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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
+14.92%
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
$15.4B
AUM Growth
+$3.5B
(+29%)
Cap. Flow
+$2.17B
Cap. Flow
% of AUM
14.1%
Top 10 Holdings %
Top 10 Hldgs %
61.13%
Holding
135
New
34
Increased
38
Reduced
18
Closed
39
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BPMC
Blueprint Medicines
BPMC
|
+$405M |
| 2 |
SKX
Skechers
SKX
|
+$402M |
| 3 |
UnitedHealth
UNH
|
+$373M |
| 4 |
HES
Hess
HES
|
+$203M |
| 5 |
INFA
Informatica
INFA
|
+$141M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
X
US Steel
X
|
+$814M |
| 2 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$685M |
| 3 |
Boeing
BA
|
+$231M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$212M |
| 5 |
HEES
H&E Equipment Services
HEES
|
+$156M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 9.53% |
| 2 | Industrials | 9.28% |
| 3 | Technology | 6.84% |
| 4 | Energy | 6.69% |
| 5 | Communication Services | 4.91% |
| 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
| $3.74B | 24.29% |
6,060,000
+1,595,400
| +36% | +$912M |
|
|
HES
2
DELISTED
Hess
HES
| $1.01B | 6.58% |
7,320,000
+1,500,000
| +26% | +$203M |
|
|
3
PUT
Boeing
BA
$165B
| $959M | 6.22% |
4,578,500
+1,555,200
| +51% | +$294M |
|
|
K
4
DELISTED
Kellanova
K
| $709M | 4.6% |
8,910,000
+910,000
| +11% | +$74.4M |
|
5
PUT
Avis
CAR
$5.63B
| $674M | 4.37% |
3,984,800
+3,334,800
| +513% | +$359M |
|
|
JNPR
6
DELISTED
Juniper Networks
JNPR
| $569M | 3.69% |
14,250,000
+1,450,000
| +11% | +$52M |
|
|
BPMC
7
DELISTED
Blueprint Medicines
BPMC
| $500M | 3.24% |
+3,900,000
| New | +$405M |
|
|
SKX
8
DELISTED
Skechers
SKX
| $442M | 2.87% |
+7,000,000
| New | +$402M |
|
|
9
Boeing
BA
$165B
| $430M | 2.79% |
2,050,000
-1,225,000
| -37% | -$231M |
|
|
10
Avis
CAR
$5.63B
| $384M | 2.49% |
2,270,000
-50,000
| -2% | -$5.39M |
|
|
HES
11
PUT
DELISTED
Hess
HES
| $381M | 2.47% |
2,750,000
| – | – |
|
|
SPR
12
DELISTED
Spirit AeroSystems
SPR
| $341M | 2.22% |
8,950,000
-380,000
| -4% | -$13.7M |
|
13
PUT
Chevron
CVX
$388B
| $330M | 2.14% |
2,305,000
+1,205,000
| +110% | +$170M |
|
|
14
UnitedHealth
UNH
$382B
| $304M | 1.97% |
+975,000
| New | +$373M |
|
|
15
PUT
UnitedHealth
UNH
$382B
| $301M | 1.95% |
+965,000
| New | +$369M |
|
|
ANSS
16
DELISTED
Ansys
ANSS
| $286M | 1.86% |
815,000
+145,000
| +22% | +$47.5M |
|
17
Liberty Broadband Class C
LBRDK
$4.15B
| $263M | 1.71% |
2,672,000
+1,564,000
| +141% | +$140M |
|
|
PARA
18
DELISTED
Paramount Global Class B
PARA
| $197M | 1.28% |
15,300,000
+3,200,000
| +26% | +$37.5M |
|
|
AMED
19
DELISTED
Amedisys
AMED
| $169M | 1.09% |
1,715,084
+370,084
| +28% | +$35M |
|
|
INFA
20
DELISTED
Informatica
INFA
| $166M | 1.08% |
+6,821,000
| New | +$141M |
|
21
Surgery Partners
SGRY
$2.06B
| $156M | 1.01% |
7,000,000
+4,258,000
| +155% | +$94.6M |
|
|
ESGR
22
DELISTED
Enstar Group
ESGR
| $148M | 0.96% |
441,100
+238,238
| +117% | +$79.7M |
|
|
FYBR
23
DELISTED
Frontier Communications
FYBR
| $145M | 0.94% |
3,970,000
-530,000
| -12% | -$19.2M |
|
|
PARA
24
PUT
DELISTED
Paramount Global Class B
PARA
| $142M | 0.92% |
11,044,000
+2,379,000
| +27% | +$27.9M |
|
|
25
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $142M | 0.92% |
230,000
-370,000
| -62% | -$212M |
|
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Pentwater Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, Pentwater Capital Management held 135 positions worth $15.4B, up 29% from $11.9B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Pentwater Capital Management deployed $2.17B of net new capital in Q2 2025, opening 34 new positions and adding to 38 existing holdings. Its largest new stake was Blueprint Medicines: 3,900,000 shares worth $500M.
By sector, the portfolio is most concentrated in Healthcare at 9.5% of assets, up from 8.1% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was Boeing, an estimated $231M trimmed.
- Pentwater Capital Management's largest Q2 2025 buy was Blueprint Medicines: 3,900,000 shares worth $500M.
- Pentwater Capital Management added most to Hess in Q2 2025, an estimated $203M increase.
- Pentwater Capital Management's biggest Q2 2025 reduction was Boeing, cutting an estimated $231M.
- Pentwater Capital Management fully exited US Steel in Q2 2025, selling an estimated $814M.
- Pentwater Capital Management's ten largest holdings make up 61% of its $15.4B portfolio in Q2 2025.
- Pentwater Capital Management opened 34 new positions and closed 39 in Q2 2025.
- Pentwater Capital Management's portfolio value rose 29% quarter-over-quarter to $15.4B.
Based on Pentwater Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.