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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
+9.83%
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
$3.47B
AUM Growth
-$139M
Cap. Flow
-$489M
Cap. Flow %
-14.07%
Top 10 Hldgs %
53.08%
Holding
162
New
44
Increased
30
Reduced
20
Closed
45

Top Buys

Rank Stock Value
1
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$274M
2
TRQ
Turquoise Hill Resources Ltd
TRQ
+$110M
3
AAL icon
American Airlines Group
AAL
+$80.9M
4
VPHM
VIROPHARMA INC
VPHM
+$70.9M
5
TRQ.RT
TURQUOISE HILL RES LTD RTS EXP 01/07/2014 (DE)
TRQ.RT
+$63.2M

Top Sells

Rank Stock Value
1
DELL
DELL INC
DELL
+$331M
2
LIFE
LIFE TECHNOLOGIES CORP COM STK (DE)
LIFE
+$128M
3
ELN
ELAN CORP ADS(RP1 ORD4IRISH PN
ELN
+$116M
4
SPRD
SPREADTRUM COMMUNICATIONS INC ADS (CAYMAN ISLANDS)
SPRD
+$105M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$86.7M

Sector Composition

Rank Sector Weight
1 Materials 9.42%
2 Communication Services 9.31%
3 Healthcare 8.47%
4 Industrials 6.99%
5 Consumer Discretionary 2.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LYB icon
51
PUT
LyondellBasell Industries
LYB
$19.2B
$12M 0.35%
150,000
– –
CTB
52
DELISTED
Cooper Tire & Rubber Co.
CTB
$11.5M 0.33%
480,000
-1,820,000
-79% -$45.1M
NMIH icon
53
NMI Holdings
NMIH
$3.35B
$11.3M 0.33%
+891,100
New +$11.9M
ENDP
54
PUT
DELISTED
Endo International plc
ENDP
$10.8M 0.31%
+160,000
New +$9.13M
ANR
55
CALL
DELISTED
Alpha Natural Resources Inc
ANR
$10.4M 0.3%
1,461,200
– –
TOWR
56
DELISTED
Tower International, Inc.
TOWR
$10.1M 0.29%
470,000
+70,000
+18% +$1.46M
MTB icon
57
M&T Bank
MTB
$36.6B
$9.78M 0.28%
+84,000
New +$9.55M
FLY
58
DELISTED
Fly Leasing Limited
FLY
$9.64M 0.28%
600,000
-300,000
-33% -$4.46M
GM.WS.B
59
DELISTED
General Motors Company
GM.WS.B
$9.11M 0.26%
394,139
-466,938
-54% -$9.51M
ESPR
60
DELISTED
Esperion Therapeutics
ESPR
$8.82M 0.25%
641,900
+210,846
+49% +$3.07M
DAR icon
61
Darling Ingredients
DAR
$9.29B
$8.77M 0.25%
+420,000
New +$8.98M
LIND icon
62
Lindblad Expeditions
LIND
$2.24B
$8.66M 0.25%
900,100
– –
EVAC
63
DELISTED
EDWARDS GROUP LTD ADR (CYM)
EVAC
$8.32M 0.24%
817,700
+17,700
+2% +$179K
GM.WS.A
64
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$7.58M 0.22%
243,349
-617,728
-72% -$17.4M
STZ icon
65
CALL
Constellation Brands
STZ
$22.4B
$7.04M 0.2%
100,000
– –
BRSS
66
DELISTED
Global Brass & Copper Hldgs, Inc
BRSS
$6.59M 0.19%
398,400
-26,600
-6% -$468K
MCHB
67
Mechanics Bancorp
MCHB
$3.7B
$6.45M 0.19%
322,378
+600
+0.2% +$11.9K
CLVS
68
PUT
DELISTED
Clovis Oncology, Inc.
CLVS
$6.27M 0.18%
104,000
+30,000
+41% +$1.63M
VVUS
69
PUT
DELISTED
Vivus Inc
VVUS
$5.99M 0.17%
66,000
+36,000
+120% +$3.48M
GRA
70
DELISTED
W.R. Grace & Co.
GRA
$5.93M 0.17%
60,000
-30,000
-33% -$2.79M
EBIX
71
PUT
DELISTED
Ebix Inc
EBIX
$5.88M 0.17%
400,000
+300,000
+300% +$3.85M
CLVS
72
DELISTED
Clovis Oncology, Inc.
CLVS
$5.42M 0.16%
+90,000
New +$4.9M
S
73
PUT
DELISTED
Sprint Corporation
S
$5.38M 0.15%
+500,000
New +$3.77M
QPAC
74
DELISTED
QUINPARIO ACQUISITION CORP COM STK
QPAC
$5.23M 0.15%
+517,400
New +$5.18M
SSP icon
75
CALL
E.W. Scripps
SSP
$259M
$5.18M 0.15%
+67,620
New +$1.17M
1 2
3
4 5

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Pentwater Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Pentwater Capital Management held 162 positions worth $3.47B, down 3.8% from $3.61B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Pentwater Capital Management withdrew a net $489M in Q4 2013, closing 45 positions and reducing 20 holdings. Its most notable exit was DELL INC, an estimated $331M position sold in full.

By sector, the portfolio is most concentrated in Materials at 9.4% of assets, up from 6.1% a quarter earlier, followed by Communication Services and Healthcare.

Against the trend, Pentwater Capital Management opened a new position in TIME WARNER CABLE INC NEW COM STK worth $299M.

  • Pentwater Capital Management's largest Q4 2013 buy was TIME WARNER CABLE INC NEW COM STK: 2,205,000 shares worth $299M.
  • Pentwater Capital Management added most to Turquoise Hill Resources Ltd in Q4 2013, an estimated $110M increase.
  • Pentwater Capital Management's biggest Q4 2013 reduction was LIFE TECHNOLOGIES CORP COM STK (DE), cutting an estimated $128M.
  • Pentwater Capital Management fully exited DELL INC in Q4 2013, selling an estimated $331M.
  • Pentwater Capital Management's ten largest holdings make up 53% of its $3.47B portfolio in Q4 2013.
  • Pentwater Capital Management opened 44 new positions and closed 45 in Q4 2013.
  • Pentwater Capital Management's portfolio value fell 3.8% quarter-over-quarter to $3.47B.

Based on Pentwater Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.