# Pentwater Capital Management LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1425851. Source: https://holderbook.com/funds/1425851-pentwater-capital-management-lp/

- Reported value: $16.4B
- Positions: 66
- Weight of the ten largest: 71.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $2.8B | 13,475,000 | 16.9% | 4 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $2.3B | 6,200,000 | 13.8% | 21 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $1.4B | 47,576,000 | 8.5% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.1B | 40,000 | 6.7% | 26 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $977.1M | 51,130,000 | 6.0% | 6 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $922.5M | 17,758 | 5.6% | 5 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $905.5M | 2,775,000 | 5.5% | 4 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $597.5M | 4,325,000 | 3.7% | 1 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $477.1M | 3,860,000 | 2.9% | 4 |
| AVIS BUDGET GROUP INC | [CAR](https://holderbook.com/stocks/CAR/) | $371.5M | 2,513,300 | 2.3% | 10 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $368.4M | 6,487,500 | 2.3% | 5 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $354.4M | 5,960,000 | 2.2% | 13 |
| CAESARS ENTERTAINMENT INC NE | [CZR](https://holderbook.com/stocks/CZR/) | $346.0M | 11,465,000 | 2.1% | 2 |
| GEO GROUP INC | [GEO](https://holderbook.com/stocks/GEO/) | $312.7M | 10,582,000 | 1.9% | 6 |
| CARNIVAL CORP LTD | [CCL](https://holderbook.com/stocks/CCL/) | $247.3M | 5,705,000 | 1.5% | 1 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $245.1M | 18,100,000 | 1.5% | 1 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $239.0M | 3,500,000 | 1.5% | 1 |
| PARAMOUNT SKYDANCE CORP | [PSKY](https://holderbook.com/stocks/PSKY/) | $216.4M | 12,000,000 | 1.3% | 4 |
| DIGITALBRIDGE GROUP INC | [DBRG](https://holderbook.com/stocks/DBRG/) | $198.8M | 12,600,000 | 1.2% | 3 |
| SURGERY PARTNERS INC | [SGRY](https://holderbook.com/stocks/SGRY/) | $195.4M | 11,630,000 | 1.2% | 7 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $189.1M | 1,425,000 | 1.2% | 1 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $174.3M | 18,000 | 1.1% | 1 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $165.6M | 765,000 | 1.0% | 2 |
| SILICON LABORATORIES INC | [SLAB](https://holderbook.com/stocks/SLAB/) | $162.1M | 741,725 | 1.0% | 2 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $148.6M | 230,000 | 0.9% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $145.1M | 1,175,000 | 0.9% | 1 |
| GLOBALSTAR INC | [GSAT](https://holderbook.com/stocks/GSAT/) | $110.1M | 1,355,000 | 0.7% | 1 |
| ARCOSA INC | [ACA](https://holderbook.com/stocks/ACA/) | $95.9M | 660,000 | 0.6% | 1 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $82.9M | 2,493,644 | 0.5% | 8 |
| PAYONEER GLOBAL INC | [PAYO](https://holderbook.com/stocks/PAYO/) | $70.4M | 9,888,410 | 0.4% | 1 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $67.5M | 536,594 | 0.4% | 5 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $64.3M | 130,000 | 0.4% | 2 |
| SKYWATER TECHNOLOGY INC | [SKYT](https://holderbook.com/stocks/SKYT/) | $62.9M | 1,807,000 | 0.4% | 1 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $55.2M | 19,000 | 0.3% | 1 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $35.3M | 500,000 | 0.2% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $29.5M | 0 | 0.2% | 2 |
