Masters Capital Management LLC In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Masters Capital Management LLC reported 36 stock positions worth $520.0 million . Its top holding was Delta Air Lines (DAL) at 9.8% of the portfolio, followed by Fluor (FLR, 9.2% ) and Alcoa (AA, 7.4% ). Compared with Q2 2024, it opened 7 new positions, sold out of 6, added to 10 and reduced 8. The biggest buy was a new position in Wayfair Class A (W) and the biggest sale an exit from Intel (INTC).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $520.0M (Q3 2024) Holdings 36 stocks · $520.0M 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 Q2 2024 DAL Delta Air Lines Inc. 1,000,000 $50.8M Add +7.0% FLR Fluor Corp. 1,000,000 $47.7M Add +1.5% AA Alcoa Corp. 1,000,000 $38.6M Add +5.8% DB Deutsche Bank AG-Registered 1,880,000 $32.5M No change CLF Cleveland-Cliffs Inc. 2,010,000 $25.7M Add +3.3% BCS Barclays PLC-Spons ADR 1,900,000 $23.1M No change W Wayfair Inc. Class A 400,000 $22.5M New VFC VF Corp. 1,000,000 $19.9M Add +3.1% VNO Vornado Realty Trust 500,000 $19.7M No change ASTS Ast Spacemobile Inc. 712,022 $18.6M Reduce -28.8% NOV Nov Inc. 1,150,000 $18.4M Reduce -36.8% EMBJ Embraer SA-Spon ADR 500,000 $17.7M Reduce -48.7% PRGO Perrigo Co. PLC 650,000 $17.0M Reduce -35.0% ENVX Enovix Corp. 1,700,000 $15.9M Add +70.0% RIO Rio Tinto PLC-Spon ADR 200,000 $14.2M New LGF.B Lions Gate Entertainment-B 2,050,000 $14.2M No change GSM Ferroglobe PLC 3,000,000 $13.9M Add +2.6% CORZ Core Scientific Inc. 1,000,000 $11.9M New AOMR Angel Oak Mortgage REIT Inc. 1,115,000 $11.6M No change VIK Viking Holdings Ltd. 300,000 $10.5M No change RUN Sunrun Inc. 500,000 $9.0M Reduce -48.7% RIG Transocean Ltd. 2,000,000 $8.5M Reduce -30.3% BWAY Brainsway Ltd.-ADR 900,000 $8.3M No change COHR Coherent Corp. 88,792 $7.9M New TLS Telos Corporation 2,100,000 $7.5M Reduce -27.6% NXE Nexgen Energy Ltd. 1,000,000 $6.5M Add +2.6% TTI Tetra Technologies Inc. 1,975,343 $6.1M Add +16.2% NVTS Navitas Semiconductor Corp. 2,000,000 $4.9M Add +5.3% EVEX Eve Holding Inc. filed as EVE HLDG INC 1,200,000 $3.9M New LION Lionsgate Studios Corp. 500,000 $3.6M No change ACHR Archer Aviation Inc. Class A 895,500 $2.7M New SENS Senseonics Holdings Inc. 7,000,000 $2.4M No change FTK Flotek Industries Inc. 475,000 $2.4M No change STIM Neuronetics Inc. 1,200,000 $912K New BLUEBIRD BIO INC 975,000 $507K No change VENUS CONCEPT INC 621,740 $380K Reduce -6.7%
Options reported separately and not counted above: SPY puts ($573.8M), C calls ($125.2M), DIS calls ($96.2M), GILD calls ($83.8M), BABA calls ($53.1M), CLF calls ($51.1M), XBI calls ($49.4M), IP calls ($48.9M), NUE calls ($45.1M), AA calls ($38.6M), LVS calls ($37.8M), NOV calls ($31.9M), and 16 more.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ INTC Intel Corp. Sold out 0.00% −4.93 BAX Baxter International Inc. Sold out 0.00% −3.59 CIEN Ciena Corp. Sold out 0.00% −3.45 NOV Nov Inc. Reduce -36.8% 3.53% −2.66 GPRE Green Plains Inc. Sold out 0.00% −1.42 PRGO Perrigo Co. PLC Reduce -35.0% 3.28% −1.32 HPE Hewlett Packard Enterprise Sold out 0.00% −1.14 RIG Transocean Ltd. Reduce -30.3% 1.63% −1.11 EMBJ Embraer SA-Spon ADR Reduce -48.7% 3.40% −1.10 TLS Telos Corporation Reduce -27.6% 1.45% −0.64 RUN Sunrun Inc. Reduce -48.7% 1.74% −0.33 ASXC Asensus Surgical Inc. Sold out 0.00% −0.12 VENUS CONCEPT INC Reduce -6.7% 0.07% −0.02 ASTS Ast Spacemobile Inc. Reduce -28.8% 3.58% +1.50
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ W Wayfair Inc. Class A New 4.32% +4.32 RIO Rio Tinto PLC-Spon ADR New 2.74% +2.74 CORZ Core Scientific Inc. New 2.28% +2.28 DAL Delta Air Lines Inc. Add +7.0% 9.77% +1.83 COHR Coherent Corp. New 1.52% +1.52 FLR Fluor Corp. Add +1.5% 9.17% +1.49 VFC VF Corp. Add +3.1% 3.84% +1.49 EVEX Eve Holding Inc. New 0.75% +0.75 AA Alcoa Corp. Add +5.8% 7.42% +0.69 ACHR Archer Aviation Inc. Class A New 0.52% +0.52 ENVX Enovix Corp. Add +70.0% 3.05% +0.29 STIM Neuronetics Inc. New 0.18% +0.18 TTI Tetra Technologies Inc. Add +16.2% 1.18% +0.12 NXE Nexgen Energy Ltd. Add +2.6% 1.26% +0.04 GSM Ferroglobe PLC Add +2.6% 2.68% −0.13 NVTS Navitas Semiconductor Corp. Add +5.3% 0.94% −0.39 CLF Cleveland-Cliffs Inc. Add +3.3% 4.94% −0.42
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 1,000,000 $573.8M QQQ Invesco QQQ Trust Series 1 put Sold out 500,000 $239.6Mbefore exit DIS The Walt Disney Co. call New 1,000,000 $96.2M TLT iShares 20+ Year Treasury BD call Sold out 1,000,000 $91.8Mbefore exit GILD Gilead Sciences Inc. call Add +159.7% 1,000,000 $83.8M BABA Alibaba Group Holding-SP ADR call New 500,000 $53.1M CLF Cleveland-Cliffs Inc. call Add +100.0% 4,000,000 $51.1M XBI SS SPDR S&P Biotech ETF call New 500,000 $49.4M IP International Paper Co. call Add +16.8% 1,000,000 $48.9M CSCO Cisco Systems Inc. call Sold out 1,000,000 $47.5Mbefore exit GM General Motors Co. call Sold out 1,000,000 $46.5Mbefore exit NUE Nucor Corp. call New 300,000 $45.1M GLW Corning Inc. call Sold out 1,000,000 $38.9Mbefore exit TFC Truist Financial Corp. call Sold out 1,000,000 $38.9Mbefore exit AA Alcoa Corp. call New 1,000,000 $38.6M LVS Las Vegas Sands Corp. call New 750,000 $37.8M MRVL Marvell Technology Inc. call Sold out 500,000 $35.0Mbefore exit NOV Nov Inc. call Add +100.0% 2,000,000 $31.9M CVS CVS Health Corp. call New 500,000 $31.4M MU Micron Technology Inc. call Add +50.0% 300,000 $31.1M CRC California Resources Corp. call Reduce -16.7% 500,000 $26.2M DAL Delta Air Lines Inc. call Reduce -83.3% 500,000 $25.4M FCX Freeport-McMoran Inc. call Reduce -50.0% 500,000 $25.0M VALE Vale SA-SP ADR call New 2,000,000 $23.4M MHK Mohawk Industries Inc. call Sold out 200,000 $22.7Mbefore exit BE Bloom Energy Corp. Class A call Add +100.0% 2,000,000 $21.1M HPE Hewlett Packard Enterprise call Add +42.9% 1,000,000 $20.5M RIG Transocean Ltd. call Add +100.0% 4,000,000 $17.0M INTC Intel Corp. put Sold out 500,000 $15.5Mbefore exit GPRE Green Plains Inc. call New 1,000,000 $13.5M VFC VF Corp. call Sold out 1,000,000 $13.5Mbefore exit PRGO Perrigo Co. PLC call Reduce -50.0% 500,000 $13.1M PLTR Palantir Technologies Inc. Class A call Sold out 500,000 $12.7Mbefore exit EL Estee Lauder Companies Class A call Sold out 100,000 $10.6Mbefore exit RKLB Rocket Lab USA Inc. call New 1,000,000 $9.7M RUN Sunrun Inc. call Reduce -59.0% 410,000 $7.4M FLR Fluor Corp. call Add +20.0% 120,000 $5.7M HTZ Hertz Global Hldgs Inc. call Sold out 1,000,000 $3.5Mbefore exit
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