Pentwater Capital Management LP
Filing Date
Global Rank
#281
/ 8,623
▲ 47
· as of Mar 2026
Top Industry
Electronic Gaming & Multimedia
15.7%
3Y Alpha vs SPY
-14.1%
Period ended 4 months ago
Filed May 15, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of Pentwater Capital Management LP's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
40% that is ordinary stock — as little as
24% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+13.6%
SPY
+65.3%
Annualised alpha
-13.9%
Max drawdown
−29.9%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 40% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
57 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
13.7%
−3.2 pts
Top 5
52.5%
−6.1 pts
Top 10
75.1%
−7.0 pts
HHI
736
Diversified−152
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Communication Services | 27.5% | $5,263,353,321 |
| Industrials | 25.8% | $4,938,550,935 |
| Healthcare | 17.3% | $3,304,541,549 |
| Unclassified | 12.9% | $2,469,097,850 |
| Consumer Defensive | 5.1% | $975,784,000 |
| Technology | 5.0% | $962,230,235 |
| Basic Materials | 1.9% | $360,180,000 |
| Financial Services | 1.8% | $336,939,967 |
| Consumer Cyclical | 1.7% | $325,063,654 |
| Utilities | 0.9% | $170,733,000 |
| Real Estate | 0.0% | $1,022,000 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| AMC | Amc Entertainment Holdings, Inc. | +9,270,686 | 9,370,686 | $9,183,272 | |
| CWAN | Clearwater Analytics Holdings, Inc. | +8,785,000 | 11,385,000 | $269,255,250 | |
| NFLX | Netflix Inc | +6,923,000 | 7,728,000 | $743,047,200 | |
| CORZ | Core Scientific, Inc./tx | +4,512,000 | 33,852,000 | $506,425,920 | |
| GEO | Geo Group Inc | +3,517,300 | 9,615,000 | $161,628,150 | |
| CAR | Avis Budget Group, Inc. | +3,488,900 | 7,824,100 | $1,141,144,985 | |
| CCL | Carnival Corp Ltd. | +2,710,000 | 9,735,000 | $251,941,800 | |
| WBD | Warner Bros. Discovery, Inc. | +2,671,900 | 55,116,900 | $1,513,510,074 | |
| SGRY | Surgery Partners, Inc. | +2,655,000 | 12,655,000 | $150,847,600 | |
| FOLD | AMICUS THERAPEUTICS, INC. | +2,500,000 | 14,000,000 | $202,440,000 | |
| EA | Electronic Arts Inc. | +1,857,500 | 12,807,500 | $2,611,065,025 | |
| ECHO | EchoStar CORP | +1,718,300 | 2,530,000 | $296,187,100 | |
| SPY | Spdr S&P 500 ETF Trust | +1,297,500 | 3,592,500 | $2,336,346,450 | |
| TXNM | Txnm Energy Inc | +1,149,000 | 2,800,000 | $163,688,000 | |
| UNH | Unitedhealth Group Inc | +767,000 | 3,997,000 | $1,081,548,230 | |
| PSKY | Paramount Skydance Corp | +649,500 | 7,800,000 | $70,356,000 | |
| TECK | Teck Resources Ltd | +460,000 | 6,960,000 | $360,180,000 | |
| NSC | Norfolk Southern Corp | +304,300 | 3,323,300 | $953,787,100 | |
| HOLX | HOLOGIC INC | +252,724 | 4,500,224 | $340,171,932 | |
| DBRG | DigitalBridge Group, Inc. | +250,000 | 11,750,000 | $181,185,000 | |
| ORCL | Oracle Corp | +212,500 | 225,000 | $33,099,750 | |
| AL | SUMISHO AIR LEASE CORP | +156,825 | 2,396,825 | $155,649,815 | |
| FRMI | Fermi Inc. | +100,000 | 175,000 | $1,022,000 | |
| BA | Boeing Co | +69,500 | 12,164,500 | $2,421,100,435 | |
| WYFI | WhiteFiber, Inc. | +25,000 | 45,000 | $535,950 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| MASI | Masimo Corp | 3,176,000 | $564,915,120 | |
| ACLX | Arcellx, Inc. | 2,870,000 | $329,533,400 | |
| CNTA | Centessa Pharmaceuticals plc | 8,170,000 | $324,512,400 | |
| APLS | Apellis Pharmaceuticals, Inc. | 5,250,000 | $211,207,500 | |
| QQQ | Invesco Qqq Trust, Series 1 | 230,000 | $132,751,400 | |
| WBS | Webster Financial Corp | 1,866,090 | $129,543,967 | |
| SLAB | Silicon Laboratories Inc. | 500,000 | $104,075,000 | |
| UAL | United Airlines Holdings, Inc. | 1,030,000 | $94,832,100 | |
| CZR | Caesars Entertainment, Inc. | 2,650,000 | $70,039,500 | |
| OS | OneStream, Inc. | 1,890,000 | $45,360,000 | |
| HCA | HCA Healthcare, Inc. | 75,000 | $35,493,000 | |
| PNFP | Pinnacle Financial Partners, Inc. | 300,000 | $25,842,000 | |
| THC | Tenet Healthcare Corp | 125,000 | $23,588,750 | |
| DAWN | Day One Biopharmaceuticals, Inc. | 800,000 | $17,152,000 | |
| GPCR | Structure Therapeutics Inc. | 245,000 | $11,809,000 | |
| RNA | Atrium Therapeutics, Inc. | 602,649 | $8,057,417 | |
| AES | Aes Corp | 500,000 | $7,045,000 | |
| FPS | Forgent Power Solutions, Inc. | 160,000 | $4,683,200 | |
| UPS | United Parcel Service Inc | 45,000 | $4,427,100 | |
| DCH | Dauch Corp | 519,790 | $3,082,354 | |
| MDLN | Medline Inc. | 50,000 | $2,225,000 | |
| CTLP | Cantaloupe, Inc. | 200,000 | $2,162,000 | |
| CXW | CoreCivic, Inc. | 50,000 | $945,500 | |
| RDDT | Reddit, Inc. | 5,000 | $673,250 | |
| GLXY | Galaxy Digital Inc. | 20,000 | $369,000 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
11 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| EXAS | EXACT SCIENCES CORP | 7,250,000 | $736,310,000 | |
| KMB | Kimberly Clark Corp | 3,420,000 | $345,043,800 | |
| SNPS | Synopsys Inc | 390,000 | $183,190,800 | |
| PANW | Palo Alto Networks Inc | 880,000 | $162,096,000 | |
| TGNA | TEGNA INC | 1,750,000 | $33,967,500 | |
| WGS | GeneDx Holdings Corp. | 100,000 | $13,006,000 | |
| TDAY | USA TODAY Co., Inc. | 1,400,000 | $7,210,000 | |
| PTGX | Protagonist Therapeutics, Inc | 50,000 | $4,367,000 | |
| KDP | Keurig Dr Pepper Inc. | 25,000 | $700,250 | |
| SBET | Sharplink, Inc. | 40,000 | $357,600 | |
| BORR | Borr Drilling Ltd | 75,000 | $302,250 | |
| No positions match the current search. | ||||
57 tracked positions ·
$19,107,496,511 total
· filing declares
92 positions · $19,283,797,872
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 57 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| EA |
Electronic Arts Inc.
Communication Services
|
Added | 12,807,500 | $2,611,065,025 | 13.67% | |
| BA |
Boeing Co
PUT
CALL
+ SHARES
Industrials
|
Added | 12,164,500 | $2,421,100,435 | 12.67% | |
| SPY |
Spdr S&P 500 ETF Trust
PUT
CALL
+ SHARES
|
Added | 3,592,500 | $2,336,346,450 | 12.23% | |
| WBD |
Warner Bros. Discovery, Inc.
PUT
+ SHARES
Communication Services
|
Added | 55,116,900 | $1,513,510,074 | 7.92% | |
| CAR |
Avis Budget Group, Inc.
CALL
+ SHARES
Industrials
|
Added | 7,824,100 | $1,141,144,985 | 5.97% | |
| UNH |
Unitedhealth Group Inc
PUT
CALL
+ SHARES
Healthcare
|
Added | 3,997,000 | $1,081,548,230 | 5.66% | |
| KVUE |
Kenvue Inc.
PUT
CALL
+ SHARES
Consumer Defensive
|
Reduced | 56,600,000 | $975,784,000 | 5.11% | |
| NSC |
Norfolk Southern Corp
PUT
+ SHARES
Industrials
|
Added | 3,323,300 | $953,787,100 | 4.99% | |
| NFLX |
Netflix Inc
PUT
CALL
+ SHARES
Communication Services
|
Added | 7,728,000 | $743,047,200 | 3.89% | |
| MASI |
Masimo Corp
Healthcare
|
NEW | 3,176,000 | $564,915,120 | 2.96% | |
| CORZ |
Core Scientific, Inc./tx
PUT
CALL
+ SHARES
Technology
|
Added | 33,852,000 | $506,425,920 | 2.65% | |
| TECK |
Teck Resources Ltd
Basic Materials
|
Added | 6,960,000 | $360,180,000 | 1.89% | |
| HOLX |
HOLOGIC INC
Healthcare
|
Added | 4,500,224 | $340,171,932 | 1.78% | |
| ACLX |
Arcellx, Inc.
Healthcare
|
NEW | 2,870,000 | $329,533,400 | 1.72% | |
| CNTA |
Centessa Pharmaceuticals plc
Healthcare
|
NEW | 8,170,000 | $324,512,400 | 1.70% | |
| ECHO |
EchoStar CORP
PUT
CALL
+ SHARES
Communication Services
|
Added | 2,530,000 | $296,187,100 | 1.55% | |
| CWAN |
Clearwater Analytics Holdings, Inc.
