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Hedge fund

Pentwater Capital Management LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1425851

Reported value
$12.5bn
58% in companies we cover
Positions we cover
45
Largest BA 10.7%
Copy, a year
+3.7%
S&P 500 +14.1%
Copy Sharpe ratio
0.21
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$16.2k
CopyS&P 500 $10,000 copying Pentwater Capital Management LP's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −55.7% (S&P 500 −31.8%); beta 1.36; alpha −10.9% a year (t = −1.95); last 12 months +3.1% against +12.1%.

Reported value by quarter

Pentwater Capital Management LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T $4T Reported value, 2013-06-30: $3.7B Reported value, 2013-09-30: $2.4B Reported value, 2013-12-31: $2B Reported value, 2014-03-31: $2.2B Reported value, 2014-06-30: $5.3B Reported value, 2014-09-30: $6.4B Reported value, 2014-12-31: $7.4B Reported value, 2015-03-31: $7.1B Reported value, 2015-06-30: $11.4B Reported value, 2015-09-30: $7.2B Reported value, 2015-12-31: $14.9B Reported value, 2016-03-31: $6.3B Reported value, 2016-06-30: $3.7B Reported value, 2016-09-30: $5.4B Reported value, 2016-12-31: $3.2B Reported value, 2017-03-31: $4.7B Reported value, 2017-06-30: $5.8B Reported value, 2017-09-30: $6.3B Reported value, 2017-12-31: $7.6B Reported value, 2018-03-31: $8.4B Reported value, 2018-06-30: $6.9B Reported value, 2018-09-30: $6.6B Reported value, 2018-12-31: $5.1B Reported value, 2019-03-31: $3.8B Reported value, 2019-06-30: $5.3B Reported value, 2019-09-30: $3.2B Reported value, 2019-12-31: $2.6B Reported value, 2020-03-31: $3.7B Reported value, 2020-06-30: $3.3B Reported value, 2020-09-30: $4.9B Reported value, 2020-12-31: $6.5B Reported value, 2021-03-31: $8.6B Reported value, 2021-06-30: $9.7B Reported value, 2021-09-30: $7.3B Reported value, 2021-12-31: $6.3B Reported value, 2022-03-31: $5.4B Reported value, 2022-06-30: $5.8B Reported value, 2022-09-30: $6.6B Reported value, 2022-12-31: $3.2T Reported value, 2023-03-31: $6B Reported value, 2023-06-30: $8B Reported value, 2023-09-30: $10.4B Reported value, 2023-12-31: $5.3B Reported value, 2024-03-31: $6.1B Reported value, 2024-06-30: $4.6B Reported value, 2024-09-30: $5.4B Reported value, 2024-12-31: $5.8B Reported value, 2025-03-31: $7.2B Reported value, 2025-06-30: $7.8B Reported value, 2025-09-30: $11.1B Reported value, 2025-12-31: $13.8B Reported value, 2026-03-31: $14.1B Reported value, 2026-06-30: $12.5B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $12.5B
View chart data
Period Reported value
2013-06-30 $3.7B
2013-09-30 $2.4B
