Masters Capital Management LLC In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Masters Capital Management LLC reported 38 stock positions worth $530.2 million . Its top holding was Delta Air Lines (DAL) at 9.0% of the portfolio, followed by Cleveland-Cliffs (CLF, 8.5% ) and Fluor (FLR, 8.0% ). Compared with Q4 2023, it opened 6 new positions, sold out of 4, added to 7 and reduced 7. The biggest buy was a new position in Mohawk Industries (MHK) and the biggest sale an exit from General Motors (GM).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $530.2M (Q1 2024) Holdings 38 stocks · $530.2M 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 Q4 2023 DAL Delta Air Lines Inc. 1,000,000 $47.9M No change CLF Cleveland-Cliffs Inc. 1,985,000 $45.1M Reduce -0.8% FLR Fluor Corp. 1,000,000 $42.3M No change NOV Nov Inc. 2,000,000 $39.0M Add +25.0% AA Alcoa Corp. 900,000 $30.4M No change BCS Barclays PLC-Spons ADR 2,980,000 $28.2M Reduce -0.7% EMBJ Embraer SA-Spon ADR 1,000,000 $26.6M No change INTC Intel Corp. 500,000 $22.1M No change LGF.B Lions Gate Entertainment-B 2,100,000 $19.6M Add +5.0% IP International Paper Co. 500,000 $19.5M No change RIG Transocean Ltd. 3,000,000 $18.8M No change GPRE Green Plains Inc. 700,000 $16.2M Add +40.0% DB Deutsche Bank AG-Registered 1,000,000 $15.8M Reduce -50.0% GSM Ferroglobe PLC 3,150,000 $15.7M Add +37.0% VFC VF Corp. 1,000,000 $15.3M No change RUN Sunrun Inc. 1,000,000 $13.2M No change MHK Mohawk Industries Inc. 100,000 $13.1M New TLS Telos Corporation 3,000,000 $12.5M Reduce -3.2% AOMR Angel Oak Mortgage REIT Inc. 1,150,000 $12.4M Add +0.1% ENVX Enovix Corp. 1,350,000 $10.8M Add +3.9% BAX Baxter International Inc. 200,000 $8.5M New NXE Nexgen Energy Ltd. 1,000,000 $7.8M No change W Wayfair Inc. Class A 100,000 $6.8M New VNO Vornado Realty Trust 210,000 $6.0M New CIEN Ciena Corp. 100,000 $4.9M New NVTS Navitas Semiconductor Corp. 1,000,000 $4.8M Reduce -41.2% BWAY Brainsway Ltd.-ADR 900,000 $4.8M No change TTI Tetra Technologies Inc. 1,000,000 $4.4M No change SENS Senseonics Holdings Inc. 7,000,000 $3.7M No change ASPN Aspen Aerogels Inc. 200,000 $3.5M No change PRGO Perrigo Co. PLC 100,000 $3.2M Reduce -50.0% ASTS Ast Spacemobile Inc. 1,000,000 $2.9M New FTK Flotek Industries Inc. 500,000 $1.9M Add +3.9% BLUEBIRD BIO INC 1,000,000 $1.3M No change ASXC Asensus Surgical Inc. 2,000,000 $460K No change GBNHF Greenbrook TMS Inc. 3,427,272 $319K No change VENUS CONCEPT INC 333,336 $230K No change SEQUANS COMMUNICATIONS S A 431,021 $166K Reduce -78.6%
Options reported separately and not counted above: SPY puts ($523.1M), IBM calls ($362.8M), MU calls ($117.9M), XOM calls ($116.2M), CSCO calls ($99.8M), GM calls ($90.7M), INTC calls ($88.3M), BABA calls ($72.4M), MRVL calls ($70.9M), C calls ($63.2M), DIS calls ($61.2M), MMM calls ($53.2M), and 20 more.
