Pentwater Capital Management LP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Pentwater Capital Management LP reported 53 stock positions worth $6.1 billion . Its top holding was Pioneer Natural Resources (PXD) at 31.3% of the portfolio, followed by Hess (HES, 11.4% ) and United States Steel (X, 11.3% ). Compared with Q4 2023, it opened 22 new positions, sold out of 35, added to 13 and reduced 15. The biggest buy was Pioneer Natural Resources (PXD, shares +24% ) and the biggest sale an exit from Splunk (SPLK).
Location Naples, FL
CIK 0001425851
Portfolio Value $6.1B (Q1 2024) Holdings 53 stocks · $6.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 PXD Pioneer Natural Resources Co. 7,220,000 $1.9B Add +23.6% HES Hess Corp. 4,540,000 $693.0M Add +16.9% X United States Steel Corp. 16,774,100 $684.0M Add +61.0% BA The Boeing Co. 2,101,824 $405.6M Add +240.4% JNPR Juniper Networks Inc. 10,448,400 $387.2M New ANSS Ansys Inc. 832,893 $289.1M Add +531.0% SPY SS SPDR S&P 500 ETF Trust-US 432,379 $226.2M Add +147.9% TCN Tricon Residential Inc. 20,000,000 $223.0M New DFS Discover Financial Services 1,550,000 $203.2M New CPRI Capri Holdings Ltd. 3,160,000 $143.1M Reduce -21.0% WRK Westrock Co. 2,455,000 $121.4M No change CERE Cerevel Therapeutics Holding 2,220,000 $93.8M Add +101.8% FUSN Fusion Pharmaceuticals Inc. 3,781,778 $80.6M New CYTK Cytokinetics Inc. 1,080,000 $75.7M New SP SP Plus Corp. 1,307,200 $68.3M Add +3168.0% EDR Endeavor Group Hold Class A 2,370,000 $61.0M Reduce -43.8% AMED Amedisys Inc. 640,000 $59.0M Reduce -17.9% HTZ Hertz Global Hldgs Inc. 6,940,000 $54.3M Reduce -24.3% LSXMA Liberty Media Corp. Class A New 1,250,000 $37.1M Reduce -0.8% IE Ivanhoe Electric Inc. / US 2,950,000 $28.9M Add +19.8% ERF Enerplus Corp. 1,295,000 $25.5M New NATL NCR Atleos Corp. 1,155,000 $22.8M Add +29.9% LSXMK Liberty Media Corp.-Liber-New 730,000 $21.7M Add +1.4% PSTX Poseida Therapeutics Inc. 5,975,000 $19.1M No change ETRN Equitrans Midstream Corp. 1,400,000 $17.5M New CCK Crown Holdings Inc. 218,000 $17.3M New OLK Olink Holding AB - ADR 640,000 $15.0M Reduce -75.5% ACI Albertsons Cos Inc. Class A 680,000 $14.6M Add +1.0% TECK Teck Resources Ltd.-CLS B 260,000 $11.9M Reduce -86.9% AXONICS INC 150,400 $10.4M New CAR Avis Budget Group Inc. 68,000 $8.3M New AVGO Broadcom Inc. 5,000 $6.6M New VZIO Vizio Holding Corp. Class A 487,500 $5.3M New NVEI Nuvei Corp.-Subordinate VTG 150,000 $4.7M New BABA Alibaba Group Holding-SP ADR 60,000 $4.3M Reduce -88.0% DOYU Douyu International Hold-ADR 469,995 $3.1M Reduce -1.7% NGMS Neogames SA 100,000 $2.9M No change GEHC GE Healthcare Technology 30,000 $2.7M New QQQ Invesco QQQ Trust Series 1 5,000 $2.2M Reduce -60.0% DJT Trump Media & Technology Gro 29,794 $1.8M New TELA Tela Bio Inc. 308,642 $1.8M Reduce -68.8% ODD Oddity Tech Ltd. Class A 37,500 $1.6M Reduce -25.0% AMD Advanced Micro Devices 7,000 $1.3M New VYX NCR Voyix Corp. 100,000 $1.3M New MDGL Madrigal Pharmaceuticals Inc. 4,000 $1.1M New IMCR Immunocore Holdings PLC-ADR 15,000 $975K New PNW Pinnacle West Capital 10,000 $747K New EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 6,329 $562K New RENALYTIX AI PLC-ADR 630,000 $542K Reduce -10.0% PRTCY Puretech Health PLC - ADR 17,000 $485K Add +66.0% BWMN Bowman Consulting Group Ltd. 10,000 $348K New MBLY Mobileye Global Inc. Class A 4,000 $129K Reduce -86.7% IRBTQ Irobot Corp. 8,497 $74K Reduce -91.9%
Options reported separately and not counted above: SPY puts ($1.4B), X puts ($742.3M), HES puts ($482.6M), CVX calls ($197.2M), CPRI puts ($174.4M), BA puts ($133.2M), XOM calls ($112.8M), CYTK puts ($64.6M), BA calls ($63.7M), AMED puts ($60.0M), DJT puts ($26.5M), HTZ puts ($23.8M), and 27 more.
