MASTERS CAPITAL MANAGEMENT LLC's Q2 2025 13F: 10 new positions, 10 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 39 reported positions · accession 0001104186-25-000008
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | ALCOA CORP (AA) | 6.5% | — | −6.5 pts | −1M sh | −100% |
| Exited | MIRION TECHNOLOGIES INC (MIR) | 3.1% | — | −3.1 pts | −1M sh | −100% |
| Exited | WAYFAIR INC (W) | 2.7% | — | −2.7 pts | −400K sh | −100% |
| New | SCOTTS MIRACLE-GRO CO (SMG) | — | 2.5% | +2.5 pts | +200K sh | new |
| Exited | LIONS GATE ENTMNT CORP (LGFB) | 2.5% | — | −2.5 pts | −1.5M sh | −100% |
| Increased | NOV INC (NOV) | 3.2% | 4.8% | +1.6 pts | +1M sh | +100% |
| New | BRISTOL-MYERS SQUIBB CO (BMY) | — | 2.2% | +2.2 pts | +250K sh | new |
| New | PPG INDS INC (PPG) | — | 2.2% | +2.2 pts | +100K sh | new |
| Exited | VALE S A (VALE) | 2.1% | — | −2.1 pts | −970K sh | −100% |
| Increased | NCR VOYIX CORPORATION (VYX) | 2.1% | 4.3% | +2.2 pts | +900K sh | +90% |
| Increased | UNITED PARCEL SERVICE INC (UPS) | 4.7% | 5.8% | +1.2 pts | +100K sh | +50% |
| Reduced | BARCLAYS PLC (BCS) | 4.9% | 3.6% | −1.3 pts | −500K sh | −33% |
| New | DENALI THERAPEUTICS INC (DNLI) | — | 1.6% | +1.6 pts | +600K sh | new |
| Exited | MOBILEYE GLOBAL INC (MBLY) | 1.5% | — | −1.5 pts | −500K sh | −100% |
| Increased | FLOTEK INDS INC DEL (FTK) | 0.9% | 2.8% | +2.0 pts | +500K sh | +100% |
| Exited | TRANSOCEAN LTD (RIG) | 1.3% | — | −1.3 pts | −2M sh | −100% |
| New | ETORO GROUP LTD (ETOR) | — | 1.3% | +1.3 pts | +100K sh | new |
| Exited | GOGO INC (GOGO) | 0.9% | — | −0.9 pts | −500K sh | −100% |
| Reduced | AST SPACEMOBILE INC (ASTS) | 2.9% | 4.5% | +1.6 pts | −100K sh | −17% |
| Reduced | DELTA AIR LINES INC DEL (DAL) | 10.1% | 9.5% | −0.6 pts | −91,628 sh | −8% |
| Exited | FREEPORT-MCMORAN INC (FCX) | 0.8% | — | −0.8 pts | −100K sh | −100% |
| Reduced | CLEVELAND-CLIFFS INC NEW (CLF) | 4.4% | 2.9% | −1.4 pts | −500K sh | −20% |
| Increased | EASTMAN CHEM CO (EMN) | 3.7% | 3.6% | −0.1 pts | +50,000 sh | +25% |
| Increased | ENOVIX CORPORATION (ENVX) | 2.6% | 4.0% | +1.3 pts | +300K sh | +18% |
| Increased | GREEN PLAINS INC (GPRE) | 0.5% | 1.2% | +0.6 pts | +500K sh | +100% |
| New | DOW INC (DOW) | — | 0.5% | +0.5 pts | +100K sh | new |
| Exited | NAVITAS SEMICONDUCTOR CORP (NVTS) | 0.4% | — | −0.4 pts | −1M sh | −100% |
| Reduced | TELOS CORP MD (TLS) | 1.4% | 1.2% | −0.1 pts | −700K sh | −26% |
| New | SCHOLAR ROCK HLDG CORP (SRRK) | — | 0.3% | +0.3 pts | +50,000 sh | new |
| New | PLUG POWER INC (PLUG) | — | 0.3% | +0.3 pts | +1M sh | new |
| Reduced | V F CORP (VFC) | 3.6% | 2.3% | −1.4 pts | −100K sh | −9% |
| New | WHEELS UP EXPERIENCE INC (UP) | — | 0.2% | +0.2 pts | +1M sh | new |
| Reduced | ANGEL OAK MORTGAGE REIT INC (AOMR) | 2.2% | 1.8% | −0.4 pts | −100K sh | −9% |
| New | NOVAGOLD RES INC (NG) | — | 0.1% | +0.1 pts | +100K sh | new |
| Reduced | EVE HLDG INC (EVEX) | 1.4% | 2.6% | +1.2 pts | −50,000 sh | −2% |
