Masters Capital Management’s United Airlines UAL Stock Holding History

Masters Capital Management’s Portfolio UAL Stock Details UAL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q3	–	Sell	-1,000,000	Closed	-$79.6M	–	100
2025 Q2	$79.6M	Buy	+1,000,000	New	+$73.7M	3.1%	6
2024 Q2	–	Sell	-1,000,000	Closed	-$47.9M	–	81
2024 Q1	$47.9M	Buy	+1,000,000	New	+$42.9M	1.72%	13
2023 Q1	–	Sell	-1,000,000	Closed	-$37.7M	–	70
2022 Q4	$37.7M	Buy	+1,000,000	New	+$40.6M	2.87%	12
2022 Q2	–	Sell	-2,000,000	Closed	-$92.7M	–	67
2022 Q1	$92.7M	Buy	2,000,000 +1,000,000	+100%	+$43.4M	3.73%	6
2021 Q4	$43.8M	Sell	1,000,000 -1,000,000	-50%	-$46.4M	1.78%	16
2021 Q3	$95.1M	Buy	2,000,000 +500,000	+33%	+$23.6M	3.93%	5
2021 Q2	$78.4M	Sell	1,500,000 -200,000	-12%	-$11.1M	2.31%	9
2021 Q1	$97.8M	Sell	1,700,000 -300,000	-15%	-$14.7M	3.26%	6
2020 Q4	$86.5M	Buy	2,000,000 +1,050,000	+111%	+$42.5M	5.07%	5
2020 Q3	$33M	Sell	950,000 -50,000	-5%	-$1.73M	2.2%	11
2020 Q2	$34.6M	Buy	+1,000,000	New	+$30M	3.91%	9
2018 Q1	–	Sell	-1,500,000	Closed	-$101M	–	84
2017 Q4	$101M	Buy	+1,500,000	New	+$93.5M	2.42%	16
2017 Q3	–	Sell	-500,000	Closed	-$37.6M	–	79
2017 Q2	$37.6M	Buy	+500,000	New	+$37.8M	0.93%	35
2016 Q4	–	Sell	-1,000,000	Closed	-$52.5M	–	78
2016 Q3	$52.5M	Buy	+1,000,000	New	+$48.1M	1.05%	21
2016 Q2	–	Sell	-500,000	Closed	-$29.9M	–	78
2016 Q1	$29.9M	Sell	500,000 -500,000	-50%	-$26.6M	0.62%	30
2015 Q4	$57.3M	Buy	+1,000,000	New	+$57.7M	1.51%	16
2015 Q3	–	Sell	-350,000	Closed	-$18.6M	–	63
2015 Q2	$18.6M	Buy	+350,000	New	+$20.3M	0.61%	31
2015 Q1	–	Sell	-1,001,000	Closed	-$67M	–	79
2014 Q4	$67M	Sell	1,001,000 -999,000	-50%	-$55.3M	1.85%	15
2014 Q3	$93.6M	Sell	2,000,000 -1,372,000	-41%	-$63.7M	3.44%	10
2014 Q2	$138M	Buy	3,372,000 +2,348,000	+229%	+$101M	6.38%	5
2014 Q1	$45.7M	Sell	1,024,000 -1,065,300	-51%	-$47.9M	1.54%	22
2013 Q4	$79M	Sell	2,089,300 -806,200	-28%	-$28.2M	3.31%	8
2013 Q3	$88.9M	Buy	2,895,500 +784,500	+37%	+$25.2M	4.79%	4
2013 Q2	$66.1M	Buy	+2,111,000	New	+$67.2M	5.07%	4

Other funds holding UAL

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Capital International Investors Los Angeles, California $427B AUM 29.17% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Primecap Management Pasadena, California $127B AUM 44.11% 1-Year Est. Return

Sanders Capital West Palm Beach, Florida $83.9B AUM 37.89% 1-Year Est. Return

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Capital World Investors Los Angeles, California $733B AUM 35.63% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Masters Capital Management's UAL Position: Q1 2022 in Review

Masters Capital Management sold out of United Airlines (UAL) in Q1 2022, closing a stake of 300,000 shares — an estimated $13M sold.

Masters Capital Management first reported a position in UAL in Q2 2014 and held it in 5 quarters. The position peaked at $16.8M in Q1 2015. 539 funds tracked by Wall St. Rank hold UAL as of Q1 2022.

Masters Capital Management reported no remaining United Airlines position as of Q1 2022 after selling out during the quarter.
Masters Capital Management sold 300,000 United Airlines shares in Q1 2022, an estimated $13M.
Masters Capital Management first reported a position in United Airlines in Q2 2014 and held it in 5 quarters.
Masters Capital Management's United Airlines position peaked at $16.8M in Q1 2015.
539 funds tracked by Wall St. Rank held United Airlines as of Q1 2022.

Based on Masters Capital Management's 13F filing for Q1 2022, filed 16 May 2022.