1y return+34.5%S&P 500 +20.9%
3y return+50.3%S&P 500 +68.5%
5y return+25.7%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2020: $414 against $290 in the S&P 500.2
Masters Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| DALDelta Air Lines Inc | $93.7M | 13.2% | |
| FLRFluor Corp | $52.4M | 7.4% | +8.1% |
| ASTSAst Spacemobile Inc | $44.4M | 6.2% | |
| NOVNov Inc | $40.8M | 5.7% | +10.0% |
| VYXNcr Voyix Corporation | $32.7M | 4.6% | +14.3% |
| UPSUnited Parcel Svcs Inc | $32.2M | 4.5% | −40.0% |
| LIONLionsgate Studios Corp | $30.5M | 4.3% | |
| BCSBarclays PLC | $26.9M | 3.8% | |
| EMNEastman Chem Co | $26.8M | 3.8% | +100.0% |
| HRLHormel Foods Corp | $24.8M | 3.5% | +17.6% |
| FTKFlotek Industries Inc | $23.5M | 3.3% | −8.2% |
| BWAYBrainsway Ltd | $23.3M | 3.3% | −9.1% |
| REALThe Realreal Inc | $17.7M | 2.5% | −25.0% |
| BETABeta Technologies Inc | $17.2M | 2.4% | +46.9% |
| DCHDauch Corp | $16.3M | 2.3% | −14.3% |
| TEXTerex Corp New | $14.5M | 2.0% | New |
| CECelanese Corp Del | $13.8M | 1.9% | New |
| MANEVeradermics Inc | $12.3M | 1.7% | |
| ENVXEnovix Corporation | $12.1M | 1.7% | |
| MHKMohawk Inds Inc | $12.1M | 1.7% | −80.0% |
| BSXBoston Scientific Corp | $10.7M | 1.5% | New |
| ALMAlmonty Inds Inc | $9.9M | 1.4% | New |
| Transocean LtdCUSIP H8817H100 | $9.8M | 1.4% | |
| TLSTelos Corp Md | $9.7M | 1.4% | +5.0% |
| NXENexgen Energy Ltd | $9.4M | 1.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| FTKFlotek Industries Inc | September 30, 2023 | +430.9% | $23.5M |
| BCSBarclays PLC | June 30, 2020 | +374.5% | $26.9M |
| BWAYBrainsway Ltd | March 31, 2021 | +243.5% | $23.3M |
| DALDelta Air Lines Inc | June 30, 2022 | +223.2% | $93.7M |
| LIONLionsgate Studios Corp | June 30, 2025 | +163.5% | $30.5M |
| MANEVeradermics Inc | March 31, 2026 | +94.7% | $12.3M |
| Ferroglobe PLCCUSIP G33856108 | December 31, 2020 | +93.9% | $6.4M |
| Borr Drilling LtdCUSIP G1466R173 | March 31, 2025 | +88.6% | $8.3M |
| DNLIDenali Therapeutics Inc | June 30, 2025 | +83.8% | $5.1M |
| PLUGPlug Pwr Inc | June 30, 2025 | +81.9% | $2.7M |
Sold off last quarter
- NOKNokia Corp was $16.1M
- HUNHuntsman Corp was $13.3M
- CLFCleveland-cliffs Inc New was $10.1M
- FSLYFastly Inc was $8.7M
- LYFTLyft Inc was $6.7M
- IAGIamgold Corp was $5.6M
- Wheels Up Experience IncCUSIP 96328L205 was $2.1M
- MBLYMobileye Global Inc was $687K
- New Fortress Energy IncCUSIP 644393100 was $590K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.8% | +14.8% |
| March 31, 2026 | +3.1% | −4.6% |
| December 31, 2025 | +5.9% | +2.4% |
| September 30, 2025 | +8.2% | +7.8% |
| June 30, 2025 | +16.3% | +10.5% |
| March 31, 2025 | −8.9% | −4.6% |
| December 31, 2024 | +1.3% | +2.1% |
| September 30, 2024 | +4.1% | +5.4% |
| June 30, 2024 | −3.3% | +4.0% |
| March 31, 2024 | −0.9% | +10.0% |
| December 31, 2023 | +7.4% | +11.2% |
| September 30, 2023 | −2.9% | −3.6% |
| June 30, 2023 | +2.2% | +8.3% |
| March 31, 2023 | +5.5% | +7.0% |
| December 31, 2022 | +14.6% | +7.1% |
| September 30, 2022 | −5.2% | −5.3% |
| June 30, 2022 | −25.7% | −16.5% |
| March 31, 2022 | +1.8% | −4.9% |
| December 31, 2021 | +0.4% | +10.7% |
| September 30, 2021 | −6.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Masters Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1104186&type=13F-HR&dateb=&owner=include&count=40CIK 1104186
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1104186/000110418626000006/Filed August 14, 2026 · accession 0001104186-26-000006