Masters Capital Management, L.L.C.
- Regulatory AUM
- $805M
- Discretionary
- $805M
- Clients
- 4
- Avg AUM / client
- $201M
- Accounts
- 4
- Employees
- 17
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 30, 2026
Investments (13F portfolio — 71 positions, $3,026,366,579)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Ishares Tr | 20 YR TR BD ETF | $346,760,000 | 4,000,000 | 11.5% | 43.1% |
| 2 | Citigroup Inc | COM NEW | $226,820,000 | 2,000,000 | 7.49% | 28.2% |
| 3 | United Parcel Svcs Inc | CL B | $226,274,000 | 2,300,000 | 7.48% | 28.1% |
| 4 | Delta Air Lines Inc | COM NEW | $132,960,000 | 2,000,000 | 4.39% | 16.5% |
| 5 | Intel Corp | COM | $132,390,000 | 3,000,000 | 4.37% | 16.5% |
| 6 | Alibaba Group Hldg Ltd | SPONSORED ADS | $125,460,000 | 1,000,000 | 4.15% | 15.6% |
| 7 | International Business Machs | COM | $121,195,000 | 500,000 | 4.0% | 15.1% |
| 8 | General Mtrs Co | COM | $96,850,000 | 1,300,000 | 3.2% | 12.0% |
| 9 | Ast Spacemobile Inc | COM CL A | $82,870,000 | 1,000,000 | 2.74% | 10.3% |
| 10 | Wayfair Inc | CL A | $82,731,000 | 1,100,000 | 2.73% | 10.3% |
| 11 | Mohawk Inds Inc | COM | $78,768,000 | 800,000 | 2.6% | 9.79% |
| 12 | Fluor Corp | COM | $63,210,750 | 1,355,000 | 2.09% | 7.86% |
| 13 | Bristol Myers Squibb Co | COM | $60,650,000 | 1,000,000 | 2.0% | 7.54% |
| 14 | Air Products And Chemicals I | COM | $58,098,000 | 200,000 | 1.92% | 7.22% |
| 15 | Ormat Technologies Inc | COM | $55,960,000 | 500,000 | 1.85% | 6.96% |
| 16 | Borgwarner Inc | COM | $54,260,000 | 1,000,000 | 1.79% | 6.74% |
| 17 | Ecolab Inc | COM | $53,204,000 | 200,000 | 1.76% | 6.61% |
| 18 | Clorox Co Del | COM | $51,815,000 | 500,000 | 1.71% | 6.44% |
| 19 | Slb Limited | COM STK | $51,390,000 | 1,000,000 | 1.7% | 6.39% |
| 20 | Freeport Mcmoran Inc | CL B | $47,024,000 | 800,000 | 1.55% | 5.84% |
| 21 | Ypf Sociedad Anonima | SPON ADR CL D | $46,220,000 | 1,000,000 | 1.53% | 5.74% |
| 22 | Barclays Plc | ADR | $42,320,000 | 2,000,000 | 1.4% | 5.26% |
| 23 | Boeing Co | COM | $39,806,000 | 200,000 | 1.32% | 4.95% |
| 24 | Nov Inc | COM | $37,620,000 | 2,000,000 | 1.24% | 4.68% |
| 25 | Archer Daniels Midland Co | COM | $36,345,000 | 500,000 | 1.2% | 4.52% |
Top 25 of 71 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 4 | $805M | 100.0% |
Private funds (4)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $648M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Marlin Fund, Limited Partnership | Hedge Fund | Georgia | $325M | 53 |
| Marlin Fund Ii, Limited Partnership | Hedge Fund | Georgia | $259M | 38 |
| Marlin Master Fund Offshore Ii Lp master | Hedge Fund | Cayman Islands | $39.9M | 0 |
| Marlin Fund Iii, Limited Partnership | Hedge Fund | Georgia | $23.7M | 1 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Masters, Michael, Willingham | Managing Member And Chief Executive Officer | Jan 1995 (32y) | 50% – 75% | |
| Masters, Suzanne, Sackleh | President/Executive Director | Jan 1999 (28y) | GP / trustee / elected manager of The Waterfall Foundation (indirect) | |
| Dobbins, Michelle, Devault | Chief Financial Officer | Dec 1999 (27y) | Less than 5% | |
| Pope, Gregory, Scott | Chief Operations Officer | Dec 2010 (16y) | Less than 5% | |
| Foster, Timothy, James | Chief Compliance Officer | Mar 2015 (11y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| The Waterfall Foundation | Member | Jan 1997 | A | 5% – 10% |
Undisclosed: 0% – 45% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (4, $648M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Marlin Fund, Limited Partnership | Hedge Fund | $325M | $1.0M | 53 |
| Marlin Fund Ii, Limited Partnership | Hedge Fund | $259M | $1.0M | 38 |
| Marlin Master Fund Offshore Ii Lp | Hedge Fund | $39.9M | $1.0M | 0 |
| Marlin Fund Iii, Limited Partnership | Hedge Fund | $23.7M | $1.0M | 1 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 1.79 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Selection of other advisers
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