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Pentwater Capital Management LP

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1425851
Institutional-grade research for retail investors

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.

EA$EAConviction hold22.1% weight · held 4 quartersBA$BAConviction hold10.7% weight · held 11 quartersWBD$WBDConviction hold10.1% weight · held 4 quartersKVUE$KVUEConviction hold7.8% weight · held 6 quartersNSC$NSCConviction hold7.0% weight · held 4 quartersGEO$GEOAccumulating+778% shares · 5 quarters runningTXNM$TXNMAccumulating+476% shares · 4 quarters runningEA$EAAccumulating+181% shares · 3 quarters runningECHO$ECHOAccumulating+503% shares · 3 quarters runningSKYD$SKYDAccumulating+1304% shares · 3 quarters runningKVUE$KVUETrimming-10% shares · 2 quarters runningCORZ$CORZTrimming-98% shares · 2 quarters runningAMC$AMCTrimming-95% shares · 2 quarters running

Largest positions — Q2 2026

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.

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
SPY$SPYPUTSPDR S&P 500 ETF TRUST$1.1B-53%
BA$BAPUTBOEING CO$828.0M-24%
UNH$UNHCALLUNITEDHEALTH GROUP INC$777.2M-34%
CZR$CZRCaesars Entertainment, Inc.$346.0M+333%
GEO$GEOGEO GROUP INC$312.7M+11%
OGN$OGNOrganon & Co.$245.1MNew
D$DDOMINION ENERGY, INC$239.0MNew
DBRG-PH$DBRG-PHDigitalBridge Group, Inc.$198.8M+7%
SGRY$SGRYSurgery Partners, Inc.$195.4M-8%
APGE$APGEApogee Therapeutics, Inc.$189.1MNew
CCL$CCLCarnival Corp Ltd.$163.0M-6%
SLAB$SLABSILICON LABORATORIES INC.$162.1M+48%
NUVL$NUVLNuvalent, Inc.$145.1MNew
THC$THCTENET HEALTHCARE CORP$143.1M+512%
UNH$UNHPUTUNITEDHEALTH GROUP INC$137.9M-49%

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)

  • ROKU$ROKUROKU, INC$597.5M

    first bought this quarter

  • OGN$OGNOrganon & Co.$245.1M

    first bought this quarter

  • D$DDOMINION ENERGY, INC$239.0M

    first bought this quarter

  • APGE$APGEApogee Therapeutics, Inc.$189.1M

    first bought this quarter

  • NUVL$NUVLNuvalent, Inc.$145.1M

    first bought this quarter

  • GSAT$GSATGlobalstar, Inc.$110.1M

    first bought this quarter

+34 more in the Excel export

Added to (15)

  • CZR$CZRCaesars Entertainment, Inc.+333%

    now $346.0M · held 2 qtrs, 2 adds in a row

  • TXNM$TXNMTXNM ENERGY INC+132%

    now $368.4M · held 5 qtrs, 5 adds in a row

  • ECHO$ECHOEchoStar CORP+64%

    now $391.8M · held 4 qtrs, 4 adds in a row

  • EA$EAELECTRONIC ARTS INC.+5%

    now $2.8B · held 4 qtrs, 4 adds in a row

  • THC$THCTENET HEALTHCARE CORP+512%

    now $143.1M · held 2 qtrs, 2 adds in a row

  • SKYD$SKYDSkydance Corp+193%

    now $118.3M · held 4 qtrs, 4 adds in a row

+9 more in the Excel export

Trimmed (26)

  • SPY$SPYPUTSPDR S&P 500 ETF TRUST-53%

    now $1.1B

  • CAR$CARAVIS BUDGET GROUP, INC.-64%

    now $371.5M · held 10 qtrs

  • CORZ$CORZCore Scientific, Inc./tx-98%

    now $13.7M · held 5 qtrs, 2 trims in a row

  • SPY$SPYSPDR S&P 500 ETF TRUST-93%

    now $29.9M · held 11+ qtrs

  • UNH$UNHCALLUNITEDHEALTH GROUP INC-34%

    now $777.2M

  • BA$BAPUTBOEING CO-24%

    now $828.0M

+20 more in the Excel export

Sold out (42)

  • MASI$MASIMASIMO CORPwas $564.9M

    held 1 qtr

  • HOLX$HOLXHOLOGIC INCwas $340.2M

    held 2 qtrs

  • ACLX$ACLXArcellx, Inc.was $329.5M

    held 1 qtr

  • CNTA$CNTACentessa Pharmaceuticals plcwas $324.5M

    held 1 qtr

  • NFLX$NFLXPUTNETFLIX INCwas $323.1M
  • NFLX$NFLXNETFLIX INCwas $296.9M

    held 2 qtrs

+36 more in the Excel export

Firm AUM (Form ADV): $19.3B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Pentwater Capital Management LP has filed, 37 earlier quarters. Pick one to see what it held then.

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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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AI-Powered Hedge Fund Analysis: Pentwater Capital Management LP

13F Pro is an AI hedge fund tracker and stock research platform. For Pentwater Capital Management LP (SEC CIK: 1425851), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Pentwater Capital Management LP's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.