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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
+21.84%
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
$6.11B
AUM Growth
-$283M
(-4.4%)
Cap. Flow
-$874M
Cap. Flow
% of AUM
-14.3%
Top 10 Holdings %
Top 10 Hldgs %
62.65%
Holding
207
New
52
Increased
29
Reduced
48
Closed
56
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AMTD
TD Ameritrade Holding Corp
AMTD
|
+$221M |
| 2 |
TIF
Tiffany & Co.
TIF
|
+$170M |
| 3 |
PG&E
PCG
|
+$105M |
| 4 |
BMY.RT
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
|
+$92.5M |
| 5 |
Boeing
BA
|
+$91.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CELG
Celgene Corp
CELG
|
+$615M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$363M |
| 3 |
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
|
+$204M |
| 4 |
WCG
Wellcare Health Plans, Inc.
WCG
|
+$122M |
| 5 |
ADSW
Advanced Disposal Services Inc
ADSW
|
+$77.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 8.69% |
| 2 | Financials | 4.76% |
| 3 | Healthcare | 4.33% |
| 4 | Utilities | 3.73% |
| 5 | Industrials | 3.26% |
| 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
| $1.8B | 29.41% |
5,586,200
+241,800
| +5% | +$74.5M |
|
|
ZAYO
2
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $302M | 4.95% |
8,728,980
+284,000
| +3% | +$9.73M |
|
|
MLNX
3
PUT
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $297M | 4.86% |
2,535,000
| – | – |
|
|
AMTD
4
DELISTED
TD Ameritrade Holding Corp
AMTD
| $253M | 4.14% |
+5,089,000
| New | +$221M |
|
5
PUT
Cigna
CI
$76.6B
| $240M | 3.93% |
1,175,000
| – | – |
|
|
6
PG&E
PCG
$47.8B
| $227M | 3.71% |
20,881,517
+12,300,417
| +143% | +$105M |
|
|
CY
7
DELISTED
Cypress Semiconductor
CY
| $219M | 3.58% |
9,389,157
-229,043
| -2% | -$5.36M |
|
|
TIF
8
DELISTED
Tiffany & Co.
TIF
| $193M | 3.15% |
+1,442,200
| New | +$170M |
|
|
MLNX
9
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $153M | 2.51% |
1,308,200
-390,000
| -23% | -$44.3M |
|
|
10
PUT
PG&E
PCG
$47.8B
| $147M | 2.4% |
13,511,900
+9,470,300
| +234% | +$81.1M |
|
|
TRQ
11
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $135M | 2.21% |
18,364,941
+632,720
| +4% | +$3.25M |
|
|
ESPR
12
DELISTED
Esperion Therapeutics
ESPR
| $134M | 2.2% |
2,253,261
-225,000
| -9% | -$10.1M |
|
13
PUT
Bristol-Myers Squibb
BMY
$127B
| $125M | 2.04% |
+1,940,000
| New | +$111M |
|
|
BMY.RT
14
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
| $107M | 1.75% |
+35,553,812
| New | +$92.5M |
|
|
15
Boeing
BA
$165B
| $84.1M | 1.38% |
+258,172
| New | +$91.4M |
|
|
TIF
16
PUT
DELISTED
Tiffany & Co.
TIF
| $82.2M | 1.34% |
+615,000
| New | +$72.7M |
|
|
17
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $80.5M | 1.32% |
250,000
+170,000
| +213% | +$52.3M |
|
|
AGN
18
PUT
DELISTED
Allergan plc
AGN
| $79.3M | 1.3% |
415,000
+150,000
| +57% | +$27.1M |
|
|
MDCO
19
DELISTED
Medicines Co
MDCO
| $66.3M | 1.08% |
+780,500
| New | +$52M |
|
20
CALL
Synchrony
SYF
$23.7B
| $65.7M | 1.07% |
1,823,500
-400,000
| -18% | -$14.3M |
|
21
NXP Semiconductors
NXPI
$68B
| $65M | 1.06% |
511,000
+455,000
| +813% | +$52.8M |
|
|
ACHN
22
PUT
DELISTED
Achillion Pharmaceuticals
ACHN
| $62.6M | 1.02% |
+10,380,400
| New | +$60.1M |
|
|
23
CALL
NXP Semiconductors
NXPI
$68B
| $61.1M | 1% |
480,000
-1,430,000
| -75% | -$166M |
|
|
LPT
24
DELISTED
Liberty Property Trust
LPT
| $54M | 0.88% |
900,000
+650,000
| +260% | +$37.2M |
|
|
ACIA
25
DELISTED
Acacia Communications Inc
ACIA
| $47.9M | 0.78% |
+706,829
| New | +$46.8M |
|
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Pentwater Capital Management's Q4 2019 Portfolio in Review
As of Q4 2019, Pentwater Capital Management held 207 positions worth $6.11B, down 4.4% from $6.4B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Pentwater Capital Management withdrew a net $874M in Q4 2019, closing 56 positions and reducing 48 holdings. Its most notable exit was Celgene Corp, an estimated $615M position sold in full.
By sector, the portfolio is most concentrated in Technology at 8.7% of assets, up from 7.2% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Pentwater Capital Management opened a new position in TD Ameritrade Holding Corp worth $253M.
- Pentwater Capital Management's largest Q4 2019 buy was TD Ameritrade Holding Corp: 5,089,000 shares worth $253M.
- Pentwater Capital Management added most to PG&E in Q4 2019, an estimated $105M increase.
- Pentwater Capital Management's biggest Q4 2019 reduction was Wellcare Health Plans, Inc., cutting an estimated $122M.
- Pentwater Capital Management fully exited Celgene Corp in Q4 2019, selling an estimated $615M.
- Pentwater Capital Management's ten largest holdings make up 63% of its $6.11B portfolio in Q4 2019.
- Pentwater Capital Management opened 52 new positions and closed 56 in Q4 2019.
- Pentwater Capital Management's portfolio value fell 4.4% quarter-over-quarter to $6.11B.
Based on Pentwater Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.