Other holdings (4): bonds, preferreds, convertibles and warrants · $37.2M (not counted above) Total filed on the 13F, all lines: $6.1B.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ SPLK Splunk Inc. Sold out 0.00% −11.66 KRTX Karuna Therapeutics Inc. Sold out 0.00% −6.36 IMGN Immunogen Inc. Sold out 0.00% −3.17 AYX Alteryx Inc. Class A Sold out 0.00% −1.78 KVUE Kenvue Inc. Sold out 0.00% −1.72 MANU Manchester United PLC Class A Sold out 0.00% −1.65 CPRI Capri Holdings Ltd. Reduce -21.0% 2.36% −1.43 TECK Teck Resources Ltd.-CLS B Reduce -86.9% 0.20% −1.38 MRTX Mirati Therapeutics Inc. Sold out 0.00% −1.00 OLK Olink Holding AB - ADR Reduce -75.5% 0.25% −0.99 TGH Textainer Group Holdings Ltd. Sold out 0.00% −0.93 HTZ Hertz Global Hldgs Inc. Reduce -24.3% 0.90% −0.90 ICVX Icosavax Inc. Sold out 0.00% −0.89 EDR Endeavor Group Hold Class A Reduce -43.8% 1.01% −0.88 FCX Freeport-McMoran Inc. Sold out 0.00% −0.81 BABA Alibaba Group Holding-SP ADR Reduce -88.0% 0.07% −0.66 AMED Amedisys Inc. Reduce -17.9% 0.97% −0.42 GRCL Gracell Biotechnologies-ADR Sold out 0.00% −0.28 SOVO Sovos Brands Inc. Sold out 0.00% −0.12 CI The Cigna Group Sold out 0.00% −0.11 IHS Ihs Holding Ltd. Sold out 0.00% −0.10 TELA Tela Bio Inc. Reduce -68.8% 0.03% −0.09 RYZB Rayzebio Inc. Sold out 0.00% −0.09 DIS The Walt Disney Co. Sold out 0.00% −0.09 IRBTQ Irobot Corp. Reduce -91.9% 0.00% −0.08 LSXMA Liberty Media Corp. Class A New Reduce -0.8% 0.61% −0.07 VICI Vici Properties Inc. Sold out 0.00% −0.07 MIR Mirion Technologies Inc. Sold out 0.00% −0.06 QQQ Invesco QQQ Trust Series 1 Reduce -60.0% 0.04% −0.06 WMB Williams Cos Inc. Sold out 0.00% −0.05 SYF Synchrony Financial Sold out 0.00% −0.04 STRO Sutro Biopharma Inc. Com SHS Sold out 0.00% −0.04 CMBT CMB Tech NV Sold out 0.00% −0.03 DOYU Douyu International Hold-ADR Reduce -1.7% 0.05% −0.03 CRBG Corebridge Financial Inc. Sold out 0.00% −0.03 JPM JPMorgan Chase & Co. Sold out 0.00% −0.03 BAC Bank of America Corp. Sold out 0.00% −0.03 MBLY Mobileye Global Inc. Class A Reduce -86.7% 0.00% −0.02 HG Hamilton Insurance Grou Class B Sold out 0.00% −0.02 RXRX Recursion Pharmaceuticals-A Sold out 0.00% −0.02 ODD Oddity Tech Ltd. Class A Reduce -25.0% 0.03% −0.02 KVYO Klaviyo Inc. Class A Sold out 0.00% −0.02 ARM Arm Holdings PLC-ADR Sold out 0.00% −0.01 AMC AMC Entertainment HLDS Class A Sold out 0.00% −0.01 SNPS Synopsys Inc. Sold out 0.00% −0.01 SAVEQ Spirit Airlines Inc. Sold out 0.00% −0.01 FHN First Horizon Corp. Sold out 0.00% −0.01 GTES Gates Industrial Corp. UK Ltd. Sold out 0.00% −0.01 BIRK Birkenstock Holding PLC Sold out 0.00% −0.00 RENALYTIX AI PLC-ADR Reduce -10.0% 0.01% +0.00
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ PXD Pioneer Natural Resources Co. Add +23.6% 31.28% +6.52 JNPR Juniper Networks Inc. New 6.39% +6.39 ANSS Ansys Inc. Add +531.0% 4.77% +3.87 TCN Tricon Residential Inc. New 3.68% +3.68 BA The Boeing Co. Add +240.4% 6.70% +3.66 DFS Discover Financial Services New 3.35% +3.35 SPY SS SPDR S&P 500 ETF Trust-US Add +147.9% 3.73% +2.17 X United States Steel Corp. Add +61.0% 11.29% +1.73 FUSN Fusion Pharmaceuticals Inc. New 1.33% +1.33 CYTK Cytokinetics Inc. New 1.25% +1.25 SP SP Plus Corp. Add +3168.0% 1.13% +1.09 HES Hess Corp. Add +16.9% 11.44% +0.88 CERE Cerevel Therapeutics Holding Add +101.8% 1.55% +0.67 ERF Enerplus Corp. New 0.42% +0.42 ETRN Equitrans Midstream Corp. New 0.29% +0.29 CCK Crown Holdings Inc. New 0.29% +0.29 AXONICS INC New 0.17% +0.17 CAR Avis Budget Group Inc. New 0.14% +0.14 AVGO Broadcom Inc. New 0.11% +0.11 VZIO Vizio Holding Corp. Class A New 0.09% +0.09 NVEI Nuvei Corp.-Subordinate VTG New 0.08% +0.08 GEHC GE Healthcare Technology New 0.04% +0.04 DJT Trump Media & Technology Gro New 0.03% +0.03 AMD Advanced Micro Devices New 0.02% +0.02 VYX NCR Voyix Corp. New 0.02% +0.02 MDGL Madrigal Pharmaceuticals Inc. New 0.02% +0.02 IMCR Immunocore Holdings PLC-ADR New 0.02% +0.02 PNW Pinnacle West Capital New 0.01% +0.01 EXE Expand Energy Corp. New 0.01% +0.01 IE Ivanhoe Electric Inc. / US Add +19.8% 0.48% +0.01 BWMN Bowman Consulting Group Ltd. New 0.01% +0.01 PRTCY Puretech Health PLC - ADR Add +66.0% 0.01% +0.00 NATL NCR Atleos Corp. Add +29.9% 0.38% −0.03 LSXMK Liberty Media Corp.-Liber-New Add +1.4% 0.36% −0.03 ACI Albertsons Cos Inc. Class A Add +1.0% 0.24% −0.05
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +25.7% 2,620,000 $1.4B X United States Steel Corp. put Add +178.3% 18,201,900 $742.3M SPLK Splunk Inc. put Sold out 2,213,200 $337.2Mbefore exit CVX Chevron Corp. call Reduce -12.6% 1,250,000 $197.2M CPRI Capri Holdings Ltd. put Add +8.5% 3,850,900 $174.4M BA The Boeing Co. put Add +77.8% 690,000 $133.2M XOM Exxon Mobil Corp. call Reduce -7.6% 970,000 $112.8M KVUE Kenvue Inc. put Sold out 4,860,000 $104.6Mbefore exit EDR Endeavor Group Hold Class A put Sold out 4,260,000 $101.1Mbefore exit KRTX Karuna Therapeutics Inc. put