Pentwater Capital Management LP
Naples, FL
$12.5bn in 59 US stocks at the end of 30 June 2026. The top 10 are 74.3% of the money. It changed about 33.2% of the portfolio this quarter.
Value
$12.5bn
Stocks
59
Top 10 share
74.3%
Turnover
33.2%
What changed this quarter
New
Bought for the first time this quarter.
- RokuROKU4.8% of the fund
- OrganonOGN2.0% of the fund
- Dominion EnergyD1.9% of the fund
- Apogee TherapeuticsAPGE1.5% of the fund
- CarnivalCCL1.3% of the fund
- Nuvalent1.2% of the fund
- GlobalstarGSAT0.9% of the fund
- ArcosaACA0.8% of the fund
- Payoneer GlobalPAYO0.6% of the fund
- SkyWater TechnologySKYT0.5% of the fund
- Space Exploration TechnologiesSPCX0.3% of the fund
- Bio-TechneTECH0.3% of the fund
- Axalta Coating SystemsAXTA0.2% of the fund
- Micron TechnologyMU0.2% of the fund
- Avanos MED0.1% of the fund
- SindaSIND<0.1% of the fund
- HumanaHUM<0.1% of the fund
- Metals RoyaltyTMCR<0.1% of the fund
- Sunshine Silver Mining & RefiningSSMR<0.1% of the fund
- GeneDx HoldingsWGS<0.1% of the fund
- SynapticsSYNA<0.1% of the fund
- Seaport TherapeuticsSPTX<0.1% of the fund
- Constellation EnergyCEG<0.1% of the fund
- Karman HoldingsKRMN<0.1% of the fund
- Cerebras SystemsCBRS<0.1% of the fund
Added
Bought more of a stock they already held.
- Electronic ArtsEA22.1% of the fund+5%
- EchoStarECHO3.1% of the fund+64%
- Txnm EnergyTXNM2.9% of the fund+132%
- Caesars EntertainmentCZR2.8% of the fund+333%
- GEO GroupGEO2.5% of the fund+11%
- DigitalBridge GroupDBRG1.6% of the fund+7%
- Silicon LaboratoriesSLAB1.3% of the fund+48%
- Tenet HealthcareTHC1.1% of the fund+512%
- Paramount SkydancePSKY0.9% of the fund+193%
- HCA HealthcareHCA0.4% of the fund+73%
Cut
Sold some of their stake.
- BoeingBA10.7% of the fund-12%
- Warner Bros. DiscoveryWBD10.1% of the fund-5%
- Norfolk SouthernNSC7.0% of the fund-14%
- Avis Budget GroupCAR3.0% of the fund-64%
- Teck ResourcesTECK2.8% of the fund-14%
- Surgery PartnersSGRY1.6% of the fund-8%
- State STR Spdr S&P 500 ETF TSPY0.2% of the fund-93%
- Core ScientificCORZ0.1% of the fund-98%
- OracleORCL0.1% of the fund-42%
- UnitedHealth GroupUNH<0.1% of the fund-97%
- AMC Entertainment HoldingsAMC<0.1% of the fund-76%
- Forgent Power SolutionsFPS<0.1% of the fund-59%
- MedlineMDLN<0.1% of the fund-40%
Sold out
Sold their entire stake.
- Masimo-100%
- Hologic-100%
- Arcellx-100%
- Centessa Pharmaceuticals-100%
- NetflixNFLX-100%
- Clearwater Analytics Hldgs I-100%
- Apellis Pharmaceuticals-100%
- Amicus Therapeutics-100%
- Carnival-100%
- Air Lease-100%
- Webster FinancialWBS-100%
- United Airlines HoldingsUAL-100%
- Onestream-100%
- Invesco QQQ TRQQQ-100%
- Pinnacle Financial PartnersPNFP-100%
- DAY One Biopharmaceuticals I-100%
- Structure TherapeuticsGPCR-100%
- Atrium TherapeuticsRNA-100%
- United Parcel ServiceUPS-100%
- Cantaloupe-100%
- Puretech HealthPRTCY-100%
- Atlanta Braves HoldingsBATRK-100%
- Entrepreneurshares Series TRXOVR-100%
- CoreWeaveCRWV-100%
- FermiFRMI-100%
Holdings
- Electronic ArtsEA
- Share
- 22.1%
- Value
- $2.8bn
- Shares
- 13,475,000
+5%
- Teck ResourcesTECK
- Share
- 2.8%
- Value
- $354m
- Shares
- 5,960,000
-14%
- Apogee TherapeuticsAPGE
- Share
- 1.5%
- Value
- $189m
- Shares
- 1,425,000
New
- Nuvalent
- Share
- 1.2%
- Value
- $145m
- Shares
- 1,175,000
New
- Liberty BroadbandLBRDK
- Share
- 0.7%
- Value
- $83m
- Shares
- 2,493,644
Held
- SkyWater TechnologySKYT
- Share
- 0.5%
- Value
- $63m
- Shares
- 1,807,000
New
- Space Exploration TechnologiesSPCX
- Share
- 0.3%
- Value
- $39m
- Shares
- 230,000
New
- State STR Spdr S&P 500 ETF TSPY
- Share
- 0.2%
- Value
- $30m
- Shares
- 40,000
-93%
- Avanos MED
- Share
- 0.1%
- Value
- $19m
- Shares
- 750,000
New
- SindaSIND
- Share
- <0.1%
- Value
- $10m
- Shares
- 800,000
New
- Kraneshares TrustKWEB
- Share
- <0.1%
- Value
- $6m
- Shares
- 250,000
Held
- Sunshine Silver Mining & RefiningSSMR
- Share
- <0.1%
- Value
- $6m
- Shares
- 439,400
New
- Liberty BroadbandLBRDA
- Share
- <0.1%
- Value
- $6m
- Shares
- 170,000
Held
- Seaport TherapeuticsSPTX
- Share
- <0.1%
- Value
- $2m
- Shares
- 83,000
New
- Cerebras SystemsCBRS
- Share
- <0.1%
- Value
- $1m
- Shares
- 5,000
New
- ERockEROC
- Share
- <0.1%
- Value
- $870,000
- Shares
- 60,000
New
- Taylor Morrison Home
- Share
- <0.1%
- Value
- $358,700
- Shares
- 5,000
New
- Allied GoldAAUC
- Share
- <0.1%
- Value
- $237,257
- Shares
- 10,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Electronic ArtsEA | 22.1% | $2.8bn | 13,475,000 | +5% |
| BoeingBA | 10.7% | $1.3bn | 6,200,000 | -12% |
| Warner Bros. DiscoveryWBD | 10.1% | $1.3bn | 47,576,000 | -5% |
| KenvueKVUE | 7.8% | $977m | 51,130,000 | Held |
| Norfolk SouthernNSC | 7.0% | $873m | 2,775,000 | -14% |
| RokuROKU | 4.8% | $597m | 4,325,000 | New |
| EchoStarECHO | 3.1% | $392m | 3,860,000 | +64% |
| Avis Budget GroupCAR | 3.0% | $372m | 2,513,300 | -64% |
| Txnm EnergyTXNM | 2.9% | $368m | 6,487,500 | +132% |
| Teck ResourcesTECK | 2.8% | $354m | 5,960,000 | -14% |
| Caesars EntertainmentCZR | 2.8% | $346m | 11,465,000 | +333% |
| GEO GroupGEO | 2.5% | $313m | 10,582,000 | +11% |
| OrganonOGN | 2.0% | $245m | 18,100,000 | New |
| Dominion EnergyD | 1.9% | $239m | 3,500,000 | New |
| DigitalBridge GroupDBRG | 1.6% | $199m | 12,600,000 | +7% |
| Surgery PartnersSGRY | 1.6% | $195m | 11,630,000 | -8% |
| Apogee TherapeuticsAPGE | 1.5% | $189m | 1,425,000 | New |