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ GM General Motors Co. Sold out 0.00% −6.31 SSRM SSR Mining Inc. Sold out 0.00% −4.73 DB Deutsche Bank AG-Registered Reduce -50.0% 2.97% −1.79 WGHTQ WW International Inc. Sold out 0.00% −1.54 NVTS Navitas Semiconductor Corp. Reduce -41.2% 0.90% −1.51 SEQUANS COMMUNICATIONS S A Reduce -78.6% 0.03% −0.97 PRGO Perrigo Co. PLC Reduce -50.0% 0.61% −0.52 SONENDO INC Sold out 0.00% −0.18 TLS Telos Corporation Reduce -3.2% 2.35% +0.37 BCS Barclays PLC-Spons ADR Reduce -0.7% 5.31% +1.16 CLF Cleveland-Cliffs Inc. Reduce -0.8% 8.51% +1.34
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ MHK Mohawk Industries Inc. New 2.47% +2.47 NOV Nov Inc. Add +25.0% 7.36% +1.66 BAX Baxter International Inc. New 1.61% +1.61 W Wayfair Inc. Class A New 1.28% +1.28 VNO Vornado Realty Trust New 1.14% +1.14 CIEN Ciena Corp. New 0.93% +0.93 GPRE Green Plains Inc. Add +40.0% 3.05% +0.84 ASTS Ast Spacemobile Inc. New 0.55% +0.55 GSM Ferroglobe PLC Add +37.0% 2.96% +0.33 AOMR Angel Oak Mortgage REIT Inc. Add +0.1% 2.33% +0.19 LGF.B Lions Gate Entertainment-B Add +5.0% 3.69% +0.11 FTK Flotek Industries Inc. Add +3.9% 0.35% +0.02 ENVX Enovix Corp. Add +3.9% 2.04% −0.82
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ IBM Intl Business Machines Corp. call New 1,900,000 $362.8M MU Micron Technology Inc. call New 1,000,000 $117.9M XOM Exxon Mobil Corp. call Reduce -66.7% 1,000,000 $116.2M CSCO Cisco Systems Inc. call New 2,000,000 $99.8M GM General Motors Co. call Add +100.0% 2,000,000 $90.7M INTC Intel Corp. call Add +300.0% 2,000,000 $88.3M BABA Alibaba Group Holding-SP ADR call Reduce -50.0% 1,000,000 $72.4M C Citigroup Inc. call Reduce -50.0% 1,000,000 $63.2M DIS The Walt Disney Co. call Reduce -66.7% 500,000 $61.2M MMM 3M Co. call Reduce -40.0% 600,000 $53.2M UAL United Airlines Holdings Inc. call New 1,000,000 $47.9M FCX Freeport-McMoran Inc. call New 1,000,000 $47.0M IP International Paper Co. call Sold out 1,000,000 $36.1Mbefore exit GM General Motors Co. put Sold out 1,000,000 $35.9Mbefore exit AA Alcoa Corp. call Reduce -9.1% 1,000,000 $33.8M GLW Corning Inc. call New 1,000,000 $33.0M PRGO Perrigo Co. PLC call Reduce -50.0% 1,000,000 $32.2M DOW Dow Inc. call Reduce -50.0% 500,000 $29.0M RUN Sunrun Inc. call New 2,000,000 $26.4M CRC California Resources Corp. call Sold out 469,600 $25.7Mbefore exit RIG Transocean Ltd. call Add +100.0% 4,000,000 $25.1M CIEN Ciena Corp. call New 500,000 $24.7M W Wayfair Inc. Class A call New 300,000 $20.4M TFC Truist Financial Corp. call New 500,000 $19.5M PARAA Paramount Global Class B call New 1,000,000 $11.8M SSRM SSR Mining Inc. call Sold out 1,000,000 $10.8Mbefore exit NOV Nov Inc. call Sold out 500,000 $10.1Mbefore exit CPRI Capri Holdings Ltd. call Sold out 200,000 $10.0Mbefore exit WGHTQ WW International Inc. call New 2,000,000 $3.7M
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