Masters Capital Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Masters Capital Management LLC reported 43 stock positions worth $622.5 million . Its top holding was Delta Air Lines (DAL) at 9.1% of the portfolio, followed by Fluor (FLR, 6.8% ) and Eastman Chemical (EMN, 5.1% ). Compared with Q2 2025, it opened 11 new positions, sold out of 7, added to 8 and reduced 2. The biggest buy was a new position in Archer-Daniels-Midland (ADM) and the biggest sale an exit from Intel (INTC).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $622.5M (Q3 2025) Holdings 43 stocks · $622.5M 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 2025 DAL Delta Air Lines Inc. 1,000,000 $56.8M No change FLR Fluor Corp. 1,000,000 $42.1M No change EMN Eastman Chemical Co. 500,000 $31.5M Add +100.0% NOV Nov Inc. 2,000,000 $26.5M No change VYX NCR Voyix Corp. 2,100,000 $26.4M Add +10.5% UPS United Parcel Service Class B 300,000 $25.1M No change ASTS Ast Spacemobile Inc. 500,000 $24.5M No change CLF Cleveland-Cliffs Inc. 2,000,000 $24.4M No change PONY Pony AI Inc. 1,000,000 $22.5M No change BCS Barclays PLC-Spons ADR 1,000,000 $20.7M No change ENVX Enovix Corp. 2,000,000 $19.9M No change ADM Archer-Daniels-Midland Co. 300,000 $17.9M New NXE Nexgen Energy Ltd. 2,000,000 $17.9M No change BWAY Brainsway Ltd.-ADR 1,000,000 $15.1M No change FTK Flotek Industries Inc. 1,000,000 $14.6M No change VFC VF Corp. 1,000,000 $14.4M No change LION Lionsgate Studios Corp. 2,000,000 $13.8M No change OLN Olin Corp. 550,000 $13.7M New TLS Telos Corporation 2,000,000 $13.7M No change MHK Mohawk Industries Inc. 100,000 $12.9M New PBR Petroleo Brasileiro-Spon ADR 1,000,000 $12.7M No change EVEX Eve Holding Inc. filed as EVE HLDG INC 3,050,000 $11.6M Add +52.5% DOW Dow Inc. 500,000 $11.5M Add +400.0% DNLI Denali Therapeutics Inc. 750,000 $10.9M Add +25.0% VALE Vale SA-SP ADR 1,000,000 $10.9M New CRC California Resources Corp. 200,000 $10.6M New REAL The Realreal Inc. filed as THE REALREAL INC 1,000,000 $10.6M New ACHR Archer Aviation Inc. Class A 999,700 $9.6M Reduce -0.0% AOMR Angel Oak Mortgage REIT Inc. 1,000,000 $9.4M No change GSM Ferroglobe PLC 2,000,000 $9.1M No change BMY Bristol-Myers Squibb Co. 200,000 $9.0M Reduce -20.0% GPRE Green Plains Inc. 1,000,000 $8.8M No change BORR Borr Drilling Ltd. 3,000,000 $8.1M Add +42.9% DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 1,200,000 $7.2M New DQ Daqo New Energy Corp.-ADR 200,000 $5.6M New CE Celanese Corp. 100,000 $4.2M New LUCD Lucid Diagnostics Inc. 3,999,273 $4.0M Add +46.6% RIG Transocean Ltd. 1,000,000 $3.1M New STIM Neuronetics Inc. 1,000,000 $2.7M No change PLUG Plug Power Inc. 1,000,000 $2.3M No change NFE New Fortress Energy Inc. 1,000,000 $2.2M New SENS Senseonics Holdings Inc. 5,000,000 $2.2M Add +11.1% UP Wheels Up Experience Inc. 1,000,000 $1.8M No change
Options reported separately and not counted above: SPY puts ($666.2M), IBM calls ($141.1M), GILD calls ($111.0M), C calls ($101.5M), UPS calls ($83.5M), GLW calls ($82.0M), SLB calls ($68.7M), INTC calls ($67.1M), AA calls ($65.8M), GM calls ($61.0M), DAL calls ($56.8M), EMN calls ($50.4M), and 23 more.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ INTC Intel Corp. Sold out 0.00% −4.31 SMG Scotts Miracle-Gro Co. Sold out 0.00% −2.54 PPG PPG Industries Inc. Sold out 0.00% −2.19 TTI Tetra Technologies Inc. Sold out 0.00% −1.29 ETOR Etoro Group Ltd. Class A Sold out 0.00% −1.28 BMY Bristol-Myers Squibb Co. Reduce -20.0% 1.45% −0.78 ACHR Archer Aviation Inc. Class A Reduce -0.0% 1.54% −0.55 SRRK Scholar Rock Holding Corp. Sold out 0.00% −0.34 NG Novagold Resources Inc. Sold out 0.00% −0.08
