Pentwater Capital Management LP
Reported holdings as of Q2 2026, from 32 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ELECTRONIC ARTS INC | EA | $2.8B | 13,475,000 | +3.36pp | 4q | +5.2%+$136.9M | |
| BOEING CO CALL+PUT | BA | $2.3B | 6,200,000 | +1.25pp | 21q | -12.3%-$316.5M | |
| WARNER BROS DISCOVERY INC CALL+PUT | WBD | $1.4B | 47,576,000 | +0.70pp | 4q | -5.3%-$78.4M | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $1.1B | 40,000 | -5.44pp | 26q | -93.1%-$14.7B | |
| KENVUE INC | KVUE | $977.1M | 51,130,000 | +0.92pp | 6q | -1.7%-$16.6M | |
| UNITEDHEALTH GROUP INC CALL+PUT | UNH | $922.5M | 17,758 | +0.03pp | 5q | -96.5%-$25.7B | |
| NORFOLK SOUTHN CORP PUT | NSC | $905.5M | 2,775,000 | +0.59pp | 4q | -13.8%-$145.2M | |
| ROKU INC | ROKU | $597.5M | 4,325,000 | - | new | NEW | |
| ECHOSTAR CORP CALL+PUT | ECHO | $477.1M | 3,860,000 | +1.38pp | 4q | +63.6%+$185.4M | |
| AVIS BUDGET GROUP INC | CAR | $371.5M | 2,513,300 | -3.65pp | 10q | -64.3%-$670.4M | |
| TXNM ENERGY INC | TXNM | $368.4M | 6,487,500 | +1.40pp | 5q | +131.7%+$209.4M | |
| TECK RESOURCES LTD | TECK | $354.4M | 5,960,000 | +0.30pp | 13q | -14.4%-$59.5M | |
| CAESARS ENTERTAINMENT INC NE | CZR | $346.0M | 11,465,000 | +1.75pp | 2q | +332.6%+$266.0M | |
| GEO GROUP INC | GEO | $312.7M | 10,582,000 | +1.07pp | 6q | +10.6%+$30.1M | |
| CARNIVAL CORP LTD PUT | CCL | $247.3M | 5,705,000 | - | new | NEW | |
| ORGANON & CO | OGN | $245.1M | 18,100,000 | - | new | NEW | |
| DOMINION ENERGY INC | D | $239.0M | 3,500,000 | - | new | NEW | |
| PARAMOUNT SKYDANCE CORP PUT | PSKY | $216.4M | 12,000,000 | +0.96pp | 4q | +192.7%+$142.5M | |
| DIGITALBRIDGE GROUP INC | DBRG | $198.8M | 12,600,000 | +0.28pp | 3q | +7.2%+$13.4M | |
| SURGERY PARTNERS INC | SGRY | $195.4M | 11,630,000 | +0.41pp | 7q | -8.1%-$17.2M | |
| APOGEE THERAPEUTICS INC | APGE | $189.1M | 1,425,000 | - | new | NEW | |
| MICRON TECHNOLOGY INC CALL+PUT | MU | $174.3M | 18,000 | - | new | NEW | |
| TENET HEALTHCARE CORP PUT | THC | $165.6M | 765,000 | +0.89pp | 2q | +512.0%+$138.5M | |
| SILICON LABORATORIES INC | SLAB | $162.1M | 741,725 | +0.45pp | 2q | +48.3%+$52.8M | |
| SPACE EXPLORATION TECHN CORP PUT | SPCX | $148.6M | 230,000 | - | new | NEW | |
| NUVALENT INC | NUVL | $145.1M | 1,175,000 | - | new | NEW | |
| GLOBALSTAR INC | GSAT | $110.1M | 1,355,000 | - | new | NEW | |
| ARCOSA INC | ACA | $95.9M | 660,000 | - | new | NEW | |
| LIBERTY BROADBAND CORP | LBRDK | $82.9M | 2,493,644 | -0.14pp | 8q | HELD | |
| PAYONEER GLOBAL INC | PAYO | $70.4M | 9,888,410 | - | new | NEW | |
