13F HOLDINGS REPORT
MASTERS CAPITAL MANAGEMENT LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001104186-25-000012
Total Value
$2.76B
Positions
83
Other Managers
0
Confidential Omitted
No
Holdings (83)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | SPY | 1,000,000 | $666.2M | 24.14% |
| 2 | INTERNATIONAL BUSINESS MACHS | INTR | 500,000 | $141.1M | 5.11% |
| 3 | GILEAD SCIENCES INC | GILD | 1,000,000 | $111.0M | 4.02% |
| 4 | CITIGROUP INC | C-PR | 1,000,000 | $101.5M | 3.68% |
| 5 | UNITED PARCEL SERVICE INC | UPS | 1,000,000 | $83.5M | 3.03% |
| 6 | GENERAL MTRS CO | 37045V100 | 1,000,000 | $61.0M | 2.21% |
| 7 | CORNING INC | GLW | 700,100 | $57.4M | 2.08% |
| 8 | DELTA AIR LINES INC DEL | DAL | 1,000,000 | $56.8M | 2.06% |
| 9 | DELTA AIR LINES INC DEL | DAL | 1,000,000 | $56.8M | 2.06% |
| 10 | EASTMAN CHEM CO | EMN | 800,000 | $50.4M | 1.83% |
| 11 | SPDR SERIES TRUST | 78464A870 | 500,000 | $50.1M | 1.82% |
| 12 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 1,000,000 | $45.1M | 1.63% |
| 13 | BORGWARNER INC | BWA | 1,000,000 | $44.0M | 1.59% |
| 14 | FLUOR CORP NEW | FLR | 1,000,000 | $42.1M | 1.52% |
| 15 | ARCHER DANIELS MIDLAND CO | ADM | 700,000 | $41.8M | 1.52% |
| 16 | NUCOR CORP | NUE | 300,000 | $40.6M | 1.47% |
| 17 | FREEPORT-MCMORAN INC | FCX | 1,000,000 | $39.2M | 1.42% |
| 18 | SCHLUMBERGER LTD | SLB | 1,000,000 | $34.4M | 1.25% |
| 19 | SCHLUMBERGER LTD | SLB | 1,000,000 | $34.4M | 1.25% |
| 20 | EXXON MOBIL CORP | XOM | 300,000 | $33.8M | 1.23% |
| 21 | INTEL CORP | INTC | 1,000,000 | $33.5M | 1.22% |
| 22 | INTEL CORP | INTC | 1,000,000 | $33.5M | 1.22% |
| 23 | ALCOA CORP | AA | 1,000,000 | $32.9M | 1.19% |
| 24 | ALCOA CORP | AA | 1,000,000 | $32.9M | 1.19% |
| 25 | EASTMAN CHEM CO | EMN | 500,000 | $31.5M | 1.14% |
| 26 | EASTMAN CHEM CO | EMN | 500,000 | $31.5M | 1.14% |
| 27 | FLUOR CORP NEW | FLR | 700,000 | $29.4M | 1.07% |
| 28 | NOV INC | NOV | 2,000,000 | $26.5M | 0.96% |
| 29 | NCR VOYIX CORPORATION | NCRRP | 2,100,000 | $26.4M | 0.95% |
| 30 | MOHAWK INDS INC | 608190104 | 200,000 | $25.8M | 0.93% |
| 31 | PFIZER INC | PFE | 1,000,000 | $25.5M | 0.92% |
| 32 | UNITED PARCEL SERVICE INC | UPS | 300,000 | $25.1M | 0.91% |
| 33 | CORNING INC | GLW | 300,000 | $24.6M | 0.89% |
| 34 | HALLIBURTON CO | HAL | 1,000,000 | $24.6M | 0.89% |
| 35 | AST SPACEMOBILE INC | ASTS | 500,000 | $24.5M | 0.89% |
| 36 | CLEVELAND-CLIFFS INC NEW | CLF | 2,000,000 | $24.4M | 0.88% |
| 37 | DOW INC | DOW | 1,000,000 | $22.9M | 0.83% |
| 38 | PONY AI INC | PYAIF | 1,000,000 | $22.5M | 0.81% |
| 39 | BARCLAYS PLC | BCLYF | 1,000,000 | $20.7M | 0.75% |
| 40 | ENOVIX CORPORATION | ENVX | 2,000,000 | $19.9M | 0.72% |