| CarnivalCCL | 1.3% | $163m | 5,705,000 | New |
| Silicon LaboratoriesSLAB | 1.3% | $162m | 741,725 | +48% |
| Nuvalent | 1.2% | $145m | 1,175,000 | New |
| Tenet HealthcareTHC | 1.1% | $143m | 765,000 | +512% |
| Paramount SkydancePSKY | 0.9% | $118m | 12,000,000 | +193% |
| GlobalstarGSAT | 0.9% | $110m | 1,355,000 | New |
| ArcosaACA | 0.8% | $96m | 660,000 | New |
| Liberty BroadbandLBRDK | 0.7% | $83m | 2,493,644 | Held |
| Payoneer GlobalPAYO | 0.6% | $70m | 9,888,410 | New |
| SkyWater TechnologySKYT | 0.5% | $63m | 1,807,000 | New |
| HCA HealthcareHCA | 0.4% | $51m | 130,000 | +73% |
| Space Exploration TechnologiesSPCX | 0.3% | $39m | 230,000 | New |
| Bio-TechneTECH | 0.3% | $35m | 500,000 | New |
| State STR Spdr S&P 500 ETF TSPY | 0.2% | $30m | 40,000 | -93% |
| Axalta Coating SystemsAXTA | 0.2% | $26m | 756,762 | New |
| Micron TechnologyMU | 0.2% | $21m | 18,000 | New |
| Avanos MED | 0.1% | $19m | 750,000 | New |
| Core ScientificCORZ | 0.1% | $14m | 536,594 | -98% |
| OracleORCL | 0.1% | $13m | 90,000 | -42% |
| SindaSIND | <0.1% | $10m | 800,000 | New |
| HumanaHUM | <0.1% | $8m | 19,000 | New |
| UnitedHealth GroupUNH | <0.1% | $7m | 17,758 | -97% |
| AESAES | <0.1% | $7m | 500,000 | Held |
| Metals RoyaltyTMCR | <0.1% | $7m | 919,230 | New |
| Kraneshares TrustKWEB | <0.1% | $6m | 250,000 | Held |
| Sunshine Silver Mining & RefiningSSMR | <0.1% | $6m | 439,400 | New |
| GeneDx HoldingsWGS | <0.1% | $6m | 82,500 | New |
| Liberty BroadbandLBRDA | <0.1% | $6m | 170,000 | Held |
| AMC Entertainment HoldingsAMC | <0.1% | $4m | 2,250,000 | -76% |
| Forgent Power SolutionsFPS | <0.1% | $4m | 65,000 | -59% |
| DauchDCH | <0.1% | $3m | 519,790 | Held |
| SynapticsSYNA | <0.1% | $2m | 20,000 | New |
| Seaport TherapeuticsSPTX | <0.1% | $2m | 83,000 | New |
| Constellation EnergyCEG | <0.1% | $2m | 7,000 | New |
| CoreCivicCXW | <0.1% | $2m | 50,000 | Held |
| Karman HoldingsKRMN | <0.1% | $1m | 25,000 | New |
| MedlineMDLN | <0.1% | $1m | 30,000 | -40% |
| Cerebras SystemsCBRS | <0.1% | $1m | 5,000 | New |
| Nyxoah SANYXH | <0.1% | $1m | 600,000 | New |
| ERockEROC | <0.1% | $870,000 | 60,000 | New |
| Taylor Morrison Home | <0.1% | $358,700 | 5,000 | New |
| Allied GoldAAUC | <0.1% | $237,257 | 10,000 | New |
Options (31)
- State STR Spdr S&P 500 ETF TSPY
- Type
- Put
- Value
- $1.1bn
- Contracts
- 1,422,500
- BoeingBA
- Type
- Put
- Value
- $828m
- Contracts
- 3,825,000
- UnitedHealth GroupUNH
- Type
- Call
- Value
- $777m
- Contracts
- 1,870,000
- UnitedHealth GroupUNH
- Type
- Put
- Value
- $138m
- Contracts
- 331,700
- Warner Bros. DiscoveryWBD
- Type
- Put
- Value
- $129m
- Contracts
- 4,821,900
- Space Exploration TechnologiesSPCX
- Type
- Put
- Value
- $109m
- Contracts
- 640,000
- Paramount SkydancePSKY
- Type
- Put
- Value
- $98m
- Contracts
- 9,950,000
- BoeingBA
- Type
- Call
- Value
- $87m
- Contracts
- 400,000
- Micron TechnologyMU
- Type
- Call
- Value
- $85m
- Contracts
- 74,000
- CarnivalCCL
- Type
- Put
- Value
- $84m
- Contracts
- 2,950,000
- EchoStarECHO
- Type
- Put
- Value
- $73m
- Contracts
- 720,000
- Micron TechnologyMU
