Filed: 11/14/2025ACC: 0001104186-25-000012
📋 What this filing means
MASTERS CAPITAL MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 64 equity positions with a total reported market value of $2.76B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
64
Positions
$2.76B
Total AUM (reported)
88.65M
Total Shares
Allocation by class
COM$1.38B49.9%
TR UNIT$666.18M24.1%
COM NEW$238.73M8.6%
CL B$147.81M5.4%
COM STK$68.74M2.5%
SPONSORED ADS$66.29M2.4%
S&P BIOTECH$50.10M1.8%
Portfolio Concentration
Top 3$920.76M33.4%
4–10$656.88M23.8%
11–25$683.48M24.8%
Rest$499.05M18.1%
Top 3 weight
33.4%
Top 10 weight
57.2%
Voting Authority Distribution
Total shares with voting rights: 88.65M
Sole
Full voting authority
88.65M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole64
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings64
Rows:
SPDR S&P 500 ETF TR
SOLEShares1M
TypeSH
Market value$666.18M
24.14%
Sole
1M
Shared
0.00
None
0.00
INTERNATIONAL BUSINESS MACHS
SOLEShares500K
TypeSH
Market value$141.08M
5.11%
Sole
500K
Shared
0.00
None
0.00
DELTA AIR LINES INC DEL
SOLEShares2M
TypeSH
Market value$113.50M
4.11%
Sole
2M
Shared
0.00
None
0.00
EASTMAN CHEM CO
SOLEShares1.80M
TypeSH
Market value$113.49M
4.11%
Sole
1.80M
Shared
0.00
None
0.00
GILEAD SCIENCES INC
SOLEShares1M
TypeSH
Market value$111.00M
4.02%
Sole
1M
Shared
0.00
None
0.00
UNITED PARCEL SERVICE INC
SOLEShares1.30M
TypeSH
Market value$108.59M
3.93%
Sole
1.30M
Shared
0.00
None
0.00
CITIGROUP INC
SOLEShares1M
TypeSH
Market value$101.50M
3.68%
Sole
1M
Shared
0.00
None
0.00
CORNING INC
SOLEShares1M
TypeSH
Market value$82.04M
2.97%
Sole
1M
Shared
0.00
None
0.00
FLUOR CORP NEW
SOLEShares1.70M
TypeSH
Market value$71.52M
2.59%
Sole
1.70M
Shared
0.00
None
0.00
SCHLUMBERGER LTD
SOLEShares2M
TypeSH
Market value$68.74M
2.49%
Sole
2M
Shared
0.00
None
0.00
INTEL CORP
SOLEShares2M
TypeSH
Market value$67.10M
2.43%
Sole
2M
Shared
0.00
None
0.00
ALCOA CORP
SOLEShares2M
TypeSH
Market value$65.78M
2.38%
Sole
2M
Shared
0.00
None
0.00
GENERAL MTRS CO
SOLEShares1M
TypeSH
Market value$60.97M
2.21%
Sole
1M
Shared
0.00
None
0.00
ARCHER DANIELS MIDLAND CO
SOLEShares1M
TypeSH
Market value$59.74M
2.16%
Sole
1M
Shared
0.00
None
0.00
BRISTOL-MYERS SQUIBB CO
SOLEShares1.20M
TypeSH
Market value$54.12M
1.96%
Sole
1.20M
Shared
0.00
None
0.00
SPDR SERIES TRUST
SOLEShares500K
TypeSH
Market value$50.10M
1.82%
Sole
500K
Shared
0.00
None
0.00
BORGWARNER INC
SOLEShares1M
TypeSH
Market value$43.96M
1.59%
Sole
1M
Shared
0.00
None
0.00
NUCOR CORP
SOLEShares300K
TypeSH
Market value$40.63M
1.47%
Sole
300K
Shared
0.00
None
0.00
NOV INC
SOLEShares3M
TypeSH
Market value$39.75M