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ADM Archer-Daniels-Midland Co. New 2.88% +2.88 OLN Olin Corp. New 2.21% +2.21 MHK Mohawk Industries Inc. New 2.07% +2.07 VALE Vale SA-SP ADR New 1.74% +1.74 CRC California Resources Corp. New 1.71% +1.71 REAL The Realreal Inc. New 1.71% +1.71 EMN Eastman Chemical Co. Add +100.0% 5.06% +1.47 DOW Dow Inc. Add +400.0% 1.84% +1.33 DCH Dauch Corporation New 1.16% +1.16 DQ Daqo New Energy Corp.-ADR New 0.90% +0.90 CE Celanese Corp. New 0.68% +0.68 BORR Borr Drilling Ltd. Add +42.9% 1.30% +0.56 RIG Transocean Ltd. New 0.50% +0.50 NFE New Fortress Energy Inc. New 0.35% +0.35 DNLI Denali Therapeutics Inc. Add +25.0% 1.75% +0.13 LUCD Lucid Diagnostics Inc. Add +46.6% 0.65% +0.04 VYX NCR Voyix Corp. Add +10.5% 4.23% −0.06 SENS Senseonics Holdings Inc. Add +11.1% 0.35% −0.06 EVEX Eve Holding Inc. Add +52.5% 1.87% −0.78
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ IBM Intl Business Machines Corp. call New 500,000 $141.1M GILD Gilead Sciences Inc. call New 1,000,000 $111.0M C Citigroup Inc. call Reduce -52.4% 1,000,000 $101.5M WMT Walmart Inc. put Sold out 1,000,000 $97.8Mbefore exit TLT iShares 20+ Year Treasury BD call Sold out 1,000,000 $88.3Mbefore exit UPS United Parcel Service Class B call New 1,000,000 $83.5M GLW Corning Inc. call New 1,000,100 $82.0M UAL United Airlines Holdings Inc. call Sold out 1,000,000 $79.6Mbefore exit GDXJ Vaneck Junior Gold Miners call Sold out 1,000,000 $67.6Mbefore exit INTC Intel Corp. call Reduce -33.3% 2,000,000 $67.1M AA Alcoa Corp. call Add +100.0% 2,000,000 $65.8M MU Micron Technology Inc. call Sold out 500,000 $61.6Mbefore exit GM General Motors Co. call New 1,000,000 $61.0M BAX Baxter International Inc. call Sold out 2,000,000 $60.6Mbefore exit DAL Delta Air Lines Inc. call New 1,000,000 $56.8M W Wayfair Inc. Class A call Sold out 1,000,000 $51.1Mbefore exit EMN Eastman Chemical Co. call Reduce -11.1% 800,000 $50.4M XBI SS SPDR S&P Biotech ETF call New 500,000 $50.1M UBER Uber Technologies Inc. call Sold out 500,000 $46.6Mbefore exit TFC Truist Financial Corp. call Sold out 1,029,900 $44.3Mbefore exit BWA Borgwarner Inc. call New 1,000,000 $44.0M BA The Boeing Co. call Sold out 200,000 $41.9Mbefore exit ADM Archer-Daniels-Midland Co. call Reduce -30.0% 700,000 $41.8M NUE Nucor Corp. call New 300,000 $40.6M FCX Freeport-McMoran Inc. call Reduce -50.0% 1,000,000 $39.2M XOM Exxon Mobil Corp. call New 300,000 $33.8M EMN Eastman Chemical Co. put New 500,000 $31.5M FLR Fluor Corp. call Add +44.3% 700,000 $29.4M MHK Mohawk Industries Inc. call Reduce -33.3% 200,000 $25.8M PFE Pfizer Inc. call New 1,000,000 $25.5M HAL Halliburton Co. call New 1,000,000 $24.6M DAL Delta Air Lines Inc. put Sold out 500,000 $24.6Mbefore exit F Ford Motor Co. call New 2,000,000 $23.9M DOW Dow Inc. call Add +100.0% 1,000,000 $22.9M COHR Coherent Corp. call Sold out 250,000 $22.3Mbefore exit PRGO Perrigo Co. PLC call Sold out 697,400 $18.6Mbefore exit BABA Alibaba Group Holding-SP ADR call New 100,000 $17.9M RUN Sunrun Inc. call Add +100.0% 1,000,000 $17.3M VFC VF Corp. call New 1,000,000 $14.4M OLN Olin Corp. call New 500,000 $12.5M MIR Mirion Technologies Inc. call Sold out 500,000 $10.8Mbefore exit REAL The Realreal Inc. call New 1,000,000 $10.6M ADNT Adient PLC call Sold out 500,000 $9.7Mbefore exit LYFT LYFT Inc. Class A call Sold out 500,000 $7.9Mbefore exit CLF Cleveland-Cliffs Inc. call Sold out 1,000,000 $7.6Mbefore exit HTZ Hertz Global Hldgs Inc. call New 1,000,000 $6.8M QS Quantumscape Corp. call Sold out 1,000,000 $6.7Mbefore exit RIG Transocean Ltd. call New 2,000,000 $6.2M EVTL Vertical Aerospace Ltd. call New 1,000,000 $5.2M INMB Inmune Bio Inc. call Sold out 100,000 $231Kbefore 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