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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
+13.13%
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
$19B
AUM Growth
+$1.14B
Cap. Flow
+$942M
Cap. Flow %
4.95%
Top 10 Hldgs %
67.29%
Holding
135
New
26
Increased
22
Reduced
21
Closed
58

Top Buys

Rank Stock Value
1
EA
Electronic Arts
EA
+$1.24B
2
BA icon
Boeing
BA
+$846M
3
KVUE icon
Kenvue
KVUE
+$583M
4
EXAS
Exact Sciences
EXAS
+$582M
5
WBD icon
Warner Bros
WBD
+$444M

Top Sells

Rank Stock Value
1
K
Kellanova
K
+$820M
2
VRNA
Verona Pharma
VRNA
+$566M
3
SPR
Spirit AeroSystems
SPR
+$363M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$264M
5
COOP
Mr. Cooper
COOP
+$210M

Sector Composition

Rank Sector Weight
1 Communication Services 20.47%
2 Industrials 15.77%
3 Technology 13.82%
4 Healthcare 11.09%
5 Consumer Staples 5.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCL icon
26
Carnival Corporation Ltd
CCL
$39.7B
$134M 0.7%
4,375,000
+75,000
+2% +$2.09M
KVUE icon
27
PUT
Kenvue
KVUE
$36.9B
$132M 0.69%
7,650,000
-2,450,000
-24% -$40.1M
UNH icon
28
UnitedHealth
UNH
$370B
$130M 0.69%
395,000
+195,000
+98% +$66.1M
CDTX
29
DELISTED
Cidara Therapeutics
CDTX
$125M 0.66%
+565,000
New +$91.3M
LBRDK icon
30
Liberty Broadband Class C
LBRDK
$5.15B
$121M 0.64%
2,493,644
-178,356
-7% -$9.28M
PANW icon
31
CALL
Palo Alto Networks
PANW
$297B
$105M 0.55%
570,000
-250,000
-30% -$50.4M
WBD icon
32
PUT
Warner Bros
WBD
$67.1B
$101M 0.53%
+3,520,000
New +$82.3M
TXNM
33
TXNM Energy Inc
TXNM
$5.94B
$97.2M 0.51%
1,651,000
+461,000
+39% +$26.6M
GEO icon
34
The GEO Group
GEO
$4.04B
$94.3M 0.5%
5,847,700
+661,700
+13% +$11M
WBD icon
35
CALL
Warner Bros
WBD
$67.1B
$82.1M 0.43%
2,850,000
+1,000,000
+54% +$23.4M
CCL icon
36
PUT
Carnival Corporation Ltd
CCL
$39.7B
$80.9M 0.43%
2,650,000
-1,000,000
-27% -$27.9M
ECHO
37
EchoStar
ECHO
$26.2B
$77.4M 0.41%
711,700
+71,700
+11% +$5.84M
KVUE icon
38
CALL
Kenvue
KVUE
$36.9B
$70.7M 0.37%
4,100,000
+1,600,000
+64% +$26.2M
CWAN
39
DELISTED
Clearwater Analytics
CWAN
$62.7M 0.33%
+2,600,000
New +$52.1M
PANW icon
40
PUT
Palo Alto Networks
PANW
$297B
$57.1M 0.3%
310,000
-190,000
-38% -$38.3M
HI
41
DELISTED
Hillenbrand
HI
$57.1M 0.3%
+1,800,000
New +$55.5M
PSKY
42
PUT
Paramount Skydance Corp
PSKY
$10.3B
$49.6M 0.26%
3,700,000
+500,000
+16% +$7.81M
PSKY
43
Paramount Skydance Corp
PSKY
$10.3B
$46.2M 0.24%
3,450,500
+2,595,480
+304% +$40.5M
SNPS icon
44
CALL
Synopsys
SNPS
$79.7B
$42.3M 0.22%
90,000
– –
AVDL
45
DELISTED
Avadel Pharmaceuticals
AVDL
$36.3M 0.19%
+1,684,000
New +$32.7M
TGNA
46
DELISTED
TEGNA Inc
TGNA
$34M 0.18%
1,750,000
-576,300
-25% -$11.4M
CORZ icon
47
CALL
Core Scientific
CORZ
$6.75B
$33.9M 0.18%
2,325,000
+525,000
+29% +$9.15M
NFLX icon
48
PUT
Netflix
NFLX
$309B
$33.8M 0.18%
+360,000
New +$38.8M
NFLX icon
49
Netflix
NFLX
$309B
$30M 0.16%
+320,000
New +$34.5M
PNFP icon
50
Pinnacle Financial Partners Inc
PNFP
$15.8B
$28.6M 0.15%
300,000
-153,550
-34% -$14.1M
1
2
3 4 5

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A
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LF
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MIM
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SPIA
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BPA
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NAM
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Pentwater Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Pentwater Capital Management held 135 positions worth $19B, up 6.4% from $17.9B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Pentwater Capital Management deployed $942M of net new capital in Q4 2025, opening 26 new positions and adding to 22 existing holdings. Its largest new stake was Exact Sciences: 7,250,000 shares worth $736M.

By sector, the portfolio is most concentrated in Communication Services at 20% of assets, up from 11% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $264M trimmed.

  • Pentwater Capital Management's largest Q4 2025 buy was Exact Sciences: 7,250,000 shares worth $736M.
  • Pentwater Capital Management added most to Electronic Arts in Q4 2025, an estimated $1.24B increase.
  • Pentwater Capital Management's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $264M.
  • Pentwater Capital Management fully exited Kellanova in Q4 2025, selling an estimated $820M.
  • Pentwater Capital Management's ten largest holdings make up 67% of its $19B portfolio in Q4 2025.
  • Pentwater Capital Management opened 26 new positions and closed 58 in Q4 2025.
  • Pentwater Capital Management's portfolio value rose 6.4% quarter-over-quarter to $19B.

Based on Pentwater Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.