13F value (AUM)
$16.4B
Pentwater Capital Management
PENTWATER CAPITAL MANAGEMENT LP
$16.4B
13F long value · 2026-Q2Positions90
CategoryAsset Manager
Quarters tracked9
● #385 of 581 by 13F value
Size rank 4/10
15 NEW3 ADD4 2×+4 TRIM4 NEAR EXIT17 EXIT
Snapshot
Pentwater Capital Management's 13F portfolio at a glance — size, concentration and this quarter's activity.
Positions
90 (5 unmapped)
Top 90 weight
99.6%
Quarters tracked
9
Latest 13F filed
Aug 14, 2026
New positions
15
Exits / near-exits
21
13F value by quarter
Total reported long value each quarter — fund flows plus market moves.
Top holdings — 2026-Q2
The fund's largest reported positions (PUT/CALL rows are option positions, reported separately). The 90 shown cover 99.6% of the portfolio.
| Ticker | Issuer | Weight | Value | Shares | Since 2026-Q2 |
|---|---|---|---|---|---|
| EA | ELECTRONIC ARTS INC | 16.9% | $2.8B | 13.5M | -1.3% |
| BA | BOEING CO | 8.2% | $1.3B | 6.2M | -11.2% |
| WBD | WARNER BROS DISCOVERY INC | 7.8% | $1.3B | 47.6M | +0.6% |
| SPY PUT | STATE STR SPDR S&P 500 ETF T | 6.5% | $1.1B | 1.4M | — |
| KVUE | KENVUE INC | 6.0% | $977.1M | 51.1M | -8.3% |
| NSC | NORFOLK SOUTHN CORP | 5.3% | $873.0M | 2.8M | +1.4% |
| BA PUT | BOEING CO | 5.1% | $828.0M | 3.8M | — |
| UNH CALL | UNITEDHEALTH GROUP INC | 4.8% | $777.2M | 1.9M | — |
| ROKU | ROKU INC | 3.7% | $597.5M | 4.3M | -17.2% |
| ECHO | ECHOSTAR CORP | 2.4% | $391.8M | 3.9M | — |
| CAR | AVIS BUDGET GROUP INC | 2.3% | $371.5M | 2.5M | +26.5% |
| TXNM | TXNM ENERGY INC | 2.3% | $368.4M | 6.5M | +3.8% |
| TECK | TECK RESOURCES LTD | 2.2% | $354.4M | 6.0M | +1.3% |
| CZR | CAESARS ENTERTAINMENT INC NE | 2.1% | $346.0M | 11.5M | -7.1% |
| GEO | GEO GROUP INC | 1.9% | $312.7M | 10.6M | -36.8% |
Option positions — 2026-Q2
$2.8B across 23 put positions vs $1.0B across 8 call positions — put/call ratio 2.74. Values are notional — the market value of the shares the options reference.
| Type | Ticker | Issuer | Underlying shares | Notional value | % of 13F value |
|---|---|---|---|---|---|
| PUT | SPY | STATE STR SPDR S&P 500 ETF T | 1.4M | $1.1B | 6.5% |
| PUT | BA | BOEING CO | 3.8M | $828.0M | 5.1% |
| CALL | UNH | UNITEDHEALTH GROUP INC | 1.9M | $777.2M | 4.8% |
| PUT | UNH | UNITEDHEALTH GROUP INC | 331.7K | $137.9M | 0.8% |
| PUT | WBD | WARNER BROS DISCOVERY INC | 4.8M | $128.6M | 0.8% |
| PUT | SPCX | SPACE EXPLORATION TECHN CORP | 640.0K | $109.4M | 0.7% |
| PUT | PSKY | PARAMOUNT SKYDANCE CORP | 9.9M | $98.1M | 0.6% |
| CALL | BA | BOEING CO | 400.0K | $86.6M | 0.5% |
| CALL | MU | MICRON TECHNOLOGY INC | 74.0K | $85.4M | 0.5% |
| PUT | — | CARNIVAL CORP LTD | 3.0M | $84.3M | 0.5% |
Quarterly changes — 2026-Q2
What Pentwater Capital Management opened, added, trimmed and exited this quarter, largest dollar moves first.
| Action | Ticker | Issuer | Prev shares | Curr shares | Change | Value Δ |
|---|---|---|---|---|---|---|
| TRIM | CAR | AVIS BUDGET GROUP INC | 7.0M | 2.5M | -64.3% | -$656.5M |
| NEW | ROKU | ROKU INC | — | 4.3M | — | +$597.5M |
| EXIT | MASI | MASIMO CORP | 3.2M | 0 | -100.0% | -$564.9M |
| NEAR EXIT | CORZ | CORE SCIENTIFIC INC NEW | 24.9M | 536.6K | -97.8% | -$358.1M |
| NEAR EXIT | SPY | STATE STR SPDR S&P 500 ETF T | 580.0K | 40.0K | -93.1% | -$347.3M |
| EXIT | HOLX | HOLOGIC INC | 4.5M | 0 | -100.0% | -$340.2M |
| EXIT | ACLX | ARCELLX INC | 2.9M | 0 | -100.0% | -$329.5M |
| EXIT | CNTA | CENTESSA PHARMACEUTICALS PLC | 8.2M | 0 | -100.0% | -$324.5M |
| EXIT | NFLX | NETFLIX INC. | 3.1M | 0 | -100.0% | -$296.9M |
| 2×+ | CZR | CAESARS ENTERTAINMENT INC NE | 2.6M | 11.5M | +332.6% | +$276.0M |
Conviction over time
Portfolio weight of the current top long holdings, quarter by quarter — rising weight = growing conviction.