MASTERS CAPITAL MANAGEMENT LLC
Q1 2026 Form 13-F
ATLANTA, GEORGIA
CIK 0001104186
· CRD 137605
· SEC-registered investment adviser
$3.0B Reported Value Total
MASTERS CAPITAL MANAGEMENT, L.L.C. reports 4 total accounts under management (AUM). There are 4 discretionary accounts valued at $804,599,172, 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
$3.0B
Quarter over quarter
-2.3%
Holdings
44
Top-10 concentration
47.7%
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.
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Q1 2026 13F record
Q1 2026 13F filing summary
| Period of report | March 31, 2026 |
|---|---|
| Filed | May 15, 2026 |
| Form | 13F-HR |
| Reported value | $3.0B |
| Positions | 44 |
| Change in reported value | +23.5% |
| New positions | 10 |
| Exited positions | 9 |
| Position turnover | 35.9% |
| Top-10 concentration | 47.7% |
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 2026
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TLT C ISHARES TR | $346.8M | 11.46% |
| 2 | C C CITIGROUP INC | $226.8M | 7.49% |
| 3 | UPS C UNITED PARCEL SVCS INC | $177.1M | 5.85% |
| 4 | INTC C INTEL CORP | $132.4M | 4.37% |
| 5 | BABA C ALIBABA GROUP HLDG LTD | $125.5M | 4.15% |
| 6 | IBM C INTERNATIONAL BUSINESS MACHS | $121.2M | 4.0% |
| 7 | GM C GENERAL MTRS CO | $96.9M | 3.2% |
| 8 | W C WAYFAIR INC | $82.7M | 2.73% |
| 9 | DAL P DELTA AIR LINES INC | $66.5M | 2.2% |
| 10 | DAL DELTA AIR LINES INC | $66.5M | 2.2% |
| 11 | BMY C BRISTOL-MYERS SQUIBB CO | $60.7M | 2.0% |
| 12 | APD C AIR PRODUCTS AND CHEMICALS I | $58.1M | 1.92% |
| 13 | ORA C ORMAT TECHNOLOGIES INC | $56.0M | 1.85% |
| 14 | BWA C BORGWARNER INC | $54.3M | 1.79% |
| 15 | ECL C ECOLAB INC | $53.2M | 1.76% |
| 16 | CLX C CLOROX CO DEL | $51.8M | 1.71% |
| 17 | SLB C SLB LIMITED | $51.4M | 1.7% |
| 18 | MHK MOHAWK INDS INC | $49.2M | 1.63% |
| 19 | UPS UNITED PARCEL SVCS INC | $49.2M | 1.63% |
| 20 | FCX C FREEPORT MCMORAN INC | $47.0M | 1.55% |
Values as reported on the Q1 2026 Form 13F. Every position is in the holdings table below.