Masters Capital Management LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Masters Capital Management LLC reported 38 stock positions worth $586.1 million . Its top holding was Delta Air Lines (DAL) at 10.3% of the portfolio, followed by Fluor (FLR, 8.4% ) and Alcoa (AA, 6.4% ). Compared with Q3 2024, it opened 7 new positions, sold out of 5, added to 11 and reduced 9. The biggest buy was a new position in Dow (DOW) and the biggest sale Wayfair Class A (W, shares −50% ).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $586.1M (Q4 2024) Holdings 38 stocks · $586.1M 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 Q3 2024 DAL Delta Air Lines Inc. 1,000,000 $60.5M No change FLR Fluor Corp. 1,000,000 $49.3M No change AA Alcoa Corp. 1,000,000 $37.8M No change DB Deutsche Bank AG-Registered 1,800,000 $30.7M Reduce -4.3% BCS Barclays PLC-Spons ADR 1,900,000 $25.3M No change DOW Dow Inc. 600,000 $24.1M New T AT&T Inc. 1,000,000 $22.8M New NOV Nov Inc. 1,500,000 $21.9M Add +30.4% VFC VF Corp. 1,000,000 $21.5M No change INTC Intel Corp. 1,000,000 $20.1M New CLF Cleveland-Cliffs Inc. 2,000,000 $18.8M Reduce -0.5% MIR Mirion Technologies Inc. 1,000,000 $17.4M New ASTS Ast Spacemobile Inc. 800,000 $16.9M Add +12.4% VNO Vornado Realty Trust 400,001 $16.8M Reduce -20.0% ENVX Enovix Corp. 1,400,000 $15.2M Reduce -17.6% LGF.B Lions Gate Entertainment-B 2,000,000 $15.1M Reduce -2.4% EMBJ Embraer SA-Spon ADR 400,000 $14.7M Reduce -20.0% NXE Nexgen Energy Ltd. 2,000,000 $13.2M Add +100.0% PRGO Perrigo Co. PLC 500,000 $12.9M Reduce -23.1% GSM Ferroglobe PLC 3,000,000 $11.4M No change AOMR Angel Oak Mortgage REIT Inc. 1,115,000 $10.3M No change MBLY Mobileye Global Inc. Class A 500,000 $10.0M New ACHR Archer Aviation Inc. Class A 1,000,000 $9.8M Add +11.7% TLS Telos Corporation 2,800,000 $9.6M Add +33.3% BWAY Brainsway Ltd.-ADR 1,000,000 $9.4M Add +11.1% RUN Sunrun Inc. 1,000,000 $9.3M Add +100.0% EVEX Eve Holding Inc. filed as EVE HLDG INC 1,700,000 $9.2M Add +41.7% W Wayfair Inc. Class A 200,000 $8.9M Reduce -50.0% RIG Transocean Ltd. 2,000,000 $7.5M No change PONY Pony AI Inc. 500,000 $7.2M New TTI Tetra Technologies Inc. 2,000,000 $7.2M Add +1.3% FTK Flotek Industries Inc. 500,000 $4.8M Add +5.3% LION Lionsgate Studios Corp. 500,000 $3.8M No change SENS Senseonics Holdings Inc. 7,000,000 $3.7M No change NVTS Navitas Semiconductor Corp. 1,000,000 $3.6M Reduce -50.0% LCID Lucid Group Inc. 1,000,000 $3.0M New STIM Neuronetics Inc. 1,500,000 $2.4M Add +25.0% BLUEBIRD BIO INC 48,750 $407K No change
Options reported separately and not counted above: SPY puts ($293.0M), BABA calls ($169.6M), C calls ($140.8M), MMM calls ($116.2M), SLB calls ($115.0M), BMY calls ($113.1M), HON calls ($112.9M), FCX calls ($76.2M), MDT calls ($63.9M), DAL calls ($60.5M), UBER calls ($60.3M), INTC calls ($60.1M), and 25 more.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ W Wayfair Inc. Class A Reduce -50.0% 1.51% −2.81 RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −2.74 CORZ Core Scientific Inc. Sold out 0.00% −2.28 VIK Viking Holdings Ltd. Sold out 0.00% −2.01 CLF Cleveland-Cliffs Inc. Reduce -0.5% 3.21% −1.73 COHR Coherent Corp. Sold out 0.00% −1.52 PRGO Perrigo Co. PLC Reduce -23.1% 2.19% −1.09 DB Deutsche Bank AG-Registered Reduce -4.3% 5.24% −1.02 VNO Vornado Realty Trust Reduce -20.0% 2.87% −0.92 EMBJ Embraer SA-Spon ADR Reduce -20.0% 2.50% −0.90 ENVX Enovix Corp. Reduce -17.6% 2.60% −0.46 NVTS Navitas Semiconductor Corp. Reduce -50.0% 0.61% −0.33 LGF.B Lions Gate Entertainment-B Reduce -2.4% 2.58% −0.15 VENUS CONCEPT INC Sold out 0.00% −0.07
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ DOW Dow Inc. New 4.11% +4.11 T AT&T Inc. New 3.89% +3.89 INTC Intel Corp. New 3.42% +3.42 MIR Mirion Technologies Inc. New 2.98% +2.98 MBLY Mobileye Global Inc. Class A New 1.70% +1.70 PONY Pony AI Inc. New 1.22% +1.22 ACHR Archer Aviation Inc. Class A Add +11.7% 1.66% +1.14 NXE Nexgen Energy Ltd. Add +100.0% 2.25% +1.00 EVEX Eve Holding Inc. Add +41.7% 1.58% +0.83 LCID Lucid Group Inc. New 0.52% +0.52 FTK Flotek Industries Inc. Add +5.3% 0.81% +0.36 STIM Neuronetics Inc. Add +25.0% 0.41% +0.24 NOV Nov Inc. Add +30.4% 3.74% +0.20 TLS Telos Corporation Add +33.3% 1.63% +0.18 TTI Tetra Technologies Inc. Add +1.3% 1.22% +0.04 BWAY Brainsway Ltd.-ADR Add +11.1% 1.61% +0.01 RUN Sunrun Inc. Add +100.0% 1.58% −0.16 ASTS Ast Spacemobile Inc. Add +12.4% 2.88% −0.70
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -50.0% 500,000 $293.0M BABA Alibaba Group Holding-SP ADR call Add +300.0% 2,000,000 $169.6M MMM 3M Co. call New 900,000 $116.2M SLB SLB Ltd. call New 3,000,000 $115.0M BMY Bristol-Myers Squibb Co. call New 2,000,000 $113.1M HON Honeywell International Inc. call New 500,000 $112.9M DIS The Walt Disney Co. call Sold out 1,000,000 $96.2Mbefore exit FCX Freeport-McMoran Inc. call Add +300.0% 2,000,000 $76.2M MDT Medtronic PLC call New 800,000 $63.9M DAL Delta Air Lines Inc. call Add +100.0% 1,000,000 $60.5M UBER Uber Technologies Inc. call New 1,000,000 $60.3M INTC Intel Corp. call Add +200.0% 3,000,000 $60.1M GILD Gilead Sciences Inc. call Reduce -40.0% 600,000 $55.4M XOM Exxon Mobil Corp. call New 500,000 $53.8M GM General Motors Co. call New 1,000,000 $53.3M CRC California Resources Corp. call Add +100.0% 1,000,000 $51.9M LVS Las Vegas Sands Corp. call Add +33.3% 1,000,000 $51.4M XBI SS SPDR S&P Biotech ETF call Sold out 500,000 $49.4Mbefore exit FLR Fluor Corp. call Add +733.3% 1,000,000 $49.3M NUE Nucor Corp. call Sold out 300,000 $45.1Mbefore exit CVS CVS Health Corp. call Add +100.0% 1,000,000 $44.9M YPF YPF S.A.-Sponsored ADR call New 1,000,000 $42.5M MU Micron Technology Inc. call Sold out 300,000 $31.1Mbefore exit CSCO Cisco Systems Inc. call New 500,000 $29.6M CLF Cleveland-Cliffs Inc. call Reduce -25.0% 3,000,000 $28.2M PRGO Perrigo Co. PLC call Add +100.0% 1,000,000 $25.7M BE Bloom Energy Corp. Class A call Sold out 2,000,000 $21.1Mbefore exit HPE Hewlett Packard Enterprise call Sold out 1,000,000 $20.5Mbefore exit DOW Dow Inc. put New 500,000 $20.1M RIG Transocean Ltd. call Add +25.0% 5,000,000 $18.8M RUN Sunrun Inc. call Add +387.8% 2,000,000 $18.5M FSLR First Solar Inc. call New 100,000 $17.6M DB Deutsche Bank AG-Registered call New 1,000,000 $17.1M NOV Nov Inc. call Reduce -50.0% 1,000,000 $14.6M GPRE Green Plains Inc. call Sold out 1,000,000 $13.5Mbefore exit SRRK Scholar Rock Holding Corp. call New 275,000 $11.9M MBLY Mobileye Global Inc. Class A call New 500,000 $10.0M RKLB Rocket Lab USA Inc. call Sold out 1,000,000 $9.7Mbefore exit GOGO Gogo Inc. call New 1,000,000 $8.1M QS Quantumscape Corp. call New 1,000,000 $5.2M
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