13F HOLDINGS REPORT
MASTERS CAPITAL MANAGEMENT LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001104186-26-000003
Total Value
$2.45B
Positions
85
Other Managers
0
Confidential Omitted
No
Holdings (85)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | BOEING CO | BA-PA | 500,000 | $108.6M | 4.43% |
| 2 | UNITED PARCEL SERVICE INC | UPS | 1,000,000 | $99.2M | 4.05% |
| 3 | CITIGROUP INC | C-PR | 700,000 | $81.7M | 3.33% |
| 4 | GENERAL MTRS CO | 37045V100 | 1,000,000 | $81.3M | 3.32% |
| 5 | GENERAL MTRS CO | 37045V100 | 1,000,000 | $81.3M | 3.32% |
| 6 | METLIFE INC | MET-PF | 1,000,000 | $78.9M | 3.22% |
| 7 | HONEYWELL INTL INC | 438516106 | 400,000 | $78.0M | 3.18% |
| 8 | ALIBABA GROUP HLDG LTD | BBAAY | 500,000 | $73.3M | 2.99% |
| 9 | ALIBABA GROUP HLDG LTD | BBAAY | 500,000 | $73.3M | 2.99% |
| 10 | DELTA AIR LINES INC DEL | DAL | 1,000,000 | $69.4M | 2.83% |
| 11 | DELTA AIR LINES INC DEL | DAL | 1,000,000 | $69.4M | 2.83% |
| 12 | INTERNATIONAL BUSINESS MACHS | INTR | 200,000 | $59.2M | 2.42% |
| 13 | EASTMAN CHEM CO | EMN | 800,000 | $51.1M | 2.08% |
| 14 | UNITED PARCEL SERVICE INC | UPS | 500,000 | $49.6M | 2.02% |
| 15 | UNITED PARCEL SERVICE INC | UPS | 500,000 | $49.6M | 2.02% |
| 16 | BORGWARNER INC | BWA | 1,000,000 | $45.1M | 1.84% |
| 17 | CORNING INC | GLW | 500,000 | $43.8M | 1.79% |
| 18 | MOHAWK INDS INC | 608190104 | 400,000 | $43.7M | 1.78% |
| 19 | FLUOR CORP NEW | FLR | 1,100,000 | $43.6M | 1.78% |
| 20 | MARVELL TECHNOLOGY INC | MRVL | 500,000 | $42.5M | 1.73% |
| 21 | INTERNATIONAL PAPER CO | 460146103 | 1,000,000 | $39.4M | 1.61% |
| 22 | SLB LIMITED | SLB | 1,000,000 | $38.4M | 1.57% |
| 23 | SLB LIMITED | SLB | 1,000,000 | $38.4M | 1.57% |
| 24 | INTEL CORP | INTC | 1,000,000 | $36.9M | 1.51% |
| 25 | INTEL CORP | INTC | 1,000,000 | $36.9M | 1.51% |
| 26 | AST SPACEMOBILE INC | ASTS | 500,000 | $36.3M | 1.48% |
| 27 | NIKE INC | NKE | 500,000 | $31.9M | 1.30% |
| 28 | CLOROX CO DEL | CLX | 315,500 | $31.8M | 1.30% |
| 29 | THE REALREAL INC | 88339P101 | 2,000,000 | $31.6M | 1.29% |
| 30 | NOV INC | NOV | 2,000,000 | $31.3M | 1.28% |
| 31 | NCR VOYIX CORPORATION | NCRRP | 3,000,000 | $30.6M | 1.25% |
| 32 | UNITED PARCEL SERVICE INC | UPS | 300,000 | $29.8M | 1.21% |
| 33 | ALCOA CORP | AA | 500,000 | $26.6M | 1.08% |
| 34 | BARCLAYS PLC | BCLYF | 1,000,000 | $25.4M | 1.04% |
| 35 | PFIZER INC | PFE | 1,000,000 | $24.9M | 1.02% |
| 36 | APA CORPORATION | APA | 1,000,000 | $24.5M | 1.00% |
| 37 | EXXON MOBIL CORP | XOM | 200,000 | $24.1M | 0.98% |
| 38 | YPF SOCIEDAD ANONIMA | YPF | 620,000 | $22.4M | 0.91% |
| 39 | OLIN CORP | OLN | 1,000,000 | $20.8M | 0.85% |
| 40 | CELANESE CORP DEL | CE | 469,200 | $19.8M | 0.81% |
| 41 | HONEYWELL INTL INC | 438516106 | 100,000 | $19.5M | 0.80% |