1.44%
Sole
3M
Shared
0.00
None
0.00
FREEPORT-MCMORAN INC
SOLEShares1M
TypeSH
Market value$39.22M
1.42%
Sole
1M
Shared
0.00
None
0.00
MOHAWK INDS INC
SOLEShares300K
TypeSH
Market value$38.68M
1.40%
Sole
300K
Shared
0.00
None
0.00
DOW INC
SOLEShares1.50M
TypeSH
Market value$34.40M
1.25%
Sole
1.50M
Shared
0.00
None
0.00
EXXON MOBIL CORP
SOLEShares300K
TypeSH
Market value$33.83M
1.23%
Sole
300K
Shared
0.00
None
0.00
V F CORP
SOLEShares2M
TypeSH
Market value$28.86M
1.05%
Sole
2M
Shared
0.00
None
0.00
NCR VOYIX CORPORATION
SOLEShares2.10M
TypeSH
Market value$26.36M
0.95%
Sole
2.10M
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SPDR S&P 500 ETF TRSOLE | TR UNIT | 1M | SH | $666.18M 24.14% | 1M | 0.00 | 0.00 |
INTERNATIONAL BUSINESS MACHSSOLE | COM | 500K | SH | $141.08M 5.11% | 500K | 0.00 | 0.00 |
DELTA AIR LINES INC DELSOLE | COM NEW | 2M | SH | $113.50M 4.11% | 2M | 0.00 | 0.00 |
EASTMAN CHEM COSOLE | COM | 1.80M | SH | $113.49M 4.11% | 1.80M | 0.00 | 0.00 |
GILEAD SCIENCES INCSOLE | COM | 1M | SH | $111.00M 4.02% | 1M | 0.00 | 0.00 |
UNITED PARCEL SERVICE INCSOLE | CL B | 1.30M | SH | $108.59M 3.93% | 1.30M | 0.00 | 0.00 |
CITIGROUP INCSOLE | COM NEW | 1M | SH | $101.50M 3.68% | 1M | 0.00 | 0.00 |
CORNING INCSOLE | COM | 1M | SH | $82.04M 2.97% | 1M | 0.00 | 0.00 |
FLUOR CORP NEWSOLE | COM | 1.70M | SH | $71.52M 2.59% | 1.70M | 0.00 | 0.00 |
SCHLUMBERGER LTDSOLE | COM STK | 2M | SH | $68.74M 2.49% | 2M | 0.00 | 0.00 |
INTEL CORPSOLE | COM | 2M | SH | $67.10M 2.43% | 2M | 0.00 | 0.00 |
ALCOA CORPSOLE | COM | 2M | SH | $65.78M 2.38% | 2M | 0.00 | 0.00 |
GENERAL MTRS COSOLE | COM | 1M | SH | $60.97M 2.21% | 1M | 0.00 | 0.00 |
ARCHER DANIELS MIDLAND COSOLE | COM | 1M | SH | $59.74M 2.16% | 1M | 0.00 | 0.00 |
BRISTOL-MYERS SQUIBB COSOLE | COM | 1.20M | SH | $54.12M 1.96% | 1.20M | 0.00 | 0.00 |
SPDR SERIES TRUSTSOLE | S&P BIOTECH | 500K | SH | $50.10M 1.82% | 500K | 0.00 | 0.00 |
BORGWARNER INCSOLE | COM | 1M | SH | $43.96M 1.59% | 1M | 0.00 | 0.00 |
NUCOR CORPSOLE | COM | 300K | SH | $40.63M 1.47% | 300K | 0.00 | 0.00 |
NOV INCSOLE | COM | 3M | SH | $39.75M 1.44% | 3M | 0.00 | 0.00 |
FREEPORT-MCMORAN INCSOLE | CL B | 1M | SH | $39.22M 1.42% | 1M | 0.00 | 0.00 |
MOHAWK INDS INCSOLE | COM | 300K | SH | $38.68M 1.40% | 300K | 0.00 | 0.00 |
DOW INCSOLE | COM | 1.50M | SH | $34.40M 1.25% | 1.50M | 0.00 | 0.00 |
EXXON MOBIL CORPSOLE | COM | 300K | SH | $33.83M 1.23% | 300K | 0.00 | 0.00 |
V F CORPSOLE | COM | 2M | SH | $28.86M 1.05% | 2M | 0.00 | 0.00 |
NCR VOYIX CORPORATIONSOLE | COM | 2.10M | SH | $26.36M 0.95% | 2.10M | 0.00 | 0.00 |
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