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PCM
Pentwater Capital Management Portfolio holdings
AUM
$19.3B
1-Year Est. Return
58.13%
This Fund
S&P 500
This Quarter
Est. Return
+5.63%
1 Year Est. Return
+58.13%
3 Year Est. Return
+179.76%
5 Year Est. Return
+629.27%
10 Year Est. Return
+5,046.05%
AUM
$7.82B
AUM Growth
-$2.96B
(-27%)
Cap. Flow
-$3.19B
Cap. Flow
% of AUM
-40.8%
Top 10 Holdings %
Top 10 Hldgs %
61.53%
Holding
158
New
37
Increased
30
Reduced
25
Closed
45
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NXP Semiconductors
NXPI
|
+$762M |
| 2 |
LVLT
Level 3 Communications Inc
LVLT
|
+$454M |
| 3 |
Humana
HUM
|
+$74.4M |
| 4 |
ENH
Endurance Specialty Holdings Ltd
ENH
|
+$36.7M |
| 5 |
IOC
Interoil Corporation
IOC
|
+$30.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$1.72B |
| 2 |
LNKD
LinkedIn Corporation
LNKD
|
+$693M |
| 3 |
Synchrony
SYF
|
+$241M |
| 4 |
AGN
Allergan plc
AGN
|
+$217M |
| 5 |
Coty
COTY
|
+$174M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 14.32% |
| 2 | Healthcare | 7.08% |
| 3 | Industrials | 6.36% |
| 4 | Materials | 4.61% |
| 5 | Energy | 2.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
STJ
26
DELISTED
St Jude Medical
STJ
| $55.4M | 0.71% |
691,000
-207,500
| -23% | -$16.5M |
|
|
27
CALL
Humana
HUM
$45B
| $55.1M | 0.7% |
270,000
+70,000
| +35% | +$13.4M |
|
|
TWX
28
CALL
DELISTED
Time Warner Inc
TWX
| $54.9M | 0.7% |
+568,800
| New | +$50.6M |
|
29
PUT
Bausch Health
BHC
$2.62B
| $54.7M | 0.7% |
3,770,300
| – | – |
|
|
ALR
30
DELISTED
Alere Inc
ALR
| $51.4M | 0.66% |
1,320,000
-540,000
| -29% | -$21.9M |
|
|
31
PUT
NXP Semiconductors
NXPI
$56.5B
| $49M | 0.63% |
500,000
-310,000
| -38% | -$30.8M |
|
32
PUT
AT&T
T
$162B
| $44.7M | 0.57% |
+1,390,200
| New | +$41M |
|
|
MON
33
CALL
DELISTED
Monsanto Co
MON
| $42.1M | 0.54% |
+400,000
| New | +$41M |
|
|
MEG
34
DELISTED
Media General, Inc
MEG
| $40.7M | 0.52% |
2,160,000
+460,000
| +27% | +$8.33M |
|
35
PUT
Energy Transfer Partners
ET
$69.8B
| $39.6M | 0.51% |
2,050,000
+1,750,000
| +583% | +$29.2M |
|
|
AGN
36
PUT
DELISTED
Allergan plc
AGN
| $38.9M | 0.5% |
185,000
-527,000
| -74% | -$109M |
|
|
37
Bausch Health
BHC
$2.62B
| $38.7M | 0.49% |
2,662,600
-239,400
| -8% | -$4.39M |
|
|
ENH
38
DELISTED
Endurance Specialty Holdings Ltd
ENH
| $37M | 0.47% |
+400,000
| New | +$36.7M |
|
39
CALL
Kinder Morgan
KMI
$69.9B
| $35.8M | 0.46% |
1,729,000
| – | – |
|
40
State Street SPDR S&P 500 ETF Trust
SPY
$806B
| $33.5M | 0.43% |
150,000
-220,000
| -59% | -$48.1M |
|
|
COL
41
CALL
DELISTED
Rockwell Collins
COL
| $32M | 0.41% |
+345,000
| New | +$30.4M |
|
42
PUT
Abbott
ABT
$185B
| $31.5M | 0.4% |
+821,367
| New | +$32.6M |
|
43
CALL
Lumen
LUMN
$6.65B
| $28.5M | 0.36% |
+1,200,000
| New | +$30.5M |
|
|
ALR
44
PUT
DELISTED
Alere Inc
ALR
| $27.3M | 0.35% |
700,000
-50,000
| -7% | -$2.02M |
|
|
MENT
45
DELISTED
Mentor Graphics Corp
MENT
| $26.6M | 0.34% |
+720,000
| New | +$23.5M |
|
|
AET
46
DELISTED
Aetna Inc
AET
| $25.8M | 0.33% |
208,350
-121,650
| -37% | -$14.6M |
|
|
IMPV
47
DELISTED
Imperva, Inc.
IMPV
| $25.3M | 0.32% |
660,000
+140,000
| +27% | +$5.68M |
|
|
ESPR
48
DELISTED
Esperion Therapeutics
ESPR
| $22.9M | 0.29% |
1,828,000
+292,000
| +19% | +$3.48M |
|
49
PUT
Bread Financial
BFH
$4.48B
| $22.9M | 0.29% |
+125,300
| New | +$21.8M |
|
|
GK
50
DELISTED
G&K Services Inc
GK
| $21.7M | 0.28% |
225,400
+215,400
| +2,154% | +$20.6M |
|
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Pentwater Capital Management's Q4 2016 Portfolio in Review
As of Q4 2016, Pentwater Capital Management held 158 positions worth $7.82B, down 27% from $10.8B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Pentwater Capital Management withdrew a net $3.19B in Q4 2016, closing 45 positions and reducing 25 holdings. Its most notable exit was Procter & Gamble, an estimated $1.72B position sold in full.
By sector, the portfolio is most concentrated in Technology at 14% of assets, up from 3.6% a quarter earlier, followed by Healthcare and Industrials.
Against the trend, Pentwater Capital Management opened a new position in Level 3 Communications Inc worth $484M.
- Pentwater Capital Management's largest Q4 2016 buy was Level 3 Communications Inc: 8,590,000 shares worth $484M.
- Pentwater Capital Management added most to NXP Semiconductors in Q4 2016, an estimated $762M increase.
- Pentwater Capital Management's biggest Q4 2016 reduction was Synchrony, cutting an estimated $241M.
- Pentwater Capital Management fully exited Procter & Gamble in Q4 2016, selling an estimated $1.72B.
- Pentwater Capital Management's ten largest holdings make up 62% of its $7.82B portfolio in Q4 2016.
- Pentwater Capital Management opened 37 new positions and closed 45 in Q4 2016.
- Pentwater Capital Management's portfolio value fell 27% quarter-over-quarter to $7.82B.
Based on Pentwater Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.