Technology
|
Added | 11,385,000 | $269,255,250 | 1.41% | |
| CCL |
Carnival Corp Ltd.
PUT
CALL
+ SHARES
Consumer Cyclical
|
Added | 9,735,000 | $251,941,800 | 1.32% | |
| APLS |
Apellis Pharmaceuticals, Inc.
Healthcare
|
NEW | 5,250,000 | $211,207,500 | 1.11% | |
| FOLD |
AMICUS THERAPEUTICS, INC.
Healthcare
|
Added | 14,000,000 | $202,440,000 | 1.06% | |
| DBRG |
DigitalBridge Group, Inc.
Financial Services
|
Reduced | 11,750,000 | $181,185,000 | 0.95% | |
| TXNM |
Txnm Energy Inc
Utilities
|
Added | 2,800,000 | $163,688,000 | 0.86% | |
| GEO |
Geo Group Inc
CALL
+ SHARES
Industrials
|
Added | 9,615,000 | $161,628,150 | 0.85% | |
| AL |
SUMISHO AIR LEASE CORP
Industrials
|
Added | 2,396,825 | $155,649,815 | 0.81% | |
| SGRY |
Surgery Partners, Inc.
Healthcare
|
Added | 12,655,000 | $150,847,600 | 0.79% | |
| QQQ |
Invesco Qqq Trust, Series 1
PUT
+ SHARES
|
NEW | 230,000 | $132,751,400 | 0.69% | |
| WBS |
Webster Financial Corp
Financial Services
|
NEW | 1,866,090 | $129,543,967 | 0.68% | |
| SLAB |
Silicon Laboratories Inc.
Technology
|
NEW | 500,000 | $104,075,000 | 0.54% | |
| UAL |
United Airlines Holdings, Inc.
PUT
+ SHARES
Industrials
|
NEW | 1,030,000 | $94,832,100 | 0.50% | |
| PSKY |
Paramount Skydance Corp
PUT
+ SHARES
Communication Services
|
Added | 7,800,000 | $70,356,000 | 0.37% | |
| CZR |
Caesars Entertainment, Inc.
Consumer Cyclical
|
NEW | 2,650,000 | $70,039,500 | 0.37% | |
| OS |
OneStream, Inc.
Technology
|
NEW | 1,890,000 | $45,360,000 | 0.24% | |
| HCA |
HCA Healthcare, Inc.
Healthcare
|
NEW | 75,000 | $35,493,000 | 0.19% | |
| ORCL |
Oracle Corp
PUT
+ SHARES
Technology
|
Added | 225,000 | $33,099,750 | 0.17% | |
| PNFP |
Pinnacle Financial Partners, Inc.
Financial Services
|
NEW | 300,000 | $25,842,000 | 0.14% | |
| THC |
Tenet Healthcare Corp
Healthcare
|
NEW | 125,000 | $23,588,750 | 0.12% | |
| DAWN |
Day One Biopharmaceuticals, Inc.
Healthcare
|
NEW | 800,000 | $17,152,000 | 0.09% | |
| GPCR |
Structure Therapeutics Inc.
Healthcare
|
NEW | 245,000 | $11,809,000 | 0.06% | |
| CHTR |
Charter Communications, Inc. /Mo/
PUT
Communication Services
|
Held | 50,000 | $10,794,000 | 0.06% | |
| AMC |
Amc Entertainment Holdings, Inc.
Communication Services
|
Added | 9,370,686 | $9,183,272 | 0.05% | |
| LBRDA |
Liberty Broadband Corp
Communication Services
|
Held | 170,000 | $8,537,400 | 0.04% | |
| RNA |
Atrium Therapeutics, Inc.
Healthcare
|
NEW | 602,649 | $8,057,417 | 0.04% | |
| AES |
Aes Corp
Utilities
|
NEW | 500,000 | $7,045,000 | 0.04% | |
| FPS |
Forgent Power Solutions, Inc.
Industrials
|
NEW | 160,000 | $4,683,200 | 0.02% | |
| UPS |
United Parcel Service Inc
Industrials
|
NEW | 45,000 | $4,427,100 | 0.02% | |
| DCH |
Dauch Corp
Consumer Cyclical
|
NEW | 519,790 | $3,082,354 | 0.02% | |
| MDLN |
Medline Inc.
Healthcare
|
NEW | 50,000 | $2,225,000 | 0.01% | |
| CTLP |
Cantaloupe, Inc.
Technology
|
NEW | 200,000 | $2,162,000 | 0.01% | |
| CRWV |
CoreWeave, Inc.
PUT
+ SHARES
Technology
|
Reduced | 14,500 | $1,123,315 | 0.01% | |
| PTCHF |
PureTech Health plc
Healthcare
|
Held | 70,000 | $1,040,200 | 0.01% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.