Pentwater Capital Management LP In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Pentwater Capital Management LP reported 50 stock positions worth $5.4 billion . Its top holding was United States Steel (X) at 12.9% of the portfolio, followed by Hess (HES, 11.1% ) and SS SPDR S&P 500 ETF Trust-US (SPY, 8.1% ). Compared with Q2 2024, it opened 15 new positions, sold out of 16, added to 16 and reduced 13. The biggest buy was a new position in Kellanova (K) and the biggest sale United States Steel (X, shares −2% ).
Location Naples, FL
CIK 0001425851
Portfolio Value $5.4B (Q3 2024) Holdings 50 stocks · $5.4B 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 Q2 2024 X United States Steel Corp. 19,900,000 $703.1M Reduce -1.5% HES Hess Corp. 4,450,000 $604.3M Add +1.6% SPY SS SPDR S&P 500 ETF Trust-US 770,000 $441.8M Add +68.0% K Kellanova 5,304,300 $428.1M New EDR Endeavor Group Hold Class A 14,800,000 $422.7M Add +12.1% JNPR Juniper Networks Inc. 10,520,000 $410.1M Add +18.5% SMAR Smartsheet Inc. Class A 6,843,000 $378.8M New BA The Boeing Co. 2,360,000 $358.8M Reduce -6.2% SPR Spirit Aerosystems Hold Class A 9,100,000 $295.8M Add +0.9% SRCL Stericycle Inc. 2,843,000 $173.4M Add +99.1% HUBS HubSpot Inc. 284,300 $151.1M Reduce -39.5% ANSS Ansys Inc. 422,000 $134.5M Add +0.5% AMED Amedisys Inc. 1,075,000 $103.7M Add +37.6% CCK Crown Holdings Inc. 965,000 $92.5M Reduce -3.5% HCP Hashicorp Inc. Class A 2,250,000 $76.2M Reduce -17.3% VZIO Vizio Holding Corp. Class A 6,750,000 $75.4M Reduce -0.7% MRO Marathon Oil Corp. 2,519,800 $67.1M Add +140.0% NVEI Nuvei Corp.-Subordinate VTG 2,000,000 $66.7M No change CPRI Capri Holdings Ltd. 1,450,000 $61.5M Reduce -26.8% CYTK Cytokinetics Inc. 1,100,000 $58.1M Reduce -1.7% PARAA Paramount Global Class B 4,999,500 $53.1M New SNPS Synopsys Inc. 95,000 $48.1M New CAR Avis Budget Group Inc. 477,000 $41.8M Add +180.6% IE Ivanhoe Electric Inc. / US 2,753,000 $23.3M Reduce -0.7% PWSC Powerschool Holdings Inc. Class A 1,007,000 $23.0M No change PRFT Perficient Inc. 300,000 $22.6M No change PETQ Petiq Inc. 646,000 $19.9M New CCL Carnival Corp. 1,000,000 $18.5M Add +614.3% PSTX Poseida Therapeutics Inc. 5,975,000 $17.1M No change SIRI Sirius XM Holdings Inc. 682,507 $16.1M New LBRDK Liberty Broadband-C 200,000 $15.5M New AXONICS INC 157,800 $11.0M Add +57.8% TECK Teck Resources Ltd.-CLS B 140,000 $7.3M No change LLYVK Liberty Media Corp.-Liberty-C 133,485 $6.9M New AVGO Broadcom Inc. 17,000 $2.9M Add +70.0% NATL NCR Atleos Corp. 100,000 $2.9M Reduce -60.0% HTZ Hertz Global Hldgs Inc. 800,500 $2.6M Reduce -62.8% RBRK Rubrik Inc. Class A 55,000 $1.8M Add +83.3% RDDT Reddit Inc. Class A 25,000 $1.6M New SNOW Snowflake Inc. 12,000 $1.4M New TELA Tela Bio Inc. 500,000 $1.3M Add +25.0% LLYVA Liberty Media Corp.-Liberty-A 25,000 $1.2M New AMD Advanced Micro Devices 5,000 $820K Reduce -44.4% ALAB Astera Labs Inc. 10,000 $524K New PRTCY Puretech Health PLC - ADR 25,000 $515K Add +54.4% ESPR Esperion Therapeutics Inc. 181,290 $299K No change AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 20,000 $217K New DJT Trump Media & Technology Gro 10,000 $161K Reduce -92.1% PARAA Paramount Global Class A 7,041 $154K New SWN Southwestern Energy Co. 20,000 $142K New
Options reported separately and not counted above: SPY puts ($2.3B), X puts ($443.6M), BA calls ($235.7M), BA puts ($188.5M), CPRI puts ($129.5M), ANSS puts ($127.5M), HUBS puts ($106.6M), HES puts ($105.9M), TKO puts ($83.7M), CVX calls ($73.6M), AMED puts ($62.8M), SNPS puts ($61.3M), and 31 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $10.4M (not counted above) Total filed on the 13F, all lines: $5.5B.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ X United States Steel Corp. Reduce -1.5% 12.91% −3.65 BA The Boeing Co. Reduce -6.2% 6.59% −3.34 WRK Westrock Co. Sold out 0.00% −3.28 HUBS HubSpot Inc. Reduce -39.5% 2.77% −3.23 CERE Cerevel Therapeutics Holding Sold out 0.00% −1.66 COF Capital One Financial Corp. Sold out 0.00% −0.74 LSXMA Liberty Media Corp. Class A New Sold out 0.00% −0.60 HCP Hashicorp Inc. Class A Reduce -17.3% 1.40% −0.59 ETRN Equitrans Midstream Corp. Sold out 0.00% −0.40 LSXMK Liberty Media Corp.-Liber-New Sold out 0.00% −0.38 CPRI Capri Holdings Ltd. Reduce -26.8% 1.13% −0.29 CYTK Cytokinetics Inc. Reduce -1.7% 1.07% −0.25 VZIO Vizio Holding Corp. Class A Reduce -0.7% 1.38% −0.21 IE Ivanhoe Electric Inc. / US Reduce -0.7% 0.43% −0.14 HTZ Hertz Global Hldgs Inc. Reduce -62.8% 0.05% −0.12 NATL NCR Atleos Corp. Reduce -60.0% 0.05% −0.09 DOYU Douyu International Hold-ADR Sold out 0.00% −0.09 DJT Trump Media & Technology Gro Reduce -92.1% 0.00% −0.09 EVBG Everbridge Inc. Sold out 0.00% −0.08 LYV Live Nation Entertainment Inc. Sold out 0.00% −0.07 RCM R1 RCM Inc. Sold out 0.00% −0.05 NWLI National Western Life Grou-A Sold out 0.00% −0.05 ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.04 AMD Advanced Micro Devices Reduce -44.4% 0.02% −0.02 NVDA Nvidia Corp. Sold out 0.00% −0.01 IMCR Immunocore Holdings PLC-ADR Sold out 0.00% −0.01 WKME Walkme Ltd. Sold out 0.00% −0.01 SIRI Sirius XM Holdings Inc. Sold out 0.00% −0.00 CCK Crown Holdings Inc. Reduce -3.5% 1.70% +0.09
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ K Kellanova New 7.86% +7.86 SMAR Smartsheet Inc. Class A New 6.96% +6.96 SPY SS SPDR S&P 500 ETF Trust-US Add +68.0% 8.11% +2.70 SRCL Stericycle Inc. Add +99.1% 3.18% +1.39 PARAA Paramount Global Class B New 0.97% +0.97 SNPS Synopsys Inc. New 0.88% +0.88 MRO Marathon Oil Corp. Add +140.0% 1.23% +0.58 JNPR Juniper Networks Inc. Add +18.5% 7.53% +0.52 CAR Avis Budget Group Inc. Add +180.6% 0.77% +0.38 PETQ Petiq Inc. New 0.36% +0.36 AMED Amedisys Inc. Add +37.6% 1.90% +0.35 SIRI Sirius XM Holdings Inc. New 0.30% +0.30 LBRDK Liberty Broadband-C New 0.28% +0.28 CCL Carnival Corp. Add +614.3% 0.34% +0.28 LLYVK Liberty Media Corp.-Liberty-C New 0.13% +0.13 AXONICS INC Add +57.8% 0.20% +0.06 RDDT Reddit Inc. Class A New 0.03% +0.03 EDR Endeavor Group Hold Class A Add +12.1% 7.76% +0.03 SNOW Snowflake Inc. New 0.03% +0.03 LLYVA Liberty Media Corp.-Liberty-A New 0.02% +0.02 AVGO Broadcom Inc. Add +70.0% 0.05% +0.02 RBRK Rubrik Inc. Class A Add +83.3% 0.03% +0.01 ALAB Astera Labs Inc. New 0.01% +0.01 AHRT Ah Realty Trust Inc. New 0.00% +0.00 PARAA Paramount Global Class A New 0.00% +0.00 SWN Southwestern Energy Co. New 0.00% +0.00 PRTCY Puretech Health PLC - ADR Add +54.4% 0.01% +0.00 TELA Tela Bio Inc. Add +25.0% 0.02% −0.02 ANSS Ansys Inc. Add +0.5% 2.47% −0.46 SPR Spirit Aerosystems Hold Class A Add +0.9% 5.43% −0.99 HES Hess Corp. Add +1.6% 11.10% −2.91
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +62.2% 4,062,500 $2.3B X United States Steel Corp. put Reduce -7.3% 12,557,300 $443.6M BA The Boeing Co. call Add +229.8% 1,550,000 $235.7M BA The Boeing Co. put Reduce -17.1% 1,240,000 $188.5M ANSS Ansys Inc. put New 400,000 $127.5M HUBS HubSpot Inc. put Reduce -30.6% 200,500 $106.6M TKO Tko Group Holdings Inc. put New 676,800 $83.7M CVX Chevron Corp. call Add +11.1% 500,000 $73.6M GOOG Alphabet Inc. Class C call Sold out 350,000 $64.2Mbefore exit SNPS Synopsys Inc. put Reduce -10.4% 121,000 $61.3M SMAR Smartsheet Inc. Class A put New 1,005,000 $55.6M PARAA Paramount Global Class B put New 2,651,300 $28.2M GOOG Alphabet Inc. Class C put Sold out 100,000 $18.3Mbefore exit CERE Cerevel Therapeutics Holding put Sold out 400,000 $16.4Mbefore exit CAR Avis Budget Group Inc. put Add +1300.0% 140,000 $12.3M SIRI Sirius XM Holdings Inc. put Sold out 3,135,000 $8.9Mbefore exit ACI Albertsons Cos Inc. Class A put Reduce -42.9% 400,000 $7.4M CVX Chevron Corp. put Reduce -50.0% 50,000 $7.4M XBI SS SPDR S&P Biotech ETF put Sold out 75,000 $7.0Mbefore exit CCL Carnival Corp. put Add +250.0% 350,000 $6.5M IWM iShares Russell 2000 ETF put Sold out 25,000 $5.1Mbefore exit HUBS HubSpot Inc. call Sold out 8,200 $4.8Mbefore exit RSP Invesco S&P 500 Equal Weight put Reduce -50.0% 25,000 $4.5M AVGO Broadcom Inc. put Reduce -16.7% 25,000 $4.3M X United States Steel Corp. call New 100,000 $3.5M DJT Trump Media & Technology Gro put New 195,000 $3.1M AMC AMC Entertainment HLDS Class A put Sold out 550,000 $2.7Mbefore exit TKO Tko Group Holdings Inc. call New 20,000 $2.5M AMD Advanced Micro Devices call Add +20.0% 12,000 $2.0M NVDA Nvidia Corp. put Sold out 10,000 $1.2Mbefore exit RBRK Rubrik Inc. Class A put Add +133.3% 35,000 $1.1M OHI Omega Healthcare Investors put New 20,000 $814K COF Capital One Financial Corp. put Reduce -97.9% 5,000 $749K PLTR Palantir Technologies Inc. Class A put New 20,000 $744K DJT Trump Media & Technology Gro call Add +350.0% 45,000 $723K SNOW Snowflake Inc. put New 5,000 $574K IMCR Immunocore Holdings PLC-ADR put Sold out 10,000 $339Kbefore exit RBRK Rubrik Inc. Class A call New 10,000 $322K TALO Talos Energy Inc. call New 25,000 $259K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Sold out 1,000,000 $925Kbefore exit DJTWW Trump Media & Technology Gro *W EXP 03/25/202 New 10,000 $104K
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