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Pentwater Capital Management Portfolio holdings

AUM $16.4B
1-Year Est. Return 55.44%
This Fund
S&P 500
This Quarter Est. Return
+15.2%
1 Year Est. Return
+55.44%
3 Year Est. Return
+212.86%
5 Year Est. Return
+622.31%
10 Year Est. Return
+4,977.78%
AUM
$17.9B
AUM Growth
+$2.46B
Cap. Flow
+$2.48B
Cap. Flow %
13.89%
Top 10 Hldgs %
58.11%
Holding
151
New
55
Increased
25
Reduced
20
Closed
41

Top Buys

Rank Stock Value
1
CYBR
CyberArk
CYBR
+$1.57B
2
EA
Electronic Arts
EA
+$794M
3
NSC icon
Norfolk Southern
NSC
+$764M
4
VRNA
Verona Pharma
VRNA
+$553M
5
KVUE icon
Kenvue
KVUE
+$413M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$1.01B
2
JNPR
Juniper Networks
JNPR
+$569M
3
BPMC
Blueprint Medicines
BPMC
+$500M
4
SKX
Skechers
SKX
+$442M
5
ANSS
Ansys
ANSS
+$286M

Sector Composition

Rank Sector Weight
1 Miscellaneous 39.25%
2 Technology 16.68%
3 Industrials 13.89%
4 Communication Services 11.39%
5 Healthcare 7.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$806B
$2.08B 11.63%
3,120,000
-2,940,000
-49% -$1.88B
CYBR
2
DELISTED
CyberArk
CYBR
$1.77B 9.9%
+3,665,000
New +$1.57B
UNH icon
3
CALL
UnitedHealth
UNH
$353B
$1.17B 6.52%
3,375,000
+2,920,000
+642% +$883M
EA
4
DELISTED
Electronic Arts
EA
$968M 5.42%
+4,800,000
New +$794M
BA icon
5
PUT
Boeing
BA
$163B
$950M 5.31%
4,400,000
-178,500
-4% -$40.2M
NSC icon
6
Norfolk Southern
NSC
$72.6B
$826M 4.62%
+2,750,000
New +$764M
K
7
DELISTED
Kellanova
K
$820M 4.59%
10,000,000
+1,090,000
+12% +$86.7M
CAR icon
8
PUT
Avis
CAR
$4.69B
$708M 3.96%
4,406,300
+421,500
+11% +$71M
VRNA
9
DELISTED
Verona Pharma
VRNA
$566M 3.16%
+5,300,000
New +$553M
BA icon
10
Boeing
BA
$163B
$538M 3.01%
2,494,800
+444,800
+22% +$100M
WBD icon
11
Warner Bros
WBD
$70B
$528M 2.96%
+27,060,000
New +$369M
CAR icon
12
Avis
CAR
$4.69B
$508M 2.84%
3,163,000
+893,000
+39% +$150M
CORZ icon
13
Core Scientific
CORZ
$5.81B
$435M 2.43%
24,250,000
+22,385,000
+1,200% +$328M
DAY
14
DELISTED
Dayforce
DAY
$379M 2.12%
+5,500,000
New +$342M
SPR
15
DELISTED
Spirit AeroSystems
SPR
$363M 2.03%
9,400,000
+450,000
+5% +$18M
KVUE icon
16
Kenvue
KVUE
$34.1B
$342M 1.91%
21,080,000
+20,220,000
+2,351% +$413M
CRWV
17
PUT
CoreWeave
CRWV
$52.4B
$311M 1.74%
+2,275,000
New +$269M
SPY icon
18
State Street SPDR S&P 500 ETF Trust
SPY
$806B
$266M 1.49%
400,000
+170,000
+74% +$109M
SGRY icon
19
Surgery Partners
SGRY
$1.85B
$253M 1.41%
11,681,000
+4,681,000
+67% +$104M
COOP
20
DELISTED
Mr. Cooper
COOP
$210M 1.18%
997,000
+534,000
+115% +$98.3M
INFA
21
DELISTED
Informatica
INFA
$183M 1.02%
7,350,000
+529,000
+8% +$13.1M
ETNB
22
DELISTED
89bio
ETNB
$173M 0.97%
+11,750,000
New +$120M
LBRDK
23
DELISTED
Liberty Broadband Class C
LBRDK
$170M 0.95%
2,672,000
– –
PANW icon
24
CALL
Palo Alto Networks
PANW
$273B
$167M 0.93%
+820,000
New +$157M
KVUE icon
25
PUT
Kenvue
KVUE
$34.1B
$164M 0.92%
10,100,000
+9,800,000
+3,267% +$200M
1
2 3 4 5

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NMO
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Pentwater Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Pentwater Capital Management held 151 positions worth $17.9B, up 16% from $15.4B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Pentwater Capital Management deployed $2.48B of net new capital in Q3 2025, opening 55 new positions and adding to 25 existing holdings. Its largest new stake was CyberArk: 3,665,000 shares worth $1.77B.

By sector, the portfolio is most concentrated in Miscellaneous at 39% of assets, down from 50% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was UnitedHealth, an estimated $234M trimmed.

  • Pentwater Capital Management's largest Q3 2025 buy was CyberArk: 3,665,000 shares worth $1.77B.
  • Pentwater Capital Management added most to Kenvue in Q3 2025, an estimated $413M increase.
  • Pentwater Capital Management's biggest Q3 2025 reduction was UnitedHealth, cutting an estimated $234M.
  • Pentwater Capital Management fully exited Hess in Q3 2025, selling an estimated $1.01B.
  • Pentwater Capital Management's ten largest holdings make up 58% of its $17.9B portfolio in Q3 2025.
  • Pentwater Capital Management opened 55 new positions and closed 41 in Q3 2025.
  • Pentwater Capital Management's portfolio value rose 16% quarter-over-quarter to $17.9B.

Based on Pentwater Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.