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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
CHGG icon
101
Chegg
CHGG
$115M
$638K 0.02%
+75,000
New +$643K
SLTM
102
DELISTED
SOLTA MED INC (DE)
SLTM
$590K 0.02%
+200,000
New +$436K
EMWP
103
DELISTED
Eros Media World PLC
EMWP
$556K 0.02%
+2,500
New +$538K
BEAM
104
DELISTED
BEAM INC COM STK (DE)
BEAM
$408K 0.01%
6,000
-4,000
-40% -$270K
BB icon
105
CALL
BlackBerry
BB
$5.2B
$372K 0.01%
50,000
– –
BAGL
106
DELISTED
EINSTEIN NOAH RESTAURANT GROUP, INC CMN STK (DELAWARE)
BAGL
$363K 0.01%
+25,000
New +$416K
PATH
107
DELISTED
NUPATHE INC COM STK
PATH
$308K 0.01%
+94,137
New +$210K
JCP
108
CALL
DELISTED
J.C. Penney Company, Inc.
JCP
$275K 0.01%
+30,000
New +$250K
S
109
DELISTED
Sprint Corporation
S
$263K 0.01%
24,424
-1,139,800
-98% -$8.59M
HCBK
110
DELISTED
HUDSON CITY BANCORP INC
HCBK
$253K 0.01%
26,837
– –
KIPS
111
DELISTED
KIPS BAY MEDICAL INC
KIPS
$224K 0.01%
311,800
– –
BCC icon
112
Boise Cascade
BCC
$3.04B
– –
-56,555
Closed -$1.52M
BMRN icon
113
BioMarin Pharmaceuticals
BMRN
$11.7B
– –
-27,500
Closed -$1.99M
BMRN icon
114
PUT
BioMarin Pharmaceuticals
BMRN
$11.7B
– –
-20,000
Closed -$1.44M
BXMT icon
115
Blackstone Mortgage Trust
BXMT
$2.43B
– –
-139,700
Closed -$3.52M
CUBI icon
116
Customers Bancorp
CUBI
$2.83B
– –
-111,356
Closed -$1.63M
HLF icon
117
Herbalife
HLF
$1.33B
– –
-23,598
Closed -$818K
ICUI icon
118
ICU Medical
ICUI
$4.3B
– –
-145,000
Closed -$9.85M
LYB icon
119
CALL
LyondellBasell Industries
LYB
$19.7B
– –
-150,000
Closed -$11M
OPK icon
120
Opko Health
OPK
$978M
– –
-174,874
Closed -$1.54M
SPY icon
121
State Street SPDR S&P 500 ETF Trust
SPY
$821B
– –
-490,000
Closed -$86.7M
STZ icon
122
Constellation Brands
STZ
$22.4B
– –
-215,000
Closed -$14.4M
EQC
123
DELISTED
Equity Commonwealth
EQC
– –
-85,000
Closed -$1.86M
XONE
124
DELISTED
The ExOne Company
XONE
– –
-20,000
Closed -$852K
MBFI
125
DELISTED
MB Financial Corp
MBFI
– –
-107,975
Closed -$3.05M
3 4
5
6 7

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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 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.