Masters Capital Management LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Masters Capital Management LLC reported 44 stock positions worth $677.0 million . Its top holding was Delta Air Lines (DAL) at 9.8% of the portfolio, followed by Mohawk Industries (MHK, 7.3% ) and United Parcel Service Class B (UPS, 7.3% ). Compared with Q4 2025, it opened 10 new positions, sold out of 9, added to 9 and reduced 11. The biggest buy was United Parcel Service Class B (UPS, shares +67% ) and the biggest sale an exit from Honeywell International (HON).
Location ATLANTA, GA
CIK 0001104186
Portfolio Value $677.0M (Q1 2026) Holdings 44 stocks · $677.0M 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 Q4 2025 DAL Delta Air Lines Inc. 1,000,000 $66.5M No change MHK Mohawk Industries Inc. 500,000 $49.2M Add +25.0% UPS United Parcel Service Class B 500,000 $49.2M Add +66.7% FLR Fluor Corp. 925,000 $43.2M Reduce -15.9% ASTS Ast Spacemobile Inc. 500,000 $41.4M No change NOV Nov Inc. 2,000,000 $37.6M No change VYX NCR Voyix Corp. 3,500,000 $22.2M Add +16.7% BWAY Brainsway Ltd.-ADR 1,650,000 $21.9M Reduce -17.5% BCS Barclays PLC-Spons ADR 1,000,000 $21.2M No change DCH Dauch Corporation 3,500,000 $20.8M Add +16.7% HRL Hormel Foods Corp. 850,000 $19.3M New LION Lionsgate Studios Corp. 1,994,814 $19.1M Reduce -0.3% FTK Flotek Industries Inc. 1,089,438 $18.5M Add +8.9% REAL The Realreal Inc. filed as THE REALREAL INC 2,000,000 $18.2M No change NOK Nokia Corp.-Spon ADR 2,000,000 $16.1M No change EMN Eastman Chemical Co. 200,000 $15.3M Reduce -33.3% HUN Huntsman Corp. 1,000,000 $13.3M No change RIG Transocean Ltd. 2,000,000 $13.3M Add +100.0% NXE Nexgen Energy Ltd. 1,000,000 $11.6M Reduce -50.0% BORR Borr Drilling Ltd. 2,000,000 $11.5M Reduce -31.0% DNLI Denali Therapeutics Inc. 600,000 $11.5M Reduce -40.0% ENVX Enovix Corp. 2,000,000 $10.4M No change BETA Beta Technologies Inc. Class A 700,000 $10.3M New CLF Cleveland-Cliffs Inc. 1,200,000 $10.1M Add +20.0% PONY Pony AI Inc. 950,000 $9.0M Reduce -20.8% FSLY Fastly Inc. Class A 300,000 $8.7M New TLS Telos Corporation 2,000,000 $8.4M Reduce -4.8% GSM Ferroglobe PLC 2,000,000 $8.2M No change AOMR Angel Oak Mortgage REIT Inc. 1,000,000 $8.2M No change EVTL Vertical Aerospace Ltd. 3,400,000 $7.5M Add +70.0% ISOU Isoenergy Ltd. 700,000 $7.4M New RUN Sunrun Inc. 500,000 $6.8M New LYFT LYFT Inc. Class A 500,000 $6.7M New MANE Veradermics Inc. 100,000 $6.3M New IAG Iamgold Corp. 300,000 $5.6M New EVEX Eve Holding Inc. filed as EVE HLDG INC 2,000,000 $5.0M Reduce -4.8% LUCD Lucid Diagnostics Inc. 4,000,000 $4.6M No change SENS Senseonics Holdings Inc. 500,000 $3.3M Add +100.0% ITRG Integra Resources Corp. 1,000,000 $2.7M New PLUG Plug Power Inc. filed as PLUG PWR INC 1,000,000 $2.3M No change UP Wheels Up Experience Inc. 4,000,000 $2.1M Reduce -20.0% STIM Neuronetics Inc. 1,000,000 $1.4M No change MBLY Mobileye Global Inc. Class A 100,000 $687K New NFE New Fortress Energy Inc. 1,000,000 $590K No change
Options reported separately and not counted above: TLT calls ($346.8M), C calls ($226.8M), UPS calls ($177.1M), INTC calls ($132.4M), BABA calls ($125.5M), IBM calls ($121.2M), GM calls ($96.8M), W calls ($82.7M), DAL puts ($66.5M), BMY calls ($60.6M), APD calls ($58.1M), ORA calls ($56.0M), and 29 more.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ HON Honeywell International Inc. Sold out 0.00% −2.70 DOW Dow Inc. Sold out 0.00% −2.26 BMY Bristol-Myers Squibb Co. Sold out 0.00% −2.24 OLN Olin Corp. Sold out 0.00% −2.02 AAUC Allied Gold Corp. Sold out 0.00% −1.58 GPRE Green Plains Inc. Sold out 0.00% −1.36 CE Celanese Corp. Sold out 0.00% −1.17 PONY Pony AI Inc. Reduce -20.8% 1.32% −1.08 ACHR Archer Aviation Inc. Class A Sold out 0.00% −1.04 NXE Nexgen Energy Ltd. Reduce -50.0% 1.71% −0.83 CELH Celsius Holdings Inc. Sold out 0.00% −0.63 DNLI Denali Therapeutics Inc. Reduce -40.0% 1.70% −0.58 EVEX Eve Holding Inc. Reduce -4.8% 0.73% −0.43 EMN Eastman Chemical Co. Reduce -33.3% 2.25% −0.39 TLS Telos Corporation Reduce -4.8% 1.24% −0.24 UP Wheels Up Experience Inc. Reduce -20.0% 0.31% −0.15 BORR Borr Drilling Ltd. Reduce -31.0% 1.70% +0.09 LION Lionsgate Studios Corp. Reduce -0.3% 2.83% +0.30 FLR Fluor Corp. Reduce -15.9% 6.37% +0.35 BWAY Brainsway Ltd.-ADR Reduce -17.5% 3.24% +0.61
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ UPS United Parcel Service Class B Add +66.7% 7.27% +3.15 HRL Hormel Foods Corp. New 2.84% +2.84 BETA Beta Technologies Inc. Class A New 1.52% +1.52 RIG Transocean Ltd. Add +100.0% 1.96% +1.39 FSLY Fastly Inc. Class A New 1.29% +1.29 MHK Mohawk Industries Inc. Add +25.0% 7.27% +1.23 ISOU Isoenergy Ltd. New 1.09% +1.09 RUN Sunrun Inc. New 1.00% +1.00 LYFT LYFT Inc. Class A New 0.98% +0.98 MANE Veradermics Inc. New 0.93% +0.93 IAG Iamgold Corp. New 0.83% +0.83 DCH Dauch Corporation Add +16.7% 3.07% +0.41 ITRG Integra Resources Corp. New 0.40% +0.40 FTK Flotek Industries Inc. Add +8.9% 2.73% +0.35 SENS Senseonics Holdings Inc. Add +100.0% 0.49% +0.30 MBLY Mobileye Global Inc. Class A New 0.10% +0.10 CLF Cleveland-Cliffs Inc. Add +20.0% 1.50% −0.34 EVTL Vertical Aerospace Ltd. Add +70.0% 1.11% −0.36 VYX NCR Voyix Corp. Add +16.7% 3.27% −0.96
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD call New 4,000,000 $346.8M C Citigroup Inc. call Add +185.7% 2,000,000 $226.8M UPS United Parcel Service Class B call Reduce -10.0% 1,800,000 $177.1M INTC Intel Corp. call Add +50.0% 3,000,000 $132.4M IBM Intl Business Machines Corp. call Add +150.0% 500,000 $121.2M HON Honeywell International Inc. call Sold out 500,000 $97.5Mbefore exit GM General Motors Co. call Reduce -35.0% 1,300,000 $96.8M W Wayfair Inc. Class A call New 1,100,000 $82.7M MET Metlife Inc. call Sold out 1,000,000 $78.9Mbefore exit DAL Delta Air Lines Inc. call Sold out 1,000,000 $69.4Mbefore exit DAL Delta Air Lines Inc. put New 1,000,000 $66.5M BMY Bristol-Myers Squibb Co. call New 1,000,000 $60.6M APD Air Products & Chemicals Inc. call New 200,000 $58.1M ORA Ormat Technologies Inc. call New 500,000 $56.0M ECL Ecolab Inc. call New 200,000 $53.2M CLX Clorox Company call Add +58.5% 500,000 $51.8M SLB SLB Ltd. call Reduce -50.0% 1,000,000 $51.4M EMN Eastman Chemical Co. call Sold out 800,000 $51.1Mbefore exit FCX Freeport-McMoran Inc. call Add +110.6% 800,000 $47.0M YPF YPF S.A.-Sponsored ADR call Add +61.3% 1,000,000 $46.2M GLW Corning Inc. call Sold out 500,000 $43.8Mbefore exit MRVL Marvell Technology Inc. call Sold out 500,000 $42.5Mbefore exit ASTS Ast Spacemobile Inc. call New 500,000 $41.4M BA The Boeing Co. call Reduce -60.0% 200,000 $39.8M ADM Archer-Daniels-Midland Co. call New 500,000 $36.3M CVS CVS Health Corp. call New 500,000 $35.9M NKE Nike Inc. Class B call Sold out 500,000 $31.9Mbefore exit IONQ Ionq Inc. call New 1,100,000 $31.7M BSX Boston Scientific Corp. call New 500,000 $31.4M MHK Mohawk Industries Inc. call New 300,000 $29.5M FLY Firefly Aerospace Inc. call New 1,000,000 $28.5M FITB Fifth Third Bancorp call New 600,000 $27.9M F Ford Motor Co. call Sold out 2,000,000 $26.2Mbefore exit PFE Pfizer Inc. call Sold out 1,000,000 $24.9Mbefore exit APA Apa Corp. call Sold out 1,000,000 $24.5Mbefore exit XOM Exxon Mobil Corp. call Sold out 200,000 $24.1Mbefore exit DOW Dow Inc. call Sold out 1,000,000 $23.4Mbefore exit BCS Barclays PLC-Spons ADR call New 1,000,000 $21.2M OLN Olin Corp. call Sold out 1,000,000 $20.8Mbefore exit FLR Fluor Corp. call New 430,000 $20.1M AA Alcoa Corp. call Reduce -40.0% 300,000 $19.9M CE Celanese Corp. call Sold out 469,200 $19.8Mbefore exit REAL The Realreal Inc. call New 2,000,000 $18.2M IP International Paper Co. call Reduce -50.0% 500,000 $17.9M CLF Cleveland-Cliffs Inc. call Add +100.0% 2,000,000 $16.9M FSLY Fastly Inc. Class A call New 500,000 $14.5M VG Venture Global Inc. Class A call New 880,000 $13.9M MBLY Mobileye Global Inc. Class A call New 2,000,000 $13.7M PONY Pony AI Inc. call Add +33.3% 1,000,000 $9.4M AAOI Applied Optoelectronics Inc. call New 100,000 $8.5M
Showing the first 50 of 54.
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