| IONQ INC | [IONQ](https://holderbook.com/stocks/IONQ/) | $28.1M | 0 | 0.2% | 1 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $25.9M | 756,762 | 0.2% | 1 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $20.5M | 90,000 | 0.1% | 3 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $18.7M | 750,000 | 0.1% | 1 |
| ISHARES TR | [EWU](https://holderbook.com/stocks/EWU/) | $18.5M | 0 | 0.1% | 2 |
| ISHARES INC | [EWG](https://holderbook.com/stocks/EWG/) | $12.4M | 0 | 0.1% | 2 |
| SINDA LTD | [SIND](https://holderbook.com/stocks/SIND/) | $9.6M | 800,000 | 0.1% | 1 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $7.3M | 500,000 | 0.0% | 2 |
| METALS RTY CO INC | - | $6.6M | 919,230 | 0.0% | 1 |
| KRANESHARES TRUST | [KWEB](https://holderbook.com/stocks/KWEB/) | $6.1M | 250,000 | 0.0% | 2 |
| SUNSHINE SILVER MNG & REFNG | - | $5.8M | 439,400 | 0.0% | 1 |
| GENEDX HOLDINGS CORP | [WGS](https://holderbook.com/stocks/WGS/) | $5.7M | 82,500 | 0.0% | 1 |
| LIBERTY BROADBAND CORP | [LBRDA](https://holderbook.com/stocks/LBRDA/) | $5.7M | 170,000 | 0.0% | 7 |
| AMC ENTMT HLDGS INC | [AMC](https://holderbook.com/stocks/AMC/) | $4.3M | 2,250,000 | 0.0% | 6 |
| ISHARES INC | [EWA](https://holderbook.com/stocks/EWA/) | $4.2M | 0 | 0.0% | 1 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $3.8M | 0 | 0.0% | 2 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $3.8M | 0 | 0.0% | 2 |
| FORGENT POWER SOLUTIONS INC | [FPS](https://holderbook.com/stocks/FPS/) | $3.6M | 65,000 | 0.0% | 2 |
| DAUCH CORP | [DCH](https://holderbook.com/stocks/DCH/) | $2.8M | 519,790 | 0.0% | 2 |
| MEDLINE INC | [MDLN](https://holderbook.com/stocks/MDLN/) | $2.6M | 30,000 | 0.0% | 2 |
| SYNAPTICS INC | [SYNA](https://holderbook.com/stocks/SYNA/) | $2.5M | 20,000 | 0.0% | 1 |
| SEAPORT THERAPEUTICS INC | [SPTX](https://holderbook.com/stocks/SPTX/) | $1.8M | 83,000 | 0.0% | 1 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $1.7M | 7,000 | 0.0% | 1 |
| CORECIVIC INC | [CXW](https://holderbook.com/stocks/CXW/) | $1.5M | 50,000 | 0.0% | 2 |
| KARMAN HLDGS INC | [KRMN](https://holderbook.com/stocks/KRMN/) | $1.2M | 25,000 | 0.0% | 1 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $1.1M | 5,000 | 0.0% | 1 |
| NYXOAH S A | [NYXH](https://holderbook.com/stocks/NYXH/) | $1.0M | 600,000 | 0.0% | 1 |
| EROCK INC | [EROC](https://holderbook.com/stocks/EROC/) | $870.0K | 60,000 | 0.0% | 1 |
| TAYLOR MORRISON HOME CORP | [TMHC](https://holderbook.com/stocks/TMHC/) | $358.7K | 5,000 | 0.0% | 1 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $237.3K | 10,000 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +7.1% | +14.8% | -7.7% | 63% |
| Q3 2024 | -2.3% | +5.4% | -7.7% | 60% |
| Q2 2024 | -3.7% | +4.0% | -7.8% | 61% |
| Q3 2022 | +0.7% | -5.3% | +6.0% | 77% |
| Q2 2022 | -10.0% | -16.5% | +6.5% | 80% |
| Q4 2021 | +6.4% | +10.7% | -4.3% | 73% |
| Q3 2021 | -3.2% | +0.3% | -3.4% | 67% |
| Q2 2021 | +7.7% | +8.0% | -0.3% | 74% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $16.4B | 66 |
| Q1 2026 | $19.3B | 65 |
| Q4 2025 | $19.0B | 54 |
| Q3 2025 | $17.9B | 79 |
| Q2 2025 | $15.4B | 71 |
| Q1 2025 | $11.9B | 75 |
| Q4 2024 | $9.1B | 61 |
| Q3 2024 | $9.7B | 62 |
| Q2 2024 | $7.8B | 62 |
| Q1 2024 | $9.8B | 66 |
| Q4 2023 | $8.9B | 75 |
| Q3 2023 | $18.6B | 77 |