| CORE SCIENTIFIC INC NEW CALL+PUT | CORZ | $67.5M | 536,594 | -2.21pp | 5q | -97.8%-$3.1B | |
| HCA HEALTHCARE INC PUT | HCA | $64.3M | 130,000 | +0.21pp | 2q | +73.3%+$27.2M | |
| SKYWATER TECHNOLOGY INC | SKYT | $62.9M | 1,807,000 | - | new | NEW | |
| HUMANA INC CALL+PUT | HUM | $55.2M | 19,000 | - | new | NEW | |
| BIO-TECHNE CORP | TECH | $35.3M | 500,000 | - | new | NEW | |
| INVESCO QQQ TR PUT | QQQ | $29.5M | options only | -0.51pp | 2q | OPTIONS | |
| IONQ INC PUT | IONQ | $28.1M | options only | - | new | OPTIONS | |
| AXALTA COATING SYS LTD | AXTA | $25.9M | 756,762 | - | new | NEW | |
| ORACLE CORP PUT | ORCL | $20.5M | 90,000 | -0.05pp | 3q | -41.9%-$14.8M | |
| AVANOS MED INC | AVNS | $18.7M | 750,000 | - | new | NEW | |
| ISHARES TR PUT | EWU | $18.5M | options only | -0.01pp | 2q | OPTIONS | |
| ISHARES INC PUT | EWG | $12.4M | options only | +0.01pp | 2q | OPTIONS | |
| SINDA LTD | SIND | $9.6M | 800,000 | - | new | NEW | |
| AES CORP | AES | $7.3M | 500,000 | +0.01pp | 2q | HELD | |
| METALS RTY CO INC | $6.6M | 919,230 | - | new | NEW | ||
| KRANESHARES TRUST | KWEB | $6.1M | 250,000 | flat | 2q | HELD | |
| SUNSHINE SILVER MNG & REFNG | $5.8M | 439,400 | - | new | NEW | ||
| GENEDX HOLDINGS CORP | WGS | $5.7M | 82,500 | - | new | NEW | |
| LIBERTY BROADBAND CORP | LBRDA | $5.7M | 170,000 | -0.01pp | 7q | HELD | |
| AMC ENTMT HLDGS INC | AMC | $4.3M | 2,250,000 | -0.02pp | 6q | -76.0%-$13.5M | |
| ISHARES INC PUT | EWA | $4.2M | options only | - | new | OPTIONS | |
| GLOBAL X FDS PUT | COPX | $3.8M | options only | +0.01pp | 2q | OPTIONS | |
| VANECK ETF TRUST PUT | GDX | $3.8M | options only | flat | 2q | OPTIONS | |
| FORGENT POWER SOLUTIONS INC | FPS | $3.6M | 65,000 | flat | 2q | -59.4%-$5.3M | |
| DAUCH CORP | DCH | $2.8M | 519,790 | flat | 2q | HELD | |
| MEDLINE INC CALL+PUT | MDLN | $2.6M | 30,000 | flat | 2q | -40.0%-$1.7M | |
| SYNAPTICS INC | SYNA | $2.5M | 20,000 | - | new | NEW | |
| SEAPORT THERAPEUTICS INC | SPTX | $1.8M | 83,000 | - | new | NEW | |
| CONSTELLATION ENERGY CORP | CEG | $1.7M | 7,000 | - | new | NEW | |
| CORECIVIC INC | CXW | $1.5M | 50,000 | flat | 2q | HELD | |
| KARMAN HLDGS INC | KRMN | $1.2M | 25,000 | - | new | NEW | |
| CEREBRAS SYSTEMS INC | CBRS | $1.1M | 5,000 | - | new | NEW | |
| NYXOAH S A | NYXH | $1.0M | 600,000 | - | new | NEW | |
| EROCK INC | EROC | $870.0K | 60,000 | - | new | NEW | |
| TAYLOR MORRISON HOME CORP | TMHC | $358.7K | 5,000 | - | new | NEW | |
