MASTERS CAPITAL MANAGEMENT LLC's Q4 2025 13F: 6 new positions, 6 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 43 reported positions · accession 0001104186-26-000003
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | MOHAWK INDS INC (MHK) | 2.1% | 6.0% | +4.0 pts | +300K sh | +300% |
| Exited | ARCHER DANIELS MIDLAND CO (ADM) | 2.9% | — | −2.9 pts | −300K sh | −100% |
| New | HONEYWELL INTL INC (HON) | — | 2.7% | +2.7 pts | +100K sh | new |
| Exited | V F CORP (VFC) | 2.3% | — | −2.3 pts | −1M sh | −100% |
| Increased | THE REALREAL INC (REAL) | 1.7% | 4.4% | +2.7 pts | +1M sh | +100% |
| Exited | PETROLEO BRASILEIRO SA PETRO (PBR) | 2.0% | — | −2.0 pts | −1M sh | −100% |
| Reduced | CLEVELAND-CLIFFS INC NEW (CLF) | 3.9% | 1.8% | −2.1 pts | −1M sh | −50% |
| New | NOKIA CORP (NOK) | — | 1.8% | +1.8 pts | +2M sh | new |
| Reduced | EASTMAN CHEM CO (EMN) | 5.1% | 2.6% | −2.4 pts | −200K sh | −40% |
| Exited | VALE S A (VALE) | 1.7% | — | −1.7 pts | −1M sh | −100% |
| Exited | CALIFORNIA RES CORP (CRC) | 1.7% | — | −1.7 pts | −200K sh | −100% |
| Increased | AMERICAN AXLE & MFG HLDGS IN (AXL) | 1.2% | 2.7% | +1.5 pts | +1.8M sh | +150% |
| New | ALLIED GOLD CORP (AAUC) | — | 1.6% | +1.6 pts | +500K sh | new |
| New | VERTICAL AEROSPACE LTD (EVTL) | — | 1.5% | +1.5 pts | +2M sh | new |
| New | HUNTSMAN CORP (HUN) | — | 1.4% | +1.4 pts | +1M sh | new |
| Increased | NCR VOYIX CORPORATION (VYX) | 4.2% | 4.2% | 0.0 pts | +900K sh | +43% |
| Exited | DAQO NEW ENERGY CORP (DQ) | 0.9% | — | −0.9 pts | −200K sh | −100% |
| Increased | BRISTOL-MYERS SQUIBB CO (BMY) | 1.4% | 2.2% | +0.8 pts | +100K sh | +50% |
| Increased | DOW INC (DOW) | 1.8% | 2.3% | +0.4 pts | +200K sh | +40% |
| New | CELSIUS HLDGS INC (CELH) | — | 0.6% | +0.6 pts | +100K sh | new |
| Increased | CELANESE CORP DEL (CE) | 0.7% | 1.2% | +0.5 pts | +100K sh | +100% |
| Increased | DENALI THERAPEUTICS INC (DNLI) | 1.7% | 2.3% | +0.5 pts | +250K sh | +33% |
| Increased | FLUOR CORP NEW (FLR) | 6.8% | 6.0% | −0.7 pts | +100K sh | +10% |
| Reduced | EVE HLDG INC (EVEX) | 1.9% | 1.2% | −0.7 pts | −950K sh | −31% |
| Increased | OLIN CORP (OLN) | 2.2% | 2.0% | −0.2 pts | +150K sh | +27% |
| Increased | PONY AI INC (PONY) | 3.6% | 2.4% | −1.2 pts | +200K sh | +20% |
| Increased | WHEELS UP EXPERIENCE INC (UP) | 0.3% | 0.5% | +0.2 pts | +4M sh | +400% |
| Increased | TELOS CORP MD (TLS) | 2.2% | 1.5% | −0.7 pts | +100K sh | +5% |
| Reduced | BORR DRILLING LTD (BORR) | 1.3% | 1.6% | +0.3 pts | −100K sh | −3% |
| Increased | LUCID DIAGNOSTICS INC (LUCD) | 0.6% | 0.6% | 0.0 pts | +727 sh | 0% |
| Reduced | ARCHER AVIATION INC (ACHR) | 1.5% | 1.0% | −0.5 pts | −100 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
