CIK: 0001425851
Total reported value
$19.3B
Reporting period: 2026-03-31 · Number of holdings: 92
Pentwater Capital Management LP disclosed 92 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.3B and a quarterly turnover rate of 56.4%.
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Pentwater Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.072 — mathematically equivalent to about 14 equally-sized positions, well below its 92 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.94), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 68% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SPY
+56.5% $771.3M
Add NFLX
+860.0% $667.6M
Add CAR
+80.5% $584.9M
Add EA
+17.0% $373.7M
Trim BA
+0.6% -$205.0M
Trim KVUE
-17.3% -$205.3M
Pentwater is aggressively rotating capital from a concentrated collection of smaller bets into a high-conviction momentum smash: ramping SPY from 8% to 12% while tripling NFLX and doubling CAR, all funded by liquidating four positions including a massive 8% unnamed stake. This is a pure alpha hunt—abandoning stock-picking granularity for factor-driven beta and a single-sector bet on Communication Services/Industrials.
Pentwater is pricing in a regime of sustained momentum and economic expansion: heavy Communication Services (41%) and Industrials (27%) alongside a macro S&P 500 bet reflect a bet that the current growth cycle and risk appetite will persist. The opposing thesis—that this is a late-cycle liquidity trap where rising rates or an earnings recession crush high-multiple communication names and reverse the momentum factor—is the exact scenario that would shred this portfolio.
The extreme momentum tilt (100th percentile) combined with 41% in Communication Services creates a concentrated factor + sector crowded trade. If the momentum factor reverses—even on a sector rotation, not a full crash—Pentwater faces a double unwind: the ETF beta (12% in SPY) will correlate with its largest sector holdings, amplifying downside. The sold-out 8% position (unknown ticker) may have been a hedge or divestiture; if it was a tactical hedge removal, the blind spot is now total directional exposure with no offset.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 65 holdings (of 92 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | EA | Electronic Arts INC | Stock-Comm Services | 13.54% | +1.78% | +16.96% | |
| 2 | BA | Boeing Co/the | Stock-Industrials | 12.56% | -1.25% | +0.57% | |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 12.12% | +3.89% | +56.54% | |
| 4 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 7.85% | — | +5.09% | |
| 5 | CAR | Avis Budget Group INC | Stock-Other | 5.92% | +3.00% | +80.48% | |
| 6 | UNH | Unitedhealth Group INC | Stock-Healthcare | 5.61% | — | +23.75% | |
| 7 | KVUE | Kenvue INC | Stock-Consumer Staples | 5.06% | -1.15% | -17.34% | |
| 8 | NSC | Norfolk Southern CORP | Stock-Industrials | 4.95% | +0.37% | +10.08% | |
| 9 | NFLX | Netflix INC | Stock-Comm Services | 3.85% | +3.45% | +860.00% | |
| 10 | MASI* | Masimo CORP | Stock-Other | 2.93% | +2.93% | NEW | |
| 11 | CORZ | Core Scientific INC | Stock-Tech | 2.63% | +0.38% | +15.38% | |
| 12 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 1.87% | +0.23% | +7.08% | |
| 13 | HO1 | Hologic INC | Stock-Other | 1.76% | +0.10% | +5.95% | |
| 14 | ACLXGBX | Arcellx INC | Stock-Other | 1.71% | +1.71% | NEW | |
| 15 | 260 | Centessa Pharmaceuticals-adr | Stock-Other | 1.68% | +1.68% | NEW | |
| 16 | ECHO | Echostar Corp-a | Stock-Comm Services | 1.54% | +1.08% | +211.69% | |
| 17 | CWAN | Clearwater Analytics Holdings, Inc. | Stock-Tech | 1.40% | +1.07% | +337.88% | |
| 18 | CCL1EUR | Carnival CORP LTD | Stock-Consumer Disc | 1.31% | +0.18% | +38.58% | |
| 19 | APLSUSD | Apellis Pharmaceuticals INC | Stock-Other | 1.10% | +1.10% | NEW | |
| 20 | AM6 | Amicus Therapeutics INC | Stock-Other | 1.05% | +0.19% | +21.74% | |
| 21 | DBRG | Digitalbridge Group INC | Stock-Financials | 0.94% | — | +2.17% | |
| 22 | TXNM | Txnm Energy INC | Stock-Utilities | 0.85% | +0.34% | +69.59% | |
| 23 | GEO | Geo Group Inc/the | Stock-Other | 0.84% | +0.32% | +57.68% | |
| 24 | AL | Air Lease CORP | Stock-Other | 0.81% | — | +7.00% | |
| 25 | SGRY | Surgery Partners INC | Stock-Other | 0.78% | — | +26.55% | |
| 26 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.69% | +0.69% | NEW | |
| 27 | WBS | Webster Financial CORP | Stock-Financials | 0.67% | +0.67% | NEW | |
| 28 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 0.65% | — | — | |
| 29 | SLAB | Silicon Laboratories INC | Stock-Tech | 0.54% | +0.54% | NEW | |
| 30 | UAL | United Airlines Holdings INC | Stock-Industrials | 0.49% | +0.49% | NEW | |
| 31 | PSKY | Paramount Skydance Cl B | Stock-Comm Services | 0.36% | -0.14% | +9.08% | |
| 32 | CZR | Caesars Entertainment INC | Stock-Consumer Disc | 0.36% | +0.36% | NEW | |
| 33 | K4F | Onestream INC | Stock-Other | 0.24% | +0.24% | NEW | |
| 34 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.18% | +0.18% | NEW | |
| 35 | ORCL | Oracle CORP | Stock-Tech | 0.17% | +0.16% | +1700.00% | |
| 36 | PNFP | Pinnacle Financial Partners | Stock-Financials | 0.13% | +0.13% | NEW | |
| 37 | THC | Tenet Healthcare CORP | Stock-Healthcare | 0.12% | +0.12% | NEW | |
| 38 | EWU | Ishares Msci United Kingdom | ETF-Other | 0.12% | +0.12% | NEW | |
| 39 | DAWNGBX | Day One Biopharmaceuticals I | Stock-Other | 0.09% | +0.09% | NEW | |
| 40 | EWG | Ishares Msci Germany ETF | ETF-Other | 0.06% | — | — | |
| 41 | GPCR | Structure Therapeutics INC | Stock-Other | 0.06% | — | — | |
| 42 | CHTR | Charter Communications Inc-a | Stock-Comm Services | 0.06% | — | — | |
| 43 | AMC | Amc Entertainment Hlds-cl A | Stock-Other | 0.05% | — | +9270.69% | |
| 44 | LBRDA | Liberty Broadband-a | Stock-Other | 0.04% | — | — | |
| 45 | RNA | Atrium Therapeutics INC | Stock-Other | 0.04% | — | — | |
| 46 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 0.04% | — | — | |
| 47 | AES | Aes CORP | Stock-Utilities | 0.04% | — | — | |
| 48 | FPS | Forgent Power Solutions INC | Stock-Other | 0.02% | — | — | |
| 49 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 0.02% | — | — | |
| 50 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.02% | — | — |
Performance for Q3 2026
+0.3%
Performance Last 4 Quarters
+4.9%
Based on 68% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 92 | $19.3B | 56 | |
| 2025-12-31 | 77 | $19.0B | 76 | |
| 2025-09-30 | 110 | $17.9B | 100 | |
| 2025-06-30 | 96 | $15.4B | 0 | |
| 2025-03-31 | 101 | $11.9B | 100 | |
| 2024-12-31 | 92 | $9.1B | 0 | |
| 2024-09-30 | 95 | $9.7B | 0 | |
| 2024-06-30 | 94 | $7.8B | 0 | |
| 2024-03-31 | 96 | $9.8B | 0 | |
| 2023-12-31 | 109 | $8.9B | 0 | |
| 2023-09-30 | 115 | $18.6B | 0 | |
| 2023-06-30 | 128 | $14.5B | 0 | |
| 2023-03-31 | 144 | $10.3B | 0 | |
| 2022-12-31 | 123 | $5.7B | 0 | |
| 2022-09-30 | 149 | $8.9B | 0 | |
| 2022-06-30 | 176 | $8.5B | 0 | |
| 2022-03-31 | 163 | $8.4B | 0 | |
| 2021-12-31 | 205 | $9.2B | 0 | |
| 2021-09-30 | 230 | $9.8B | 0 | |
| 2021-06-30 | 303 | $12.1B | 87 | |
| 2021-03-31 | 339 | $10.5B | 80 | |
| 2020-12-31 | 235 | $8.3B | 100 | |
| 2020-09-30 | 219 | $7.7B | 62 | |
| 2020-06-30 | 159 | $5.6B | 84 | |
| 2020-03-31 | 123 | $6.1B | 90 | |
| 2019-12-31 | 151 | $6.1B | 80 | |
| 2019-09-30 | 155 | $6.4B | 73 | |
| 2019-06-30 | 181 | $9.3B | 97 | |
| 2019-03-31 | 136 | $7.9B | 100 | |
| 2018-12-31 | 137 | $11.7B | 100 | |
| 2018-09-30 | 145 | $11.8B | 66 | |
| 2018-06-30 | 120 | $13.7B | 92 | |
| 2018-03-31 | 91 | $14.2B | 53 | |
| 2017-12-31 | 96 | $15.0B | 53 | |
| 2017-09-30 | 102 | $11.7B | 56 | |
| 2017-06-30 | 106 | $10.9B | 70 | |
| 2017-03-31 | 98 | $8.2B | 89 | |
| 2016-12-31 | 113 | $7.8B | 96 | |
| 2016-09-30 | 121 | $10.8B | 88 | |
| 2016-06-30 | 104 | $7.5B | 100 | 178462F2268648353578A |
| 2016-03-31 | 91 | $13.6B | 68 | 178462F2G0177J3G0177J |
| 2015-12-31 | 108 | $14.6B | 87 | 178462F2G0177J3G0177J |
| 2015-09-30 | 134 | $11.4B | 91 | |
| 2015-06-30 | 165 | $18.8B | 94 | 178462F288732J325490A |
| 2015-03-31 | 154 | $13.4B | 84 | 178462F225490A388732J |
| 2014-12-31 | 147 | $14.1B | 77 | 178462F2018490325490A |
| 2014-09-30 | 181 | $10.4B | 70 | 125490A278462F3018490 |
| 2014-06-30 | 154 | $9.4B | 100 | 1124857278462F325490A |
| 2014-03-31 | 123 | $3.7B | 93 | |
| 2013-12-31 | 117 | $3.5B | 95 | |
| 2013-09-30 | 118 | $3.6B | 94 | |
| 2013-06-30 | 101 | $4.7B | 0 |
Pentwater Capital Management LP's most significant position changes for 2026-03-31: Sold out: Cyberark Software LTD; Sold out: Exact Sciences CORP (EXK); Sold out: Dayforce INC (DAY); New buy: Masimo CORP (MASI*); Sold out: Avidity Biosciences INC (RNAGBP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +3.9% | +56.54% | Add |
| 2 | NFLX | Netflix INC | +3.5% | +860.00% | Add |
| 3 | CAR | Avis Budget Group INC | +3% | +80.48% | Add |
| 4 | EA | Electronic Arts INC | +1.8% | +16.96% | Add |
| 5 | ECHO | Echostar Corp-a | +1.1% | +211.69% | Add |
| 6 | CWAN | Clearwater Analytics Holdings, Inc. | +1.1% | +337.88% | Add |
| 7 | CORZ | Core Scientific INC | +0.4% | +15.38% | Add |
| 8 | NSC | Norfolk Southern CORP | +0.4% | +10.08% | Add |
| 9 | TXNM | Txnm Energy INC | +0.3% | +69.59% | Add |
| 10 | GEO | Geo Group Inc/the | +0.3% | +57.68% | Add |
| 11 | TECK | Teck Resources Ltd-cls B | +0.2% | +7.08% | Add |
| 12 | AM6 | Amicus Therapeutics INC | +0.2% | +21.74% | Add |
| 13 | CCL1EUR | Carnival CORP LTD | +0.2% | +38.58% | Add |
| 14 | ORCL | Oracle CORP | +0.2% | +1700.00% | Add |
| 15 | HO1 | Hologic INC | +0.1% | +5.95% | Add |
| 16 | UNH | Unitedhealth Group INC | — | +23.75% | Add |
| 17 | CRWV | Coreweave Inc-cl A | -0.1% | -95.00% | Trim |
| 18 | PSKY | Paramount Skydance Cl B | -0.1% | +9.08% | Add |
| 19 | KVUE | Kenvue INC | -1.2% | -17.34% | Trim |
| 20 | BA | Boeing Co/the | -1.3% | +0.57% | Add |
| 21 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 22 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 23 | DAY | Dayforce INC | — | EXIT | Sold out |
| 24 | MASI* | Masimo CORP | — | NEW | New buy |
| 25 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 26 | KMB | Kimberly-clark CORP | — | EXIT | Sold out |
| 27 | ACLXGBX | Arcellx INC | — | NEW | New buy |
| 28 | 260 | Centessa Pharmaceuticals-adr | — | NEW | New buy |
| 29 | CADE | Cadence Bank | — | EXIT | Sold out |
| 30 | APLSUSD | Apellis Pharmaceuticals INC | — | NEW | New buy |
| 31 | SNPS | Synopsys INC | — | EXIT | Sold out |
| 32 | CMA | Comerica INC | — | EXIT | Sold out |
| 33 | PANW | Palo Alto Networks INC | — | EXIT | Sold out |
| 34 | QQQ | Invesco Qqq Trust Series 1 | — | NEW | New buy |
| 35 | WBS | Webster Financial CORP | — | NEW | New buy |
| 36 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 37 | SLAB | Silicon Laboratories INC | — | NEW | New buy |
| 38 | UAL | United Airlines Holdings INC | — | NEW | New buy |
| 39 | CZR | Caesars Entertainment INC | — | NEW | New buy |
| 40 | 9HI | Hillenbrand INC | — | EXIT | Sold out |
| 41 | K4F | Onestream INC | — | NEW | New buy |
| 42 | ✓ | Avadel Pharmaceu | — | EXIT | Sold out |
| 43 | HCA | Hca Healthcare INC | — | NEW | New buy |
| 44 | TGNA | Tegna INC | — | EXIT | Sold out |
| 45 | PNW | Pinnacle Financial Partners, Inc. | — | EXIT | Sold out |
| 46 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 47 | THC | Tenet Healthcare CORP | — | NEW | New buy |
| 48 | EWU | Ishares Msci United Kingdom | — | NEW | New buy |
| 49 | DAWNGBX | Day One Biopharmaceuticals I | — | NEW | New buy |
| 50 | 75Z | Soho House & Co INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-31 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-12-09 | Amendment | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-04-26 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2019-04-26 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-07 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-15 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-03-18 | Amendment | View on EDGAR |
| 2015-12-31 | 2016-03-18 | Amendment | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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