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Pentwater Capital Management Portfolio holdings

AUM $19.3B
1-Year Est. Return 58.13%
This Fund
S&P 500
This Quarter Est. Return
+2.46%
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
$11.8B
AUM Growth
-$1.87B
Cap. Flow
-$1.8B
Cap. Flow %
-15.26%
Top 10 Hldgs %
76.47%
Holding
175
New
55
Increased
31
Reduced
42
Closed
30

Top Buys

Rank Stock Value
1
AET
Aetna Inc
AET
+$615M
2
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
+$156M
3
ESRX
Express Scripts Holding Company
ESRX
+$138M
4
FTV icon
Fortive
FTV
+$121M
5
IDTI
Integrated Device Technology I
IDTI
+$118M

Top Sells

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$969M
2
DELL icon
Dell
DELL
+$219M
3
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$150M
4
XL
XL Group Ltd.
XL
+$117M
5
ILG
ILG, Inc Common Stock
ILG
+$96.4M

Sector Composition

Rank Sector Weight
1 Financials 12.75%
2 Technology 12.1%
3 Healthcare 11.69%
4 Communication Services 7.32%
5 Materials 2.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ESPR
26
PUT
DELISTED
Esperion Therapeutics
ESPR
$48.8M 0.41%
1,100,000
+765,300
+229% +$35.1M
DELL icon
27
Dell
DELL
$299B
$35.9M 0.3%
1,318,398
-8,225,870
-86% -$219M
CI icon
28
CALL
Cigna
CI
$71.5B
$31.2M 0.26%
150,000
-190,000
-56% -$35.2M
TFCF
29
PUT
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$31.2M 0.26%
680,000
-850,000
-56% -$38.6M
GDX icon
30
PUT
VanEck Gold Miners ETF
GDX
$25.5B
$30.9M 0.26%
290,000
+120,000
+71% +$2.4M
NXPI icon
31
CALL
NXP Semiconductors
NXPI
$58.3B
$29.9M 0.25%
350,000
+340,000
+3,400% +$32.6M
CA
32
DELISTED
CA, Inc.
CA
$29.1M 0.25%
+660,000
New +$28.4M
LHO
33
DELISTED
LaSalle Hotel Properties
LHO
$27.7M 0.23%
800,000
-350,000
-30% -$12.1M
ETP
34
DELISTED
Energy Transfer Partners, L.P.
ETP
$26M 0.22%
1,170,000
+170,000
+17% +$3.69M
EQT icon
35
EQT Corp
EQT
$32B
$25.2M 0.21%
1,047,090
-495,990
-32% -$13.7M
SYF icon
36
PUT
Synchrony
SYF
$25.8B
$24.9M 0.21%
800,000
-79,300
-9% -$2.53M
RTX icon
37
CALL
RTX Corp
RTX
$300B
$22.4M 0.19%
254,240
-127,120
-33% -$10.7M
AAL icon
38
PUT
American Airlines Group
AAL
$11B
$22.3M 0.19%
540,100
-14,900
-3% -$582K
TRI icon
39
PUT
Thomson Reuters
TRI
$43B
$20.1M 0.17%
+379,147
New +$19M
ORIG
40
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$20M 0.17%
+577,500
New +$16.7M
VMW
41
DELISTED
VMware, Inc
VMW
$17.2M 0.15%
110,000
-295,000
-73% -$45.1M
SBOW
42
DELISTED
SilverBow Resources, Inc.
SBOW
$17M 0.14%
638,052
-67,922
-10% -$2.02M
OEF icon
43
PUT
iShares S&P 100 ETF
OEF
$20.4B
$16.7M 0.14%
90,000
+50,000
+125% +$6.32M
EQT icon
44
CALL
EQT Corp
EQT
$32B
$15.5M 0.13%
642,950
– –
RTX icon
45
PUT
RTX Corp
RTX
$300B
$15.4M 0.13%
174,790
-71,505
-29% -$6M
ATHN
46
DELISTED
Athenahealth, Inc.
ATHN
$15.4M 0.13%
+115,000
New +$17.2M
TRQ
47
CALL
DELISTED
Turquoise Hill Resources Ltd
TRQ
$15.2M 0.13%
718,270
– –
ORBK
48
DELISTED
Orbotech Ltd
ORBK
$14.9M 0.13%
250,500
+500
+0.2% +$31.3K
SPY icon
49
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$14.5M 0.12%
50,000
-50,000
-50% -$14.2M
DNB
50
DELISTED
Dun & Bradstreet
DNB
$14.3M 0.12%
+100,000
New +$13.6M
1
2
3 4 5

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MGP
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A
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LF
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Select Equity Group
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MIM
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SPIA
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BPA
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Pentwater Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, Pentwater Capital Management held 175 positions worth $11.8B, down 14% from $13.7B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Pentwater Capital Management withdrew a net $1.8B in Q3 2018, closing 30 positions and reducing 42 holdings. Its most notable exit was Altaba Inc, an estimated $969M position sold in full.

By sector, the portfolio is most concentrated in Financials at 13% of assets, up from 6.5% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Pentwater Capital Management opened a new position in Fortive worth $125M.

  • Pentwater Capital Management's largest Q3 2018 buy was Fortive: 2,354,861 shares worth $125M.
  • Pentwater Capital Management added most to Aetna Inc in Q3 2018, an estimated $615M increase.
  • Pentwater Capital Management's biggest Q3 2018 reduction was Dell, cutting an estimated $219M.
  • Pentwater Capital Management fully exited Altaba Inc in Q3 2018, selling an estimated $969M.
  • Pentwater Capital Management's ten largest holdings make up 76% of its $11.8B portfolio in Q3 2018.
  • Pentwater Capital Management opened 55 new positions and closed 30 in Q3 2018.
  • Pentwater Capital Management's portfolio value fell 14% quarter-over-quarter to $11.8B.

Based on Pentwater Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.