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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
+10.59%
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
$14.1B
AUM Growth
+$3.66B
(+35%)
Cap. Flow
+$2.96B
Cap. Flow
% of AUM
21.04%
Top 10 Holdings %
Top 10 Hldgs %
54.73%
Holding
218
New
37
Increased
37
Reduced
42
Closed
71
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CFN
CAREFUSION CORPORATION
CFN
|
+$416M |
| 2 |
AGN
Allergan Inc
AGN
|
+$386M |
| 3 |
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
|
+$372M |
| 4 |
BHI
Baker Hughes
BHI
|
+$342M |
| 5 |
CBST
CUBIST PHARMACEUTICALS INC
CBST
|
+$201M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
THI
TIM HORTONS INC COM, CANADA
THI
|
+$536M |
| 2 |
Bausch Health
BHC
|
+$210M |
| 3 |
KMR
KINDER MORGAN MANAGEMENT LLC
KMR
|
+$153M |
| 4 |
Outfront Media
OUT
|
+$151M |
| 5 |
SHPG
Shire pic
SHPG
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20% |
| 2 | Technology | 7.1% |
| 3 | Consumer Discretionary | 6.67% |
| 4 | Materials | 3.2% |
| 5 | Energy | 3.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $1.48B | 10.51% |
7,190,000
+3,500,000
| +95% | +$704M |
|
|
AGN
2
DELISTED
Allergan Inc
AGN
| $1.19B | 8.45% |
5,589,600
+1,941,262
| +53% | +$386M |
|
|
DTV
3
DELISTED
DIRECTV COM STK (DE)
DTV
| $927M | 6.59% |
10,692,400
+82,400
| +0.8% | +$7.09M |
|
|
COV
4
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $802M | 5.71% |
7,842,400
+3,882,400
| +98% | +$372M |
|
|
AGN
5
PUT
DELISTED
Allergan Inc
AGN
| $708M | 5.04% |
3,330,000
+1,432,400
| +75% | +$285M |
|
|
COV
6
PUT
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $662M | 4.71% |
6,473,500
+6,093,500
| +1,604% | +$585M |
|
|
TWC
7
PUT
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $588M | 4.19% |
3,870,000
+2,570,000
| +198% | +$371M |
|
|
TRW
8
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $499M | 3.55% |
4,850,100
+550,100
| +13% | +$56.2M |
|
|
CFN
9
DELISTED
CAREFUSION CORPORATION
CFN
| $430M | 3.06% |
+7,250,000
| New | +$416M |
|
|
TRQ
10
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $412M | 2.93% |
13,294,640
+2,073,650
| +18% | +$67.8M |
|
|
TWC
11
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $401M | 2.86% |
2,640,000
+40,000
| +2% | +$5.77M |
|
|
BHI
12
DELISTED
Baker Hughes
BHI
| $340M | 2.42% |
+6,070,000
| New | +$342M |
|
13
CALL
AT&T
T
$165B
| $309M | 2.2% |
12,167,560
+10,313,960
| +556% | +$268M |
|
14
CALL
Vodafone
VOD
$34.9B
| $272M | 1.93% |
7,680,000
-1,000,000
| -12% | -$33.7M |
|
|
CBST
15
DELISTED
CUBIST PHARMACEUTICALS INC
CBST
| $261M | 1.85% |
+2,590,000
| New | +$201M |
|
|
BHI
16
PUT
DELISTED
Baker Hughes
BHI
| $221M | 1.58% |
+3,950,000
| New | +$223M |
|
|
DTV
17
CALL
DELISTED
DIRECTV COM STK (DE)
DTV
| $205M | 1.46% |
2,370,000
+450,000
| +23% | +$38.7M |
|
|
AGN
18
CALL
DELISTED
Allergan plc
AGN
| $200M | 1.42% |
776,800
+560,000
| +258% | +$140M |
|
|
SLXP
19
DELISTED
SALIX PHARMACEUTICALS LTD DEL
SLXP
| $173M | 1.23% |
1,505,000
-495,000
| -25% | -$60M |
|
|
DRC
20
DELISTED
DRESSER-RAND GROUP INC
DRC
| $165M | 1.18% |
2,020,000
+1,748,672
| +644% | +$142M |
|
21
PUT
Comcast
CMCSA
$79.1B
| $158M | 1.12% |
5,440,000
+1,400,000
| +35% | +$38.4M |
|
|
CVD
22
DELISTED
COVANCE INC.
CVD
| $146M | 1.04% |
+1,405,350
| New | +$132M |
|
|
FDO
23
DELISTED
FAMILY DOLLAR STORES
FDO
| $143M | 1.01% |
1,800,000
-40,000
| -2% | -$3.14M |
|
|
24
PUT
AT&T
T
$165B
| $139M | 0.99% |
5,481,360
-211,840
| -4% | -$5.5M |
|
25
General Motors
GM
$74.7B
| $139M | 0.99% |
3,980,000
-39,692
| -1% | -$1.27M |
|
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Pentwater Capital Management's Q4 2014 Portfolio in Review
As of Q4 2014, Pentwater Capital Management held 218 positions worth $14.1B, up 35% from $10.4B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Pentwater Capital Management deployed $2.96B of net new capital in Q4 2014, opening 37 new positions and adding to 37 existing holdings. Its largest new stake was CAREFUSION CORPORATION: 7,250,000 shares worth $430M.
By sector, the portfolio is most concentrated in Healthcare at 20% of assets, up from 16% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Outfront Media, an estimated $151M trimmed.
- Pentwater Capital Management's largest Q4 2014 buy was CAREFUSION CORPORATION: 7,250,000 shares worth $430M.
- Pentwater Capital Management added most to Allergan Inc in Q4 2014, an estimated $386M increase.
- Pentwater Capital Management's biggest Q4 2014 reduction was Outfront Media, cutting an estimated $151M.
- Pentwater Capital Management fully exited TIM HORTONS INC COM, CANADA in Q4 2014, selling an estimated $536M.
- Pentwater Capital Management's ten largest holdings make up 55% of its $14.1B portfolio in Q4 2014.
- Pentwater Capital Management opened 37 new positions and closed 71 in Q4 2014.
- Pentwater Capital Management's portfolio value rose 35% quarter-over-quarter to $14.1B.
Based on Pentwater Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.