2013-12-31 $2B
2014-03-31 $2.2B
2014-06-30 $5.3B
2014-09-30 $6.4B
2014-12-31 $7.4B
2015-03-31 $7.1B
2015-06-30 $11.4B
2015-09-30 $7.2B
2015-12-31 $14.9B
2016-03-31 $6.3B
2016-06-30 $3.7B
2016-09-30 $5.4B
2016-12-31 $3.2B
2017-03-31 $4.7B
2017-06-30 $5.8B
2017-09-30 $6.3B
2017-12-31 $7.6B
2018-03-31 $8.4B
2018-06-30 $6.9B
2018-09-30 $6.6B
2018-12-31 $5.1B
2019-03-31 $3.8B
2019-06-30 $5.3B
2019-09-30 $3.2B
2019-12-31 $2.6B
2020-03-31 $3.7B
2020-06-30 $3.3B
2020-09-30 $4.9B
2020-12-31 $6.5B
2021-03-31 $8.6B
2021-06-30 $9.7B
2021-09-30 $7.3B
2021-12-31 $6.3B
2022-03-31 $5.4B
2022-06-30 $5.8B
2022-09-30 $6.6B
2022-12-31 $3.2T
2023-03-31 $6B
2023-06-30 $8B
2023-09-30 $10.4B
2023-12-31 $5.3B
2024-03-31 $6.1B
2024-06-30 $4.6B
2024-09-30 $5.4B
2024-12-31 $5.8B
2025-03-31 $7.2B
2025-06-30 $7.8B
2025-09-30 $11.1B
2025-12-31 $13.8B
2026-03-31 $14.1B
2026-06-30 $12.5B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
BABoeing10.72%$1.3bn6.20M−12.3% Reduced
KVUEKenvue7.80%$977.1m51.13M−1.7% Reduced
NSCNorfolk Southern6.97%$873.0m2.77M−13.8% Reduced
ROKURoku, Inc4.77%$597.5m4.33MNew
ECHOEchoStar3.13%$391.8m3.86M+63.6% Added
CARAvis Budget Group, Inc.2.97%$371.5m2.51M−64.3% Reduced
TXNMTxnm Energy Inc2.94%$368.4m6.49M+131.7% Added
CZRCaesars Entertainment, Inc.2.76%$346.0m11.46M+332.6% Added
GEOGEO Group Inc2.50%$312.7m10.58M+10.6% Added
OGNOrganon & Co.1.96%$245.1m18.10MNew
DDominion Energy1.91%$239.0m3.50MNew
SGRYSurgery Partners, Inc.1.56%$195.4m11.63M−8.1% Reduced
CCLCarnival Corporation1.30%$163.0m5.71MNew
SLABSilicon Laboratories Inc.1.29%$162.1m741.7K+48.3% Added
THCTenet Healthcare Corp1.14%$143.1m765.0K+512.0% Added
SKYDSkydance Corporation0.94%$118.3m12.00M+192.7% Added
GSATGlobalstar, Inc.0.88%$110.1m1.35MNew
PAYOPayoneer Global Inc.0.56%$70.4m9.89MNew
HCAHCA Healthcare0.41%$50.7m130.0K+73.3% Added
SPCXSpace Exploration Technologies Corp0.31%$39.3m230.0KNew
TECHBio-Techne0.28%$35.3m500.0KNew
AXTAAxalta Coating Systems Ltd.0.21%$25.9m756.8KNew
MUMicron Technology0.17%$20.8m18.0KNew
CORZCore Scientific, Inc.0.11%$13.7m536.6K−97.8% Reduced
ORCLOracle Corporation0.10%$13.2m90.0K−41.9% Reduced
SINDSinda Ltd.0.08%$9.6m800.0KNew
HUMHumana0.06%$7.5m19.0KNew
UNHUnitedHealth Group0.06%$7.4m17.8K−96.5% Reduced
AESAES Corporation0.06%$7.3m500.0K0.0%
TMCRMetals Royalty Co Inc.0.05%$6.6m919.2KNew
SSMRSunshine Silver Mining & Refining Co0.05%$5.8m439.4KNew
WGSGenedx Holdings Corp.0.04%$5.7m82.5KNew
AMCAMC Entertainment Holdings, Inc.0.03%$4.3m2.25M−76.0% Reduced
FPSForgent Power Solutions, Inc.0.03%$3.6m65.0K−59.4% Reduced
DCHDauch Corp0.02%$2.8m519.8K0.0%
SYNASynaptics Inc0.02%$2.5m20.0KNew
