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Funds (13F)

Masters Capital Management LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+19.5%
S&P 500 +14.1%
Last 12 months
+1.6%
S&P 500 +12.1%
Sharpe ratio
0.58
S&P 500 0.78
Biggest drop
−65.4%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $105k$57.0k
StrategyS&P 500 $10,000 in Masters Capital Management LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Masters Capital Management LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Masters Capital Management LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+19.5%+14.1%
Total return+950%+470%
Last 12 months+1.6%+12.1%
Last 3 months−5.6%—
Last month−0.9%—
This year so far+1.8%—
Volatility a year39.7%16.0%
Sharpe ratio0.580.78
Biggest drop−65.4%−31.8%
Beta to the S&P 5001.311.00
Alpha a year (t-statistic)+6.9% (0.74)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
DAL13.7%——
FLR7.7%——
ASTS6.5%——
NOV6.0%——
VYX4.8%——
UPS4.7%——
LION4.5%——
EMN3.9%——
HRL3.6%——
FTK3.4%——
BWAY3.4%——
REAL2.6%——
BETA2.5%——
DCH2.4%——
TEX2.1%——
CE2.0%——
MANE1.8%——
ENVX1.8%——
MHK1.8%——
BSX1.6%——
ALM1.4%——
RIG1.4%——
TLS1.4%——
NXE1.4%——
SLB1.4%——
AOMR1.3%——
BORR1.2%——
EVTL1.0%——
EOSE1.0%——
RUN1.0%——
PONY1.0%——
GSM0.9%——
ISOU0.9%——
DNLI0.8%——
EVEX0.7%——
LUCD0.6%——
SENS0.6%——
PLUG0.4%——
UP0.4%——
ITRG0.3%——
STIM0.2%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+19.5%+14.1%0.580.78−65.4%1.31+6.9% (0.74)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.7%+13.9%0.410.66−65.4%1.29+3.9% (0.29)
Last three years3 Nov 2023 to 2 Nov 2026+14.5%+21.8%0.481.16−31.7%1.30−8.6% (−0.80)
Last year7 Nov 2025 to 2 Nov 2026+7.4%+14.2%0.250.84−18.6%1.14−5.7% (−0.31)
DateCompanyAction
21 Aug 2026UPBought
21 Aug 2026TEXBought
21 Aug 2026SLBBought
21 Aug 2026EOSEBought
21 Aug 2026CEBought
21 Aug 2026BSXBought
21 Aug 2026ALMBought
22 May 2026RUNBought
22 May 2026MBLYBought
22 May 2026MANEBought
22 May 2026LYFTBought
22 May 2026ITRGBought
22 May 2026ISOUBought
22 May 2026IAGBought
22 May 2026HRLBought
22 May 2026FSLYBought
22 May 2026BETABought
20 Feb 2026SENSBought
20 Feb 2026HUNBought
20 Feb 2026EVTLBought
20 Feb 2026CELHBought
20 Feb 2026AAUCBought
21 Nov 2025VALEBought
21 Nov 2025RIGBought
21 Nov 2025REALBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026NFESold
21 Aug 2026MBLYSold
21 Aug 2026LYFTSold
21 Aug 2026IAGSold
21 Aug 2026HUNSold
21 Aug 2026FSLYSold
21 Aug 2026CLFSold
22 May 2026OLNSold
22 May 2026GPRESold
22 May 2026DOWSold
22 May 2026CELHSold
22 May 2026CESold
22 May 2026BMYSold
22 May 2026ACHRSold
22 May 2026AAUCSold
20 Feb 2026VFCSold
20 Feb 2026VALESold
20 Feb 2026PBRSold
20 Feb 2026DQSold
20 Feb 2026CRCSold
20 Feb 2026ADMSold
21 Nov 2025TTISold
21 Nov 2025SRRKSold
21 Nov 2025SMGSold
21 Nov 2025PPGSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest