Pentwater Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Pentwater Capital Management LP reported 62 stock positions worth $7.2 billion. Its top holding was Hess (HES) at 13.0% of the portfolio, followed by United States Steel (X, 11.4%) and Intra-Cellular Therapies (ITCI, 9.6%). Compared with Q4 2024, it opened 29 new positions, sold out of 21, added to 22 and reduced 8. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Smartsheet Class A (SMAR).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001425851
- Portfolio Value
- $7.2B (Q1 2025)
- SEC Filing
- 0001140361-25-019296 ↗ filed May 15, 2025
Holdings Value
Holdings 62 stocks · $7.2B
| HES Hess Corp. | 12.99% | 5,820,000 | $929.6M | Add +9.6% |
| X United States Steel Corp. | 11.38% | 19,270,000 | $814.4M | Add +4.0% |
| ITCI Intra-Cellular Therapies Inc. | 9.56% | 5,190,000 | $684.7M | New |
| K Kellanova | 9.22% | 8,000,000 | $659.9M | Add +39.0% |
| BA The Boeing Co. | 7.80% | 3,275,000 | $558.6M | Add +30.5% |
| JNPR Juniper Networks Inc. | 6.47% | 12,800,000 | $463.2M | Add +0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.69% | 600,000 | $335.6M | Reduce -20.0% |
| SPR Spirit Aerosystems Hold Class A | 4.49% | 9,330,000 | $321.5M | Add +1.2% |
| ANSS Ansys Inc. | 2.96% | 670,000 | $212.1M | Add +74.0% |
| CAR Avis Budget Group Inc. | 2.46% | 2,320,000 | $176.1M | Add +271.2% |
| NUE Nucor Corp. | 2.40% | 1,425,000 | $171.5M | Add +1681.3% |
| FYBR Frontier Communications Pare | 2.25% | 4,500,000 | $161.4M | New |
| HEES H&E Equipment Services Inc. | 2.19% | 1,650,000 | $156.4M | New |
| PARAA Paramount Global Class B | 2.02% | 12,100,000 | $144.7M | Add +30.6% |
| AMED Amedisys Inc. | 1.74% | 1,345,000 | $124.6M | Add +14.0% |
| STLD Steel Dynamics Inc. | 1.59% | 910,000 | $113.8M | New |
| LBRDK Liberty Broadband-C | 1.32% | 1,108,000 | $94.2M | No change |
| JWN Nordstrom Inc. | 1.30% | 3,800,000 | $92.9M | Add +49.0% |
| DFS Discover Financial Services | 1.22% | 510,000 | $87.1M | Reduce -4.7% |
| AZEK The Azek Co. Inc. | 1.05% | 1,541,842 | $75.4M | New |
| CCL Carnival Corp. | 1.02% | 3,750,000 | $73.2M | Add +177.8% |
| ESGR Enstar Group Ltd. | 0.94% | 202,862 | $67.4M | New |
| SGRY Surgery Partners Inc. | 0.91% | 2,742,000 | $65.1M | Add +545.2% |
| IPG Interpublic Group of Cos Inc. | 0.89% | 2,340,000 | $63.6M | Add +568.6% |
| PLYA Playa Hotels & Resorts NV | 0.83% | 4,480,000 | $59.7M | New |
| TGI Triumph Group Inc. | 0.81% | 2,300,135 | $58.3M | New |
| CCK Crown Holdings Inc. | 0.66% | 530,000 | $47.3M | Reduce -44.2% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.58% | 615,000 | $41.4M | Add +0.6% |
| GEO The Geo Group Inc. | 0.49% | 1,205,000 | $35.2M | New |
| HCA HCA Healthcare Inc. | 0.45% | 92,500 | $32.0M | New |
| SWI Solarwinds Corp. | 0.31% | 1,201,358 | $22.1M | New |
| SWTX Springworks Therapeutics Inc. | 0.31% | 500,000 | $22.1M | New |
| ATSG Air Transport Services Group | 0.23% | 732,755 | $16.4M | Add +7.4% |
| DNB Dun & Bradstreet Holdings Inc. | 0.22% | 1,776,746 | $15.9M | New |
| TKO Tko Group Holdings Inc. | 0.21% | 100,000 | $15.3M | New |
| IE Ivanhoe Electric Inc. / US | 0.21% | 2,555,841 | $14.8M | Reduce -0.4% |
| WBA Walgreens Boots Alliance Inc. | 0.20% | 1,303,193 | $14.6M | New |
| BECN Beacon Roofing Supply Inc. | 0.19% | 108,000 | $13.4M | New |
