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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
+19.18%
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
$8.92B
AUM Growth
-$9.68B
(-52%)
Cap. Flow
-$10.4B
Cap. Flow
% of AUM
-116.85%
Top 10 Holdings %
Top 10 Hldgs %
63.36%
Holding
160
New
45
Increased
25
Reduced
29
Closed
51
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$1.37B |
| 2 |
HES
Hess
HES
|
+$570M |
| 3 |
X
US Steel
X
|
+$364M |
| 4 |
SPLK
Splunk Inc
SPLK
|
+$228M |
| 5 |
KRTX
Karuna Therapeutics, Inc. Common Stock
KRTX
|
+$202M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$2.84B |
| 2 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$2.73B |
| 3 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$1.8B |
| 4 |
VMW
VMware, Inc
VMW
|
+$653M |
| 5 |
NATI
National Instruments Corp
NATI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 21.05% |
| 2 | Healthcare | 9.51% |
| 3 | Technology | 8.79% |
| 4 | Materials | 7.38% |
| 5 | Consumer Discretionary | 3.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PXD
1
DELISTED
Pioneer Natural Resource Co.
PXD
| $1.31B | 14.72% |
+5,840,000
| New | +$1.37B |
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $991M | 11.11% |
2,084,800
+227,600
| +12% | +$101M |
|
|
SPLK
3
DELISTED
Splunk Inc
SPLK
| $619M | 6.93% |
4,060,000
+1,527,000
| +60% | +$228M |
|
|
HES
4
DELISTED
Hess
HES
| $560M | 6.28% |
+3,885,000
| New | +$570M |
|
|
X
5
DELISTED
US Steel
X
| $507M | 5.68% |
10,420,000
+10,012,500
| +2,457% | +$364M |
|
|
HES
6
PUT
DELISTED
Hess
HES
| $456M | 5.11% |
+3,161,800
| New | +$463M |
|
|
KRTX
7
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
| $337M | 3.78% |
1,066,200
+1,037,700
| +3,641% | +$202M |
|
|
SPLK
8
PUT
DELISTED
Splunk Inc
SPLK
| $337M | 3.78% |
2,213,200
+1,613,200
| +269% | +$241M |
|
|
X
9
PUT
DELISTED
US Steel
X
| $318M | 3.57% |
6,539,300
+6,099,300
| +1,386% | +$222M |
|
10
CALL
Chevron
CVX
$388B
| $213M | 2.39% |
+1,430,000
| New | +$216M |
|
11
Capri Holdings
CPRI
$1.77B
| $201M | 2.25% |
4,000,000
+2,980,000
| +292% | +$149M |
|
|
12
PUT
Capri Holdings
CPRI
$1.77B
| $178M | 2% |
3,550,300
+2,550,300
| +255% | +$127M |
|
|
IMGN
13
DELISTED
Immunogen Inc
IMGN
| $168M | 1.88% |
+5,662,500
| New | +$113M |
|
14
Boeing
BA
$165B
| $161M | 1.8% |
617,500
-537,500
| -47% | -$115M |
|
15
CALL
ExxonMobil
XOM
$651B
| $105M | 1.18% |
+1,050,000
| New | +$110M |
|
16
PUT
Kenvue
KVUE
$37B
| $105M | 1.17% |
4,860,000
+1,860,000
| +62% | +$37.2M |
|
|
WRK
17
DELISTED
WestRock Company
WRK
| $102M | 1.14% |
2,455,000
+740,529
| +43% | +$28.5M |
|
|
18
PUT
Boeing
BA
$165B
| $101M | 1.13% |
388,000
-96,000
| -20% | -$20.5M |
|
|
EDR
19
PUT
DELISTED
Endeavor Group Holdings, Inc.
EDR
| $101M | 1.13% |
+4,260,000
| New | +$96M |
|
|
EDR
20
DELISTED
Endeavor Group Holdings, Inc.
EDR
| $100M | 1.12% |
+4,220,000
| New | +$95.1M |
|
21
Hertz
HTZ
$572M
| $95.3M | 1.07% |
9,168,800
+3,666,474
| +67% | +$35.4M |
|
|
KRTX
22
PUT
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
| $95M | 1.06% |
+300,000
| New | +$58.3M |
|
|
AYX
23
DELISTED
Alteryx Inc
AYX
| $94.3M | 1.06% |
+2,000,000
| New | +$77.7M |
|
|
24
Kenvue
KVUE
$37B
| $91.1M | 1.02% |
4,229,950
-1,868,795
| -31% | -$37.4M |
|
25
PUT
Teck Resources
TECK
$29.5B
| $88.1M | 0.99% |
2,085,000
-95,000
| -4% | -$3.65M |
|
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Pentwater Capital Management's Q4 2023 Portfolio in Review
As of Q4 2023, Pentwater Capital Management held 160 positions worth $8.92B, down 52% from $18.6B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Pentwater Capital Management withdrew a net $10.4B in Q4 2023, closing 51 positions and reducing 29 holdings. Its most notable exit was Activision Blizzard, an estimated $2.84B position sold in full.
By sector, the portfolio is most concentrated in Energy at 21% of assets, up from 0.63% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Pentwater Capital Management opened a new position in Pioneer Natural Resource Co. worth $1.31B.
- Pentwater Capital Management's largest Q4 2023 buy was Pioneer Natural Resource Co.: 5,840,000 shares worth $1.31B.
- Pentwater Capital Management added most to US Steel in Q4 2023, an estimated $364M increase.
- Pentwater Capital Management's biggest Q4 2023 reduction was Boeing, cutting an estimated $115M.
- Pentwater Capital Management fully exited Activision Blizzard in Q4 2023, selling an estimated $2.84B.
- Pentwater Capital Management's ten largest holdings make up 63% of its $8.92B portfolio in Q4 2023.
- Pentwater Capital Management opened 45 new positions and closed 51 in Q4 2023.
- Pentwater Capital Management's portfolio value fell 52% quarter-over-quarter to $8.92B.
Based on Pentwater Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.