MASTERS CAPITAL MANAGEMENT LLC

CIK 0001104186 · Q2 2026

13F Equity AUM

$3.4B

+30.3% QoQ

Positions

-2 QoQ

AUM Rank

#1,823

Top 15%

Skill Alpha (FF)

+6.0%/yr^ns

No Clear Edge

Rank #629 · Top 8%

vs S&P +4.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 42.0%Top 10: 57.2%Top 20: 75.9%

SPY22.3%

BA6.5%

ACN4.8%

DAL4.2%

TRVC4.2%

INTC4.2%

BABA2.9%

CLX2.9%

NEM2.8%

TLT2.6%

Others (59)42.8%

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

Sector Allocation

Financial Services26.8%

Industrials17.6%

Technology16.8%

Basic Materials9.5%

Consumer Cyclical7.9%

Energy6.9%

Unclassified4.9%

Healthcare4.9%

Other4.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 69Median: 0.60%Avg: 1.45%

0–0.5%

30(7.9%)

0.5–1%

13(8.8%)

1–3%

20(37.2%)

3–5%

4(17.4%)

5%+

2(28.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 69vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New15Increased15Decreased16Exited17

New Positions

SPY22.3%

+1.0M

ACN4.8%

+1.3M

NEM2.8%

+1.0M

UBER2.1%

+1.0M

NOW1.5%

+500K

AR1.1%

+1.0M

BBWI0.7%

+1.0M

RKT0.5%

+1.0M

TEX0.4%

+200K

CE0.4%

+300K

Increased

RUN0.6%

+1.0M(+200%)

BA6.5%

+900K(+900%)

AA1.6%

+700K(+233%)

EMN1.8%

+700K(+350%)

EVTWF0.2%

+700K(+21%)

VYX1.0%

+650K(+19%)

CLX2.9%

+500K(+100%)

DAL4.2%

+500K(+50%)

BETA0.5%

+328K(+47%)

SENS0.1%

+200K(+40%)

Decreased

TLT2.6%

-3,000,000(-75%)

UPS2.6%

-1,000,000(-56%)

W0.3%

-1,000,000(-91%)

MHK0.4%

-700,000(-88%)

REAL0.5%

-500,000(-25%)

DCH0.5%

-500,000(-14%)

DNLI0.1%

-400,000(-67%)

FLR1.6%

-355,000(-26%)

IONQ1.3%

-300,000(-27%)

GM2.3%

-300,000(-23%)

Exited

-500,000

-200,000

-500,000

-1,000,000

-200,000

-500,000

-1,000,000

-600,000

-800,000

-2,000,000

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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