Masters Capital Management’s United Parcel Service UPS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$177M	Sell	1,800,000 -200,000	-10%	-$21.4M	26.16%	3
2025 Q4	$198M	Buy	2,000,000 +1,000,000	+100%	+$93.5M	27.44%	1
2025 Q3	$83.5M	Buy	+1,000,000	New	+$90.6M	13.42%	5
2023 Q4	–	Sell	-500,000	Closed	-$77.9M	–	93
2023 Q3	$77.9M	Hold	500,000	–	–	15.35%	7
2023 Q2	$89.6M	Buy	+500,000	New	+$88.8M	18.17%	9
2022 Q4	–	Sell	-2,000,000	Closed	-$323M	–	73
2022 Q3	$323M	Buy	+2,000,000	New	+$379M	95.7%	1
2022 Q1	–	Sell	-1,000,000	Closed	-$214M	–	90
2021 Q4	$214M	Buy	+1,000,000	New	+$203M	38.25%	2
2021 Q3	–	Sell	-400,000	Closed	-$83.2M	–	106
2021 Q2	$83.2M	Sell	400,000 -600,000	-60%	-$120M	13.41%	8
2021 Q1	$170M	Buy	+1,000,000	New	+$162M	31.11%	4
2020 Q4	–	Sell	-650,000	Closed	-$108M	–	100
2020 Q3	$108M	Buy	+650,000	New	+$94.6M	41.46%	4
2018 Q2	–	Sell	-2,032,000	Closed	-$213M	–	108
2018 Q1	$213M	Buy	2,032,000 +32,000	+2%	+$3.7M	43.53%	5
2017 Q4	$238M	Hold	2,000,000	–	–	43.89%	4
2017 Q3	$240M	Sell	2,000,000 -100,000	-5%	-$11.4M	43.01%	3
2017 Q2	$232M	Buy	2,100,000 +100,000	+5%	+$10.7M	44.6%	4
2017 Q1	$215M	Buy	2,000,000 +94,300	+5%	+$10.3M	33.13%	7
2016 Q4	$218M	Buy	1,905,700 +384,600	+25%	+$43.3M	31.88%	8
2016 Q3	$166M	Sell	1,521,100 -1,235,900	-45%	-$135M	31.45%	11
2016 Q2	$297M	Sell	2,757,000 -2,878,000	-51%	-$300M	70.5%	2
2016 Q1	$594M	Sell	5,635,000 -2,125,200	-27%	-$207M	100.19%	1
2015 Q4	$747M	Buy	7,760,200 +3,719,000	+92%	+$380M	143.8%	1
2015 Q3	$399M	Buy	4,041,200 +3,041,200	+304%	+$300M	97.56%	2
2015 Q2	$96.9M	Sell	1,000,000 -997,500	-50%	-$99.1M	23.12%	7
2015 Q1	$194M	Buy	1,997,500 +997,500	+100%	+$102M	39.54%	5
2014 Q4	$111M	Buy	+1,000,000	New	+$106M	29.08%	12