MASTERS CAPITAL MANAGEMENT LLC's Q1 2026 13F: 10 new positions, 9 exits
Form 13F-HR for the quarter ended Mar 31, 2026 · filed May 15, 2026 · 44 reported positions · accession 0001104186-26-000004
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | UNITED PARCEL SVCS INC (UPS) | 4.1% | 7.3% | +3.2 pts | +200K sh | +67% |
| New | HORMEL FOODS CORP (HRL) | — | 2.8% | +2.8 pts | +850K sh | new |
| Exited | HONEYWELL INTL INC (HON) | 2.7% | — | −2.7 pts | −100K sh | −100% |
| Exited | DOW INC (DOW) | 2.3% | — | −2.3 pts | −700K sh | −100% |
| Exited | BRISTOL-MYERS SQUIBB CO (BMY) | 2.2% | — | −2.2 pts | −300K sh | −100% |
| Exited | OLIN CORP (OLN) | 2.0% | — | −2.0 pts | −700K sh | −100% |
| Reduced | NEXGEN ENERGY LTD (NXE) | 2.5% | 1.7% | −0.8 pts | −1M sh | −50% |
| Exited | ALLIED GOLD CORP (AAUC) | 1.6% | — | −1.6 pts | −500K sh | −100% |
| New | BETA TECHNOLOGIES INC (BETA) | — | 1.5% | +1.5 pts | +700K sh | new |
| Increased | MOHAWK INDS INC (MHK) | 6.0% | 7.3% | +1.2 pts | +100K sh | +25% |
| Exited | GREEN PLAINS INC (GPRE) | 1.4% | — | −1.4 pts | −1M sh | −100% |
| New | FASTLY INC (FSLY) | — | 1.3% | +1.3 pts | +300K sh | new |
| Reduced | FLUOR CORP (FLR) | 6.0% | 6.4% | +0.3 pts | −175K sh | −16% |
| Exited | CELANESE CORP DEL (CE) | 1.2% | — | −1.2 pts | −200K sh | −100% |
| Reduced | DENALI THERAPEUTICS INC (DNLI) | 2.3% | 1.7% | −0.6 pts | −400K sh | −40% |
| Reduced | EASTMAN CHEM CO (EMN) | 2.6% | 2.3% | −0.4 pts | −100K sh | −33% |
| New | ISOENERGY LTD (ISOU) | — | 1.1% | +1.1 pts | +700K sh | new |
| Exited | ARCHER AVIATION INC (ACHR) | 1.0% | — | −1.0 pts | −1000K sh | −100% |
| New | SUNRUN INC (RUN) | — | 1.0% | +1.0 pts | +500K sh | new |
| New | LYFT INC (LYFT) | — | 1.0% | +1.0 pts | +500K sh | new |
| Increased | TRANSOCEAN LTD (RIG) | 0.6% | 2.0% | +1.4 pts | +1M sh | +100% |
| New | VERADERMICS INC (MANE) | — | 0.9% | +0.9 pts | +100K sh | new |
| New | IAMGOLD CORP (IAG) | — | 0.8% | +0.8 pts | +300K sh | new |
| Reduced | BORR DRILLING LTD (BORR) | 1.6% | 1.7% | +0.1 pts | −900K sh | −31% |
| Reduced | BRAINSWAY LTD (BWAY) | 2.6% | 3.2% | +0.6 pts | −350K sh | −18% |
| Exited | CELSIUS HLDGS INC (CELH) | 0.6% | — | −0.6 pts | −100K sh | −100% |
| Increased | NCR VOYIX CORPORATION (VYX) | 4.2% | 3.3% | −1.0 pts | +500K sh | +17% |
| Increased | VERTICAL AEROSPACE LTD (EVTL) | 1.5% | 1.1% | −0.4 pts | +1.4M sh | +70% |
| Increased | DAUCH CORP (AXL) | 2.7% | 3.1% | +0.4 pts | +500K sh | +17% |
| New | INTEGRA RES CORP (ITRG) | — | 0.4% | +0.4 pts | +1M sh | new |
| Reduced | PONY AI INC (PONY) | 2.4% | 1.3% | −1.1 pts | −250K sh | −21% |
| Increased | CLEVELAND-CLIFFS INC NEW (CLF) | 1.8% | 1.5% | −0.3 pts | +200K sh | +20% |
| Increased | SENSEONICS HLDGS INC (SENS) | 0.2% | 0.5% | +0.3 pts | +250K sh | +100% |
| Increased | FLOTEK INDUSTRIES INC (FTK) | 2.4% | 2.7% | +0.3 pts | +89,438 sh | +9% |
