Masters Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Masters Capital Management LLC reported 39 stock positions worth $472.1 million . Its top holding was Delta Air Lines (DAL) at 10.1% of the portfolio, followed by Fluor (FLR, 7.6% ) and Alcoa (AA, 6.5% ). Compared with Q4 2024, it opened 10 new positions, sold out of 9, added to 7 and reduced 10. The biggest buy was a new position in United Parcel Service Class B (UPS) and the biggest sale an exit from Deutsche Bank AG-Registered (DB).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $472.1M (Q1 2025) Holdings 39 stocks · $472.1M 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 Q4 2024 DAL Delta Air Lines Inc. 1,091,628 $47.6M Add +9.2% FLR Fluor Corp. 1,000,000 $35.8M No change AA Alcoa Corp. 1,000,000 $30.5M No change BCS Barclays PLC-Spons ADR 1,500,000 $23.0M Reduce -21.1% INTC Intel Corp. 1,000,000 $22.7M No change UPS United Parcel Service Class B 200,000 $22.0M New CLF Cleveland-Cliffs Inc. 2,500,000 $20.6M Add +25.0% EMN Eastman Chemical Co. 200,000 $17.6M New VFC VF Corp. 1,100,000 $17.1M Add +10.0% NOV Nov Inc. 1,000,000 $15.2M Reduce -33.3% MIR Mirion Technologies Inc. 1,000,000 $14.5M No change PBR Petroleo Brasileiro-Spon ADR 1,000,000 $14.3M New ASTS Ast Spacemobile Inc. 600,000 $13.6M Reduce -25.0% W Wayfair Inc. Class A 400,000 $12.8M Add +100.0% ENVX Enovix Corp. 1,700,000 $12.5M Add +21.4% LGF.B Lions Gate Entertainment-B 1,500,000 $11.9M Reduce -25.0% AOMR Angel Oak Mortgage REIT Inc. 1,100,000 $10.5M Reduce -1.4% VYX NCR Voyix Corp. 1,000,000 $9.8M New VALE Vale SA-SP ADR 970,000 $9.7M New BWAY Brainsway Ltd.-ADR 1,000,000 $9.5M No change NXE Nexgen Energy Ltd. 2,000,000 $9.0M No change PONY Pony AI Inc. 1,000,000 $8.8M Add +100.0% GSM Ferroglobe PLC 2,000,000 $7.4M Reduce -33.3% MBLY Mobileye Global Inc. Class A 500,000 $7.2M No change ACHR Archer Aviation Inc. Class A 1,000,000 $7.1M No change EVEX Eve Holding Inc. filed as EVE HLDG INC 2,050,000 $6.8M Add +20.6% TLS Telos Corporation 2,700,000 $6.4M Reduce -3.6% TTI Tetra Technologies Inc. 1,900,000 $6.4M Reduce -5.0% RIG Transocean Ltd. 2,000,000 $6.3M No change GOGO Gogo Inc. 500,000 $4.3M New BORR Borr Drilling Ltd. 1,960,100 $4.3M New FTK Flotek Industries Inc. 500,000 $4.2M No change LUCD Lucid Diagnostics Inc. 2,727,273 $4.1M New FCX Freeport-McMoran Inc. 100,000 $3.8M New LION Lionsgate Studios Corp. 500,000 $3.7M No change STIM Neuronetics Inc. 1,000,000 $3.7M Reduce -33.3% SENS Senseonics Holdings Inc. 4,500,000 $3.0M Reduce -35.7% GPRE Green Plains Inc. 500,000 $2.4M New NVTS Navitas Semiconductor Corp. 1,000,000 $2.0M No change
Options reported separately and not counted above: TLT calls ($273.1M), C calls ($142.0M), BMY calls ($122.0M), MU calls ($86.9M), DAL calls ($82.8M), FCX calls ($75.7M), BAX calls ($68.5M), COHR calls ($64.9M), SLB calls ($62.7M), NUE calls ($60.2M), GDX calls ($46.0M), INTC calls ($45.4M), and 18 more.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ DB Deutsche Bank AG-Registered Sold out 0.00% −5.24 DOW Dow Inc. Sold out 0.00% −4.11 T AT&T Inc. Sold out 0.00% −3.89 VNO Vornado Realty Trust Sold out 0.00% −2.87 EMBJ Embraer SA-Spon ADR Sold out 0.00% −2.50 PRGO Perrigo Co. PLC Sold out 0.00% −2.19 RUN Sunrun Inc. Sold out 0.00% −1.58 LCID Lucid Group Inc. Sold out 0.00% −0.52 NOV Nov Inc. Reduce -33.3% 3.22% −0.51 GSM Ferroglobe PLC Reduce -33.3% 1.57% −0.37 TLS Telos Corporation Reduce -3.6% 1.36% −0.27 BLUEBIRD BIO INC Sold out 0.00% −0.07 LGF.B Lions Gate Entertainment-B Reduce -25.0% 2.52% −0.06 SENS Senseonics Holdings Inc. Reduce -35.7% 0.63% +0.00 ASTS Ast Spacemobile Inc. Reduce -25.0% 2.89% +0.01 TTI Tetra Technologies Inc. Reduce -5.0% 1.35% +0.13 STIM Neuronetics Inc. Reduce -33.3% 0.78% +0.37 AOMR Angel Oak Mortgage REIT Inc. Reduce -1.4% 2.22% +0.46 BCS Barclays PLC-Spons ADR Reduce -21.1% 4.88% +0.57
