MASTERS CAPITAL MANAGEMENT LLC's Q1 2025 13F: 10 new positions, 9 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed May 15, 2025 · 39 reported positions · accession 0001104186-25-000005
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | DEUTSCHE BANK A G (DB) | 5.2% | — | −5.2 pts | −1.8M sh | −100% |
| New | UNITED PARCEL SERVICE INC (UPS) | — | 4.7% | +4.7 pts | +200K sh | new |
| Exited | DOW INC (DOW) | 4.1% | — | −4.1 pts | −600K sh | −100% |
| Exited | AT&T INC (T) | 3.9% | — | −3.9 pts | −1M sh | −100% |
| New | EASTMAN CHEM CO (EMN) | — | 3.7% | +3.7 pts | +200K sh | new |
| New | PETROLEO BRASILEIRO SA PETRO (PBR) | — | 3.0% | +3.0 pts | +1M sh | new |
| Exited | VORNADO RLTY TR (VNO) | 2.9% | — | −2.9 pts | −400K sh | −100% |
| Exited | EMBRAER S.A. (EMBJ) | 2.5% | — | −2.5 pts | −400K sh | −100% |
| Exited | PERRIGO CO PLC (PRGO) | 2.2% | — | −2.2 pts | −500K sh | −100% |
| New | NCR VOYIX CORPORATION (VYX) | — | 2.1% | +2.1 pts | +1M sh | new |
| New | VALE S A (VALE) | — | 2.1% | +2.1 pts | +970K sh | new |
| Reduced | NOV INC (NOV) | 3.7% | 3.2% | −0.5 pts | −500K sh | −33% |
| Exited | SUNRUN INC (RUN) | 1.6% | — | −1.6 pts | −1M sh | −100% |
| Increased | WAYFAIR INC (W) | 1.5% | 2.7% | +1.2 pts | +200K sh | +100% |
| Reduced | BARCLAYS PLC (BCS) | 4.3% | 4.9% | +0.6 pts | −400K sh | −21% |
| Reduced | AST SPACEMOBILE INC (ASTS) | 2.9% | 2.9% | 0.0 pts | −200K sh | −25% |
| Increased | PONY AI INC (PONY) | 1.2% | 1.9% | +0.6 pts | +500K sh | +100% |
| New | GOGO INC (GOGO) | — | 0.9% | +0.9 pts | +500K sh | new |
| New | BORR DRILLING LTD (BORR) | — | 0.9% | +0.9 pts | +1.96M sh | new |
| Increased | CLEVELAND-CLIFFS INC NEW (CLF) | 3.2% | 4.4% | +1.1 pts | +500K sh | +25% |
| New | LUCID DIAGNOSTICS INC (LUCD) | — | 0.9% | +0.9 pts | +2.73M sh | new |
| Increased | DELTA AIR LINES INC DEL (DAL) | 10.3% | 10.1% | −0.2 pts | +91,628 sh | +9% |
| Reduced | LIONS GATE ENTMNT CORP (LGFB) | 2.6% | 2.5% | −0.1 pts | −500K sh | −25% |
| New | FREEPORT-MCMORAN INC (FCX) | — | 0.8% | +0.8 pts | +100K sh | new |
| Reduced | FERROGLOBE PLC (GSM) | 1.9% | 1.6% | −0.4 pts | −1M sh | −33% |
| Exited | LUCID GROUP INC (LCID) | 0.5% | — | −0.5 pts | −1M sh | −100% |
| New | GREEN PLAINS INC (GPRE) | — | 0.5% | +0.5 pts | +500K sh | new |
| Increased | ENOVIX CORPORATION (ENVX) | 2.6% | 2.6% | 0.0 pts | +300K sh | +21% |
| Reduced | NEURONETICS INC (STIM) | 0.4% | 0.8% | +0.4 pts | −500K sh | −33% |
| Reduced | SENSEONICS HLDGS INC (SENS) | 0.6% | 0.6% | 0.0 pts | −2.5M sh | −36% |
| Increased | V F CORP (VFC) | 3.7% | 3.6% | 0.0 pts | +100K sh | +10% |
| Increased | EVE HLDG INC (EVEX) | 1.6% | 1.4% | −0.1 pts | +350K sh | +21% |
