Pentwater Capital Management LP

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Pentwater Capital Management LP maintained a portfolio of 136 distinct positions. The most significant new addition to the portfolio was EXACT SCIENCES CORP, which now represents 3.87% of the total fund value. They heavily accumulated shares in ELECTRONIC ARTS INC, increasing their position by 128.1%. The fund also reduced its exposure to AVIS BUDGET GROUP by 73.6%.
PCA Score Concentration Risk
Risk ENB
Total Positions
136
Quarter
2025 Q4
Top Holding
EA (11.8%)
Top 10 Concentration
67.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 136
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
EA
ELECTRONIC ARTS...
Communication Services 11.76% 5.42% #1 3
Prev: #4
9.0 6,150,000 128.1%
P
S
10,950,000 $2,237,413,500 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SPY
SPDR S&P 500 ET...
PUT
PUT Option 8.19% 11.63% #2 1
Prev: #1
4.8 -835,000 -26.8%
P
S
2,285,000 $1,558,187,200 2008 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
CYBR
CYBERARK SOFTWA...
Technology 8.03% 9.90% #3 1
Prev: #2
4.7 -240,000 -6.5%
P
S
3,425,000 $1,527,755,500 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
BA
BOEING CO
Industrials 7.54% 3.01% #4 6
Prev: #10
6.5 4,115,200 165.0%
P
S
6,610,000 $1,435,163,200 2019 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
WBD
WARNER BROS DIS...
Communication Services 6.98% 2.96% #5 6
Prev: #11
6.3 19,015,000 70.3%
P
S
46,075,000 $1,327,881,500 2018 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
BA
BOEING CO
PUT
PUT Option 6.26% 5.31% #6 1
Prev: #5
5.0 1,085,000 24.7%
P
S
5,485,000 $1,190,903,200 2019 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
KVUE
KENVUE INC
Consumer Defensive 5.14% 1.91% #7 9
Prev: #16
5.1 35,640,600 169.1%
P
S
56,720,600 $978,430,350 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
UNH
UNITEDHEALTH GR...
CALL
CALL Option 4.92% 6.52% #8 5
Prev: #3
2.5 -540,000 -16.0%
P
S
2,835,000 $935,861,850 2019 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
NSC
NORFOLK SOUTHN ...
Industrials 4.58% 4.62% #9 3
Prev: #6
3.8 269,000 9.8%
P
S
3,019,000 $871,645,680 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
EXAS
EXACT SCIENCES ...
Healthcare 3.87% #10
Prev: #—
5.0 7,250,000 no change
NEW
7,250,000 $736,310,000 2019 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
DAY
DAYFORCE INC
Technology 3.45% 2.12% #11 3
Prev: #14
4.4 4,000,000 72.7%
P
S
9,500,000 $657,020,000 2018 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
RNA
AVIDITY BIOSCIE...
Healthcare 2.29% #12
Prev: #—
4.4 6,026,500 no change
NEW
6,026,500 $434,691,445 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CAR
AVIS BUDGET GRO...
Industrials 2.09% 2.84% #13 1
Prev: #12
1.3 -61,600 -1.9%
P
S
3,101,400 $397,971,648 2012 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CORZ
CORE SCIENTIFIC...
Technology 1.96% 2.43% #14 1
Prev: #13
2.8 1,365,000 5.6%
P
S
25,615,000 $372,954,400 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
KMB
KIMBERLY-CLARK ...
CALL
CALL Option 1.81% #15
Prev: #—
4.2 3,420,000 no change
NEW
3,420,000 $345,043,800 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
HOLX
HOLOGIC INC
Healthcare 1.66% #16
Prev: #—
4.2 4,247,500 no change
NEW
4,247,500 $316,396,275 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TECK
TECK RESOURCES ...
Basic Materials 1.64% 0.71% #17 13
Prev: #30
3.7 3,600,000 124.1%
P
S
6,500,000 $311,285,000 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CADE
CADENCE BANK
Financial Services 1.40% #18
Prev: #—
4.1 6,230,000 no change
NEW
6,230,000 $266,893,200 2021 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
DBRG
DIGITALBRIDGE G...
Financial Services 0.93% #19
Prev: #—
3.9 11,500,000 no change
NEW
11,500,000 $176,410,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CMA
COMERICA INC
Financial Services 0.91% #20
Prev: #—
3.9 2,000,000 no change
NEW
2,000,000 $173,860,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
FOLD
AMICUS THERAPEU...
Healthcare 0.86% #21
Prev: #—
3.8 11,500,000 no change
NEW
11,500,000 $163,760,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SGRY
SURGERY PARTNER...
Healthcare 0.81% 1.41% #22 3
Prev: #19
0.8 -1,681,000 -14.4%
P
S
10,000,000 $154,500,000 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CAR
AVIS BUDGET GRO...
