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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
+23.69%
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
$5.7B
AUM Growth
-$3.24B
(-36%)
Cap. Flow
-$3.84B
Cap. Flow
% of AUM
-67.41%
Top 10 Holdings %
Top 10 Hldgs %
65.27%
Holding
186
New
39
Increased
32
Reduced
32
Closed
63
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$294M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$157M |
| 3 |
STOR
STORE Capital Corporation
STOR
|
+$75.8M |
| 4 |
DEN
Denbury Inc.
DEN
|
+$54.1M |
| 5 |
KNBE
KnowBe4, Inc. Class A Common Stock
KNBE
|
+$46.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWTR
Twitter, Inc.
TWTR
|
+$1.03B |
| 2 |
TRQ
Turquoise Hill Resources Ltd
TRQ
|
+$855M |
| 3 |
AVLR
Avalara, Inc.
AVLR
|
+$434M |
| 4 |
CTXS
Citrix Systems Inc
CTXS
|
+$421M |
| 5 |
ZEN
ZENDESK INC
ZEN
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.18% |
| 2 | Healthcare | 9.86% |
| 3 | Industrials | 6.84% |
| 4 | Communication Services | 6.45% |
| 5 | Real Estate | 3.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ATVI
1
PUT
DELISTED
Activision Blizzard
ATVI
| $888M | 15.59% |
11,606,300
+2,760,800
| +31% | +$205M |
|
|
ATVI
2
DELISTED
Activision Blizzard
ATVI
| $647M | 11.35% |
8,450,000
+505,000
| +6% | +$37.5M |
|
|
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $605M | 10.62% |
1,582,900
+835,400
| +112% | +$321M |
|
|
HZNP
4
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $403M | 7.07% |
+3,539,656
| New | +$294M |
|
|
HZNP
5
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $315M | 5.53% |
+2,771,700
| New | +$230M |
|
|
SJR
6
DELISTED
Shaw Communications Inc.
SJR
| $234M | 4.11% |
8,131,241
+1,641,400
| +25% | +$43.1M |
|
|
STOR
7
DELISTED
STORE Capital Corporation
STOR
| $208M | 3.65% |
6,490,000
+2,390,000
| +58% | +$75.8M |
|
|
8
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $156M | 2.74% |
407,750
+407,600
| +271,733% | +$157M |
|
|
VMW
9
DELISTED
VMware, Inc
VMW
| $141M | 2.48% |
1,151,000
+151,000
| +15% | +$17.4M |
|
|
AAWW
10
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $122M | 2.14% |
1,210,000
+10,000
| +0.8% | +$1M |
|
11
First Horizon
FHN
$12.1B
| $102M | 1.78% |
4,150,000
+105,000
| +3% | +$2.54M |
|
12
PUT
Boeing
BA
$165B
| $99.1M | 1.74% |
520,000
+257,500
| +98% | +$42.1M |
|
|
13
Boeing
BA
$165B
| $95.8M | 1.68% |
503,000
-277,000
| -36% | -$45.3M |
|
14
PUT
Alibaba
BABA
$269B
| $81M | 1.42% |
920,000
+850,000
| +1,214% | +$67M |
|
|
15
Alibaba
BABA
$269B
| $77.5M | 1.36% |
880,000
+140,000
| +19% | +$11M |
|
|
16
CALL
Boeing
BA
$165B
| $69.2M | 1.21% |
363,300
-673,000
| -65% | -$110M |
|
|
MGI
17
DELISTED
MoneyGram International, Inc. New
MGI
| $63.8M | 1.12% |
5,855,000
| – | – |
|
|
SWIR
18
DELISTED
Sierra Wireless
SWIR
| $63.5M | 1.11% |
2,190,000
+90,000
| +4% | +$2.65M |
|
19
PUT
Broadcom
AVGO
$1.82T
| $61.2M | 1.07% |
1,095,000
+260,000
| +31% | +$13M |
|
|
SGFY
20
DELISTED
Signify Health, Inc.
SGFY
| $58.5M | 1.03% |
2,040,000
+1,188,873
| +140% | +$34.3M |
|
|
MAXR
21
DELISTED
Maxar Technologies Inc. Common Stock
MAXR
| $57.3M | 1.01% |
+1,107,500
| New | +$30.4M |
|
22
NCR Voyix
VYX
$1.06B
| $56.2M | 0.99% |
3,912,000
-2,045,650
| -34% | -$27.2M |
|
|
TGNA
23
DELISTED
TEGNA Inc
TGNA
| $53M | 0.93% |
2,500,000
-5,851,000
| -70% | -$118M |
|
|
DEN
24
DELISTED
Denbury Inc.
DEN
| $51.8M | 0.91% |
+595,000
| New | +$54.1M |
|
|
KNBE
25
DELISTED
KnowBe4, Inc. Class A Common Stock
KNBE
| $48.2M | 0.85% |
1,945,158
+1,920,158
| +7,681% | +$46.7M |
|
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Pentwater Capital Management's Q4 2022 Portfolio in Review
As of Q4 2022, Pentwater Capital Management held 186 positions worth $5.7B, down 36% from $8.94B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Pentwater Capital Management withdrew a net $3.84B in Q4 2022, closing 63 positions and reducing 32 holdings. Its most notable exit was Twitter, Inc., an estimated $1.03B position sold in full.
By sector, the portfolio is most concentrated in Technology at 18% of assets, down from 25% a quarter earlier, followed by Healthcare and Industrials.
Against the trend, Pentwater Capital Management opened a new position in Horizon Therapeutics Public Limited Company Ordinary Shares worth $403M.
- Pentwater Capital Management's largest Q4 2022 buy was Horizon Therapeutics Public Limited Company Ordinary Shares: 3,539,656 shares worth $403M.
- Pentwater Capital Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2022, an estimated $157M increase.
- Pentwater Capital Management's biggest Q4 2022 reduction was TEGNA Inc, cutting an estimated $118M.
- Pentwater Capital Management fully exited Twitter, Inc. in Q4 2022, selling an estimated $1.03B.
- Pentwater Capital Management's ten largest holdings make up 65% of its $5.7B portfolio in Q4 2022.
- Pentwater Capital Management opened 39 new positions and closed 63 in Q4 2022.
- Pentwater Capital Management's portfolio value fell 36% quarter-over-quarter to $5.7B.
Based on Pentwater Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.