MASTERS CAPITAL MANAGEMENT LLC
Long book
$677.0M
Q1 2026
Positions
44
Top-10 weight
55%
concentration
Last quarter
+13.1%
SPY +14.8%
Turnover
36%
of book per quarter
Strategy in plain words
auto-generated from filingsMASTERS CAPITAL MANAGEMENT LLC is a concentrated fundamental stock-picker, running a $677.0M US long book across 44 positions.
The portfolio is concentrated: the top 10 names carry 55% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DELTA AIR LINES INC, MOHAWK INDUSTRIES INC, UNITED PARCEL SERVICE-CL B, FLUOR CORP, AST SPACEMOBILE INC.
Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.2%
Q2 2024
+5.1%
Q3 2024
+2.8%
Q4 2024
-11.6%
Q1 2025
+18.1%
Q2 2025
+8.7%
Q3 2025
+6.3%
Q4 2025
+3.4%
Q1 2026
+13.1%
Sector allocation
Industrials 41%
Materials 12%
Other 11%
Technology 10%
Communications 7%
Services media 4%
Energy 4%
Healthcare 4%
Long book by quarter
What does MASTERS CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DAL DELTA AIR LINES INC | Industrials | 1.0M | $66.5M | 9.8% | Held |
| MHK MOHAWK INDUSTRIES INC | Other | 500.0K | $49.2M | 7.3% | +25.0% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 500.0K | $49.2M | 7.3% | +66.7% |
| FLR FLUOR CORP | Industrials | 925.0K | $43.2M | 6.4% | -15.9% |
| ASTS AST SPACEMOBILE INC | Communications | 500.0K | $41.4M | 6.1% | Held |
| NOV NOV INC | Industrials | 2.0M | $37.6M | 5.6% | Held |
| VYX NCR VOYIX CORP | Technology | 3.5M | $22.2M | 3.3% | +16.7% |
| DCH DAUCH CORPORATION | Industrials | 3.5M | $20.8M | 3.1% | +16.7% |
| HRL HORMEL FOODS CORP | Consumer staples | 850.0K | $19.3M | 2.8% | New |
| LION LIONSGATE STUDIOS CORP | Services media | 2.0M | $19.1M | 2.8% | -0.3% |
| FTK FLOTEK INDUSTRIES INC | Other | 1.1M | $18.5M | 2.7% | +8.9% |
| REAL REALREAL INC/THE | Consumer discretionary | 2.0M | $18.2M | 2.7% | Held |
| EMN EASTMAN CHEMICAL CO | Materials | 200.0K | $15.3M | 2.3% | -33.3% |
| HUN HUNTSMAN CORP | Materials | 1.0M | $13.3M | 2.0% | Held |
| RIG TRANSOCEAN LTD | Energy | 2.0M | $13.3M | 2.0% | +100.0% |
| NXE NEXGEN ENERGY LTD | Materials | 1.0M | $11.6M | 1.7% | -50.0% |
| BORR BORR DRILLING LTD | Energy | 2.0M | $11.5M | 1.7% | -31.0% |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 600.0K | $11.5M | 1.7% | -40.0% |
| ENVX ENOVIX CORP | Technology | 2.0M | $10.4M | 1.5% | Held |
| BETA BETA TECHNOLOGIES INC -CL A | Industrials | 700.0K | $10.3M | 1.5% | New |
| CLF CLEVELAND-CLIFFS INC | Materials | 1.2M | $10.1M | 1.5% | +20.0% |
| FSLY FASTLY INC - CLASS A | Technology | 300.0K | $8.7M | 1.3% | New |
| TLS TELOS CORPORATION | Technology | 2.0M | $8.4M | 1.2% | -4.8% |
| GSM FERROGLOBE PLC | Materials | 2.0M | $8.2M | 1.2% | Held |
| EVTL VERTICAL AEROSPACE LTD | Industrials | 3.4M | $7.5M | 1.1% | +70.0% |
| ISOU ISOENERGY LTD | Materials | 700.0K | $7.4M | 1.1% | New |
| RUN SUNRUN INC | Technology | 500.0K | $6.8M | 1.0% | New |
| LYFT LYFT INC-A | Services media | 500.0K | $6.7M | 1.0% | New |
| MANE VERADERMICS INC | Healthcare | 100.0K | $6.3M | 0.9% | New |
| IAG IAMGOLD CORP | Materials | 300.0K | $5.6M | 0.8% | New |
| EVEX EVE HOLDING INC | Industrials | 2.0M | $5.0M | 0.7% | -4.8% |
| LUCD LUCID DIAGNOSTICS INC | Healthcare | 4.0M | $4.6M | 0.7% | Held |
| SENS SENSEONICS HOLDINGS INC | Technology | 500.0K | $3.3M | 0.5% | +100.0% |
| ITRG INTEGRA RESOURCES CORP | Materials | 1.0M | $2.7M | 0.4% | New |
| PLUG PLUG POWER INC | Industrials | 1.0M | $2.3M | 0.3% | Held |
| UP WHEELS UP EXPERIENCE INC | Industrials | 4.0M | $2.1M | 0.3% | -20.0% |
| STIM NEURONETICS INC | Healthcare | 1.0M | $1.4M | 0.2% | Held |
| MBLY MOBILEYE GLOBAL INC-A | Technology | 100.0K | $687K | 0.1% | New |
| NFE NEW FORTRESS ENERGY INC | Utilities | 1.0M | $590K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 98 | $3.03B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 85 | $2.45B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 83 | $2.76B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 80 | $2.57B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 82 | $2.03B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 90 | $2.71B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 72 | $2.05B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 70 | $1.78B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 79 | $2.79B | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP