Pentwater Capital Management LP
Sector Allocation
- Technology24.5%$3.1B
- Industrials22.9%$2.9B
- Communication Services20.6%$2.6B
- Healthcare8.4%$1.0B
- Consumer Staples7.8%$977.1M
- Consumer Discretionary5.7%$717.6M
- Utilities4.9%$616.4M
- Materials3.2%$402.5M
- Financials1.7%$212.6M
- Other0.3%$36.0M
AUM History
13fpro.ai/research/fund/pentwater-capital-management-lp-1425851
Conviction and streaks
Concentrating · top 10 = 74.3%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
EA
$2.8BBA
$1.3BWBD
$1.3BKVUE
$977.1MNSC
$873.0MROKU
$597.5MECHO
$391.8MCAR
$371.5MTXNM
$368.4MTECK
$354.4MCZR
$346.0MGEO
$312.7MOGN
$245.1MD
$239.0MDBRG-PH
$198.8MSGRY
$195.4MAPGE
$189.1MCCL
$163.0MSLAB
$162.1MNUVL
$145.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/pentwater-capital-management-lp-1425851
Pentwater Capital Management LP 13F holdings — Q2 2026
$16.4B portfolio (-15.2% QoQ) · 90 holdings · Q2 2026 13F · top 10 are 74% of the stock portfolio
Includes $3.8B of put/call options ($2.8B puts, $1.0B calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $12.5B. Weights use the stock portfolio.
$2.8B
22.1% of stocks
+5%This quarter—Since filed4 qtrsHeld$1.3B
10.7% of stocks
-12%This quarter-18.7%Since filed11+ qtrsHeld$1.3B
10.1% of stocks
-5%This quarter—Since filed4 qtrsHeld$977.1M
7.8% of stocks
-2%This quarter+1.6%Since filed6 qtrsHeldAIQuality59.9#895Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$873.0M
7.0% of stocks
-14%This quarter-0.1%Since filed4 qtrsHeld$597.5M
4.8% of stocks
NewThis quarter-0.3%Since filedNew this quarterHeld$391.8M
3.1% of stocks
+64%This quarter-2.9%Since filed4 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 4 qtrs in a row$371.5M
3.0% of stocks
-64%This quarter-26.1%Since filed10 qtrsHeld$368.4M
2.9% of stocks
+132%This quarter+1.7%Since filed5 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 5 qtrs in a row$354.4M
2.8% of stocks
-14%This quarter-5.2%Since filed11+ qtrsHeld
All holdings — Pentwater Capital Management LP (Q2 2026)
90 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | SPDR S&P 500 ETF TRUST | — | $1.1B | — | 1.42M | -53% | — | — | 13F | |
| 12 | BOEING CO | Industrials | $828.0M | — | 3.83M | -24% | — | — | 13F | |
| 13 | UNITEDHEALTH GROUP INC | Healthcare | $777.2M | — | 1.87M | -34% | — | — | 13F | |
| 14 | Caesars Entertainment, Inc. | Consumer Discretionary | $346.0M | 2.8% | 11.46M | +333% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | GEO GROUP INC | Industrials | $312.7M | 2.5% | 10.58M | +11% | 6 qtrsAdded 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Organon & Co. | Healthcare | $245.1M | 2.0% | 18.10M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | DOMINION ENERGY, INC | Utilities | $239.0M | 1.9% | 3.50M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | DigitalBridge Group, Inc. | Financials | $198.8M | 1.6% | 12.60M | +7% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Surgery Partners, Inc. | Healthcare | $195.4M | 1.6% | 11.63M | -8% | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Apogee Therapeutics, Inc. | Healthcare | $189.1M | 1.5% | 1.43M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Carnival Corp Ltd. | Industrials | $163.0M | 1.3% | 5.71M | -6% | 9 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | SILICON LABORATORIES INC. | Technology | $162.1M | 1.3% | 742K | +48% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Nuvalent, Inc. | Healthcare | $145.1M | 1.2% | 1.18M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | TENET HEALTHCARE CORP | Healthcare | $143.1M | 1.1% | 765K | +512% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | UNITEDHEALTH GROUP INC | Healthcare | $137.9M | — | 332K | -49% | — | — | 13F | |
| 26 | $WBD PUT | Warner Bros. Discovery, Inc. | Communication Services | $128.6M | — | 4.82M | -1% | |||
| 27 | $SKYD | Skydance Corp | Communication Services | $118.3M | 0.9% | 12.00M | +193% | |||
| 28 | $GSAT | Globalstar, Inc. | Communication Services | $110.1M | 0.9% | 1.35M | New | |||
| 29 | $SPCX PUT | SPACE EXPLORATION TECHNOLOGIES CORP | Technology | $109.4M | — | 640K | New | |||
| 30 | $SKYD PUT | Skydance Corp | Communication Services | $98.1M | — | 9.95M | +169% | |||
| 31 | $ACA | Arcosa, Inc. | Industrials | $95.9M | 0.8% | 660K | New | |||
| 32 | $BA CALL | BOEING CO | Industrials | $86.6M | — | 400K | +700% | |||
| 33 | $MU CALL | MICRON TECHNOLOGY INC | Technology | $85.4M | — | 74K | New | |||
| 34 | $CCL PUT | Carnival Corp Ltd. | Industrials | $84.3M | — | 2.95M | -7% | |||
| 35 | $LBRDA | Liberty Broadband Corp | Communication Services | $82.9M | 0.7% | 2.49M | — | |||
| 36 | $ECHO PUT | EchoStar CORP | Communication Services | $73.1M | — | 720K | +500% | |||
| 37 | $PAYO | Payoneer Global Inc. | Industrials | $70.4M | 0.6% | 9.89M | New | |||
| 38 | $MU PUT | MICRON TECHNOLOGY INC | Technology | $68.1M | — | 59K | New | |||
| 39 | $SKYT | SkyWater Technology, LLC | Technology | $62.9M | 0.5% | 1.81M | New | |||
| 40 | $HCA | HCA Healthcare, Inc. | Healthcare | $50.7M | 0.4% | 130K | +73% | |||
| 41 | $HUM CALL | HUMANA INC | Healthcare | $39.7M | — | 100K | New | |||
| 42 | $SPCX | SPACE EXPLORATION TECHNOLOGIES CORP | Technology | $39.3M | 0.3% | 230K | New | |||
| 43 | $TECH | BIO-TECHNE Corp | Healthcare | $35.3M | 0.3% | 500K | New | |||
| 44 | $CORZ PUT | Core Scientific, Inc./tx | Financials | $33.3M | — | 1.30M | -78% | |||
| 45 | $NSC PUT | NORFOLK SOUTHERN CORP | Industrials | $32.5M | — | 103K | — | |||
| 46 | $SPY | SPDR S&P 500 ETF TRUST | — | $29.9M | 0.2% | 40K | -93% | |||
| 47 | $QQQ PUT | INVESCO QQQ TRUST, SERIES 1 | — | $29.5M | — | 40K | -76% | |||
| 48 | $IONQ PUT | IonQ, Inc. | Technology | $28.1M | — | 527K | New | |||
| 49 | $AXTA | Axalta Coating Systems Ltd. | Materials | $25.9M | 0.2% | 757K | New | |||
| 50 | $THC PUT | TENET HEALTHCARE CORP | Healthcare | $22.4M | — | 120K | New | |||
| 51 | $MU | MICRON TECHNOLOGY INC | Technology | $20.8M | 0.2% | 18K | New | |||
| 52 | $CORZ CALL | Core Scientific, Inc./tx | Financials | $20.5M | — | 800K | -75% | |||
| 53 | $AVNS | AVANOS MEDICAL, INC. | Healthcare | $18.7M | 0.1% | 750K | New | |||
| 54 | — PUT | ISHARES TR - MSCI UK ETF NEW | — | $18.5M | — | 400K | -20% | |||