- Type
- Put
- Value
- $68m
- Contracts
- 59,000
- HumanaHUM
- Type
- Call
- Value
- $40m
- Contracts
- 100,000
- Core ScientificCORZ
- Type
- Put
- Value
- $33m
- Contracts
- 1,300,000
- Norfolk SouthernNSC
- Type
- Put
- Value
- $32m
- Contracts
- 103,300
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $29m
- Contracts
- 40,000
- IonQIONQ
- Type
- Put
- Value
- $28m
- Contracts
- 526,800
- Tenet HealthcareTHC
- Type
- Put
- Value
- $22m
- Contracts
- 120,000
- Core ScientificCORZ
- Type
- Call
- Value
- $20m
- Contracts
- 800,000
- Ishares TREWU
- Type
- Put
- Value
- $18m
- Contracts
- 400,000
- HCA HealthcareHCA
- Type
- Put
- Value
- $14m
- Contracts
- 35,000
- IsharesEWG
- Type
- Put
- Value
- $12m
- Contracts
- 300,000
- EchoStarECHO
- Type
- Call
- Value
- $12m
- Contracts
- 120,000
- HumanaHUM
- Type
- Put
- Value
- $8m
- Contracts
- 20,000
- OracleORCL
- Type
- Put
- Value
- $7m
- Contracts
- 50,000
- IsharesEWA
- Type
- Put
- Value
- $4m
- Contracts
- 150,000
- Global X FDSCOPX
- Type
- Put
- Value
- $4m
- Contracts
- 50,000
- Vaneck ETF TrustGDX
- Type
- Put
- Value
- $4m
- Contracts
- 50,000
- Warner Bros. DiscoveryWBD
- Type
- Call
- Value
- $1m
- Contracts
- 42,500
- MedlineMDLN
- Type
- Call
- Value
- $788,800
- Contracts
- 20,000
- MedlineMDLN
- Type
- Put
- Value
- $591,600
- Contracts
- 15,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | Put | $1.1bn | 1,422,500 |
| BoeingBA | Put | $828m | 3,825,000 |
| UnitedHealth GroupUNH | Call | $777m | 1,870,000 |
| UnitedHealth GroupUNH | Put | $138m | 331,700 |
| Warner Bros. DiscoveryWBD | Put | $129m | 4,821,900 |
| Space Exploration TechnologiesSPCX | Put | $109m | 640,000 |
| Paramount SkydancePSKY | Put | $98m | 9,950,000 |
| BoeingBA | Call | $87m | 400,000 |
| Micron TechnologyMU | Call | $85m | 74,000 |
| CarnivalCCL | Put | $84m | 2,950,000 |
| EchoStarECHO | Put | $73m | 720,000 |
| Micron TechnologyMU | Put | $68m | 59,000 |
| HumanaHUM | Call | $40m | 100,000 |
| Core ScientificCORZ | Put | $33m | 1,300,000 |
| Norfolk SouthernNSC | Put | $32m | 103,300 |
| Invesco QQQ TRQQQ | Put | $29m | 40,000 |
| IonQIONQ | Put | $28m | 526,800 |
| Tenet HealthcareTHC | Put | $22m | 120,000 |
| Core ScientificCORZ | Call | $20m | 800,000 |
| Ishares TREWU | Put | $18m | 400,000 |
| HCA HealthcareHCA | Put | $14m | 35,000 |
| IsharesEWG | Put | $12m | 300,000 |
| EchoStarECHO | Call | $12m | 120,000 |
| HumanaHUM | Put | $8m | 20,000 |
| OracleORCL | Put | $7m | 50,000 |
| IsharesEWA | Put | $4m | 150,000 |
| Global X FDSCOPX | Put | $4m | 50,000 |
| Vaneck ETF TrustGDX | Put | $4m | 50,000 |
| Warner Bros. DiscoveryWBD | Call | $1m | 42,500 |
| MedlineMDLN | Call | $788,800 | 20,000 |
| MedlineMDLN | Put | $591,600 | 15,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 60.0% since 30 June 2025.
Where the money is
Technology25.1%
Industrials21.4%
Media & telecom20.6%
Everyday goods7.8%
Health care7.1%
Retail & consumer6.6%
Utilities4.9%
Materials3.2%
Financial services1.7%
Real estate0.0%
Other1.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.