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Masters Capital Management LLC
Masters Capital Management LLC is a hedge fund and investment advisory firm based in Atlanta, Georgia. Founded in 1994 by Michael W. Masters, the firm is SEC-registered (since 2006) and manages investment strategies primarily focused on US equities and listed equity options. The firm serves sophisticated and institutional investors through pooled investment vehicles. As of June 2025, they report assets under management in the range of $519 million to $2.6 billion and employ approximately 17 professionals.
Investment Strategy
Masters Capital Management LLC runs a single investment strategy implemented pari passu across all fund structures. The firm generally invests in US equities and listed equity options, aiming to provide long-term, outsized absolute returns on invested capital. Their approach is discretionary and targets sophisticated and institutional investors through pooled vehicles. The strategy emphasizes risk management and does not tailor investments to individual investor requirements, focusing instead on delivering absolute returns through a disciplined, repeatable process.
Latest 13F Filing Activity
Masters Capital Management LLC filed their most recent 13F report on Jun 30, 2025 disclosing 39 equity positions and 33 options positions with a total 13F market value of $3B. The fund increased holdings in Fluor Corp. New, Scotts Miracle-gro Co., NCR Voyix Corporation among other positions. Masters Capital Management LLC reduced exposure to Alcoa Corp., Mirion Technologies Inc., Wayfair Inc. among others.
Top Holdings
Equity Positions (39)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
F FLR | FLUOR CORP NEW | 2.00% | $51.3M | 1,000,000 | $31.16 | $51.27 | +$15.4M |
D DAL | DELTA AIR LINES INC DEL | 1.92% | $49.2M | 1,000,000 | $33.96 | $49.18 | +$1.6M |
U UPS | UNITED PARCEL SERVICE INC | 1.18% | $30.3M | 300,000 | $106.97 | $100.94 | +$8.3M |
N NOV | NOV INC | 0.97% | $24.9M | 2,000,000 | $14.53 | $12.43 | +$9.6M |
A ASTS | AST SPACEMOBILE INC | 0.91% | $23.4M | 500,000 | $4.66 | $46.73 | +$9.7M |
Options Positions (33)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $617.9M | 10,000 | $617.85 | $617.85 | +10,000 | +$617.9M |
C C | CITIGROUP INC | Bought | Call | $178.8M | 21,000 | $85.12 | $59.41 | +1,000 | +$36.8M |
W WMT | WALMART INC | Bought | Put | $97.8M | 10,000 | $97.78 | $92.79 | +5,000 | +$53.9M |
T TLT | ISHARES TR | Sold | Call | $88.3M | 10,000 | $88.25 | $91.03 | -20,000 | -$184.8M |
F FCX | FREEPORT-MCMORAN INC | — | Call | $86.7M | 20,000 | $43.35 | $40.39 | 0 | +$11.0M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
 | Senior Analyst | Atlanta, GA , United States | |
M Marc Bosworth | Senior Research Analyst | Atlanta, GA , United States | |
 | Senior Analyst | Atlanta, GA , United States | |
 | Partner | Croton-on-Hudson, NY , United States | |
B Brad Summers | Associate Research Analyst | Atlanta, GA , United States | |
I Irvin Leonce | Senior Equity Research Analyst | Atlanta, GA , United States |
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