| Reduced | TETRA TECHNOLOGIES INC DEL (TTI) | 1.2% | 1.4% | +0.1 pts | −100K sh | −5% |
| Exited | BLUEBIRD BIO INC (BLUE) | 0.1% | — | −0.1 pts | −48,750 sh | −100% |
| Reduced | TELOS CORP MD (TLS) | 1.6% | 1.4% | −0.3 pts | −100K sh | −4% |
| Reduced | ANGEL OAK MORTGAGE REIT INC (AOMR) | 1.8% | 2.2% | +0.5 pts | −15,000 sh | −1% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 53.4% of the equity book
Changes in the top 10 this quarter: UPS entered · CLF entered · EMN entered · DB left · DOW left · T left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DELTA AIR LINES INC DEL (DAL) | 10.3% | 10.1% | |
| 2 | FLUOR CORP NEW (FLR) | 8.4% | 7.6% | |
| 3 | ALCOA CORP (AA) | 6.4% | 6.5% | |
| 4 | BARCLAYS PLC (BCS) | 4.3% | 4.9% | |
| 5 | INTEL CORP (INTC) | 3.4% | 4.8% | |
| 6 | UNITED PARCEL SERVICE INC (UPS) | 0.0% | 4.7% | Entered the top 10 |
| 7 | CLEVELAND-CLIFFS INC NEW (CLF) | 3.2% | 4.4% | Entered the top 10 |
| 8 | EASTMAN CHEM CO (EMN) | 0.0% | 3.7% | Entered the top 10 |
| 9 | V F CORP (VFC) | 3.7% | 3.6% | |
| 10 | NOV INC (NOV) | 3.7% | 3.2% | |
| — | DEUTSCHE BANK A G (DB) | 5.2% | 0.0% | Left the top 10 |
| — | DOW INC (DOW) | 4.1% | 0.0% | Left the top 10 |
| — | AT&T INC (T) | 3.9% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | SPDR S&P 500 ETF TR (SPY) | Put | 500K | 0 | $0 |
| New | ISHARES TR (TLT) | Call | 0 | 3M | $273M |
| Exited | ALIBABA GROUP HLDG LTD (BABA) | Call | 2M | 0 | $0 |
| Exited | 3M CO (MMM) | Call | 900K | 0 | $0 |
| Exited | HONEYWELL INTL INC (HON) | Call | 500K | 0 | $0 |
| New | MICRON TECHNOLOGY INC (MU) | Call | 0 | 1M | $86.9M |
| New | BAXTER INTL INC (BAX) | Call | 0 | 2M | $68.5M |
| New | COHERENT CORP (COHR) | Call | 0 | 1M | $64.9M |
| Exited | MEDTRONIC PLC (MDT) | Call | 800K | 0 | $0 |
| Exited | UBER TECHNOLOGIES INC (UBER) | Call | 1M | 0 | $0 |
| New | NUCOR CORP (NUE) | Call | 0 | 500K | $60.2M |
| Exited | GILEAD SCIENCES INC (GILD) | Call | 600K | 0 | $0 |
| Exited | INTERNATIONAL PAPER CO (IP) | Call | 1M | 0 | $0 |
| Exited | EXXON MOBIL CORP (XOM) | Call | 500K | 0 | $0 |
| Exited | GENERAL MTRS CO (GM) | Call | 1M | 0 | $0 |
| Reduced | SCHLUMBERGER LTD (SLB) | Call | 3M | 1.5M | $62.7M |
| New | VANECK ETF TRUST (GDX) | Call | 0 | 1M | $46M |
| Exited | CVS HEALTH CORP (CVS) | Call | 1M | 0 | $0 |
| New | WALMART INC (WMT) | Put | 0 | 500K | $43.9M |
| Exited | YPF SOCIEDAD ANONIMA (YPF) | Call | 1M | 0 | $0 |
| New | TRUIST FINL CORP (TFC) | Call | 0 | 1M | $41.2M |
| New | UBER TECHNOLOGIES INC (UBER) | Put | 0 | 500K | $36.4M |
| Reduced | CALIFORNIA RES CORP (CRC) | Call | 1M | 500K | $22M |
| Exited | CISCO SYS INC (CSCO) | Call | 500K | 0 | $0 |
| New | EASTMAN CHEM CO (EMN) | Call | 0 | 300K | $26.4M |