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- SENSEONICS HLDGS INC (SENS): 81727U105 → 81727U303, 5M → 250K shares (share count change consistent with a stock split)
Top 10 positions — 49.9% of the equity book
Changes in the top 10 this quarter: MHK entered · REAL entered · HON entered · EMN left · CLF left · PONY left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DELTA AIR LINES INC DEL (DAL) | 9.1% | 9.6% | |
| 2 | MOHAWK INDS INC (MHK) | 2.1% | 6.0% | Entered the top 10 |
| 3 | FLUOR CORP NEW (FLR) | 6.8% | 6.0% | |
| 4 | AST SPACEMOBILE INC (ASTS) | 3.9% | 5.0% | |
| 5 | THE REALREAL INC (REAL) | 1.7% | 4.4% | Entered the top 10 |
| 6 | NOV INC (NOV) | 4.3% | 4.3% | |
| 7 | NCR VOYIX CORPORATION (VYX) | 4.2% | 4.2% | |
| 8 | UNITED PARCEL SERVICE INC (UPS) | 4.0% | 4.1% | |
| 9 | BARCLAYS PLC (BCS) | 3.3% | 3.5% | |
| 10 | HONEYWELL INTL INC (HON) | 0.0% | 2.7% | Entered the top 10 |
| — | EASTMAN CHEM CO (EMN) | 5.1% | 2.6% | Left the top 10 |
| — | CLEVELAND-CLIFFS INC NEW (CLF) | 3.9% | 1.8% | Left the top 10 |
| — | PONY AI INC (PONY) | 3.6% | 2.4% | 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 | 1M | 0 | $0 |
| Increased | ALIBABA GROUP HLDG LTD (BABA) | Call | 100K | 1M | $147M |
| Increased | UNITED PARCEL SERVICE INC (UPS) | Call | 1M | 2M | $198M |
| Exited | GILEAD SCIENCES INC (GILD) | Call | 1M | 0 | $0 |
| New | BOEING CO (BA) | Call | 0 | 500K | $109M |
| Increased | GENERAL MTRS CO (GM) | Call | 1M | 2M | $163M |
| New | HONEYWELL INTL INC (HON) | Call | 0 | 500K | $97.5M |
| Reduced | INTERNATIONAL BUSINESS MACHS (IBM) | Call | 500K | 200K | $59.2M |
| New | METLIFE INC (MET) | Call | 0 | 1M | $78.9M |
| Exited | SPDR SERIES TRUST (XBI) | Call | 500K | 0 | $0 |
| Exited | BRISTOL-MYERS SQUIBB CO (BMY) | Call | 1M | 0 | $0 |
| New | MARVELL TECHNOLOGY INC (MRVL) | Call | 0 | 500K | $42.5M |
| Exited | ARCHER DANIELS MIDLAND CO (ADM) | Call | 700K | 0 | $0 |
| Exited | NUCOR CORP (NUE) | Call | 300K | 0 | $0 |
| New | INTERNATIONAL PAPER CO (IP) | Call | 0 | 1M | $39.4M |
| Reduced | ALCOA CORP (AA) | Call | 2M | 500K | $26.6M |
| Reduced | CORNING INC (GLW) | Call | 1M | 500K | $43.8M |
| New | NIKE INC (NKE) | Call | 0 | 500K | $31.9M |
| New | CLOROX CO DEL (CLX) | Call | 0 | 316K | $31.8M |
| Exited | EASTMAN CHEM CO (EMN) | Put | 500K | 0 | $0 |
| Exited | FLUOR CORP NEW (FLR) | Call | 700K | 0 | $0 |
| Exited | MOHAWK INDS INC (MHK) | Call | 200K | 0 | $0 |
| Exited | HALLIBURTON CO (HAL) | Call | 1M | 0 | $0 |
| New | APA CORPORATION (APA) | Call | 0 | 1M | $24.5M |
| New | YPF SOCIEDAD ANONIMA (YPF) | Call | 0 | 620K | $22.4M |