| 55 | $CORZ | Core Scientific, Inc./tx | Financials | $13.7M | 0.1% | 537K | -98% | |||
| 56 | $HCA PUT | HCA Healthcare, Inc. | Healthcare | $13.6M | — | 35K | New | |||
| 57 | $ORCL | ORACLE CORP | Technology | $13.2M | 0.1% | 90K | -42% | |||
| 58 | — PUT | ISHARES INC - MSCI GERMANY ETF | — | $12.4M | — | 300K | — | |||
| 59 | $ECHO CALL | EchoStar CORP | Communication Services | $12.2M | — | 120K | +140% | |||
| 60 | $SIND | Sinda Ltd. | Materials | $9.6M | 0.1% | 800K | New | |||
| 61 | $HUM PUT | HUMANA INC | Healthcare | $7.9M | — | 20K | New | |||
| 62 | $HUM | HUMANA INC | Healthcare | $7.5M | 0.1% | 19K | New | |||
| 63 | $UNH | UNITEDHEALTH GROUP INC | Healthcare | $7.4M | 0.1% | 18K | -97% | |||
| 64 | $AES | AES CORP | Utilities | $7.3M | 0.1% | 500K | — | |||
| 65 | $ORCL PUT | ORACLE CORP | Technology | $7.3M | — | 50K | -29% | |||
| 66 | $TMCR | Metals Royalty Co Inc. | Materials | $6.6M | 0.1% | 919K | New | |||
| 67 | — | KRANESHARES TRUST - CSI CHI INTERNET | — | $6.1M | 0.1% | 250K | — | |||
| 68 | $SSMR | Sunshine Silver Mining & Refining Co | Materials | $5.8M | 0.1% | 439K | New | |||
| 69 | $WGS | GeneDx Holdings Corp. | Healthcare | $5.7M | 0.1% | 83K | New | |||
| 70 | $LBRDA | Liberty Broadband Corp | Communication Services | $5.7M | 0.1% | 170K | — | |||
| 71 | $AMC | AMC ENTERTAINMENT HOLDINGS, INC. | Communication Services | $4.3M | 0.0% | 2.25M | -76% | |||
| 72 | — PUT | ISHARES INC - MSCI AUST ETF | — | $4.2M | — | 150K | New | |||
| 73 | — PUT | GLOBAL X FDS - GLOBAL X COPPER | — | $3.8M | — | 50K | +33% | |||
| 74 | — PUT | VANECK ETF TRUST - GOLD MINERS ETF | — | $3.8M | — | 50K | — | |||
| 75 | $FPS | Forgent Power Solutions, Inc. | Technology | $3.6M | 0.0% | 65K | -59% | |||
| 76 | $DCH | Dauch Corp | Industrials | $2.8M | 0.0% | 520K | — | |||
| 77 | $SYNA | SYNAPTICS Inc | Technology | $2.5M | 0.0% | 20K | New | |||
| 78 | $SPTX | Seaport Therapeutics, Inc. | Healthcare | $1.8M | 0.0% | 83K | New | |||
| 79 | $CEG | Constellation Energy Corp | Utilities | $1.7M | 0.0% | 7,000 | New | |||
| 80 | $CXW | CoreCivic, Inc. | Real Estate | $1.5M | 0.0% | 50K | — | |||
| 81 | $KRMN | Karman Holdings Inc. | Industrials | $1.2M | 0.0% | 25K | New | |||
| 82 | $MDLN | Medline Inc. | Healthcare | $1.2M | 0.0% | 30K | -40% | |||
| 83 | $WBD CALL | Warner Bros. Discovery, Inc. | Communication Services | $1.1M | — | 43K | New | |||
| 84 | $CBRS | Cerebras Systems Inc. | Technology | $1.1M | 0.0% | 5,000 | New | |||
| 85 | $NYXH | Nyxoah SA | Healthcare | $1.0M | 0.0% | 600K | New | |||
| 86 | $EROC | ERock, Inc. | Technology | $870K | 0.0% | 60K | New | |||
| 87 | $MDLN CALL | Medline Inc. | Healthcare | $789K | — | 20K | New | |||
| 88 | $MDLN PUT | Medline Inc. | Healthcare | $592K | — | 15K | New | |||
| 89 | $TMHC | Taylor Morrison Home Corp | Industrials | $359K | 0.0% | 5,000 | New | |||
| 90 | $AAUC | Allied Gold Corp | Materials | $237K | 0.0% | 10K | New |
What changed in Q2 2026
Against the previous quarter's 13F: 40 new, 15 added to, 26 trimmed, 42 sold out. Share-count changes; largest moves by dollar size first.