| VRN Veren Inc. | 0.19% | 2,006,000 | $13.3M | New |
| FNA Paragon 28 Inc. | 0.16% | 900,000 | $11.8M | New |
| LBRDA Liberty Broadband-A | 0.14% | 122,100 | $10.4M | Add +19.7% |
| SIRI Sirius XM Holdings Inc. | 0.14% | 450,000 | $10.1M | No change |
| CYTK Cytokinetics Inc. | 0.12% | 220,000 | $8.8M | Reduce -79.8% |
| KVUE Kenvue Inc. | 0.10% | 300,000 | $7.2M | New |
| BATRK Atlanta Braves Holdings in-C | 0.10% | 175,000 | $7.0M | Add +87.6% |
| BROOKLINE BANCORP INC | 0.09% | 620,352 | $6.8M | Add +24.1% |
| DESP Despegar.com Corp. | 0.07% | 250,000 | $4.7M | New |
| FTNT Fortinet Inc. | 0.05% | 37,000 | $3.6M | New |
| DEC Diversified Energy Co. PLC | 0.05% | 240,000 | $3.2M | New |
| TECK Teck Resources Ltd.-CLS B | 0.04% | 85,000 | $3.1M | Reduce -69.6% |
| WGS Genedx Holdings Corp. | 0.04% | 32,000 | $2.8M | New |
| AVGO Broadcom Inc. | 0.03% | 12,000 | $2.0M | New |
| CHX Championx Corp. | 0.02% | 50,000 | $1.5M | Reduce -83.3% |
| TELA Tela Bio Inc. | 0.02% | 998,755 | $1.2M | Reduce -0.1% |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 0.01% | 83,749 | $931K | New |
| EWG iShares MSCI Germany ETF | 0.01% | 25,000 | $927K | New |
| VIK Viking Holdings Ltd. | 0.01% | 20,000 | $795K | New |
| PARAA Paramount Global Class A | 0.01% | 30,750 | $700K | Add +412.5% |
| PRTCY Puretech Health PLC - ADR | 0.01% | 33,560 | $664K | Add +39.2% |
| CRWV Coreweave Inc. Class A | 0.01% | 15,000 | $556K | New |
| GWRS Global Water Resources Inc. | 0.01% | 35,000 | $361K | New |
| ESPR Esperion Therapeutics Inc. | 0.00% | 181,290 | $261K | No change |
Options reported separately and not counted above: SPY puts ($2.5B), BA puts ($515.6M), HES puts ($439.3M), X puts ($366.3M), CVX puts ($184.0M), PARAA puts ($103.6M), ANSS puts ($95.0M), JNPR puts ($74.5M), NUE puts ($60.8M), CCL puts ($57.6M), CAR puts ($49.3M), X calls ($48.5M), and 26 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 10,861,000 | $10.7M | No change |
Total filed on the 13F, all lines: $7.2B.
Portfolio Sells Q4 2024 → Q1 2025
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −8.65 |
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −8.16 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -20.0% | 4.69% | −2.90 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −2.44 |
| PSTX Poseida Therapeutics Inc. | Sold out | 0.00% | −1.43 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.84 |
| CYTK Cytokinetics Inc. | Reduce -79.8% | 0.12% | −0.76 |
| CCK Crown Holdings Inc. | Reduce -44.2% | 0.66% | −0.69 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −0.63 |
| DFS Discover Financial Services | Reduce -4.7% | 1.22% | −0.38 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.32 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.28 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.17 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.16 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.16 |
| TECK Teck Resources Ltd.-CLS B | Reduce -69.6% | 0.04% | −0.15 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.13 |
| IE Ivanhoe Electric Inc. / US | Reduce -0.4% | 0.21% | −0.13 |
| CHX Championx Corp. | Reduce -83.3% | 0.02% | −0.12 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −0.11 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.10 |
| BARNES GROUP INC | Sold out | 0.00% | −0.09 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.06 |
| TELA Tela Bio Inc. | Reduce -0.1% | 0.02% | −0.04 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.02 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.02 |
| ML Moneylion Inc. | Sold out | 0.00% | −0.01 |
| THRY Thryv Holdings Inc. | Sold out | 0.00% | −0.00 |
| STRW Strawberry Fields REIT Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | New | 9.56% | +9.56 |
| FYBR Frontier Communications Pare | New | 2.25% | +2.25 |
| NUE Nucor Corp. | Add +1681.3% | 2.40% | +2.23 |
| HEES H&E Equipment Services Inc. | New | 2.19% | +2.19 |
| CAR Avis Budget Group Inc. | Add +271.2% | 2.46% | +1.59 |
| STLD Steel Dynamics Inc. | New | 1.59% | +1.59 |
| K Kellanova | Add +39.0% | 9.22% | +1.18 |
| AZEK The Azek Co. Inc. | New | 1.05% | +1.05 |
| ESGR Enstar Group Ltd. | New | 0.94% | +0.94 |
| PLYA Playa Hotels & Resorts NV | New | 0.83% | +0.83 |
| TGI Triumph Group Inc. | New | 0.81% | +0.81 |
| HES Hess Corp. | Add +9.6% | 12.99% | +0.80 |
| SGRY Surgery Partners Inc. | Add +545.2% | 0.91% | +0.75 |
| ANSS Ansys Inc. | Add +74.0% | 2.96% | +0.72 |
| IPG Interpublic Group of Cos Inc. | Add +568.6% | 0.89% | +0.72 |
| X United States Steel Corp. | Add +4.0% | 11.38% | +0.52 |
| GEO The Geo Group Inc. | New | 0.49% | +0.49 |
| HCA HCA Healthcare Inc. | New | 0.45% | +0.45 |
| CCL Carnival Corp. | Add +177.8% | 1.02% | +0.44 |
| PARAA Paramount Global Class B | Add +30.6% | 2.02% | +0.35 |
| SWI Solarwinds Corp. | New | 0.31% | +0.31 |
| SWTX Springworks Therapeutics Inc. | New | 0.31% | +0.31 |
| JWN Nordstrom Inc. | Add +49.0% | 1.30% | +0.24 |
| DNB Dun & Bradstreet Holdings Inc. | New | 0.22% | +0.22 |
| TKO Tko Group Holdings Inc. | New | 0.21% | +0.21 |
| WBA Walgreens Boots Alliance Inc. | New | 0.20% | +0.20 |
| BECN Beacon Roofing Supply Inc. | New | 0.19% | +0.19 |
| VRN Veren Inc. | New | 0.19% | +0.19 |
| FNA Paragon 28 Inc. | New | 0.16% | +0.16 |
| BA The Boeing Co. | Add +30.5% | 7.80% | +0.14 |
| KVUE Kenvue Inc. | New | 0.10% | +0.10 |
| DESP Despegar.com Corp. | New | 0.07% | +0.07 |
| FTNT Fortinet Inc. | New | 0.05% | +0.05 |
| DEC Diversified Energy Co. PLC | New | 0.05% | +0.05 |
| WGS Genedx Holdings Corp. | New | 0.04% | +0.04 |
| BATRK Atlanta Braves Holdings in-C | Add +87.6% | 0.10% | +0.04 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| LBRDA Liberty Broadband-A | Add +19.7% | 0.14% | +0.01 |
| TIC Tic Solutions Inc. | New | 0.01% | +0.01 |
| EWG iShares MSCI Germany ETF | New | 0.01% | +0.01 |
| VIK Viking Holdings Ltd. | New | 0.01% | +0.01 |
| CRWV Coreweave Inc. Class A | New | 0.01% | +0.01 |
| PARAA Paramount Global Class A | Add +412.5% | 0.01% | +0.01 |
| GWRS Global Water Resources Inc. | New | 0.01% | +0.01 |
| PRTCY Puretech Health PLC - ADR | Add +39.2% | 0.01% | +0.00 |
| BROOKLINE BANCORP INC | Add +24.1% | 0.09% | −0.01 |
| ATSG Air Transport Services Group | Add +7.4% | 0.23% | −0.03 |
| AMED Amedisys Inc. | Add +14.0% | 1.74% | −0.11 |
| LLYVA Liberty Media Corp.-Liberty-A | Add +0.6% | 0.58% | −0.12 |
| SPR Spirit Aerosystems Hold Class A | Add +1.2% | 4.49% | −0.93 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +141.3% | 4,464,600 | $2.5B |
| BA The Boeing Co. | put | Reduce -4.8% | 3,023,300 | $515.6M |
| HES Hess Corp. | put | Add +79.7% | 2,750,000 | $439.3M |
| X United States Steel Corp. | put | Reduce -19.4% | 8,668,800 | $366.3M |
| CVX Chevron Corp. | put | Add +5.8% | 1,100,000 | $184.0M |
| PARAA Paramount Global Class B | put | Add +58.9% | 8,665,000 | $103.6M |
| ANSS Ansys Inc. | put | Reduce -25.0% | 300,000 | $95.0M |
| JNPR Juniper Networks Inc. | put | Reduce -30.9% | 2,058,000 | $74.5M |
| NUE Nucor Corp. | put | New | 505,000 | $60.8M |
| CCL Carnival Corp. | put | Add +145.8% | 2,950,000 | $57.6M |
| CAR Avis Budget Group Inc. | put | Add +242.1% | 650,000 | $49.3M |
| X United States Steel Corp. | call | Reduce -33.0% | 1,148,800 | $48.5M |
| BA The Boeing Co. | call | Sold out | 270,000 | $47.8Mbefore exit |
| CYTK Cytokinetics Inc. | put | Sold out | 920,900 | $43.3Mbefore exit |
| COF Capital One Financial Corp. | put | Add +4000.0% | 205,000 | $36.8M |
| EDR Endeavor Group Hold Class A | put | Sold out | 1,117,000 | $35.0Mbefore exit |
| HCA HCA Healthcare Inc. | put | New | 90,000 | $31.1M |
| HUBS HubSpot Inc. | put | Sold out | 35,000 | $24.4Mbefore exit |
| LYV Live Nation Entertainment Inc. | put | New | 150,000 | $19.6M |
| SNPS Synopsys Inc. | call | Sold out | 40,000 | $19.4Mbefore exit |
| GEO The Geo Group Inc. | put | New | 650,000 | $19.0M |
| CCK Crown Holdings Inc. | put | Reduce -58.3% | 200,000 | $17.9M |
| TKO Tko Group Holdings Inc. | put | Reduce -88.4% | 110,000 | $16.8M |
| STLD Steel Dynamics Inc. | call | New | 130,000 | $16.3M |
| NUE Nucor Corp. | call | Add +17.4% | 135,000 | $16.2M |
| CYTK Cytokinetics Inc. | call | Sold out | 280,000 | $13.2Mbefore exit |
| EWU iShares MSCI United Kingdom | put | Add +250.0% | 350,000 | $13.1M |
| TSLA Tesla Inc. | put | Sold out | 25,000 | $10.1Mbefore exit |
| TECK Teck Resources Ltd.-CLS B | put | Sold out | 230,000 | $9.3Mbefore exit |
| CHTR Charter Communications Inc. Class A | call | New | 20,000 | $7.4M |
| CVX Chevron Corp. | call | Sold out | 50,000 | $7.2Mbefore exit |
| KVUE Kenvue Inc. | put | New | 300,000 | $7.2M |
| CPRI Capri Holdings Ltd. | put | Sold out | 300,000 | $6.3Mbefore exit |
| KBWB Invesco KBW Bank ETF | put | New | 100,000 | $6.3M |
| ACI Albertsons Cos Inc. Class A | put | Sold out | 300,000 | $5.9Mbefore exit |
| TSLA Tesla Inc. | call | Add +162.5% | 21,000 | $5.4M |
| CAR Avis Budget Group Inc. | call | Add +75.0% | 70,000 | $5.3M |
| AVGO Broadcom Inc. | call | New | 30,000 | $5.0M |
| SIRI Sirius XM Holdings Inc. | put | New | 200,000 | $4.5M |
| RSP Invesco S&P 500 Equal Weight | put | New | 25,000 | $4.3M |
| SNPS Synopsys Inc. | put | Reduce -90.5% | 10,000 | $4.3M |
| INTC Intel Corp. | call | Sold out | 200,000 | $4.0Mbefore exit |
| FTNT Fortinet Inc. | put | New | 30,000 | $2.9M |
| AMC AMC Entertainment HLDS Class A | put | New | 1,000,000 | $2.9M |
| EWG iShares MSCI Germany ETF | put | New | 75,000 | $2.8M |
| WGS Genedx Holdings Corp. | put | New | 25,000 | $2.2M |
| ALTM Arcadium Lithium PLC | put | Sold out | 400,000 | $2.1Mbefore exit |
| HRI Herc Holdings Inc. | put | New | 15,000 | $2.0M |
| INFA Informatica Inc. Class A | put | Sold out | 35,000 | $908Kbefore exit |
| AVGO Broadcom Inc. | put | New | 5,000 | $837K |
Showing the first 50 of 56.
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 |