| Increased | TETRA TECHNOLOGIES INC DEL (TTI) | 1.4% | 1.3% | −0.1 pts | +100K sh | +5% |
| Increased | BORR DRILLING LTD (BORR) | 0.9% | 0.7% | −0.2 pts | +140K sh | +7% |
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
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- LIONSGATE STUDIOS CORP (LION): 53626M104 → 53626N102, 500K → 2M shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 54.2% of the equity book
Changes in the top 10 this quarter: ASTS entered · VYX entered · ENVX entered · AA left · CLF left · VFC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | FLUOR CORP NEW (FLR) | 7.6% | 9.9% | |
| 2 | DELTA AIR LINES INC DEL (DAL) | 10.1% | 9.5% | |
| 3 | UNITED PARCEL SERVICE INC (UPS) | 4.7% | 5.8% | |
| 4 | NOV INC (NOV) | 3.2% | 4.8% | |
| 5 | AST SPACEMOBILE INC (ASTS) | 2.9% | 4.5% | Entered the top 10 |
| 6 | INTEL CORP (INTC) | 4.8% | 4.3% | |
| 7 | NCR VOYIX CORPORATION (VYX) | 2.1% | 4.3% | Entered the top 10 |
| 8 | ENOVIX CORPORATION (ENVX) | 2.6% | 4.0% | Entered the top 10 |
| 9 | EASTMAN CHEM CO (EMN) | 3.7% | 3.6% | |
| 10 | BARCLAYS PLC (BCS) | 4.9% | 3.6% | |
| — | ALCOA CORP (AA) | 6.5% | 0.0% | Left the top 10 |
| — | CLEVELAND-CLIFFS INC NEW (CLF) | 4.4% | 2.9% | Left the top 10 |
| — | V F CORP (VFC) | 3.6% | 2.3% | 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 |
|---|---|---|---|---|---|
| New | SPDR S&P 500 ETF TR (SPY) | Put | 0 | 1M | $618M |
| Reduced | ISHARES TR (TLT) | Call | 3M | 1M | $88.3M |
| Exited | DELTA AIR LINES INC DEL (DAL) | Call | 1.9M | 0 | $0 |
| New | UNITED AIRLS HLDGS INC (UAL) | Call | 0 | 1M | $79.6M |
| Reduced | BRISTOL-MYERS SQUIBB CO (BMY) | Call | 2M | 1M | $46.3M |
| New | VANECK ETF TRUST (GDXJ) | Call | 0 | 1M | $67.6M |
| Exited | NUCOR CORP (NUE) | Call | 500K | 0 | $0 |
| Increased | WALMART INC (WMT) | Put | 500K | 1M | $97.8M |
| New | ARCHER DANIELS MIDLAND CO (ADM) | Call | 0 | 1M | $52.8M |
| New | UBER TECHNOLOGIES INC (UBER) | Call | 0 | 500K | $46.7M |
| Exited | VANECK ETF TRUST (GDX) | Call | 1M | 0 | $0 |
| Reduced | COHERENT CORP (COHR) | Call | 1M | 250K | $22.3M |
| New | BOEING CO (BA) | Call | 0 | 200K | $41.9M |
| Increased | EASTMAN CHEM CO (EMN) | Call | 300K | 900K | $67.2M |
| Exited | LAS VEGAS SANDS CORP (LVS) | Call | 1M | 0 | $0 |
| Increased | CITIGROUP INC (C) | Call | 2M | 2.1M | $179M |
| Exited | UBER TECHNOLOGIES INC (UBER) | Put | 500K | 0 | $0 |
| Increased | WAYFAIR INC (W) | Call | 500K | 1M | $51.1M |
| New | MOHAWK INDS INC (MHK) | Call | 0 | 300K | $31.5M |
| Reduced | MICRON TECHNOLOGY INC (MU) | Call | 1M | 500K | $61.6M |
| New | DELTA AIR LINES INC DEL (DAL) | Put | 0 | 500K | $24.6M |
| Exited | DEUTSCHE BANK A G (DB) | Call | 1M | 0 | $0 |
| Exited | CALIFORNIA RES CORP (CRC) | Call | 500K | 0 | $0 |
| Increased | INTEL CORP (INTC) | Call | 2M | 3M | $67.2M |
| Reduced | CLEVELAND-CLIFFS INC NEW (CLF) | Call | 3M | 1M | $7.6M |