MASTERS CAPITAL MANAGEMENT LLC's Q3 2025 13F: 11 new positions, 7 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 43 reported positions · accession 0001104186-25-000012
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | INTEL CORP (INTC) | 4.3% | — | −4.3 pts | −1M sh | −100% |
| New | ARCHER DANIELS MIDLAND CO (ADM) | — | 2.9% | +2.9 pts | +300K sh | new |
| Exited | SCOTTS MIRACLE-GRO CO (SMG) | 2.5% | — | −2.5 pts | −200K sh | −100% |
| Increased | EASTMAN CHEM CO (EMN) | 3.6% | 5.1% | +1.5 pts | +250K sh | +100% |
| New | OLIN CORP (OLN) | — | 2.2% | +2.2 pts | +550K sh | new |
| Exited | PPG INDS INC (PPG) | 2.2% | — | −2.2 pts | −100K sh | −100% |
| New | MOHAWK INDS INC (MHK) | — | 2.1% | +2.1 pts | +100K sh | new |
| New | VALE S A (VALE) | — | 1.7% | +1.7 pts | +1M sh | new |
| New | CALIFORNIA RES CORP (CRC) | — | 1.7% | +1.7 pts | +200K sh | new |
| New | THE REALREAL INC (REAL) | — | 1.7% | +1.7 pts | +1M sh | new |
| Increased | DOW INC (DOW) | 0.5% | 1.8% | +1.3 pts | +400K sh | +400% |
| Exited | TETRA TECHNOLOGIES INC DEL (TTI) | 1.3% | — | −1.3 pts | −2M sh | −100% |
| Exited | ETORO GROUP LTD (ETOR) | 1.3% | — | −1.3 pts | −100K sh | −100% |
| New | AMERICAN AXLE & MFG HLDGS IN (AXL) | — | 1.2% | +1.2 pts | +1.2M sh | new |
| New | DAQO NEW ENERGY CORP (DQ) | — | 0.9% | +0.9 pts | +200K sh | new |
| New | CELANESE CORP DEL (CE) | — | 0.7% | +0.7 pts | +100K sh | new |
| Increased | EVE HLDG INC (EVEX) | 2.6% | 1.9% | −0.8 pts | +1.05M sh | +53% |
| New | TRANSOCEAN LTD (RIG) | — | 0.5% | +0.5 pts | +1M sh | new |
| Increased | NCR VOYIX CORPORATION (VYX) | 4.3% | 4.2% | −0.1 pts | +200K sh | +11% |
| Increased | BORR DRILLING LTD (BORR) | 0.7% | 1.3% | +0.6 pts | +900K sh | +43% |
| Reduced | BRISTOL-MYERS SQUIBB CO (BMY) | 2.2% | 1.4% | −0.8 pts | −50,000 sh | −20% |
| New | NEW FORTRESS ENERGY INC (NFE) | — | 0.4% | +0.4 pts | +1M sh | new |
| Increased | DENALI THERAPEUTICS INC (DNLI) | 1.6% | 1.7% | +0.1 pts | +150K sh | +25% |
| Exited | SCHOLAR ROCK HLDG CORP (SRRK) | 0.3% | — | −0.3 pts | −50,000 sh | −100% |
| Increased | LUCID DIAGNOSTICS INC (LUCD) | 0.6% | 0.6% | 0.0 pts | +1.27M sh | +47% |
| Exited | NOVAGOLD RES INC (NG) | 0.1% | — | −0.1 pts | −100K sh | −100% |
| Increased | SENSEONICS HLDGS INC (SENS) | 0.4% | 0.4% | −0.1 pts | +500K sh | +11% |
| Reduced | ARCHER AVIATION INC (ACHR) | 2.1% | 1.5% | −0.6 pts | −300 sh | 0% |
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 — 48.2% of the equity book
Changes in the top 10 this quarter: CLF entered · PONY entered · INTC left · ENVX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DELTA AIR LINES INC DEL (DAL) | 9.5% | 9.1% | |
| 2 | FLUOR CORP NEW (FLR) | 9.9% | 6.8% | |
| 3 | EASTMAN CHEM CO (EMN) | 3.6% | 5.1% | |
| 4 | NOV INC (NOV) | 4.8% | 4.3% | |
| 5 | NCR VOYIX CORPORATION (VYX) | 4.3% | 4.2% | |
| 6 | UNITED PARCEL SERVICE INC (UPS) | 5.8% | 4.0% | |
| 7 | AST SPACEMOBILE INC (ASTS) | 4.5% | 3.9% | |
| 8 | CLEVELAND-CLIFFS INC NEW (CLF) | 2.9% | 3.9% | Entered the top 10 |
| 9 | PONY AI INC (PONY) | 2.5% | 3.6% | Entered the top 10 |
| 10 | BARCLAYS PLC (BCS) | 3.6% | 3.3% | |
| — | INTEL CORP (INTC) | 4.3% | 0.0% | Left the top 10 |
| — | ENOVIX CORPORATION (ENVX) | 4.0% | 3.2% | 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 | INTERNATIONAL BUSINESS MACHS (IBM) | Call | 0 | 500K | $141M |
| New | GILEAD SCIENCES INC (GILD) | Call | 0 | 1M | $111M |
| Exited | WALMART INC (WMT) | Put | 1M | 0 | $0 |
| Exited | ISHARES TR (TLT) | Call | 1M | 0 | $0 |
| New | UNITED PARCEL SERVICE INC (UPS) | Call | 0 | 1M | $83.5M |
| New | CORNING INC (GLW) | Call | 0 | 1M | $82M |
| Exited | UNITED AIRLS HLDGS INC (UAL) | Call | 1M | 0 | $0 |
| Reduced | CITIGROUP INC (C) | Call | 2.1M | 1M | $102M |
| Exited | VANECK ETF TRUST (GDXJ) | Call | 1M | 0 | $0 |
| Exited | MICRON TECHNOLOGY INC (MU) | Call | 500K | 0 | $0 |
| New | GENERAL MTRS CO (GM) | Call | 0 | 1M | $61M |
| Exited | BAXTER INTL INC (BAX) | Call | 2M | 0 | $0 |
| New | DELTA AIR LINES INC DEL (DAL) | Call | 0 | 1M | $56.8M |
| Exited | WAYFAIR INC (W) | Call | 1M | 0 | $0 |
| New | SPDR SERIES TRUST (XBI) | Call | 0 | 500K | $50.1M |
| Reduced | FREEPORT-MCMORAN INC (FCX) | Call | 2M | 1M | $39.2M |
| Exited | UBER TECHNOLOGIES INC (UBER) | Call | 500K | 0 | $0 |
| Exited | TRUIST FINL CORP (TFC) | Call | 1.03M | 0 | $0 |
| New | BORGWARNER INC (BWA) | Call | 0 | 1M | $44M |
| Exited | BOEING CO (BA) | Call | 200K | 0 | $0 |
| New | NUCOR CORP (NUE) | Call | 0 | 300K | $40.6M |
| Increased | ALCOA CORP (AA) | Call | 1M | 2M | $65.8M |
| New | EXXON MOBIL CORP (XOM) | Call | 0 | 300K | $33.8M |
| New | EASTMAN CHEM CO (EMN) | Put | 0 | 500K | $31.5M |
| New | PFIZER INC (PFE) | Call | 0 | 1M | $25.5M |