MASTERS CAPITAL MANAGEMENT LLC

CIK 0001104186 · Q1 2026

13F Equity AUM

$2.6B

+25.8% QoQ

Positions

+6 QoQ

AUM Rank

#1,555

Top 13%

Skill Alpha (FF)

+5.3%/yr^ns

No Clear Edge

Rank #595 · Top 7%

vs S&P +1.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 34.4%Top 10: 49.5%Top 20: 69.6%

TLT13.5%

UPS6.9%

BABA4.9%

IBM4.7%

TRVC4.4%

GM3.8%

W3.2%

MHK3.1%

DAL2.6%

FLR2.5%

Others (61)50.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

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Portfolio Overlap

Shared: 70Unique: 1vs 20 funds

1%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.3%

BlackRock, Inc.

1.6%

GEODE CAPITAL MANAGEMENT, LLC

1.7%

BANK OF AMERICA CORP /DE/

1.3%

VANGUARD CAPITAL MANAGEMENT LLC

1.8%

STATE STREET CORP

1.7%

JPMORGAN CHASE & CO

1.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.9%

FMR LLC

1.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New22Increased17Decreased13Exited16

New Positions

TLT13.5%

+4.0M

W3.2%

+1.1M

APD2.3%

+200K

HNM2.2%

+500K

ECL2.1%

+200K

ADM1.4%

+500K

CVS1.4%

+500K

IONQ1.2%

+1.1M

BSX1.2%

+500K

FLY1.1%

+1.0M

Increased

CLF1.1%

+2.2M(+220%)

ENVX0.6%

+1.0M(+50%)

BMY2.4%

+700K(+233%)

BWAY0.8%

+650K(+65%)

VYX0.9%

+500K(+17%)

DCH0.8%

+500K(+17%)

BABA4.9%

+500K(+100%)

FCX1.8%

+420K(+111%)

MHK3.1%

+400K(+100%)

EVTWF0.3%

+400K(+13%)

Decreased

UP0.1%

-1,000,000(-20%)

NXE0.5%

-1,000,000(-50%)

EMN0.6%

-900,000(-82%)

BORR0.5%

-900,000(-31%)

LYFT0.3%

-500,000(-50%)

IP0.7%

-500,000(-50%)

BA0.8%

-400,000(-80%)

DNLI0.5%

-400,000(-40%)

AA0.8%

-200,000(-40%)

YPF0.9%

-120,000(-19%)

Exited

-500,000

-1,000,000

-500,000

-500,000

-1,700,000

-500,000

-669,200

DOW

-1,200,000

PFE

-1,000,000

APA

-1,000,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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