MASTERS CAPITAL MANAGEMENT LLC

Hedge Fund • Long/Short

MASTERS CAPITAL MANAGEMENT LLC is a Long/Short Hedge Fund based in Atlanta, GA led by Michael Willingham Masters, reporting $687.1M in AUM as of Q3 2025 with 33% Industrials concentration and 57% concentrated in top 10 holdings.

CEOMichael Willingham Masters

Portfolio Value: $521.3M
Positions: 36
Top Holding: DAL at 10.89%
Last Reported: Q3 2025

Address3060 Peachtree Road, Nw, Suite 1425, Atlanta, GA, 30305-2234, United States

Top Holdings

Largest long holdings in MASTERS CAPITAL MANAGEMENT LLC's portfolio (56.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Delta Air Lines DAL	Airlines, Airports & Air Services Industrials	$56.8M	10.89%	—	0.15% 1.0M shares	≤ Q2 2013 Held for 12y 5m+
2 Fluor FLR	Engineering & Construction Industrials	$42.1M	8.07%	—	0.62% 1.0M shares	Q3 2021 Held for 4y 2m
3 Eastman Chemical EMN	Chemicals - Specialty Basic Materials	$31.5M	6.05%	+$15.8M Bought	0.44% 500.0K shares	Q1 2025 Held for 8 months
4 NOVA, Inc. NOV	Oil & Gas Equipment & Services Energy	$26.5M	5.08%	—	0.54% 2.0M shares	Q4 2020 Held for 4y 11m
5 NCR Voyix VYX	Information Technology Services Technology	$26.4M	5.06%	+$2.5M Bought	1.52% 2.1M shares	Q1 2025 Held for 8 months
6 United Parcel Service, Inc. UPS	Integrated Freight & Logistics Industrials	$25.1M	4.81%	—	0.04% 300.0K shares	Q1 2025 Held for 8 months
7 AST SpaceMobile ASTS	Communication Equipment Technology	$24.5M	4.71%	—	0.18% 500.0K shares	Q1 2024 Held for 1y 8m
8 Cleveland-Cliffs CLF	Steel Basic Materials	$24.4M	4.68%	—	0.40% 2.0M shares	Q1 2016 Held for 9y 8m
9 Enovix Corporation ENVX	Electrical Equipment & Parts Industrials	$19.9M	3.82%	-$2.8M Sold	0.92% 2.0M shares	Q1 2023 Held for 2y 8m
10 Archer Daniels Midland ADM	Agricultural Farm Products Consumer Defensive	$17.9M	3.44%	+$17.9M New	0.06% 300.0K shares	Q2 2025 Held for 5 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MASTERS CAPITAL MANAGEMENT LLC's latest filing

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Market Value

$521.3M

Prior: $450.2M

Q/Q Change

+15.8%

+$71.2M

Net Flows % of MV

-1.1%

Turnover Ratio

18.01%

New Purchases

3 stocks

$24.3M

Added To

8 stocks

+$37.5M

Sold Out Of

7 stocks

$62.5M

Reduced Holdings

3 stocks

-$5.1M

Increased Positions

Position	Shares Δ	Change
1 Archer Daniels Midland ADM	New	0 → 300.0K +$17.9M
2 Celanese Corporation CE	New	0 → 100.0K +$4.2M
3 New Fortress Energy NFE	New	0 → 1.0M +$2.2M
4 Dow DOW	+400.0%	100.0K → 500.0K +$9.2M
5 Eastman Chemical EMN	+100.0%	250.0K → 500.0K +$15.8M

Decreased Positions

Position	Shares Δ	Change
1 Intel INTC	Sold	1.0M → 0 −$22.4M
2 Scotts Miracle-Gro SMG	Sold	200.0K → 0 −$13.2M
3 PPG Industries PPG	Sold	100.0K → 0 −$11.4M
4 TETRA Technologies TTI	Sold	2.0M → 0 −$6.7M
5 eToro Group Ltd. Class A Common Shares ETOR	Sold	100.0K → 0 −$6.7M