| 41 | ARCHER DANIELS MIDLAND CO | ADM | 300,000 | $17.9M | 0.65% |
| 42 | NEXGEN ENERGY LTD | NXE | 2,000,000 | $17.9M | 0.65% |
| 43 | ALIBABA GROUP HLDG LTD | BBAAY | 100,000 | $17.9M | 0.65% |
| 44 | SUNRUN INC | RUN | 1,000,000 | $17.3M | 0.63% |
| 45 | BRAINSWAY LTD | BRSYF | 1,000,000 | $15.1M | 0.55% |
| 46 | FLOTEK INDS INC DEL | 343389409 | 1,000,000 | $14.6M | 0.53% |
| 47 | V F CORP | VFC | 1,000,000 | $14.4M | 0.52% |
| 48 | V F CORP | VFC | 1,000,000 | $14.4M | 0.52% |
| 49 | LIONSGATE STUDIOS CORP | LION | 2,000,000 | $13.8M | 0.50% |
| 50 | OLIN CORP | OLN | 550,000 | $13.7M | 0.50% |
| 51 | TELOS CORP MD | TLS | 2,000,000 | $13.7M | 0.50% |
| 52 | NOV INC | NOV | 1,000,000 | $13.3M | 0.48% |
| 53 | MOHAWK INDS INC | 608190104 | 100,000 | $12.9M | 0.47% |
| 54 | PETROLEO BRASILEIRO SA PETRO | 71654V408 | 1,000,000 | $12.7M | 0.46% |
| 55 | OLIN CORP | OLN | 500,000 | $12.5M | 0.45% |
| 56 | FORD MTR CO | 345370860 | 1,000,000 | $12.0M | 0.43% |
| 57 | FORD MTR CO | 345370860 | 1,000,000 | $12.0M | 0.43% |
| 58 | EVE HLDG INC | EVEX-WT | 3,050,000 | $11.6M | 0.42% |
| 59 | DOW INC | DOW | 500,000 | $11.5M | 0.42% |
| 60 | DENALI THERAPEUTICS INC | DNLI | 750,000 | $10.9M | 0.39% |
| 61 | VALE S A | VALE | 1,000,000 | $10.9M | 0.39% |
| 62 | CALIFORNIA RES CORP | CRC | 200,000 | $10.6M | 0.39% |
| 63 | THE REALREAL INC | 88339P101 | 1,000,000 | $10.6M | 0.39% |
| 64 | THE REALREAL INC | 88339P101 | 1,000,000 | $10.6M | 0.39% |
| 65 | ARCHER AVIATION INC | ACHR-WT | 999,700 | $9.6M | 0.35% |
| 66 | ANGEL OAK MORTGAGE REIT INC | AOMN | 1,000,000 | $9.4M | 0.34% |
| 67 | FERROGLOBE PLC | GSM | 2,000,000 | $9.1M | 0.33% |
| 68 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 200,000 | $9.0M | 0.33% |
| 69 | GREEN PLAINS INC | GPRE | 1,000,000 | $8.8M | 0.32% |
| 70 | BORR DRILLING LTD | BORR | 3,000,000 | $8.1M | 0.29% |
| 71 | AMERICAN AXLE & MFG HLDGS IN | 024061103 | 1,200,000 | $7.2M | 0.26% |
| 72 | HERTZ GLOBAL HLDGS INC | HTZWW | 1,000,000 | $6.8M | 0.25% |
| 73 | TRANSOCEAN LTD | RIG | 2,000,000 | $6.2M | 0.23% |
| 74 | DAQO NEW ENERGY CORP | DQ | 200,000 | $5.6M | 0.20% |
| 75 | VERTICAL AEROSPACE LTD | EVTWF | 1,000,000 | $5.2M | 0.19% |
| 76 | CELANESE CORP DEL | CE | 100,000 | $4.2M | 0.15% |
| 77 | LUCID DIAGNOSTICS INC | LUCD | 3,999,273 | $4.0M | 0.15% |
| 78 | TRANSOCEAN LTD | RIG | 1,000,000 | $3.1M | 0.11% |
| 79 | NEURONETICS INC | STIM | 1,000,000 | $2.7M | 0.10% |
| 80 | PLUG POWER INC | PLUG | 1,000,000 | $2.3M | 0.08% |
| 81 | NEW FORTRESS ENERGY INC | NFE | 1,000,000 | $2.2M | 0.08% |
| 82 | SENSEONICS HLDGS INC | SENS | 5,000,000 | $2.2M | 0.08% |
| 83 | WHEELS UP EXPERIENCE INC | WSUPW | 1,000,000 | $1.8M | 0.07% |