New positions (40)
$ROKUROKU, INC$597.5M
first bought this quarter
$OGNOrganon & Co.$245.1M
first bought this quarter
$DDOMINION ENERGY, INC$239.0M
first bought this quarter
$APGEApogee Therapeutics, Inc.$189.1M
first bought this quarter
$NUVLNuvalent, Inc.$145.1M
first bought this quarter
$GSATGlobalstar, Inc.$110.1M
first bought this quarter
+34 more in the Excel export
Added to (15)
$CZRCaesars Entertainment, Inc.+333%
now $346.0M · held 2 qtrs, 2 adds in a row
$TXNMTXNM ENERGY INC+132%
now $368.4M · held 5 qtrs, 5 adds in a row
$ECHOEchoStar CORP+64%
now $391.8M · held 4 qtrs, 4 adds in a row
$EAELECTRONIC ARTS INC.+5%
now $2.8B · held 4 qtrs, 4 adds in a row
$THCTENET HEALTHCARE CORP+512%
now $143.1M · held 2 qtrs, 2 adds in a row
$SKYDSkydance Corp+193%
now $118.3M · held 4 qtrs, 4 adds in a row
+9 more in the Excel export
Trimmed (26)
$SPYPUTSPDR S&P 500 ETF TRUST-53%
now $1.1B
$CARAVIS BUDGET GROUP, INC.-64%
now $371.5M · held 10 qtrs
$CORZCore Scientific, Inc./tx-98%
now $13.7M · held 5 qtrs, 2 trims in a row
$SPYSPDR S&P 500 ETF TRUST-93%
now $29.9M · held 11+ qtrs
$UNHCALLUNITEDHEALTH GROUP INC-34%
now $777.2M
$BAPUTBOEING CO-24%
now $828.0M
+20 more in the Excel export
Holdings by quarter
Every 13F Pentwater Capital Management LP has filed, 37 earlier quarters. Pick one to see what it held then.
Is it too late to follow Pentwater Capital Management?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Pentwater Capital Management's top 20 holdings: 56/100 (our AI quality score, weighted by position size; 16 of the 20 are scored)
Top 10 since filing
-6.8%
Value-weighted move of the 10 largest stock positions
Turnover
23%
Last quarter; 128% over the last 4
Top 10 weight
74%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
77%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2023 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Pentwater Capital Management LP disclosed 90 positions worth $16.4B in its Form 13F-HR for Q2 2026 — $12.5B in common stock plus $3.8B of put/call option positions (reported at underlying notional value, not premium at risk), led by $EA (ELECTRONIC ARTS INC.) at 22.1% of the equity portfolio, followed by $BA and $WBD. During the quarter the fund opened 40 new positions and exited 42 — including a new stake in $ROKU and a full exit from $MASI. The portfolio is most concentrated in Technology (24.5% of disclosed assets). All figures are sourced directly from Pentwater Capital Management LP’s Form 13F-HR filing with the SEC under CIK 1425851.
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