Pentwater Capital Management LP
Long book
$14.07B
Q1 2026
Positions
60
Top-10 weight
71%
concentration
Last quarter
+9.1%
SPY +14.8%
Turnover
63%
of book per quarter
Strategy in plain words
auto-generated from filingsPentwater Capital Management LP is a concentrated fundamental stock-picker, running a $14.07B US long book across 60 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ELECTRONIC ARTS INC, BOEING CO/THE, WARNER BROS DISCOVERY INC, AVIS BUDGET GROUP INC, NORFOLK SOUTHERN CORP.
Over the last 9 quarters its long book ran on average 2.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-9.1%
Q2 2024
-3.8%
Q3 2024
+5.2%
Q4 2024
-3.5%
Q1 2025
+25.7%
Q2 2025
-0.4%
Q3 2025
-0.3%
Q4 2025
-1.7%
Q1 2026
+9.1%
Sector allocation
Other 21%
Technology 21%
Industrials 21%
Communications 14%
Services media 11%
Financials 6%
Materials 3%
Healthcare 2%
Long book by quarter
What does Pentwater Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EA ELECTRONIC ARTS INC | Technology | 12.8M | $2.61B | 18.6% | +17.0% |
| BA BOEING CO/THE | Industrials | 7.1M | $1.41B | 10.0% | +7.0% |
| WBD WARNER BROS DISCOVERY INC | Communications | 50.2M | $1.38B | 9.8% | +9.1% |
| CAR AVIS BUDGET GROUP INC | Services media | 7.0M | $1.03B | 7.3% | +127.3% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 3.2M | $924.1M | 6.6% | +6.7% |
| KVUE KENVUE INC | Other | 52.0M | $896.5M | 6.4% | -8.3% |
| MASI* MASIMO CORP | — | 3.2M | $564.9M | 4.0% | New |
| CORZ CORE SCIENTIFIC INC | Financials | 24.9M | $371.8M | 2.6% | -3.0% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 7.0M | $360.2M | 2.6% | +7.1% |
| HO1 HOLOGIC INC | — | 4.5M | $340.2M | 2.4% | +5.9% |
| ACLXGBX ARCELLX INC | — | 2.9M | $329.5M | 2.3% | New |
| NFLX NETFLIX INC | Services media | 3.1M | $296.9M | 2.1% | +865.0% |
| ECHO ECHOSTAR CORP-A | Communications | 2.4M | $276.3M | 2.0% | +231.6% |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 5.3M | $211.2M | 1.5% | New |
| AM6 AMICUS THERAPEUTICS INC | — | 14.0M | $202.4M | 1.4% | +21.7% |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 11.8M | $181.2M | 1.3% | +2.2% |
| TXNM TXNM ENERGY INC | Utilities | 2.8M | $163.7M | 1.2% | +69.6% |
| GEO GEO GROUP INC/THE | Industrials | 9.6M | $160.8M | 1.1% | +63.6% |
| CCL CARNIVAL CORP LTD | Industrials | 6.1M | $156.8M | 1.1% | +38.5% |
| AL AIR LEASE CORP | — | 2.4M | $155.6M | 1.1% | +7.0% |
| SGRY SURGERY PARTNERS INC | Healthcare | 12.7M | $150.8M | 1.1% | +26.6% |
| UNH UNITEDHEALTH GROUP INC | Financials | 512.0K | $138.5M | 1.0% | +29.6% |
| WBS WEBSTER FINANCIAL CORP | Financials | 1.9M | $129.5M | 0.9% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 2.5M | $125.4M | 0.9% | Held |
| SLAB SILICON LABORATORIES INC | Technology | 500.0K | $104.1M | 0.7% | New |
| CZR CAESARS ENTERTAINMENT INC | Services media | 2.6M | $70.0M | 0.5% | New |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 500.0K | $46.0M | 0.3% | New |
| K4F ONESTREAM INC | — | 1.9M | $45.4M | 0.3% | New |
| PSKY PARAMOUNT SKYDANCE CL B | Communications | 4.1M | $37.0M | 0.3% | +18.8% |
| HCA HCA HEALTHCARE INC | Healthcare | 75.0K | $35.5M | 0.3% | New |
| PNFP PINNACLE FINANCIAL PARTNERS | Financials | 300.0K | $25.8M | 0.2% | New |
| THC TENET HEALTHCARE CORP | Healthcare | 125.0K | $23.6M | 0.2% | New |
| ORCL ORACLE CORP | Technology | 155.0K | $22.8M | 0.2% | New |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 800.0K | $17.2M | 0.1% | New |
| AMC AMC ENTERTAINMENT HLDS-CL A | Services media | 9.4M | $9.2M | 0.1% | New |
| LBRDA LIBERTY BROADBAND-A | Communications | 170.0K | $8.5M | 0.1% | Held |
| RNA ATRIUM THERAPEUTICS INC | Healthcare | 602.6K | $8.1M | 0.1% | New |
| AES AES CORP | Utilities | 500.0K | $7.0M | 0.1% | New |
| FPS FORGENT POWER SOLUTIONS-CL A | Industrials | 160.0K | $4.7M | 0.0% | New |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 45.0K | $4.4M | 0.0% | New |
| DCH DAUCH CORPORATION | Industrials | 519.8K | $3.1M | 0.0% | New |
| MDLN MEDLINE INC-CL A | Healthcare | 50.0K | $2.2M | 0.0% | New |
| UTE0 CANTALOUPE INC | — | 200.0K | $2.2M | 0.0% | New |
| CXW CORECIVIC INC | Real estate | 50.0K | $946K | 0.0% | New |
| BATRK ATLANTA BRAVES HOLDINGS IN-C | Services media | 20.0K | $854K | 0.0% | -77.8% |
| CRWV COREWEAVE INC-CL A | Technology | 9.5K | $736K | 0.0% | -92.1% |
| FRMI FERMI INC | Real estate | 125.0K | $730K | 0.0% | +66.7% |
| RDDT REDDIT INC-CL A | Technology | 5.0K | $673K | 0.0% | New |
| GLXY GALAXY DIGITAL INC-A | Financials | 20.0K | $369K | 0.0% | New |
| KTOS KRATOS DEFENSE & SECURITY | Industrials | 5.0K | $353K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 92 | $19.28B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 77 | $19.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 110 | $17.88B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 96 | $15.41B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 101 | $11.91B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 92 | $9.06B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 95 | $9.71B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 31, 2024 | 94 | $7.80B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 96 | $9.76B | canonical | SEC ↗ |
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