PUT
PUT Option 0.79% 3.96% #23 15
Prev: #8
0.3 -3,242,500 -73.6%
P
S
1,163,800 $149,338,816 2012 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
AL
AIR LEASE CORP
Industrials 0.76% 0.78% #24 5
Prev: #29
0.8 40,000 1.8%
P
S
2,240,000 $143,875,200 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SNPS
SYNOPSYS INC
PUT
PUT Option 0.74% 0.83% #25 2
Prev: #27
1.3 no change no change
P
S
300,000 $140,916,000 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CCL
CARNIVAL CORP
Consumer Cyclical 0.70% 0.70% #26 5
Prev: #31
0.8 75,000 1.7%
P
S
4,375,000 $133,612,500 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
KVUE
KENVUE INC
PUT
PUT Option 0.69% 0.92% #27 2
Prev: #25
0.3 -2,450,000 -24.3%
P
S
7,650,000 $131,962,500 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
UNH
UNITEDHEALTH GR...
Healthcare 0.69% 0.39% #28 13
Prev: #41
3.3 195,000 97.5%
P
S
395,000 $130,393,450 2019 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CDTX
CIDARA THERAPEU...
Healthcare 0.66% #29
Prev: #—
3.8 565,000 no change
NEW
565,000 $124,802,850 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
LBRDK
LIBERTY BROADBA...
Communication Services 0.64% 0.95% #30 7
Prev: #23
0.8 -178,356 -6.7%
P
S
2,493,644 $121,191,098 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PANW
PALO ALTO NETWO...
CALL
CALL Option 0.55% 0.93% #31 7
Prev: #24
0.2 -250,000 -30.5%
P
S
570,000 $104,994,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
WBD
WARNER BROS DIS...
PUT
PUT Option 0.53% #32
Prev: #—
3.7 3,520,000 no change
NEW
3,520,000 $101,446,400 2018 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TXNM
TXNM ENERGY INC
Utilities 0.51% 0.38% #33 9
Prev: #42
2.7 461,000 38.7%
P
S
1,651,000 $97,210,880 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
GEO
GEO GROUP INC N...
Industrials 0.50% 0.59% #34 1
Prev: #35
2.2 661,700 12.8%
P
S
5,847,700 $94,264,924 2019 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
WBD
WARNER BROS DIS...
CALL
CALL Option 0.43% 0.20% #35 24
Prev: #59
3.2 1,000,000 54.1%
P
S
2,850,000 $82,137,000 2018 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
CCL
CARNIVAL CORP
PUT
PUT Option 0.43% 0.59% #36
Prev: #36
0.2 -1,000,000 -27.4%
P
S
2,650,000 $80,931,000 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SATS
ECHOSTAR CORP
Communication Services 0.41% 0.27% #37 11
Prev: #48
2.2 71,700 11.2%
P
S
711,700 $77,361,790 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
KVUE
KENVUE INC
CALL
CALL Option 0.37% 0.23% #38 18
Prev: #56
3.1 1,600,000 64.0%
P
S
4,100,000 $70,725,000 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CWAN
CLEARWATER ANAL...
Technology 0.33% #39
Prev: #—
3.6 2,600,000 no change
NEW
2,600,000 $62,712,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PANW
PALO ALTO NETWO...
PUT
PUT Option 0.30% 0.57% #40 3
Prev: #37
0.1 -190,000 -38.0%
P
S
310,000 $57,102,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
HI
HILLENBRAND INC
Industrials 0.30% #41
Prev: #—
3.6 1,800,000 no change
NEW
1,800,000 $57,096,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PSKY
PARAMOUNT SKYDA...
PUT
PUT Option 0.26% 0.34% #42 1
Prev: #43
2.1 500,000 15.6%
P
S
3,700,000 $49,580,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PSKY
PARAMOUNT SKYDA...
Communication Services 0.24% 0.09% #43 25
Prev: #68
3.1 2,595,480 303.6%
P
S
3,450,500 $46,236,700 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SNPS
SYNOPSYS INC
CALL
CALL Option 0.22% 0.25% #44 8
Prev: #52
1.1 no change no change
P
S
90,000 $42,274,800 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
AVDL
AVADEL PHARMACE...
Healthcare 0.19% #45
Prev: #—
3.6 1,684,000 no change
NEW
1,684,000 $36,290,200 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TGNA
TEGNA INC
Communication Services 0.18% 0.26% #46 3
Prev: #49
0.1 -576,300 -24.8%
P
S
1,750,000 $33,967,500 2017 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CORZ
CORE SCIENTIFIC...
CALL
CALL Option 0.18% 0.18% #47 14
Prev: #61
2.6 525,000 29.2%
P
S
2,325,000 $33,852,000 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
NFLX
NETFLIX INC
PUT
PUT Option 0.18% #48
Prev: #—
3.6 360,000 no change
NEW
360,000 $33,753,600 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NFLX
NETFLIX INC
ETF 0.16% #49
Prev: #—
3.6 320,000 no change
NEW
320,000 $30,003,200 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PNFP
PINNACLE FINL P...
Financial Services 0.15% 0.24% #50 5
Prev: #55
0.1 -153,550 -33.9%
P
S
300,000 $28,623,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-50 of 136 holdings

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