MASTERS CAPITAL MANAGEMENT LLC
Q1 2025 Form 13-F
ATLANTA, GEORGIA
CIK 0001104186
· CRD 137605
· SEC-registered investment adviser
$2.0B Reported Value Total
MASTERS CAPITAL MANAGEMENT, L.L.C. reports 5 total accounts under management (AUM). There are 5 discretionary accounts valued at $687,134,382, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
6 funds
· $863.7M gross asset value
Hedge Fund: $863.7M
Source: Form ADV filed 2026-03-30
Reported value
$2.0B
Quarter over quarter
-14.5%
Holdings
39
Top-10 concentration
51.1%
Key People
Form ADV owners & control persons
Michael Willingham Masters
MANAGING MEMBER AND CHIEF EXECUTIVE OFFICER
Michelle Devault Dobbins
CHIEF FINANCIAL OFFICER
Timothy James Foster
CHIEF COMPLIANCE OFFICER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
Loading 13F Metrics
Q1 2025 13F record
Q1 2025 13F filing summary
| Period of report | March 31, 2025 |
|---|---|
| Filed | May 15, 2025 |
| Form | 13F-HR |
| Reported value | $2.0B |
| Positions | 39 |
| Change in reported value | -24.9% |
| New positions | 10 |
| Exited positions | 9 |
| Position turnover | 39.6% |
| Top-10 concentration | 51.1% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
42 | $3.9B |
|
Q1 2026 13F
Filed May 15, 2026
|
44 | $3.0B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
43 | $2.5B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
43 | $2.8B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
39 | $2.6B |
|
Q1 2025 13F
Filed May 15, 2025
|
39 | $2.0B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
38 | $2.7B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
36 | $2.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
35 | $1.8B |
|
Q1 2024 13F
Filed May 15, 2024
|
38 | $2.8B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
36 | $2.4B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
36 | $1.8B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
31 | $2.5B |
|
Q1 2023 13F
Filed May 15, 2023
|
28 | $2.0B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
29 | $1.3B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
26 | $1.4B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
30 | $2.1B |
|
Q1 2022 13F
Filed May 16, 2022
|
33 | $2.5B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
33 | $2.5B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
36 | $2.4B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q1 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TLT C ISHARES TR | $273.1M | 13.43% |
| 2 | C C CITIGROUP INC | $142.0M | 6.98% |
| 3 | BMY C BRISTOL-MYERS SQUIBB CO | $122.0M | 6.0% |
| 4 | MU C MICRON TECHNOLOGY INC | $86.9M | 4.27% |
| 5 | DAL C DELTA AIR LINES INC DEL | $82.8M | 4.07% |
| 6 | FCX C FREEPORT-MCMORAN INC | $75.7M | 3.72% |
| 7 | BAX C BAXTER INTL INC | $68.5M | 3.37% |
| 8 | COHR C COHERENT CORP | $64.9M | 3.19% |
| 9 | SLB C SCHLUMBERGER LTD | $62.7M | 3.08% |
| 10 | NUE C NUCOR CORP | $60.2M | 2.96% |
| 11 | DAL DELTA AIR LINES INC DEL | $47.6M | 2.34% |
| 12 | GDX C VANECK ETF TRUST | $46.0M | 2.26% |
| 13 | INTC C INTEL CORP | $45.4M | 2.23% |
| 14 | WMT P WALMART INC | $43.9M | 2.16% |
| 15 | TFC C TRUIST FINL CORP | $41.2M | 2.02% |
| 16 | LVS C LAS VEGAS SANDS CORP | $38.6M | 1.9% |
| 17 | UBER P UBER TECHNOLOGIES INC | $36.4M | 1.79% |
| 18 | FLR C FLUOR CORP NEW | $35.8M | 1.76% |
| 19 | FLR FLUOR CORP NEW | $35.8M | 1.76% |
| 20 | AA C ALCOA CORP | $30.5M | 1.5% |
Values as reported on the Q1 2025 Form 13F. Every position is in the holdings table below.