Sold out 300,000 $95.0Mbefore exit ANSS Ansys Inc. put Sold out 181,200 $65.8Mbefore exit CYTK Cytokinetics Inc. put New 920,900 $64.6M BA The Boeing Co. call Add +6500.0% 330,000 $63.7M MANU Manchester United PLC Class A put Sold out 2,527,300 $51.5Mbefore exit XOM Exxon Mobil Corp. put Sold out 350,000 $35.0Mbefore exit IMGN Immunogen Inc. put Sold out 1,000,000 $29.6Mbefore exit BABA Alibaba Group Holding-SP ADR put Sold out 382,500 $29.6Mbefore exit DJT Trump Media & Technology Gro put New 428,000 $26.5M FCX Freeport-McMoran Inc. put Sold out 620,000 $26.4Mbefore exit HTZ Hertz Global Hldgs Inc. put Reduce -21.1% 3,044,700 $23.8M SNPS Synopsys Inc. call Add +700.0% 40,000 $22.9M TECK Teck Resources Ltd.-CLS B put Reduce -78.4% 450,000 $20.6M CYTK Cytokinetics Inc. call New 290,000 $20.3M QQQ Invesco QQQ Trust Series 1 put Reduce -40.0% 45,000 $20.0M DJT Trump Media & Technology Gro call New 285,000 $17.7M AVGO Broadcom Inc. call New 7,500 $9.9M AVGO Broadcom Inc. put New 7,500 $9.9M CVX Chevron Corp. put Reduce -54.5% 50,000 $7.9M SOVO Sovos Brands Inc. put Sold out 300,000 $6.6Mbefore exit MGM MGM Resorts International put Sold out 142,800 $6.4Mbefore exit BABA Alibaba Group Holding-SP ADR call Sold out 80,000 $6.2Mbefore exit SNPS Synopsys Inc. put Add +66.7% 10,000 $5.7M SAVEQ Spirit Airlines Inc. call Sold out 313,600 $5.1Mbefore exit XBI SS SPDR S&P Biotech ETF call Sold out 50,000 $4.5Mbefore exit IRBTQ Irobot Corp. put Add +30.3% 360,000 $3.2M MBLY Mobileye Global Inc. Class A call Add +142.9% 85,000 $2.7M EWU iShares MSCI United Kingdom put New 75,000 $2.6M GEHC GE Healthcare Technology put New 25,000 $2.3M JNPR Juniper Networks Inc. put New 59,400 $2.2M AMC AMC Entertainment HLDS Class A put Reduce -30.4% 490,000 $1.8M AMD Advanced Micro Devices call New 10,000 $1.8M AMD Advanced Micro Devices put New 10,000 $1.8M SPR Spirit Aerosystems Hold Class A put New 50,000 $1.8M ODD Oddity Tech Ltd. Class A put Add +25.0% 37,500 $1.6M X United States Steel Corp. call New 35,000 $1.4M KVYO Klaviyo Inc. Class A call New 50,000 $1.3M EWA iShares MSCI Australia ETF call New 50,000 $1.2M KRE SS SPDR S&P Regional Bank put Sold out 15,300 $802Kbefore exit HTZ Hertz Global Hldgs Inc. call Sold out 76,600 $796Kbefore exit MDGL Madrigal Pharmaceuticals Inc. put New 1,000 $267K
Showing the first 50 of 51.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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