MASTERS CAPITAL MANAGEMENT LLC

ATLANTA, GA · CIK 1104186 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$804.6m
Staff17 · 13 in investment roles
Main clients (by assets)Private funds 100%
Private funds4 (4 hedge) · $804.6m gross assets
Websitemasterscapital.com
Form ADV · 2026-03-30SEC adviser record

Legal entityMASTERS CAPITAL MANAGEMENT, LLC (US)

Kindhedge funds, futures
Others nearbyAtlanta, GA

As an employer

Offices in1 country
Private fundshedge 4

$711.3m reported value +5.1% vs Q1 2026

42positions

57.0%in top 10

7 new 9 added 8 reduced 9 sold out vs Q1 2026

Options: 35 call positions ($2.4bn notional), 3 put positions ($807.4m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DELTA AIR LINES INC DEL COM NEW DAL	DAL	1,000,000	$93.7m13.17%	13.17%	Unchanged
2	FLUOR CORP NEW COM FLR	FLR	1,000,000	$52.4m7.37%	7.37%	Added +75.0k	+75,000 8.1%
3	AST SPACEMOBILE INC COM CL A ASTS	ASTS	500,000	$44.4m6.25%	6.25%	Unchanged
4	NOV INC COM NOV	NOV	2,200,000	$40.8m5.74%	5.74%	Added +200.0k	+200,000 10.0%
5	NCR VOYIX CORPORATION COM VYX	VYX	4,000,000	$32.7m4.59%	4.59%	Added +500.0k	+500,000 14.3%
6	UNITED PARCEL SERVICE INC CL B UPS	UPS	300,000	$32.2m4.53%	4.53%	Reduced -200.0k	-200,000 -40.0%
7	LIONSGATE STUDIOS CORP COM LION	LION	1,994,814	$30.5m4.29%	4.29%	Unchanged
8	BARCLAYS PLC ADR BCS	BCS	1,000,000	$26.9m3.78%	3.78%	Unchanged
9	EASTMAN CHEM CO COM EMN	EMN	400,000	$26.8m3.77%	3.77%	Added +200.0k	+200,000 100.0%
10	HORMEL FOODS CORP COM HRL	HRL	1,000,000	$24.8m3.49%	3.49%	Added +150.0k	+150,000 17.6%
11	FLOTEK INDS INC DEL COM NEW FTK	FTK	1,000,000	$23.5m3.31%	3.31%	Reduced -89.4k	-89,438 -8.2%
12	BRAINSWAY LTD SPONSORED ADS BWAY	BWAY	1,500,000	$23.3m3.27%	3.27%	Reduced -150.0k	-150,000 -9.1%
13	THE REALREAL INC COM REAL	REAL	1,500,000	$17.7m2.49%	2.49%	Reduced -500.0k	-500,000 -25.0%
14	BETA TECHNOLOGIES INC COM SHS CL A BETA	BETA	1,028,200	$17.2m2.42%	2.42%	Added +328.2k	+328,200 46.9%
15	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	3,000,000	$16.3m2.29%	2.29%	Reduced -500.0k	-500,000 -14.3%
16	TEREX CORP NEW COM TEX	TEX	200,000	$14.5m2.04%	2.04%	New
17	CELANESE CORP DEL COM CE	CE	300,000	$13.8m1.94%	1.94%	New
18	VERADERMICS INC COMMON STOCK MANE	MANE	100,000	$12.3m1.73%	1.73%	Unchanged
19	ENOVIX CORPORATION COM ENVX	ENVX	2,000,000	$12.1m1.71%	1.71%	Unchanged
20	MOHAWK INDS INC COM MHK	MHK	100,000	$12.1m1.71%	1.71%	Reduced -400.0k	-400,000 -80.0%
21	BOSTON SCIENTIFIC CORP COM BSX	BSX	250,000	$10.7m1.50%	1.50%	New
22	ALMONTY INDS INC COM NEW ALM	ALM	600,000	$9.9m1.40%	1.40%	New
23	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	2,000,000	$9.8m1.37%	1.37%	Unchanged
24	TELOS CORP MD COM TLS	TLS	2,100,000	$9.7m1.36%	1.36%	Added +100.0k	+100,000 5.0%
25	NEXGEN ENERGY LTD COM NXE	NXE	1,000,000	$9.4m1.32%	1.32%	Unchanged
26	SCHLUMBERGER LTD COM STK SLB	SLB	200,000	$9.3m1.31%	1.31%	New
27	ANGEL OAK MORTGAGE REIT INC COM AOMR	AOMR	1,000,000	$9.1m1.28%	1.28%	Unchanged
28	BORR DRILLING LTD SHS BORR	BORR	2,000,000	$8.3m1.16%	1.16%	Unchanged
29	VERTICAL AEROSPACE LTD SHS NEW EVTL	EVTL	4,100,000	$7.1m1.00%	1.00%	Added +700.0k	+700,000 20.6%
30	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,200,000	$7.1m0.99%	0.99%	New
