No change SLB SLB Ltd. filed as SLB LIMITED 200,000 $9.3M New AOMR Angel Oak Mortgage REIT Inc. 1,000,000 $9.1M No change BORR Borr Drilling Ltd. 2,000,000 $8.3M No change EVTL Vertical Aerospace Ltd. 4,100,000 $7.1M Add +20.6% EOSE Eos Energy Enterprises Inc. 1,200,000 $7.1M New RUN Sunrun Inc. 500,000 $6.7M No change PONY Pony AI Inc. 950,000 $6.6M No change GSM Ferroglobe PLC 2,000,000 $6.4M No change ISOU Isoenergy Ltd. 600,000 $6.0M Reduce -14.3% DNLI Denali Therapeutics Inc. 200,000 $5.1M Reduce -66.7% EVEX Eve Holding Inc. filed as EVE HLDG INC 2,000,000 $5.0M No change LUCD Lucid Diagnostics Inc. 4,000,000 $4.3M No change SENS Senseonics Holdings Inc. 700,000 $4.0M Add +40.0% PLUG Plug Power Inc. filed as PLUG PWR INC 1,000,000 $2.7M No change UP Wheels Up Experience Inc. 300,000 $2.7M New ITRG Integra Resources Corp. 1,000,000 $2.3M No change STIM Neuronetics Inc. 1,000,000 $1.3M No change
Options reported separately and not counted above: SPY puts ($746.8M), BA calls ($216.5M), BABA calls ($192.0M), NEM calls ($186.8M), ACN calls ($161.8M), GM calls ($154.2M), C calls ($140.0M), INTC calls ($139.6M), UPS calls ($107.5M), AA calls ($104.3M), CLX calls ($95.4M), SLB calls ($93.0M), and 26 more.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ MHK Mohawk Industries Inc. Reduce -80.0% 1.71% −5.57 UPS United Parcel Service Class B Reduce -40.0% 4.53% −2.73 NOK Nokia Corp.-Spon ADR Sold out 0.00% −2.38 HUN Huntsman Corp. Sold out 0.00% −1.97 CLF Cleveland-Cliffs Inc. Sold out 0.00% −1.50 FSLY Fastly Inc. Class A Sold out 0.00% −1.29 LYFT LYFT Inc. Class A Sold out 0.00% −0.98 DNLI Denali Therapeutics Inc. Reduce -66.7% 0.72% −0.98 IAG Iamgold Corp. Sold out 0.00% −0.83 DCH Dauch Corporation Reduce -14.3% 2.29% −0.78 UP Wheels Up Experience Inc. Sold out 0.00% −0.31 ISOU Isoenergy Ltd. Reduce -14.3% 0.84% −0.25 REAL The Realreal Inc. Reduce -25.0% 2.49% −0.20 MBLY Mobileye Global Inc. Class A Sold out 0.00% −0.10 NFE New Fortress Energy Inc. Sold out 0.00% −0.09 BWAY Brainsway Ltd.-ADR Reduce -9.1% 3.27% +0.03 FTK Flotek Industries Inc. Reduce -8.2% 3.31% +0.58
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ TEX Terex Corp. New 2.04% +2.04 CE Celanese Corp. New 1.94% +1.94 EMN Eastman Chemical Co. Add +100.0% 3.77% +1.51 BSX Boston Scientific Corp. New 1.50% +1.50 ALM Almonty Industries Inc. New 1.40% +1.40 VYX NCR Voyix Corp. Add +14.3% 4.59% +1.32 SLB SLB Ltd. New 1.31% +1.31 EOSE Eos Energy Enterprises Inc. New 0.99% +0.99 FLR Fluor Corp. Add +8.1% 7.37% +0.99 BETA Beta Technologies Inc. Class A Add +46.9% 2.42% +0.90 HRL Hormel Foods Corp. Add +17.6% 3.49% +0.65 UP Wheels Up Experience Inc. New 0.38% +0.38 NOV Nov Inc. Add +10.0% 5.74% +0.18 TLS Telos Corporation Add +5.0% 1.36% +0.12 SENS Senseonics Holdings Inc. Add +40.0% 0.56% +0.07 EVTL Vertical Aerospace Ltd. Add +20.6% 1.00% −0.11