| 42 | HONEYWELL INTL INC | 438516106 | 100,000 | $19.5M | 0.80% |
| 43 | LYFT INC | LYFT | 1,000,000 | $19.4M | 0.79% |
| 44 | FREEPORT-MCMORAN INC | FCX | 379,900 | $19.3M | 0.79% |
| 45 | AMERICAN AXLE & MFG HLDGS IN | 024061103 | 3,000,000 | $19.2M | 0.78% |
| 46 | EASTMAN CHEM CO | EMN | 300,000 | $19.1M | 0.78% |
| 47 | BRAINSWAY LTD | BRSYF | 1,000,000 | $19.0M | 0.78% |
| 48 | NEXGEN ENERGY LTD | NXE | 2,000,000 | $18.4M | 0.75% |
| 49 | LIONSGATE STUDIOS CORP | LION | 2,000,000 | $18.3M | 0.74% |
| 50 | PONY AI INC | PYAIF | 1,200,000 | $17.4M | 0.71% |
| 51 | FLOTEK INDS INC DEL | 343389409 | 1,000,000 | $17.2M | 0.70% |
| 52 | DENALI THERAPEUTICS INC | DNLI | 1,000,000 | $16.5M | 0.67% |
| 53 | DOW INC | DOW | 700,000 | $16.4M | 0.67% |
| 54 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 300,000 | $16.2M | 0.66% |
| 55 | ENOVIX CORPORATION | ENVX | 2,000,000 | $14.6M | 0.60% |
| 56 | OLIN CORP | OLN | 700,000 | $14.6M | 0.59% |
| 57 | CLEVELAND-CLIFFS INC NEW | CLF | 1,000,000 | $13.3M | 0.54% |
| 58 | CLEVELAND-CLIFFS INC NEW | CLF | 1,000,000 | $13.3M | 0.54% |
| 59 | FORD MTR CO | 345370860 | 1,000,000 | $13.1M | 0.54% |
| 60 | FORD MTR CO | 345370860 | 1,000,000 | $13.1M | 0.54% |
| 61 | NOKIA CORP | NOKBF | 2,000,000 | $12.9M | 0.53% |
| 62 | DOW INC | DOW | 500,000 | $11.7M | 0.48% |
| 63 | DOW INC | DOW | 500,000 | $11.7M | 0.48% |
| 64 | BORR DRILLING LTD | BORR | 2,900,000 | $11.7M | 0.48% |
| 65 | ALLIED GOLD CORP | AAUC | 500,000 | $11.4M | 0.47% |
| 66 | PONY AI INC | PYAIF | 750,000 | $10.9M | 0.44% |
| 67 | TELOS CORP MD | TLS | 2,100,000 | $10.7M | 0.44% |
| 68 | VERTICAL AEROSPACE LTD | EVTWF | 2,000,000 | $10.7M | 0.43% |
| 69 | HUNTSMAN CORP | HUN | 1,000,000 | $10.0M | 0.41% |
| 70 | GREEN PLAINS INC | GPRE | 1,000,000 | $9.8M | 0.40% |
| 71 | FERROGLOBE PLC | GSM | 2,000,000 | $9.3M | 0.38% |
| 72 | ANGEL OAK MORTGAGE REIT INC | AOMN | 1,000,000 | $8.6M | 0.35% |
| 73 | CELANESE CORP DEL | CE | 200,000 | $8.5M | 0.34% |
| 74 | EVE HLDG INC | EVEX-WT | 2,100,000 | $8.4M | 0.34% |
| 75 | TRANSOCEAN LTD | RIG | 2,000,000 | $8.3M | 0.34% |
| 76 | ARCHER AVIATION INC | ACHR-WT | 999,600 | $7.5M | 0.31% |
| 77 | VERTICAL AEROSPACE LTD | EVTWF | 1,000,000 | $5.3M | 0.22% |
| 78 | CELSIUS HLDGS INC | CELH | 100,000 | $4.6M | 0.19% |
| 79 | LUCID DIAGNOSTICS INC | LUCD | 4,000,000 | $4.4M | 0.18% |
| 80 | TRANSOCEAN LTD | RIG | 1,000,000 | $4.1M | 0.17% |
| 81 | WHEELS UP EXPERIENCE INC | WSUPW | 5,000,000 | $3.3M | 0.13% |
| 82 | PLUG POWER INC | PLUG | 1,000,000 | $2.0M | 0.08% |
| 83 | NEURONETICS INC | STIM | 1,000,000 | $1.4M | 0.06% |
| 84 | SENSEONICS HLDGS INC | SENS | 249,998 | $1.4M | 0.06% |
| 85 | NEW FORTRESS ENERGY INC | NFE | 1,000,000 | $1.1M | 0.05% |