| New | MOBILEYE GLOBAL INC (MBLY) | — | 0.1% | +0.1 pts | +100K sh | new |
| Reduced | WHEELS UP EXPERIENCE INC (UP) | 0.5% | 0.3% | −0.1 pts | −1M sh | −20% |
| Reduced | TELOS CORP MD (TLS) | 1.5% | 1.2% | −0.2 pts | −100K sh | −5% |
| Reduced | EVE HLDG INC (EVEX) | 1.2% | 0.7% | −0.4 pts | −100K sh | −5% |
| Reduced | LIONSGATE STUDIOS CORP (LION) | 2.5% | 2.8% | +0.3 pts | −5,186 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 — 55.1% of the equity book
Changes in the top 10 this quarter: BWAY entered · AXL entered · REAL left · HON left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DELTA AIR LINES INC (DAL) | 9.6% | 9.8% | |
| 2 | MOHAWK INDS INC (MHK) | 6.0% | 7.3% | |
| 3 | UNITED PARCEL SVCS INC (UPS) | 4.1% | 7.3% | |
| 4 | FLUOR CORP (FLR) | 6.0% | 6.4% | |
| 5 | AST SPACEMOBILE INC (ASTS) | 5.0% | 6.1% | |
| 6 | NOV INC (NOV) | 4.3% | 5.6% | |
| 7 | NCR VOYIX CORPORATION (VYX) | 4.2% | 3.3% | |
| 8 | BRAINSWAY LTD (BWAY) | 2.6% | 3.2% | Entered the top 10 |
| 9 | BARCLAYS PLC (BCS) | 3.5% | 3.1% | |
| 10 | DAUCH CORP (AXL) | 2.7% | 3.1% | Entered the top 10 |
| — | THE REALREAL INC (REAL) | 4.4% | 2.7% | Left the top 10 |
| — | HONEYWELL INTL INC (HON) | 2.7% | 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 |
|---|---|---|---|---|---|
| New | ISHARES TR (TLT) | Call | 0 | 4M | $347M |
| Increased | CITIGROUP INC (C) | Call | 700K | 2M | $227M |
| Exited | HONEYWELL INTL INC (HON) | Call | 500K | 0 | $0 |
| New | WAYFAIR INC (W) | Call | 0 | 1.1M | $82.7M |
| Exited | METLIFE INC (MET) | Call | 1M | 0 | $0 |
| Exited | DELTA AIR LINES INC DEL (DAL) | Call | 1M | 0 | $0 |
| Reduced | BOEING CO (BA) | Call | 500K | 200K | $39.8M |
| New | DELTA AIR LINES INC (DAL) | Put | 0 | 1M | $66.5M |
| Reduced | GENERAL MTRS CO (GM) | Call | 2M | 1.3M | $96.9M |
| Increased | INTERNATIONAL BUSINESS MACHS (IBM) | Call | 200K | 500K | $121M |
| New | BRISTOL-MYERS SQUIBB CO (BMY) | Call | 0 | 1M | $60.7M |
| Increased | INTEL CORP (INTC) | Call | 2M | 3M | $132M |
| New | AIR PRODUCTS AND CHEMICALS I (APD) | Call | 0 | 200K | $58.1M |
| New | ORMAT TECHNOLOGIES INC (ORA) | Call | 0 | 500K | $56M |
| New | ECOLAB INC (ECL) | Call | 0 | 200K | $53.2M |
| Exited | EASTMAN CHEM CO (EMN) | Call | 800K | 0 | $0 |
| Exited | CORNING INC (GLW) | Call | 500K | 0 | $0 |
| Exited | MARVELL TECHNOLOGY INC (MRVL) | Call | 500K | 0 | $0 |
| New | AST SPACEMOBILE INC (ASTS) | Call | 0 | 500K | $41.4M |
| New | ARCHER DANIELS MIDLAND CO (ADM) | Call | 0 | 500K | $36.3M |
| New | CVS HEALTH CORP (CVS) | Call | 0 | 500K | $35.9M |
| Exited | NIKE INC (NKE) | Call | 500K | 0 | $0 |
| New | IONQ INC (IONQ) | Call | 0 | 1.1M | $31.7M |
| New | BOSTON SCIENTIFIC CORP (BSX) | Call | 0 | 500K | $31.4M |
| New | MOHAWK INDS INC (MHK) | Call | 0 | 300K | $29.5M |