Masters Capital Management LLC In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Masters Capital Management LLC reported 35 stock positions worth $558.6 million . Its top holding was Delta Air Lines (DAL) at 7.9% of the portfolio, followed by Fluor (FLR, 7.7% ) and Alcoa (AA, 6.7% ). Compared with Q1 2024, it opened 3 new positions, sold out of 6, added to 10 and reduced 18. The biggest buy was Perrigo (PRGO, shares +900% ) and the biggest sale an exit from International Paper (IP).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $558.6M (Q2 2024) Holdings 35 stocks · $558.6M 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 2024 DAL Delta Air Lines Inc. 935,000 $44.4M Reduce -6.5% FLR Fluor Corp. 985,000 $42.9M Reduce -1.5% AA Alcoa Corp. 945,000 $37.6M Add +5.0% NOV Nov Inc. 1,820,000 $34.6M Reduce -9.0% DB Deutsche Bank AG-Registered 1,880,000 $30.0M Add +88.0% CLF Cleveland-Cliffs Inc. 1,945,000 $29.9M Reduce -2.0% INTC Intel Corp. 890,000 $27.6M Add +78.0% PRGO Perrigo Co. PLC 1,000,000 $25.7M Add +900.0% EMBJ Embraer SA-Spon ADR 975,000 $25.2M Reduce -2.5% BCS Barclays PLC-Spons ADR 1,900,000 $20.3M Reduce -36.2% BAX Baxter International Inc. 600,000 $20.1M Add +200.0% CIEN Ciena Corp. 400,000 $19.3M Add +300.0% LGF.B Lions Gate Entertainment-B 2,050,000 $17.6M Reduce -2.4% GSM Ferroglobe PLC 2,925,000 $15.7M Reduce -7.1% ENVX Enovix Corp. 1,000,000 $15.5M Reduce -25.9% RIG Transocean Ltd. 2,870,000 $15.4M Reduce -4.3% AOMR Angel Oak Mortgage REIT Inc. 1,115,000 $14.6M Reduce -3.0% VNO Vornado Realty Trust 500,000 $13.1M Add +138.1% VFC VF Corp. 970,000 $13.1M Reduce -3.0% TLS Telos Corporation 2,900,000 $11.7M Reduce -3.3% ASTS Ast Spacemobile Inc. 1,000,000 $11.6M No change RUN Sunrun Inc. 975,000 $11.6M Reduce -2.5% VIK Viking Holdings Ltd. 300,000 $10.2M New GPRE Green Plains Inc. 500,000 $7.9M Reduce -28.6% NVTS Navitas Semiconductor Corp. 1,900,000 $7.5M Add +90.0% NXE Nexgen Energy Ltd. 975,000 $6.8M Reduce -2.5% HPE Hewlett Packard Enterprise 300,000 $6.4M New TTI Tetra Technologies Inc. 1,700,000 $5.9M Add +70.0% BWAY Brainsway Ltd.-ADR 900,000 $5.5M No change LION Lionsgate Studios Corp. 500,000 $4.0M New SENS Senseonics Holdings Inc. 7,000,000 $2.8M No change FTK Flotek Industries Inc. 475,000 $2.3M Reduce -5.0% BLUEBIRD BIO INC 975,000 $960K Reduce -2.5% ASXC Asensus Surgical Inc. 2,000,000 $666K No change VENUS CONCEPT INC 666,702 $522K Add +100.0%
Options reported separately and not counted above: QQQ puts ($239.6M), DAL calls ($142.3M), C calls ($126.9M), TLT calls ($91.8M), FCX calls ($48.6M), CSCO calls ($47.5M), GM calls ($46.5M), GLW calls ($38.9M), TFC calls ($38.9M), IP calls ($36.9M), MRVL calls ($35.0M), CRC calls ($31.9M), and 18 more.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ IP International Paper Co. Sold out 0.00% −3.68 CLF Cleveland-Cliffs Inc. Reduce -2.0% 5.36% −3.16 MHK Mohawk Industries Inc. Sold out 0.00% −2.47 BCS Barclays PLC-Spons ADR Reduce -36.2% 3.64% −1.67 GPRE Green Plains Inc. Reduce -28.6% 1.42% −1.63 W Wayfair Inc. Class A Sold out 0.00% −1.28 NOV Nov Inc. Reduce -9.0% 6.19% −1.17 DAL Delta Air Lines Inc. Reduce -6.5% 7.94% −1.09 RIG Transocean Ltd. Reduce -4.3% 2.75% −0.80 ASPN Aspen Aerogels Inc. Sold out 0.00% −0.66 VFC VF Corp. Reduce -3.0% 2.34% −0.55 LGF.B Lions Gate Entertainment-B Reduce -2.4% 3.15% −0.54 EMBJ Embraer SA-Spon ADR Reduce -2.5% 4.50% −0.52 RUN Sunrun Inc. Reduce -2.5% 2.07% −0.42 FLR Fluor Corp. Reduce -1.5% 7.68% −0.30 TLS Telos Corporation Reduce -3.3% 2.09% −0.27 NXE Nexgen Energy Ltd. Reduce -2.5% 1.22% −0.25 GSM Ferroglobe PLC Reduce -7.1% 2.81% −0.15 BLUEBIRD BIO INC Reduce -2.5% 0.17% −0.07 GBNHF Greenbrook TMS Inc. Sold out 0.00% −0.06 SEQUANS COMMUNICATIONS S A Sold out 0.00% −0.03 FTK Flotek Industries Inc. Reduce -5.0% 0.42% +0.06 AOMR Angel Oak Mortgage REIT Inc. Reduce -3.0% 2.62% +0.29 ENVX Enovix Corp. Reduce -25.9% 2.77% +0.73
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ PRGO Perrigo Co. PLC Add +900.0% 4.60% +3.99 CIEN Ciena Corp. Add +300.0% 3.45% +2.52 DB Deutsche Bank AG-Registered Add +88.0% 5.37% +2.39 BAX Baxter International Inc. Add +200.0% 3.59% +1.98 VIK Viking Holdings Ltd. New 1.82% +1.82 VNO Vornado Realty Trust Add +138.1% 2.35% +1.21 HPE Hewlett Packard Enterprise New 1.14% +1.14 AA Alcoa Corp. Add +5.0% 6.73% +0.99 INTC Intel Corp. Add +78.0% 4.93% +0.77 LION Lionsgate Studios Corp. New 0.72% +0.72 NVTS Navitas Semiconductor Corp. Add +90.0% 1.34% +0.44 TTI Tetra Technologies Inc. Add +70.0% 1.05% +0.22 VENUS CONCEPT INC Add +100.0% 0.09% +0.05
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,000,000 $523.1Mbefore exit IBM Intl Business Machines Corp. call Sold out 1,900,000 $362.8Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 500,000 $239.6M DAL Delta Air Lines Inc. call Add +200.0% 3,000,000 $142.3M C Citigroup Inc. call Add +100.0% 2,000,000 $126.9M XOM Exxon Mobil Corp. call Sold out 1,000,000 $116.2Mbefore exit TLT iShares 20+ Year Treasury BD call New 1,000,000 $91.8M BABA Alibaba Group Holding-SP ADR call Sold out 1,000,000 $72.4Mbefore exit DIS The Walt Disney Co. call Sold out 500,000 $61.2Mbefore exit MMM 3M Co. call Sold out 600,000 $53.2Mbefore exit UAL United Airlines Holdings Inc. call Sold out 1,000,000 $47.9Mbefore exit CSCO Cisco Systems Inc. call Reduce -50.0% 1,000,000 $47.5M GM General Motors Co. call Reduce -50.0% 1,000,000 $46.5M TFC Truist Financial Corp. call Add +100.0% 1,000,000 $38.9M IP International Paper Co. call New 856,300 $36.9M MRVL Marvell Technology Inc. call Reduce -50.0% 500,000 $35.0M AA Alcoa Corp. call Sold out 1,000,000 $33.8Mbefore exit CRC California Resources Corp. call New 600,000 $31.9M INTC Intel Corp. call Reduce -50.0% 1,000,000 $31.0M CLF Cleveland-Cliffs Inc. call Add +100.0% 2,000,000 $30.8M DOW Dow Inc. call Sold out 500,000 $29.0Mbefore exit GT Goodyear Tire & Rubber Co. call Sold out 2,000,000 $27.5Mbefore exit GILD Gilead Sciences Inc. call New 385,000 $26.4M MU Micron Technology Inc. call Reduce -80.0% 200,000 $26.3M CIEN Ciena Corp. call Sold out 500,000 $24.7Mbefore exit MHK Mohawk Industries Inc. call New 200,000 $22.7M W Wayfair Inc. Class A call Sold out 300,000 $20.4Mbefore exit NOV Nov Inc. call New 1,000,000 $19.0M DB Deutsche Bank AG-Registered call Sold out 1,000,000 $15.8Mbefore exit INTC Intel Corp. put New 500,000 $15.5M HPE Hewlett Packard Enterprise call New 700,000 $14.8M PLTR Palantir Technologies Inc. Class A call New 500,000 $12.7M RUN Sunrun Inc. call Reduce -50.0% 1,000,000 $11.9M PARAA Paramount Global Class B call Sold out 1,000,000 $11.8Mbefore exit RIG Transocean Ltd. call Reduce -50.0% 2,000,000 $10.7M EL Estee Lauder Companies Class A call New 100,000 $10.6M FLR Fluor Corp. call Reduce -90.0% 100,000 $4.4M HTZ Hertz Global Hldgs Inc. call New 1,000,000 $3.5M
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