SPTXSeaport Therapeutics, Inc.0.01%$1.8m83.0KNew
CEGConstellation Energy0.01%$1.7m7.0KNew
CXWCorecivic, Inc.0.01%$1.5m50.0K0.0%
KRMNKarman Holdings Inc.0.01%$1.2m25.0KNew
MDLNMedline Inc.0.01%$1.2m30.0K−40.0% Reduced
CBRSCerebras Systems Inc.0.01%$1.1m5.0KNew
NYXHNyxoah SA0.01%$1.0m600.0KNew
EROCErock, Inc.0.01%$870,00060.0KNew
AAUCAllied Gold Corp0.00%$237,25710.0KNew
CompanyBought (value)Shares
ROKURoku, Inc$597.5m4.33M
CZRCaesars Entertainment, Inc.$266.0m8.81M
OGNOrganon & Co.$245.1m18.10M
DDominion Energy$239.0m3.50M
TXNMTxnm Energy Inc$209.4m3.69M
CCLCarnival Corporation$163.0m5.71M
ECHOEchoStar$152.3m1.50M
THCTenet Healthcare Corp$119.7m640.0K
GSATGlobalstar, Inc.$110.1m1.35M
SKYDSkydance Corporation$77.9m7.90M
PAYOPayoneer Global Inc.$70.4m9.89M
SLABSilicon Laboratories Inc.$52.8m241.7K
SPCXSpace Exploration Technologies Corp$39.3m230.0K
TECHBio-Techne$35.3m500.0K
GEOGEO Group Inc$30.1m1.02M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
CARAvis Budget Group, Inc.−$670.4m−4.54M
CORZCore Scientific, Inc.−$622.2m−24.32M
NFLXNetflix−$296.9m−3.09M
UNHUnitedHealth Group−$205.4m−494.2K
BABoeing−$188.2m−869.5K
NSCNorfolk Southern−$140.0m−445.0K
UALUnited Airlines Holdings−$46.0m−500.0K
PNFPPinnacle Financial Partners, Inc.−$25.8m−300.0K
SGRYSurgery Partners, Inc.−$17.2m−1.02M
KVUEKenvue−$16.6m−870.0K
AMCAMC Entertainment Holdings, Inc.−$13.5m−7.12M
GPCRStructure Therapeutics Inc.−$11.8m−245.0K
ORCLOracle Corporation−$9.5m−65.0K
RNAAtrium Therapeutics, Inc.−$8.1m−602.6K
FPSForgent Power Solutions, Inc.−$5.3m−95.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
NFLXNetflix$296.9m3.09M
UALUnited Airlines Holdings$46.0m500.0K
PNFPPinnacle Financial Partners, Inc.$25.8m300.0K
GPCRStructure Therapeutics Inc.$11.8m245.0K
RNAAtrium Therapeutics, Inc.$8.1m602.6K
UPSUnited Parcel Service$4.4m45.0K
CRWVCoreweave, Inc.$735,9659.5K
FRMIFermi Inc.$730,000125.0K
RDDTReddit, Inc.$673,2505.0K
GLXYGalaxy Digital Inc.$369,00020.0K
KTOSKratos Defense & Security Solutions, Inc.$352,5505.0K
CIFRCipher Digital Inc.$193,05015.0K
WYFIWhitefiber, Inc.$119,10010.0K
  • Industrials40.4%
  • Communication Services16.7%
  • Consumer Staples13.4%
  • Health Care9.5%
  • Utilities8.4%
  • Consumer Discretionary7.0%
  • Technology2.9%
  • Financials1.0%
  • Materials0.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+3.7%+14.1%0.210.78−55.7%1.36
2018 onwardsJanuary 5, 2018 to November 2, 2026−0.5%+13.9%0.080.66−55.7%1.42
Last three yearsNovember 3, 2023 to November 2, 2026+8.6%+21.8%0.271.16−33.0%1.29
Last yearNovember 7, 2025 to November 2, 2026+4.3%+14.2%0.170.84−24.4%1.34

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.