| ALLIED GOLD CORP | AAUC | $237.3K | 10,000 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Telecom & Media | $2.9B | 17.7% |
| Software & IT Services | $2.8B | 17.2% |
| Autos & Aerospace | $2.3B | 13.8% |
| Transport & Logistics | $1.2B | 7.0% |
| Funds & ETFs | $1.1B | 6.9% |
| Chemicals | $1.0B | 6.1% |
| Insurance | $977.7M | 6.0% |
| Business Services | $788.0M | 4.8% |
| Utilities | $616.4M | 3.8% |
| Biotech & Pharma | $469.5M | 2.9% |
| Healthcare Services | $430.9M | 2.6% |
| Semiconductors & Electronics | $405.4M | 2.5% |
| Other sectors | $1.0B | 6.3% |
| Not classified | $387.4M | 2.4% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $16.4B | 66 | 31 | 10 | 15 | 30 | 71.9% | 45 |
| Q1 2026 | $19.3B | 65 | 33 | 21 | 4 | 22 | 74.4% | 45 |
| Q4 2025 | $19.0B | 54 | 19 | 16 | 13 | 44 | 73.5% | 48 |
| Q3 2025 | $17.9B | 79 | 38 | 17 | 12 | 30 | 66.2% | 45 |
| Q2 2025 | $15.4B | 71 | 22 | 27 | 15 | 26 | 73.3% | 45 |
| Q1 2025 | $11.9B | 75 | 35 | 21 | 8 | 21 | 77.8% | 45 |
| Q4 2024 | $9.1B | 61 | 25 | 17 | 12 | 26 | 79.3% | 45 |
| Q3 2024 | $9.7B | 62 | 19 | 15 | 15 | 19 | 79.0% | 45 |
| Q2 2024 | $7.8B | 62 | 20 | 16 | 17 | 24 | 79.7% | 31 |
| Q1 2024 | $9.8B | 66 | 27 | 13 | 18 | 36 | 83.2% | 45 |
| Q4 2023 | $8.9B | 75 | 27 | 18 | 22 | 29 | 75.0% | 45 |
| Q3 2023 | $18.6B | 77 | 22 | 20 | 22 | 39 | 91.0% | 45 |
| Q2 2023 | $14.5B | 94 | 26 | 24 | 24 | 34 | 83.3% | 45 |
| Q1 2023 | $10.3B | 102 | 43 | 26 | 21 | 30 | 68.6% | 45 |
| Q4 2022 | $5.7B | 89 | 25 | 23 | 22 | 46 | 75.4% | 45 |
| Q3 2022 | $8.9B | 110 | 34 | 30 | 29 | 100 | 67.3% | 45 |
| Q2 2022 | $8.5B | 176 | 76 | 33 | 23 | 63 | 52.9% | 46 |
| Q1 2022 | $8.4B | 163 | 58 | 30 | 40 | 100 | 51.0% | 46 |
| Q4 2021 | $9.2B | 205 | 70 | 38 | 35 | 95 | 64.6% | 42 |
| Q3 2021 | $9.8B | 230 | 70 | 54 | 46 | 143 | 57.6% | 46 |
| Q2 2021 | $12.1B | 303 | 113 | 51 | 54 | 149 | 60.4% | 47 |
| Q1 2021 | $10.5B | 339 | 189 | 39 | 49 | 85 | 53.8% | 47 |
| Q4 2020 | $8.3B | 235 | 85 | 36 | 45 | 69 | 64.5% | 47 |
| Q3 2020 | $7.7B | 219 | 95 | 35 | 38 | 35 | 62.4% | 70 |
| Q2 2020 | $5.6B | 159 | 71 | 35 | 25 | 35 | 68.4% | 45 |
| Q1 2020 | $6.1B | 123 | 39 | 32 | 23 | 67 | 59.5% | 45 |
| Q4 2019 | $6.1B | 151 | 52 | 22 | 37 | 56 | 62.6% | 45 |
| Q3 2019 | $6.4B | 155 | 58 | 15 | 42 | 84 | 64.6% | 45 |
| Q2 2019 | $9.3B | 181 | 90 | 17 | 38 | 45 | 57.3% | 45 |
| Q1 2019 | $7.9B | 136 | 53 | 20 | 32 | 54 | 66.7% | 45 |
| Q4 2018 | $11.7B | 137 | 52 | 31 | 16 | 60 | 77.4% | 116 |
| Q3 2018 | $11.8B | 145 | 0 | 0 | 0 | 0 | 76.5% | 208 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.