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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
+19.6%
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
$7.93B
AUM Growth
-$3.77B
(-32%)
Cap. Flow
-$4.52B
Cap. Flow
% of AUM
-56.99%
Top 10 Holdings %
Top 10 Hldgs %
66.7%
Holding
190
New
53
Increased
24
Reduced
41
Closed
54
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CELG
Celgene Corp
CELG
|
+$856M |
| 2 |
WCG
Wellcare Health Plans, Inc.
WCG
|
+$278M |
| 3 |
Walt Disney
DIS
|
+$197M |
| 4 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$157M |
| 5 |
PG&E
PCG
|
+$92.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.47B |
| 2 |
NXP Semiconductors
NXPI
|
+$712M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$512M |
| 4 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$359M |
| 5 |
ATHN
Athenahealth, Inc.
ATHN
|
+$201M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 14.11% |
| 2 | Communication Services | 7.4% |
| 3 | Technology | 5.96% |
| 4 | Materials | 5.43% |
| 5 | Utilities | 1.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CELG
1
PUT
DELISTED
Celgene Corp
CELG
| $1.1B | 13.91% |
+11,686,200
| New | +$1.02B |
|
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $1.05B | 13.18% |
3,700,000
-5,870,000
| -61% | -$1.59B |
|
|
CELG
3
DELISTED
Celgene Corp
CELG
| $923M | 11.64% |
+9,785,000
| New | +$856M |
|
|
4
PUT
Walt Disney
DIS
$165B
| $557M | 7.03% |
5,020,296
+4,475,296
| +821% | +$500M |
|
|
RHT
5
DELISTED
Red Hat Inc
RHT
| $322M | 4.07% |
1,765,000
+392,000
| +29% | +$70.3M |
|
|
TRQ
6
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $312M | 3.93% |
18,786,121
+3,543,040
| +23% | +$60M |
|
7
CALL
Bristol-Myers Squibb
BMY
$127B
| $299M | 3.77% |
+6,264,000
| New | +$312M |
|
|
WCG
8
DELISTED
Wellcare Health Plans, Inc.
WCG
| $290M | 3.66% |
+1,075,000
| New | +$278M |
|
9
PUT
Cigna
CI
$76.6B
| $222M | 2.8% |
1,380,000
-8,758,800
| -86% | -$1.6B |
|
|
10
NXP Semiconductors
NXPI
$68B
| $214M | 2.7% |
2,422,000
-8,107,100
| -77% | -$712M |
|
|
11
Walt Disney
DIS
$165B
| $196M | 2.47% |
+1,763,425
| New | +$197M |
|
|
MLNX
12
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $186M | 2.34% |
1,570,000
+1,564,000
| +26,067% | +$157M |
|
|
13
CALL
NXP Semiconductors
NXPI
$68B
| $173M | 2.18% |
1,955,000
-355,000
| -15% | -$31.2M |
|
14
PUT
Fox Class A
FOXA
$23.2B
| $134M | 1.69% |
+3,640,296
| New | +$142M |
|
|
ARRS
15
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $132M | 1.67% |
4,190,000
-575,000
| -12% | -$18M |
|
|
16
PUT
Bristol-Myers Squibb
BMY
$127B
| $130M | 1.64% |
+2,730,000
| New | +$136M |
|
|
IDTI
17
DELISTED
Integrated Device Technology I
IDTI
| $129M | 1.63% |
2,630,000
-690,000
| -21% | -$33.4M |
|
|
18
PG&E
PCG
$47.8B
| $102M | 1.29% |
+5,740,000
| New | +$92.7M |
|
|
ESPR
19
DELISTED
Esperion Therapeutics
ESPR
| $99.4M | 1.25% |
2,476,500
-10,800
| -0.4% | -$484K |
|
|
USG
20
DELISTED
Usg
USG
| $86.3M | 1.09% |
1,993,048
-126,952
| -6% | -$5.47M |
|
21
CALL
Synchrony
SYF
$23.7B
| $77M | 0.97% |
2,413,500
-34,600
| -1% | -$1.04M |
|
|
RHT
22
PUT
DELISTED
Red Hat Inc
RHT
| $76.7M | 0.97% |
420,000
| – | – |
|
23
VICI Properties
VICI
$29.4B
| $76.6M | 0.97% |
3,500,000
-2,000,000
| -36% | -$42.3M |
|
24
PUT
Eli Lilly
LLY
$1.07T
| $71.4M | 0.9% |
+550,000
| New | +$66.9M |
|
|
25
Synchrony
SYF
$23.7B
| $68.9M | 0.87% |
2,161,117
+110,000
| +5% | +$3.31M |
|
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Pentwater Capital Management's Q1 2019 Portfolio in Review
As of Q1 2019, Pentwater Capital Management held 190 positions worth $7.93B, down 32% from $11.7B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Pentwater Capital Management withdrew a net $4.52B in Q1 2019, closing 54 positions and reducing 41 holdings. Its most notable exit was Twenty-First Century Fox, Inc. Class A, an estimated $512M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 14% of assets, up from 2.6% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Pentwater Capital Management opened a new position in Celgene Corp worth $923M.
- Pentwater Capital Management's largest Q1 2019 buy was Celgene Corp: 9,785,000 shares worth $923M.
- Pentwater Capital Management added most to Mellanox Technologies, Ltd. in Q1 2019, an estimated $157M increase.
- Pentwater Capital Management's biggest Q1 2019 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.47B.
- Pentwater Capital Management fully exited Twenty-First Century Fox, Inc. Class A in Q1 2019, selling an estimated $512M.
- Pentwater Capital Management's ten largest holdings make up 67% of its $7.93B portfolio in Q1 2019.
- Pentwater Capital Management opened 53 new positions and closed 54 in Q1 2019.
- Pentwater Capital Management's portfolio value fell 32% quarter-over-quarter to $7.93B.
Based on Pentwater Capital Management's 13F filing for Q1 2019, filed 15 May 2019.