31	SUNRUN INC COM RUN	RUN	500,000	$6.7m0.94%	0.94%	Unchanged
32	PONY AI INC SPONSORED ADS PONY	PONY	950,000	$6.6m0.93%	0.93%	Unchanged
33	FERROGLOBE PLC SHS GSM	GSM	2,000,000	$6.4m0.89%	0.89%	Unchanged
34	ISOENERGY LTD COM NEW ISOU	ISOU	600,000	$6.0m0.84%	0.84%	Reduced -100.0k	-100,000 -14.3%
35	DENALI THERAPEUTICS INC COM DNLI	DNLI	200,000	$5.1m0.72%	0.72%	Reduced -400.0k	-400,000 -66.7%
36	EVE HLDG INC COM EVEX	EVEX	2,000,000	$5.0m0.71%	0.71%	Unchanged
37	LUCID DIAGNOSTICS INC COM LUCD	LUCD	4,000,000	$4.3m0.60%	0.60%	Unchanged
38	SENSEONICS HLDGS INC COM SENS	SENS	700,000	$4.0m0.56%	0.56%	Added +200.0k	+200,000 40.0%
39	PLUG POWER INC COM NEW PLUG	PLUG	1,000,000	$2.7m0.38%	0.38%	Unchanged
40	WHEELS UP EXPERIENCE INC COM CL A UP	UP	300,000	$2.7m0.38%	0.38%	New
41	INTEGRA RES CORP COM ITRG	ITRG	1,000,000	$2.3m0.32%	0.32%	Unchanged
42	NEURONETICS INC COM STIM	STIM	1,000,000	$1.3m0.18%	0.18%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NOKIA CORP NOK	NOK	2,000,000	$16.1m2.0m shares
HUNTSMAN CORP HUN	HUN	1,000,000	$13.3m1.0m shares
CLEVELAND-CLIFFS INC NEW CLF	CLF	1,200,000	$10.1m1.2m shares
FASTLY INC FSLY	FSLY	300,000	$8.7m300.0k shares
LYFT INC LYFT	LYFT	500,000	$6.7m500.0k shares
IAMGOLD CORP IAG	IAG	300,000	$5.6m300.0k shares
WHEELS UP EXPERIENCE INC		4,000,000	$2.1m4.0m shares
MOBILEYE GLOBAL INC MBLY	MBLY	100,000	$687.0k100.0k shares
NEW FORTRESS ENERGY INC		1,000,000	$590.0k1.0m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,000,000	$746.8m1.0m shares	New
BOEING CO BA · Call	BA	Call	1,000,000	$216.5m1.0m shares	Added
ALIBABA GROUP HLDG LTD BABA · Call	BABA	Call	2,000,000	$192.0m2.0m shares	Added
NEWMONT CORP NEM · Call	NEM	Call	2,000,000	$186.8m2.0m shares	New
ACCENTURE PLC IRELAND ACN · Call	ACN	Call	1,300,000	$161.8m1.3m shares	New
GENERAL MTRS CO GM · Call	GM	Call	2,000,000	$154.2m2.0m shares	Added
CITIGROUP INC C · Call	C	Call	1,000,000	$140.0m1.0m shares	Reduced
INTEL CORP INTC · Call	INTC	Call	1,000,000	$139.6m1.0m shares	Reduced
UNITED PARCEL SERVICE INC UPS · Call	UPS	Call	1,000,000	$107.5m1.0m shares	Reduced
ALCOA CORP AA · Call	AA	Call	2,000,000	$104.3m2.0m shares	Added
CLOROX CO DEL CLX · Call	CLX	Call	1,000,000	$95.4m1.0m shares	Added
SCHLUMBERGER LTD SLB · Call	SLB	Call	2,000,000	$93.0m2.0m shares	Added
ISHARES TR TLT · Call	TLT	Call	1,000,000	$86.4m1.0m shares	Reduced
UBER TECHNOLOGIES INC UBER · Call	UBER	Call	1,000,000	$72.2m1.0m shares	New
EASTMAN CHEM CO EMN · Call	EMN	Call	1,000,000	$67.0m1.0m shares	New
FREEPORT-MCMORAN INC FCX · Call	FCX	Call	1,000,000	$62.9m1.0m shares	Added
BRISTOL-MYERS SQUIBB CO BMY · Call	BMY	Call	1,000,000	$57.6m1.0m shares	Unchanged
FLUOR CORP NEW FLR · Call	FLR	Call	1,000,000	$52.4m1.0m shares	Added
CVS HEALTH CORP CVS · Call	CVS	Call	500,000	$51.7m500.0k shares	Unchanged
SERVICENOW INC NOW · Call	NOW	Call	500,000	$49.6m500.0k shares	New
DELTA AIR LINES INC DEL DAL · Put	DAL	Put	500,000	$46.8m500.0k shares	Reduced
IONQ INC IONQ · Call	IONQ	Call	800,000	$42.6m800.0k shares	Reduced
ANTERO RESOURCES CORP AR · Call	AR	Call	1,000,000	$35.1m1.0m shares	New
MOBILEYE GLOBAL INC MBLY · Call	MBLY	Call	3,000,000	$29.0m3.0m shares	Added
CLEVELAND-CLIFFS INC NEW CLF · Call	CLF	Call	3,000,000	$28.2m3.0m shares	Added