Masters Capital Management LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Masters Capital Management LLC reported 39 stock positions worth $519.3 million . Its top holding was Fluor (FLR) at 9.9% of the portfolio, followed by Delta Air Lines (DAL, 9.5% ) and United Parcel Service Class B (UPS, 5.8% ). Compared with Q1 2025, it opened 11 new positions, sold out of 11, added to 9 and reduced 8. The biggest buy was a new position in Scotts Miracle-Gro (SMG) and the biggest sale an exit from Alcoa (AA).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $519.3M (Q2 2025) Holdings 39 stocks · $519.3M 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 2025 FLR Fluor Corp. 1,000,000 $51.3M No change DAL Delta Air Lines Inc. 1,000,000 $49.2M Reduce -8.4% UPS United Parcel Service Class B 300,000 $30.3M Add +50.0% NOV Nov Inc. 2,000,000 $24.9M Add +100.0% ASTS Ast Spacemobile Inc. 500,000 $23.4M Reduce -16.7% INTC Intel Corp. 1,000,000 $22.4M No change VYX NCR Voyix Corp. 1,900,000 $22.3M Add +90.0% ENVX Enovix Corp. 2,000,000 $20.7M Add +17.6% EMN Eastman Chemical Co. 250,000 $18.7M Add +25.0% BCS Barclays PLC-Spons ADR 1,000,000 $18.6M Reduce -33.3% CLF Cleveland-Cliffs Inc. 2,000,000 $15.2M Reduce -20.0% FTK Flotek Industries Inc. 1,000,000 $14.8M Add +100.0% NXE Nexgen Energy Ltd. 2,000,000 $13.9M No change EVEX Eve Holding Inc. filed as EVE HLDG INC 2,000,000 $13.7M Reduce -2.4% PONY Pony AI Inc. 1,000,000 $13.2M No change SMG Scotts Miracle-Gro Co. 200,000 $13.2M New BWAY Brainsway Ltd.-ADR 1,000,000 $13.2M No change PBR Petroleo Brasileiro-Spon ADR 1,000,000 $12.5M No change VFC VF Corp. 1,000,000 $11.8M Reduce -9.1% LION Lionsgate Studios Corp. 2,000,000 $11.6M New BMY Bristol-Myers Squibb Co. 250,000 $11.6M New PPG PPG Industries Inc. 100,000 $11.4M New ACHR Archer Aviation Inc. Class A 1,000,000 $10.8M No change AOMR Angel Oak Mortgage REIT Inc. 1,000,000 $9.4M Reduce -9.1% DNLI Denali Therapeutics Inc. 600,000 $8.4M New GSM Ferroglobe PLC 2,000,000 $7.3M No change TTI Tetra Technologies Inc. 2,000,000 $6.7M Add +5.3% ETOR Etoro Group Ltd. Class A 100,000 $6.7M New TLS Telos Corporation 2,000,000 $6.3M Reduce -25.9% GPRE Green Plains Inc. 1,000,000 $6.0M Add +100.0% BORR Borr Drilling Ltd. 2,100,000 $3.8M Add +7.1% STIM Neuronetics Inc. 1,000,000 $3.5M No change LUCD Lucid Diagnostics Inc. 2,727,273 $3.1M No change DOW Dow Inc. 100,000 $2.6M New SENS Senseonics Holdings Inc. 4,500,000 $2.1M No change SRRK Scholar Rock Holding Corp. 50,000 $1.8M New PLUG Plug Power Inc. 1,000,000 $1.5M New UP Wheels Up Experience Inc. 1,000,000 $1.1M New NG Novagold Resources Inc. 100,000 $409K New
Options reported separately and not counted above: SPY puts ($617.9M), C calls ($178.8M), WMT puts ($97.8M), TLT calls ($88.3M), FCX calls ($86.7M), UAL calls ($79.6M), SLB calls ($67.6M), GDXJ calls ($67.6M), INTC calls ($67.2M), EMN calls ($67.2M), MU calls ($61.6M), BAX calls ($60.6M), and 21 more.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ AA Alcoa Corp. Sold out 0.00% −6.46 MIR Mirion Technologies Inc. Sold out 0.00% −3.07 W Wayfair Inc. Class A Sold out 0.00% −2.71 LGF.B Lions Gate Entertainment-B Sold out 0.00% −2.52 VALE Vale SA-SP ADR Sold out 0.00% −2.05 MBLY Mobileye Global Inc. Class A Sold out 0.00% −1.52 CLF Cleveland-Cliffs Inc. Reduce -20.0% 2.93% −1.43 VFC VF Corp. Reduce -9.1% 2.26% −1.35 RIG Transocean Ltd. Sold out 0.00% −1.34 BCS Barclays PLC-Spons ADR Reduce -33.3% 3.58% −1.30 GOGO Gogo Inc. Sold out 0.00% −0.91 FCX Freeport-McMoran Inc. Sold out 0.00% −0.80 LION Lionsgate Studios Corp. Sold out 0.00% −0.79 DAL Delta Air Lines Inc. Reduce -8.4% 9.47% −0.61 NVTS Navitas Semiconductor Corp. Sold out 0.00% −0.43 AOMR Angel Oak Mortgage REIT Inc. Reduce -9.1% 1.81% −0.41 TLS Telos Corporation Reduce -25.9% 1.22% −0.14 EVEX Eve Holding Inc. Reduce -2.4% 2.64% +1.20 ASTS Ast Spacemobile Inc. Reduce -16.7% 4.50% +1.61
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ SMG Scotts Miracle-Gro Co. New 2.54% +2.54 LION Lionsgate Studios Corp. New 2.24% +2.24 BMY Bristol-Myers Squibb Co. New 2.23% +2.23 VYX NCR Voyix Corp. Add +90.0% 4.29% +2.23 PPG PPG Industries Inc. New 2.19% +2.19 FTK Flotek Industries Inc. Add +100.0% 2.84% +1.96 DNLI Denali Therapeutics Inc. New 1.62% +1.62 NOV Nov Inc. Add +100.0% 4.79% +1.56 ENVX Enovix Corp. Add +17.6% 3.98% +1.34 ETOR Etoro Group Ltd. Class A New 1.28% +1.28 UPS United Parcel Service Class B Add +50.0% 5.83% +1.17 GPRE Green Plains Inc. Add +100.0% 1.16% +0.65 DOW Dow Inc. New 0.51% +0.51 SRRK Scholar Rock Holding Corp. New 0.34% +0.34 PLUG Plug Power Inc. New 0.29% +0.29 UP Wheels Up Experience Inc. New 0.21% +0.21 NG Novagold Resources Inc. New 0.08% +0.08 TTI Tetra Technologies Inc. Add +5.3% 1.29% −0.06 EMN Eastman Chemical Co. Add +25.0% 3.59% −0.14 BORR Borr Drilling Ltd. Add +7.1% 0.74% −0.17
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 1,000,000 $617.9M C Citigroup Inc. call Add +5.0% 2,100,000 $178.8M WMT Walmart Inc. put Add +100.0% 1,000,000 $97.8M TLT iShares 20+ Year Treasury BD call Reduce -66.7% 1,000,000 $88.3M DAL Delta Air Lines Inc. call Sold out 1,900,000 $82.8Mbefore exit UAL United Airlines Holdings Inc. call New 1,000,000 $79.6M SLB SLB Ltd. call Add +33.3% 2,000,000 $67.6M GDXJ Vaneck Junior Gold Miners call New 1,000,000 $67.6M INTC Intel Corp. call Add +50.0% 3,000,000 $67.2M EMN Eastman Chemical Co. call Add +200.0% 900,000 $67.2M MU Micron Technology Inc. call Reduce -50.0% 500,000 $61.6M NUE Nucor Corp. call Sold out 500,000 $60.2Mbefore exit ADM Archer-Daniels-Midland Co. call New 1,000,000 $52.8M W Wayfair Inc. Class A call Add +100.0% 1,000,000 $51.1M UBER Uber Technologies Inc. call New 500,000 $46.6M BMY Bristol-Myers Squibb Co. call Reduce -50.0% 1,000,000 $46.3M GDX Vaneck Gold Miners ETF call Sold out 1,000,000 $46.0Mbefore exit TFC Truist Financial Corp. call Add +3.0% 1,029,900 $44.3M BA The Boeing Co. call New 200,000 $41.9M LVS Las Vegas Sands Corp. call Sold out 1,000,000 $38.6Mbefore exit UBER Uber Technologies Inc. put Sold out 500,000 $36.4Mbefore exit MHK Mohawk Industries Inc. call New 300,000 $31.5M FLR Fluor Corp. call Reduce -51.5% 485,000 $24.9M DAL Delta Air Lines Inc. put New 500,000 $24.6M DB Deutsche Bank AG-Registered call Sold out 1,000,000 $23.8Mbefore exit COHR Coherent Corp. call Reduce -75.0% 250,000 $22.3M CRC California Resources Corp. call Sold out 500,000 $22.0Mbefore exit PRGO Perrigo Co. PLC call Reduce -30.3% 697,400 $18.6M VFC VF Corp. call Sold out 1,000,000 $15.5Mbefore exit DOW Dow Inc. call New 500,000 $13.2M MIR Mirion Technologies Inc. call New 500,000 $10.8M ADNT Adient PLC call New 500,000 $9.7M LYFT LYFT Inc. Class A call New 500,000 $7.9M CLF Cleveland-Cliffs Inc. call Reduce -66.7% 1,000,000 $7.6M SMR Nuscale Power Corp. call Sold out 500,000 $7.1Mbefore exit GPRE Green Plains Inc. call Sold out 1,000,000 $4.8Mbefore exit RUN Sunrun Inc. call Reduce -83.3% 500,000 $4.1M INMB Inmune Bio Inc. call New 100,000 $231K
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