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 1,000,000 $746.8M BA The Boeing Co. call Add +400.0% 1,000,000 $216.5M BABA Alibaba Group Holding-SP ADR call Add +100.0% 2,000,000 $192.0M NEM Newmont Corp. call New 2,000,000 $186.8M ACN Accenture PLC Class A call New 1,300,000 $161.8M GM General Motors Co. call Add +53.9% 2,000,000 $154.2M C Citigroup Inc. call Reduce -50.0% 1,000,000 $140.0M INTC Intel Corp. call Reduce -66.7% 1,000,000 $139.6M IBM Intl Business Machines Corp. call Sold out 500,000 $121.2Mbefore exit UPS United Parcel Service Class B call Reduce -44.4% 1,000,000 $107.5M AA Alcoa Corp. call Add +566.7% 2,000,000 $104.3M CLX Clorox Company call Add +100.0% 1,000,000 $95.4M SLB SLB Ltd. call Add +100.0% 2,000,000 $93.0M TLT iShares 20+ Year Treasury BD call Reduce -75.0% 1,000,000 $86.4M UBER Uber Technologies Inc. call New 1,000,000 $72.2M EMN Eastman Chemical Co. call New 1,000,000 $67.0M FCX Freeport-McMoran Inc. call Add +25.0% 1,000,000 $62.9M APD Air Products & Chemicals Inc. call Sold out 200,000 $58.1Mbefore exit ORA Ormat Technologies Inc. call Sold out 500,000 $56.0Mbefore exit BWA Borgwarner Inc. call Sold out 1,000,000 $54.3Mbefore exit ECL Ecolab Inc. call Sold out 200,000 $53.2Mbefore exit FLR Fluor Corp. call Add +132.6% 1,000,000 $52.4M NOW ServiceNow Inc. call New 500,000 $49.6M DAL Delta Air Lines Inc. put Reduce -50.0% 500,000 $46.8M IONQ Ionq Inc. call Reduce -27.3% 800,000 $42.6M ASTS Ast Spacemobile Inc. call Sold out 500,000 $41.4Mbefore exit ADM Archer-Daniels-Midland Co. call Sold out 500,000 $36.3Mbefore exit AR Antero Resources Corp. call New 1,000,000 $35.1M BSX Boston Scientific Corp. call Sold out 500,000 $31.4Mbefore exit MHK Mohawk Industries Inc. call Sold out 300,000 $29.5Mbefore exit MBLY Mobileye Global Inc. Class A call Add +50.0% 3,000,000 $29.0M FLY Firefly Aerospace Inc. call Sold out 1,000,000 $28.5Mbefore exit CLF Cleveland-Cliffs Inc. call Add +50.0% 3,000,000 $28.2M FITB Fifth Third Bancorp call Sold out 600,000 $27.9Mbefore exit BBWI Bath & Body Works Inc. call New 1,000,000 $23.1M YPF YPF S.A.-Sponsored ADR call Reduce -50.0% 500,000 $22.7M BCS Barclays PLC-Spons ADR call Sold out 1,000,000 $21.2Mbefore exit REAL The Realreal Inc. call Sold out 2,000,000 $18.2Mbefore exit ONDS Ondas Inc. call New 2,000,000 $16.5M RKT Rocket Cos Inc. Class A call New 1,000,000 $15.8M FSLY Fastly Inc. Class A call Sold out 500,000 $14.5Mbefore exit VG Venture Global Inc. Class A call Sold out 880,000 $13.9Mbefore exit CE Celanese Corp. put New 300,000 $13.8M RUN Sunrun Inc. call New 1,000,000 $13.4M NU Nu Holdings Ltd./Cayman Isl-A call New 1,000,000 $13.4M W Wayfair Inc. Class A call Reduce -90.9% 100,000 $9.2M AAOI Applied Optoelectronics Inc. call Sold out 100,000 $8.5Mbefore exit LYFT LYFT Inc. Class A call Sold out 500,000 $6.7Mbefore exit VYX NCR Voyix Corp. call New 150,000 $1.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 42 $711.3M DAL, FLR, ASTS, NOV, VYX Q1 2026 44 $677.0M DAL, MHK, UPS, FLR, ASTS Q4 2025 43 $723.1M DAL, MHK, FLR, ASTS, REAL Q3 2025 43 $622.5M DAL, FLR, EMN, NOV, VYX Q2 2025 39 $519.3M FLR, DAL, UPS, NOV, ASTS Q1 2025 39 $472.1M DAL, FLR, AA, BCS, INTC Q4 2024 38 $586.1M DAL, FLR, AA, DB, BCS Q3 2024 36 $520.0M DAL, FLR, AA, DB, CLF Q2 2024 35 $558.6M DAL, FLR, AA, NOV, DB Q1 2024 38 $530.2M DAL, CLF, FLR, NOV, AA