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Pentwater Capital Management Portfolio holdings

AUM $19.3B
1-Year Est. Return 58.13%
This Fund
S&P 500
This Quarter Est. Return
+13.13%
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
$19B
AUM Growth
+$1.14B
Cap. Flow
+$942M
Cap. Flow %
4.95%
Top 10 Hldgs %
67.29%
Holding
135
New
26
Increased
22
Reduced
21
Closed
58

Top Buys

Rank Stock Value
1
EA icon
Electronic Arts
EA
+$1.24B
2
BA icon
Boeing
BA
+$846M
3
KVUE icon
Kenvue
KVUE
+$583M
4
EXAS
Exact Sciences
EXAS
+$582M
5
WBD icon
Warner Bros
WBD
+$444M

Top Sells

Rank Stock Value
1
K
Kellanova
K
+$820M
2
VRNA
Verona Pharma
VRNA
+$566M
3
SPR
Spirit AeroSystems
SPR
+$363M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$264M
5
COOP
Mr. Cooper
COOP
+$210M

Sector Composition

Rank Sector Weight
1 Communication Services 20.47%
2 Industrials 15.77%
3 Technology 13.82%
4 Healthcare 11.09%
5 Consumer Staples 5.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EA icon
1
Electronic Arts
EA
$52.4B
$2.24B 11.76%
10,950,000
+6,150,000
+128% +$1.24B
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$781B
$1.56B 8.19%
2,285,000
-835,000
-27% -$564M
CYBR
3
DELISTED
CyberArk
CYBR
$1.53B 8.03%
3,425,000
-240,000
-7% -$116M
BA icon
4
Boeing
BA
$165B
$1.44B 7.54%
6,610,000
+4,115,200
+165% +$846M
WBD icon
5
Warner Bros
WBD
$64.6B
$1.33B 6.98%
46,075,000
+19,015,000
+70% +$444M
BA icon
6
PUT
Boeing
BA
$165B
$1.19B 6.26%
5,485,000
+1,085,000
+25% +$223M
KVUE icon
7
Kenvue
KVUE
$37B
$978M 5.14%
56,720,600
+35,640,600
+169% +$583M
UNH icon
8
CALL
UnitedHealth
UNH
$382B
$936M 4.92%
2,835,000
-540,000
-16% -$183M
NSC icon
9
Norfolk Southern
NSC
$78.8B
$872M 4.58%
3,019,000
+269,000
+10% +$77.8M
EXAS
10
DELISTED
Exact Sciences
EXAS
$736M 3.87%
+7,250,000
New +$582M
DAY
11
DELISTED
Dayforce
DAY
$657M 3.45%
9,500,000
+4,000,000
+73% +$275M
RNAM
12
DELISTED
Avidity Biosciences
RNAM
$435M 2.29%
+6,026,500
New +$389M
CAR icon
13
Avis
CAR
$5.63B
$398M 2.09%
3,101,400
-61,600
-2% -$8.59M
CORZ icon
14
Core Scientific
CORZ
$7.23B
$373M 1.96%
25,615,000
+1,365,000
+6% +$23.8M
KMB icon
15
CALL
Kimberly-Clark
KMB
$36.4B
$345M 1.81%
+3,420,000
New +$374M
HOLX
16
DELISTED
Hologic
HOLX
$316M 1.66%
+4,247,500
New +$310M
TECK icon
17
Teck Resources
TECK
$29.5B
$311M 1.64%
6,500,000
+3,600,000
+124% +$156M
CADE
18
DELISTED
Cadence Bank
CADE
$267M 1.4%
+6,230,000
New +$247M
DBRG icon
19
DigitalBridge
DBRG
$2.94B
$176M 0.93%
+11,500,000
New +$138M
CMA
20
DELISTED
Comerica
CMA
$174M 0.91%
+2,000,000
New +$161M
FOLD
21
DELISTED
Amicus Therapeutics
FOLD
$164M 0.86%
+11,500,000
New +$113M
SGRY icon
22
Surgery Partners
SGRY
$2.06B
$155M 0.81%
10,000,000
-1,681,000
-14% -$30.9M
CAR icon
23
PUT
Avis
CAR
$5.63B
$149M 0.79%
1,163,800
-3,242,500
-74% -$452M
AL
24
DELISTED
Air Lease Corp
AL
$144M 0.76%
2,240,000
+40,000
+2% +$2.55M
SNPS icon
25
PUT
Synopsys
SNPS
$71.5B
$141M 0.74%
300,000
– –
1
2 3 4 5

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MGP
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A
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LF
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MIM
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SPIA
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SOMRS
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Pentwater Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Pentwater Capital Management held 135 positions worth $19B, up 6.4% from $17.9B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Pentwater Capital Management deployed $942M of net new capital in Q4 2025, opening 26 new positions and adding to 22 existing holdings. Its largest new stake was Exact Sciences: 7,250,000 shares worth $736M.

By sector, the portfolio is most concentrated in Communication Services at 20% of assets, up from 11% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $264M trimmed.

  • Pentwater Capital Management's largest Q4 2025 buy was Exact Sciences: 7,250,000 shares worth $736M.
  • Pentwater Capital Management added most to Electronic Arts in Q4 2025, an estimated $1.24B increase.
  • Pentwater Capital Management's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $264M.
  • Pentwater Capital Management fully exited Kellanova in Q4 2025, selling an estimated $820M.
  • Pentwater Capital Management's ten largest holdings make up 67% of its $19B portfolio in Q4 2025.
  • Pentwater Capital Management opened 26 new positions and closed 58 in Q4 2025.
  • Pentwater Capital Management's portfolio value rose 6.4% quarter-over-quarter to $19B.

Based on Pentwater Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.