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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
-0.64%
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
$14.2B
AUM Growth
-$873M
(-5.8%)
Cap. Flow
-$545M
Cap. Flow
% of AUM
-3.85%
Top 10 Holdings %
Top 10 Hldgs %
59.23%
Holding
126
New
31
Increased
18
Reduced
33
Closed
35
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$557M |
| 2 |
MON
Monsanto Co
MON
|
+$438M |
| 3 |
Dell
DELL
|
+$316M |
| 4 |
MSCC
Microsemi Corp
MSCC
|
+$229M |
| 5 |
VICI Properties
VICI
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qualcomm
QCOM
|
+$623M |
| 2 |
NXP Semiconductors
NXPI
|
+$321M |
| 3 |
SNI
Scripps Networks Interactive, Inc Common Class A
SNI
|
+$161M |
| 4 |
AABA
Altaba Inc
AABA
|
+$76.9M |
| 5 |
STRP
Straight Path Communications Inc.
STRP
|
+$60M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.02% |
| 2 | Materials | 12.59% |
| 3 | Financials | 7.18% |
| 4 | Communication Services | 6.37% |
| 5 | Healthcare | 4.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MON
1
DELISTED
Monsanto Co
MON
| $1.45B | 10.24% |
12,423,373
+3,641,595
| +41% | +$438M |
|
|
MON
2
PUT
DELISTED
Monsanto Co
MON
| $1.26B | 8.93% |
10,833,300
+2,532,200
| +31% | +$305M |
|
|
3
NXP Semiconductors
NXPI
$68B
| $1.21B | 8.57% |
10,367,500
-2,661,900
| -20% | -$321M |
|
|
TWX
4
PUT
DELISTED
Time Warner Inc
TWX
| $909M | 6.42% |
9,606,400
+377,100
| +4% | +$35.5M |
|
|
AET
5
DELISTED
Aetna Inc
AET
| $817M | 5.77% |
4,835,000
-45,000
| -0.9% | -$8.09M |
|
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $640M | 4.52% |
2,432,500
-2,732,400
| -53% | -$746M |
|
|
COL
7
DELISTED
Rockwell Collins
COL
| $601M | 4.25% |
4,460,000
+1,060,000
| +31% | +$145M |
|
|
TWX
8
DELISTED
Time Warner Inc
TWX
| $582M | 4.11% |
6,154,979
-460,617
| -7% | -$43.4M |
|
|
ESRX
9
DELISTED
Express Scripts Holding Company
ESRX
| $505M | 3.56% |
+7,305,600
| New | +$557M |
|
|
10
Dell
DELL
$283B
| $406M | 2.87% |
19,760,072
+14,669,851
| +288% | +$316M |
|
|
AABA
11
DELISTED
Altaba Inc
AABA
| $404M | 2.85% |
5,459,500
-1,020,500
| -16% | -$76.9M |
|
|
12
PUT
NXP Semiconductors
NXPI
$68B
| $362M | 2.55% |
3,090,000
-6,457,300
| -68% | -$779M |
|
|
13
PUT
Qualcomm
QCOM
$176B
| $341M | 2.41% |
6,151,200
-334,300
| -5% | -$21.3M |
|
|
TRQ
14
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $333M | 2.35% |
10,851,760
+674,760
| +7% | +$21.3M |
|
|
ESRX
15
PUT
DELISTED
Express Scripts Holding Company
ESRX
| $294M | 2.07% |
+4,250,000
| New | +$324M |
|
|
MSCC
16
DELISTED
Microsemi Corp
MSCC
| $239M | 1.69% |
+3,700,000
| New | +$229M |
|
|
AET
17
PUT
DELISTED
Aetna Inc
AET
| $238M | 1.68% |
1,410,000
+10,000
| +0.7% | +$1.8M |
|
|
OA
18
DELISTED
Orbital ATK, Inc.
OA
| $233M | 1.65% |
1,760,000
+280,000
| +19% | +$37M |
|
|
19
Qualcomm
QCOM
$176B
| $229M | 1.62% |
4,127,275
-9,783,592
| -70% | -$623M |
|
|
TWX
20
CALL
DELISTED
Time Warner Inc
TWX
| $182M | 1.29% |
1,925,000
-749,700
| -28% | -$70.7M |
|
|
21
VICI Properties
VICI
$29.4B
| $181M | 1.28% |
+9,900,000
| New | +$194M |
|
22
CALL
AT&T
T
$165B
| $174M | 1.23% |
6,474,360
-11,539,454
| -64% | -$321M |
|
|
TRCO
23
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $171M | 1.21% |
4,230,000
-220,113
| -5% | -$9.28M |
|
|
ESPR
24
DELISTED
Esperion Therapeutics
ESPR
| $167M | 1.18% |
2,310,500
+381,269
| +20% | +$28M |
|
|
VMW
25
CALL
DELISTED
VMware, Inc
VMW
| $154M | 1.09% |
1,268,900
+1,019,600
| +409% | +$128M |
|
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Pentwater Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Pentwater Capital Management held 126 positions worth $14.2B, down 5.8% from $15B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
Pentwater Capital Management withdrew a net $545M in Q1 2018, closing 35 positions and reducing 33 holdings. Its most notable exit was Scripps Networks Interactive, Inc Common Class A, an estimated $161M position sold in full.
By sector, the portfolio is most concentrated in Technology at 19% of assets, down from 20% a quarter earlier, followed by Materials and Financials.
Against the trend, Pentwater Capital Management opened a new position in Express Scripts Holding Company worth $505M.
- Pentwater Capital Management's largest Q1 2018 buy was Express Scripts Holding Company: 7,305,600 shares worth $505M.
- Pentwater Capital Management added most to Monsanto Co in Q1 2018, an estimated $438M increase.
- Pentwater Capital Management's biggest Q1 2018 reduction was Qualcomm, cutting an estimated $623M.
- Pentwater Capital Management fully exited Scripps Networks Interactive, Inc Common Class A in Q1 2018, selling an estimated $161M.
- Pentwater Capital Management's ten largest holdings make up 59% of its $14.2B portfolio in Q1 2018.
- Pentwater Capital Management opened 31 new positions and closed 35 in Q1 2018.
- Pentwater Capital Management's portfolio value fell 5.8% quarter-over-quarter to $14.2B.
Based on Pentwater Capital Management's 13F filing for Q1 2018, filed 15 May 2018.