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Funds (13F)

Pentwater Capital Management LP

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+3.7%
S&P 500 +14.1%
Last 12 months
+3.1%
S&P 500 +12.1%
Sharpe ratio
0.21
S&P 500 0.78
Biggest drop
−55.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$16.2k
StrategyS&P 500 $10,000 in Pentwater Capital Management LP from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Pentwater Capital Management LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Pentwater Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+3.7%+14.1%
Total return+62%+470%
Last 12 months+3.1%+12.1%
Last 3 months−1.4%—
Last month+3.3%—
This year so far+5.4%—
Volatility a year29.7%16.0%
Sharpe ratio0.210.78
Biggest drop−55.7%−31.8%
Beta to the S&P 5001.361.00
Alpha a year (t-statistic)−10.9% (−1.95)—
Share of weeks up54%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
BA18.4%——
KVUE13.4%——
NSC12.0%——
ROKU8.2%——
ECHO5.4%——
CAR5.1%——
TXNM5.0%——
CZR4.7%——
GEO4.3%——
OGN3.4%——
D3.3%——
SGRY2.7%——
CCL2.2%——
SLAB2.2%——
THC2.0%——
SKYD1.6%——
GSAT1.5%——
PAYO1.0%——
HCA0.7%——
SPCX0.5%——
TECH0.5%——
AXTA0.3%——
MU0.3%——
CORZ0.2%——
ORCL0.2%——
SIND0.1%——
HUM0.1%——
UNH0.1%——
AES0.1%——
TMCR0.1%——
SSMR0.1%——
WGS0.1%——
AMC0.1%——
FPS0.1%——
DCH0.0%——
SYNA0.0%——
SPTX0.0%——
CEG0.0%——
CXW0.0%——
KRMN0.0%——
MDLN0.0%——
CBRS0.0%——
NYXH0.0%——
EROC0.0%——
AAUC0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+3.7%+14.1%0.210.78−55.7%1.36−10.9% (−1.95)
2018 onwards5 Jan 2018 to 2 Nov 2026−0.5%+13.9%0.080.66−55.7%1.42−14.2% (−1.82)
Last three years3 Nov 2023 to 2 Nov 2026+8.6%+21.8%0.271.16−33.0%1.29−12.7% (−0.95)
Last year7 Nov 2025 to 2 Nov 2026+4.3%+14.2%0.170.84−24.4%1.34−8.0% (−0.28)
DateCompanyAction
21 Aug 2026WGSBought
21 Aug 2026TMCRBought
21 Aug 2026TECHBought
21 Aug 2026SYNABought
21 Aug 2026SSMRBought
21 Aug 2026SPTXBought
21 Aug 2026SPCXBought
21 Aug 2026SINDBought
21 Aug 2026ROKUBought
21 Aug 2026PAYOBought
21 Aug 2026OGNBought
21 Aug 2026NYXHBought
21 Aug 2026MUBought
21 Aug 2026KRMNBought
21 Aug 2026HUMBought
21 Aug 2026GSATBought
21 Aug 2026EROCBought
21 Aug 2026DBought
21 Aug 2026CEGBought
21 Aug 2026CCLBought
21 Aug 2026CBRSBought
21 Aug 2026AXTABought
21 Aug 2026AAUCBought
22 May 2026UPSBought
22 May 2026UALBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WYFISold
21 Aug 2026UPSSold
21 Aug 2026UALSold
21 Aug 2026RNASold
21 Aug 2026RDDTSold
21 Aug 2026PNFPSold
21 Aug 2026NFLXSold
21 Aug 2026KTOSSold
21 Aug 2026GPCRSold
21 Aug 2026GLXYSold
21 Aug 2026FRMISold
21 Aug 2026CRWVSold
21 Aug 2026CIFRSold
22 May 2026WGSSold
22 May 2026TDAYSold
22 May 2026SBETSold
22 May 2026PTGXSold
22 May 2026BORRSold
20 Feb 2026THCSold
20 Feb 2026TELASold
20 Feb 2026SNPSSold
20 Feb 2026SIRISold
20 Feb 2026RKTSold
20 Feb 2026RBRKSold
20 Feb 2026NUESold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest