Pentwater Capital Management LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Pentwater Capital Management LP reported 59 stock positions worth $12.5 billion. Its top holding was Electronic Arts (EA) at 22.1% of the portfolio, followed by Boeing (BA, 10.7%) and Warner Bros Discovery (WBD, 10.1%). Compared with Q1 2026, it opened 28 new positions, sold out of 29, added to 10 and reduced 15. The biggest buy was a new position in Roku (ROKU) and the biggest sale Avis Budget (CAR, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001425851
- Portfolio Value
- $12.5B (Q2 2026)
- SEC Filing
- 0001140361-26-033162 ↗ filed Aug 14, 2026
Holdings Value
Holdings 59 stocks · $12.5B
| EA Electronic Arts Inc. | 22.07% | 13,475,000 | $2.8B | Add +5.2% |
| BA The Boeing Co. | 10.72% | 6,200,000 | $1.3B | Reduce -12.3% |
| WBD Warner Bros Discovery Inc. | 10.13% | 47,576,000 | $1.3B | Reduce -5.3% |
| KVUE Kenvue Inc. | 7.80% | 51,130,000 | $977.1M | Reduce -1.7% |
| NSC Norfolk Southern Corp. | 6.97% | 2,775,000 | $873.0M | Reduce -13.8% |
| ROKU Roku Inc. | 4.77% | 4,325,000 | $597.5M | New |
| ECHO Echostar Corp. Class A | 3.13% | 3,860,000 | $391.8M | Add +63.6% |
| CAR Avis Budget Group Inc. | 2.97% | 2,513,300 | $371.5M | Reduce -64.3% |
| TXNM TXNM Energy Inc. | 2.94% | 6,487,500 | $368.4M | Add +131.7% |
| TECK Teck Resources Ltd.-CLS B | 2.83% | 5,960,000 | $354.4M | Reduce -14.4% |
| CZR Caesars Entertainment Inc. | 2.76% | 11,465,000 | $346.0M | Add +332.6% |
| GEO The Geo Group Inc. | 2.50% | 10,582,000 | $312.7M | Add +10.6% |
| OGN Organon & Co. | 1.96% | 18,100,000 | $245.1M | New |
| D Dominion Energy Inc. | 1.91% | 3,500,000 | $239.0M | New |
| DBRG Digitalbridge Group Inc. | 1.59% | 12,600,000 | $198.8M | Add +7.2% |
| SGRY Surgery Partners Inc. | 1.56% | 11,630,000 | $195.4M | Reduce -8.1% |
| APGE Apogee Therapeutics Inc. | 1.51% | 1,425,000 | $189.1M | New |
| CCL Carnival Corp. Ltd. | 1.30% | 5,705,000 | $163.0M | Reduce -5.9% |
| SLAB Silicon Laboratories Inc. | 1.29% | 741,725 | $162.1M | Add +48.3% |
| NUVL Nuvalent Inc. Class A | 1.16% | 1,175,000 | $145.1M | New |
| THC Tenet Healthcare Corp. | 1.14% | 765,000 | $143.1M | Add +512.0% |
| PSKY Paramount Skydance Class B | 0.94% | 12,000,000 | $118.3M | Add +192.7% |
| GSAT Globalstar Inc. | 0.88% | 1,355,000 | $110.1M | New |
| ACA Arcosa Inc. | 0.77% | 660,000 | $95.9M | New |
| LBRDK Liberty Broadband-C | 0.66% | 2,493,644 | $82.9M | No change |
| PAYO Payoneer Global Inc. | 0.56% | 9,888,410 | $70.4M | New |
| SKYT Skywater Technology Inc. | 0.50% | 1,807,000 | $62.9M | New |
| HCA HCA Healthcare Inc. | 0.40% | 130,000 | $50.7M | Add +73.3% |
| SPCX Space Exploration Techn Class A | 0.31% | 230,000 | $39.3M | New |
| TECH Bio-Techne Corp. | 0.28% | 500,000 | $35.3M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.24% | 40,000 | $29.9M | Reduce -93.1% |
| AXTA Axalta Coating Systems Ltd. | 0.21% | 756,762 | $25.9M | New |
| MU Micron Technology Inc. | 0.17% | 18,000 | $20.8M | New |
| AVNS Avanos Medical Inc. | 0.15% | 750,000 | $18.7M | New |
| CORZ Core Scientific Inc. | 0.11% | 536,594 | $13.7M | Reduce -97.8% |
| ORCL Oracle Corp. | 0.11% | 90,000 | $13.2M | Reduce -41.9% |
| SIND Sinda Ltd. | 0.08% | 800,000 | $9.6M | New |
| HUM Humana Inc. | 0.06% | 19,000 | $7.5M | New |
| UNH Unitedhealth Group Inc. | 0.06% | 17,758 | $7.4M | Reduce -96.5% |
| AES AES Corp. | 0.06% | 500,000 | $7.3M | No change |
| TMCR The Metals Royalty Co. Inc. | 0.05% | 919,230 | $6.6M | New |
| KWEB Kranesh Csi China Internet | 0.05% | 250,000 | $6.1M | No change |
| SSMR Sunshine Silver Mining & Ref | 0.05% | 439,400 | $5.8M | New |
| WGS Genedx Holdings Corp. | 0.05% | 82,500 | $5.7M | New |
| LBRDA Liberty Broadband-A | 0.05% | 170,000 | $5.7M | No change |
| AMC AMC Entertainment HLDS Class A | 0.03% | 2,250,000 | $4.3M | Reduce -76.0% |
| FPS Forgent Power Solutions Class A | 0.03% | 65,000 | $3.6M | Reduce -59.4% |
| DCH Dauch Corporation | 0.02% | 519,790 | $2.8M | No change |
| SYNA Synaptics Inc. | 0.02% | 20,000 | $2.5M | New |
| SPTX Seaport Therapeutics Inc. | 0.01% | 83,000 | $1.8M | New |
| CEG Constellation Energy | 0.01% | 7,000 | $1.7M | New |
| CXW Corecivic Inc. | 0.01% | 50,000 | $1.5M | No change |
| KRMN Karman Holdings Inc. | 0.01% | 25,000 | $1.2M | New |
| MDLN Medline Inc. Class A | 0.01% | 30,000 | $1.2M | Reduce -40.0% |
| CBRS Cerebras Systems Inc. Class A | 0.01% | 5,000 | $1.1M | New |
| NYXH Nyxoah SA | 0.01% | 600,000 | $1.0M | New |
| EROC Erock Inc. Class A | 0.01% | 60,000 | $870K | New |
| TMHC Taylor Morrison Home Corp. | 0.00% | 5,000 | $359K | New |
| AAUC Allied Gold Corp. | 0.00% | 10,000 | $237K | New |
Options reported separately and not counted above: SPY puts ($1.1B), BA puts ($828.0M), UNH calls ($777.2M), UNH puts ($137.9M), WBD puts ($128.6M), SPCX puts ($109.4M), PSKY puts ($98.1M), BA calls ($86.6M), MU calls ($85.4M), CCL puts ($84.3M), ECHO puts ($73.1M), MU puts ($68.1M), and 19 more.
Portfolio Sells Q1 2026 → Q2 2026
| CAR Avis Budget Group Inc. | Reduce -64.3% | 2.97% | −4.34 |
| MASI Masimo Corp. | Sold out | 0.00% | −4.01 |
| CORZ Core Scientific Inc. | Reduce -97.8% | 0.11% | −2.53 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -93.1% | 0.24% | −2.44 |
| HOLX Hologic Inc. | Sold out | 0.00% | −2.42 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −2.34 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −2.31 |
| NFLX Netflix Inc. | Sold out | 0.00% | −2.11 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −1.91 |
| APLS Apellis Pharmaceuticals Inc. | Sold out | 0.00% | −1.50 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −1.44 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −1.11 |
| UNH Unitedhealth Group Inc. | Reduce -96.5% | 0.06% | −0.93 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −0.92 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.33 |
| OS Onestream Inc. | Sold out | 0.00% | −0.32 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.25 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.18 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.12 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| RNA Atrium Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| ORCL Oracle Corp. | Reduce -41.9% | 0.11% | −0.06 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.03 |
| AMC AMC Entertainment HLDS Class A | Reduce -76.0% | 0.03% | −0.03 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.02 |
| PRTCY Puretech Health PLC - ADR | Sold out | 0.00% | −0.01 |
| MDLN Medline Inc. Class A | Reduce -40.0% | 0.01% | −0.01 |
| BATRK Atlanta Braves Holdings in-C | Sold out | 0.00% | −0.01 |
| XOVR Ershares Private-Public Cros | Sold out | 0.00% | −0.01 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.01 |
| FRMI Fermi Inc. | Sold out | 0.00% | −0.01 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.00 |
| FPS Forgent Power Solutions Class A | Reduce -59.4% | 0.03% | −0.00 |
| GLXY Galaxy Digital Inc. Class A | Sold out | 0.00% | −0.00 |
| KTOS Kratos Defense & Security | Sold out | 0.00% | −0.00 |
| CIFR Cipher Digital Inc. | Sold out | 0.00% | −0.00 |
| WYFI Whitefiber Inc. | Sold out | 0.00% | −0.00 |
| CCL Carnival Corp. Ltd. | Reduce -5.9% | 1.30% | +0.19 |
| TECK Teck Resources Ltd.-CLS B | Reduce -14.4% | 2.83% | +0.27 |
| WBD Warner Bros Discovery Inc. | Reduce -5.3% | 10.13% | +0.32 |
| NSC Norfolk Southern Corp. | Reduce -13.8% | 6.97% | +0.40 |
| SGRY Surgery Partners Inc. | Reduce -8.1% | 1.56% | +0.49 |
| BA The Boeing Co. | Reduce -12.3% | 10.72% | +0.72 |
| KVUE Kenvue Inc. | Reduce -1.7% | 7.80% | +1.43 |
Portfolio Buys Q1 2026 → Q2 2026
| ROKU Roku Inc. | New | 4.77% | +4.77 |
| EA Electronic Arts Inc. | Add +5.2% | 22.07% | +3.51 |
| CZR Caesars Entertainment Inc. | Add +332.6% | 2.76% | +2.27 |
| OGN Organon & Co. | New | 1.96% | +1.96 |
| D Dominion Energy Inc. | New | 1.91% | +1.91 |
| TXNM TXNM Energy Inc. | Add +131.7% | 2.94% | +1.78 |
| APGE Apogee Therapeutics Inc. | New | 1.51% | +1.51 |
| GEO The Geo Group Inc. | Add +10.6% | 2.50% | +1.35 |
| ECHO Echostar Corp. Class A | Add +63.6% | 3.13% | +1.17 |
| NUVL Nuvalent Inc. Class A | New | 1.16% | +1.16 |
| THC Tenet Healthcare Corp. | Add +512.0% | 1.14% | +0.98 |
| GSAT Globalstar Inc. | New | 0.88% | +0.88 |
| ACA Arcosa Inc. | New | 0.77% | +0.77 |
| PSKY Paramount Skydance Class B | Add +192.7% | 0.94% | +0.68 |
| PAYO Payoneer Global Inc. | New | 0.56% | +0.56 |
| SLAB Silicon Laboratories Inc. | Add +48.3% | 1.29% | +0.56 |
| SKYT Skywater Technology Inc. | New | 0.50% | +0.50 |
| SPCX Space Exploration Techn Class A | New | 0.31% | +0.31 |
| DBRG Digitalbridge Group Inc. | Add +7.2% | 1.59% | +0.30 |
| TECH Bio-Techne Corp. | New | 0.28% | +0.28 |
| AXTA Axalta Coating Systems Ltd. | New | 0.21% | +0.21 |
| MU Micron Technology Inc. | New | 0.17% | +0.17 |
| HCA HCA Healthcare Inc. | Add +73.3% | 0.40% | +0.15 |
| AVNS Avanos Medical Inc. | New | 0.15% | +0.15 |
| SIND Sinda Ltd. | New | 0.08% | +0.08 |
| HUM Humana Inc. | New | 0.06% | +0.06 |
| TMCR The Metals Royalty Co. Inc. | New | 0.05% | +0.05 |
| SSMR Sunshine Silver Mining & Ref | New | 0.05% | +0.05 |
| WGS Genedx Holdings Corp. | New | 0.05% | +0.05 |
| SYNA Synaptics Inc. | New | 0.02% | +0.02 |
| SPTX Seaport Therapeutics Inc. | New | 0.01% | +0.01 |
| CEG Constellation Energy | New | 0.01% | +0.01 |
| KRMN Karman Holdings Inc. | New | 0.01% | +0.01 |
| CBRS Cerebras Systems Inc. Class A | New | 0.01% | +0.01 |
| NYXH Nyxoah SA | New | 0.01% | +0.01 |
| EROC Erock Inc. Class A | New | 0.01% | +0.01 |
| TMHC Taylor Morrison Home Corp. | New | 0.00% | +0.00 |
| AAUC Allied Gold Corp. | New | 0.00% | +0.00 |
Options Activity Q1 2026 → Q2 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -52.7% | 1,422,500 | $1.1B |
| BA The Boeing Co. | put | Reduce -24.2% | 3,825,000 | $828.0M |
| UNH Unitedhealth Group Inc. | call | Reduce -34.1% | 1,870,000 | $777.2M |
| NFLX Netflix Inc. | put | Sold out | 3,360,000 | $323.1Mbefore exit |
| UNH Unitedhealth Group Inc. | put | Reduce -48.6% | 331,700 | $137.9M |
| WBD Warner Bros Discovery Inc. | put | Reduce -1.0% | 4,821,900 | $128.6M |
| NFLX Netflix Inc. | call | Sold out | 1,280,000 | $123.1Mbefore exit |
| CAR Avis Budget Group Inc. | call | Sold out | 775,800 | $113.2Mbefore exit |
| SPCX Space Exploration Techn Class A | put | New | 640,000 | $109.4M |
| PSKY Paramount Skydance Class B | put | Add +168.9% | 9,950,000 | $98.1M |
| BA The Boeing Co. | call | Add +700.0% | 400,000 | $86.6M |
| MU Micron Technology Inc. | call | New | 74,000 | $85.4M |
| CCL Carnival Corp. Ltd. | put | Reduce -7.1% | 2,950,000 | $84.3M |
| ECHO Echostar Corp. Class A | put | Add +500.0% | 720,000 | $73.1M |
| MU Micron Technology Inc. | put | New | 59,000 | $68.1M |
| KVUE Kenvue Inc. | call | Sold out | 3,100,000 | $53.4Mbefore exit |
| UAL United Airlines Holdings Inc. | put | Sold out | 530,000 | $48.8Mbefore exit |
| HUM Humana Inc. | call | New | 100,000 | $39.7M |
| CORZ Core Scientific Inc. | put | Reduce -77.6% | 1,300,000 | $33.3M |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -76.5% | 40,000 | $29.5M |
| IONQ Ionq Inc. | put | New | 526,800 | $28.1M |
| KVUE Kenvue Inc. | put | Sold out | 1,500,000 | $25.9Mbefore exit |
| THC Tenet Healthcare Corp. | put | New | 120,000 | $22.4M |
| CORZ Core Scientific Inc. | call | Reduce -75.0% | 800,000 | $20.5M |
| EWU iShares MSCI United Kingdom | put | Reduce -20.0% | 400,000 | $18.5M |
| HCA HCA Healthcare Inc. | put | New | 35,000 | $13.6M |
| CCL Carnival Corp. Ltd. | call | Sold out | 500,000 | $12.9Mbefore exit |
| ECHO Echostar Corp. Class A | call | Add +140.0% | 120,000 | $12.2M |
| CHTR Charter Communications Inc. Class A | put | Sold out | 50,000 | $10.8Mbefore exit |
| HUM Humana Inc. | put | New | 20,000 | $7.9M |
| ORCL Oracle Corp. | put | Reduce -28.6% | 50,000 | $7.3M |
| EWA iShares MSCI Australia ETF | put | New | 150,000 | $4.2M |
| COPX Global X Copper Miners ETF | put | Add +33.3% | 50,000 | $3.8M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 5,000 | $3.3Mbefore exit |
| WBD Warner Bros Discovery Inc. | call | New | 42,500 | $1.1M |
| GEO The Geo Group Inc. | call | Sold out | 50,000 | $841Kbefore exit |
| MDLN Medline Inc. Class A | call | New | 20,000 | $789K |
| MDLN Medline Inc. Class A | put | New | 15,000 | $592K |
| WYFI Whitefiber Inc. | call | Sold out | 35,000 | $417Kbefore exit |
| CRWV Coreweave Inc. Class A | put | Sold out | 5,000 | $387Kbefore exit |
| FRMI Fermi Inc. | call | Sold out | 50,000 | $292Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 59 | $12.5B | EA, BA, WBD, KVUE, NSC |
| Q1 2026 | 60 | $14.1B | EA, BA, WBD, CAR, NSC |
| Q4 2025 | 47 | $13.8B | EA, CYBR, BA, WBD, KVUE |
| Q3 2025 | 65 | $11.1B | CYBR, EA, NSC, K, VRNA |
| Q2 2025 | 63 | $7.8B | HES, K, JNPR, BPMC, SKX |
| Q1 2025 | 62 | $7.2B | HES, X, ITCI, K, BA |
| Q4 2024 | 54 | $5.8B | HES, X, SMAR, JNPR, EDR |
| Q3 2024 | 50 | $5.4B | X, HES, SPY, K, EDR |
| Q2 2024 | 51 | $4.6B | X, HES, BA, EDR, JNPR |
| Q1 2024 | 53 | $6.1B | PXD, HES, X, BA, JNPR |