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ UPS United Parcel Service Class B New 4.66% +4.66 EMN Eastman Chemical Co. New 3.73% +3.73 PBR Petroleo Brasileiro-Spon ADR New 3.04% +3.04 VYX NCR Voyix Corp. New 2.07% +2.07 VALE Vale SA-SP ADR New 2.05% +2.05 W Wayfair Inc. Class A Add +100.0% 2.71% +1.20 CLF Cleveland-Cliffs Inc. Add +25.0% 4.35% +1.15 GOGO Gogo Inc. New 0.91% +0.91 BORR Borr Drilling Ltd. New 0.91% +0.91 LUCD Lucid Diagnostics Inc. New 0.86% +0.86 FCX Freeport-McMoran Inc. New 0.80% +0.80 PONY Pony AI Inc. Add +100.0% 1.87% +0.64 GPRE Green Plains Inc. New 0.51% +0.51 ENVX Enovix Corp. Add +21.4% 2.64% +0.05 VFC VF Corp. Add +10.0% 3.62% −0.05 EVEX Eve Holding Inc. Add +20.6% 1.44% −0.14 DAL Delta Air Lines Inc. Add +9.2% 10.08% −0.24
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 500,000 $293.0Mbefore exit TLT iShares 20+ Year Treasury BD call New 3,000,000 $273.1M BABA Alibaba Group Holding-SP ADR call Sold out 2,000,000 $169.6Mbefore exit MMM 3M Co. call Sold out 900,000 $116.2Mbefore exit HON Honeywell International Inc. call Sold out 500,000 $112.9Mbefore exit MU Micron Technology Inc. call New 1,000,000 $86.9M DAL Delta Air Lines Inc. call Add +90.0% 1,900,000 $82.8M BAX Baxter International Inc. call New 2,000,000 $68.5M COHR Coherent Corp. call New 1,000,000 $64.9M MDT Medtronic PLC call Sold out 800,000 $63.9Mbefore exit SLB SLB Ltd. call Reduce -50.0% 1,500,000 $62.7M UBER Uber Technologies Inc. call Sold out 1,000,000 $60.3Mbefore exit NUE Nucor Corp. call New 500,000 $60.2M GILD Gilead Sciences Inc. call Sold out 600,000 $55.4Mbefore exit IP International Paper Co. call Sold out 1,000,000 $53.8Mbefore exit XOM Exxon Mobil Corp. call Sold out 500,000 $53.8Mbefore exit GM General Motors Co. call Sold out 1,000,000 $53.3Mbefore exit GDX Vaneck Gold Miners ETF call New 1,000,000 $46.0M INTC Intel Corp. call Reduce -33.3% 2,000,000 $45.4M CVS CVS Health Corp. call Sold out 1,000,000 $44.9Mbefore exit WMT Walmart Inc. put New 500,000 $43.9M YPF YPF S.A.-Sponsored ADR call Sold out 1,000,000 $42.5Mbefore exit TFC Truist Financial Corp. call New 1,000,000 $41.1M UBER Uber Technologies Inc. put New 500,000 $36.4M CSCO Cisco Systems Inc. call Sold out 500,000 $29.6Mbefore exit EMN Eastman Chemical Co. call New 300,000 $26.4M CRC California Resources Corp. call Reduce -50.0% 500,000 $22.0M DOW Dow Inc. put Sold out 500,000 $20.1Mbefore exit RIG Transocean Ltd. call Sold out 5,000,000 $18.8Mbefore exit VALE Vale SA-SP ADR call Sold out 2,000,000 $17.7Mbefore exit FSLR First Solar Inc. call Sold out 100,000 $17.6Mbefore exit RUN Sunrun Inc. call Add +50.0% 3,000,000 $17.6M W Wayfair Inc. Class A call New 500,000 $16.0M VFC VF Corp. call New 1,000,000 $15.5M SRRK Scholar Rock Holding Corp. call Sold out 275,000 $11.9Mbefore exit MBLY Mobileye Global Inc. Class A call Sold out 500,000 $10.0Mbefore exit GOGO Gogo Inc. call Sold out 1,000,000 $8.1Mbefore exit SMR Nuscale Power Corp. call New 500,000 $7.1M GPRE Green Plains Inc. call New 1,000,000 $4.8M WGHTQ WW International Inc. call Sold out 2,000,000 $2.5Mbefore 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