The 1939 Titleholders Championship was contested from January 16–19 at Augusta Country Club. It was the 3rd edition of the Titleholders Championship.

Patty Berg won her third consecutive Titleholders.

Final leaderboard Place Player Score To par1 Patty Berg 78-78-83-80=319 +192 Dorothy Kirby 82-81-82-76=321 +21T3 Helen Hicks 81-81-85-84=331 +31 Marion Miley 79-81-88-83=3315 Kathryn Hemphill 80-82-87-84=333 +336 Laddie Irwin 87-82-88-81=338 +387 Opal Hill 87-90-86-90=353 +538 Isabel Ogilvie 87-88-95-86=356 +569 Helen Waring 92-90-88-91=362 +6210 Lillia Watson 94-90-93-88=365 +65

References