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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
+9.11%
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
$14.6B
AUM Growth
+$3.2B
(+28%)
Cap. Flow
+$2.82B
Cap. Flow
% of AUM
19.32%
Top 10 Holdings %
Top 10 Hldgs %
66.12%
Holding
175
New
41
Increased
24
Reduced
31
Closed
67
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$1.28B |
| 2 |
SNDK
SANDISK CORP
SNDK
|
+$430M |
| 3 |
EMC
EMC CORPORATION
EMC
|
+$412M |
| 4 |
Synchrony
SYF
|
+$153M |
| 5 |
JAH
JARDEN CORPORATION
JAH
|
+$77.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALTR
Altera Corp
ALTR
|
+$694M |
| 2 |
Perrigo
PRGO
|
+$316M |
| 3 |
SIAL
SIGMA - ALDRICH CORP
SIAL
|
+$181M |
| 4 |
BHI
Baker Hughes
BHI
|
+$165M |
| 5 |
FSL
FREESCALE SEMICONDUCTOR LTD
FSL
|
+$153M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 11.97% |
| 2 | Communication Services | 8.02% |
| 3 | Industrials | 6.61% |
| 4 | Technology | 3.17% |
| 5 | Energy | 3% |
| 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
| $1.63B | 11.16% |
7,990,000
+2,655,000
| +50% | +$545M |
|
|
AGN
2
PUT
DELISTED
Allergan plc
AGN
| $1.37B | 9.42% |
4,396,000
+4,360,000
| +12,111% | +$1.3B |
|
|
AGN
3
DELISTED
Allergan plc
AGN
| $1.35B | 9.24% |
4,316,368
+4,288,321
| +15,290% | +$1.28B |
|
|
BRCM
4
DELISTED
BROADCOM CORP CL-A
BRCM
| $1.2B | 8.21% |
20,728,000
-1,372,982
| -6% | -$73.9M |
|
|
5
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $1.05B | 7.22% |
5,170,000
+2,200,000
| +74% | +$452M |
|
|
TWC
6
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $962M | 6.6% |
5,185,400
-145,000
| -3% | -$26.9M |
|
|
PCP
7
DELISTED
PRECISION CASTPARTS CORP
PCP
| $761M | 5.22% |
3,280,000
-45,000
| -1% | -$10.4M |
|
|
AGN
8
CALL
DELISTED
Allergan plc
AGN
| $466M | 3.2% |
+1,491,900
| New | +$444M |
|
|
SNDK
9
DELISTED
SANDISK CORP
SNDK
| $447M | 3.06% |
+5,877,079
| New | +$430M |
|
|
EMC
10
DELISTED
EMC CORPORATION
EMC
| $407M | 2.79% |
+15,859,300
| New | +$412M |
|
|
TWC
11
PUT
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $330M | 2.26% |
1,780,000
-100,000
| -5% | -$18.5M |
|
|
BHI
12
PUT
DELISTED
Baker Hughes
BHI
| $317M | 2.17% |
6,868,400
+578,400
| +9% | +$29.6M |
|
13
Humana
HUM
$46.7B
| $316M | 2.17% |
1,770,000
-109,400
| -6% | -$19.2M |
|
14
PUT
Pfizer
PFE
$140B
| $312M | 2.14% |
+10,171,100
| New | +$320M |
|
|
TRQ
15
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $296M | 2.03% |
11,638,430
-32,290
| -0.3% | -$874K |
|
|
16
Synchrony
SYF
$23.7B
| $242M | 1.66% |
7,946,415
+4,894,215
| +160% | +$153M |
|
|
BHI
17
DELISTED
Baker Hughes
BHI
| $232M | 1.59% |
5,020,000
-3,225,000
| -39% | -$165M |
|
18
CALL
Halliburton
HAL
$27.9B
| $213M | 1.46% |
6,245,000
+4,900,000
| +364% | +$185M |
|
|
SNDK
19
PUT
DELISTED
SANDISK CORP
SNDK
| $205M | 1.41% |
+2,700,000
| New | +$198M |
|
|
20
PUT
Humana
HUM
$46.7B
| $161M | 1.1% |
900,000
+280,000
| +45% | +$49.1M |
|
|
CVC
21
DELISTED
CABLEVISION SYS CP NY GRP CL-A
CVC
| $153M | 1.05% |
4,800,000
-500,000
| -9% | -$15.8M |
|
|
BHI
22
CALL
DELISTED
Baker Hughes
BHI
| $146M | 1% |
+3,160,000
| New | +$162M |
|
23
Williams Companies
WMB
$90.5B
| $111M | 0.76% |
4,300,100
+822,579
| +24% | +$28.7M |
|
24
PUT
Broadcom
AVGO
$1.82T
| $110M | 0.76% |
7,600,000
-7,100,000
| -48% | -$92.3M |
|
|
AVOL
25
DELISTED
AVOLON HLDGS LTD SHS (CYM)
AVOL
| $103M | 0.71% |
3,330,000
+15,000
| +0.5% | +$459K |
|
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Pentwater Capital Management's Q4 2015 Portfolio in Review
As of Q4 2015, Pentwater Capital Management held 175 positions worth $14.6B, up 28% from $11.4B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Pentwater Capital Management deployed $2.82B of net new capital in Q4 2015, opening 41 new positions and adding to 24 existing holdings. Its largest new stake was SANDISK CORP: 5,877,079 shares worth $447M.
By sector, the portfolio is most concentrated in Healthcare at 12% of assets, up from 7.7% a quarter earlier, followed by Communication Services and Industrials.
On the sell side, the largest reduction was Baker Hughes, an estimated $165M trimmed.
- Pentwater Capital Management's largest Q4 2015 buy was SANDISK CORP: 5,877,079 shares worth $447M.
- Pentwater Capital Management added most to Allergan plc in Q4 2015, an estimated $1.28B increase.
- Pentwater Capital Management's biggest Q4 2015 reduction was Baker Hughes, cutting an estimated $165M.
- Pentwater Capital Management fully exited Altera Corp in Q4 2015, selling an estimated $694M.
- Pentwater Capital Management's ten largest holdings make up 66% of its $14.6B portfolio in Q4 2015.
- Pentwater Capital Management opened 41 new positions and closed 67 in Q4 2015.
- Pentwater Capital Management's portfolio value rose 28% quarter-over-quarter to $14.6B.
Based on Pentwater Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.