Pentwater Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Pentwater Capital Management LP reported 63 stock positions worth $7.8 billion. Its top holding was Hess (HES) at 13.0% of the portfolio, followed by Kellanova (K, 9.1%) and Juniper Networks (JNPR, 7.3%). Compared with Q1 2025, it opened 21 new positions, sold out of 20, added to 27 and reduced 14. The biggest buy was a new position in Blueprint Medicines (BPMC) and the biggest sale an exit from United States Steel (X).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001425851
- Portfolio Value
- $7.8B (Q2 2025)
- SEC Filing
- 0001140361-25-031255 ↗ filed Aug 14, 2025
Holdings Value
Holdings 63 stocks · $7.8B
| HES Hess Corp. | 12.96% | 7,320,000 | $1.0B | Add +25.8% |
| K Kellanova | 9.05% | 8,910,000 | $708.6M | Add +11.4% |
| JNPR Juniper Networks Inc. | 7.27% | 14,250,000 | $569.0M | Add +11.3% |
| BPMC Blueprint Medicines Corp. | 6.39% | 3,900,000 | $499.9M | New |
| SKX Skechers USA Inc. Class A | 5.64% | 7,000,000 | $441.7M | New |
| BA The Boeing Co. | 5.49% | 2,050,000 | $429.5M | Reduce -37.4% |
| CAR Avis Budget Group Inc. | 4.90% | 2,270,000 | $383.7M | Reduce -2.2% |
| SPR Spirit Aerosystems Hold Class A | 4.36% | 8,950,000 | $341.4M | Reduce -4.1% |
| UNH Unitedhealth Group Inc. | 3.89% | 975,000 | $304.2M | New |
| ANSS Ansys Inc. | 3.66% | 815,000 | $286.2M | Add +21.6% |
| LBRDK Liberty Broadband-C | 3.36% | 2,672,000 | $262.9M | Add +141.2% |
| PARAA Paramount Global Class B | 2.52% | 15,300,000 | $197.4M | Add +26.4% |
| AMED Amedisys Inc. | 2.16% | 1,715,084 | $168.7M | Add +27.5% |
| INFA Informatica Inc. Class A | 2.12% | 6,821,000 | $166.1M | New |
| SGRY Surgery Partners Inc. | 1.99% | 7,000,000 | $155.6M | Add +155.3% |
| ESGR Enstar Group Ltd. | 1.90% | 441,100 | $148.4M | Add +117.4% |
| FYBR Frontier Communications Pare | 1.85% | 3,970,000 | $144.5M | Reduce -11.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.82% | 230,000 | $142.1M | Reduce -61.7% |
| CCL Carnival Corp. | 1.49% | 4,150,000 | $116.7M | Add +10.7% |
| WGS Genedx Holdings Corp. | 1.44% | 1,220,000 | $112.6M | Add +3712.5% |
| AZEK The Azek Co. Inc. | 1.43% | 2,066,000 | $112.3M | Add +34.0% |
| FL Foot Locker Inc. | 1.03% | 3,300,000 | $80.8M | New |
| STLD Steel Dynamics Inc. | 1.00% | 610,000 | $78.1M | Reduce -33.0% |
| GEO The Geo Group Inc. | 0.99% | 3,230,000 | $77.4M | Add +168.1% |
| VERV Verve Therapeutics Inc. | 0.96% | 6,720,000 | $75.5M | New |
| DNB Dun & Bradstreet Holdings Inc. | 0.95% | 8,150,000 | $74.1M | Add +358.7% |
| COOP Mr Cooper Group Inc. | 0.88% | 463,000 | $69.1M | New |
| TXNM TXNM Energy Inc. | 0.81% | 1,126,000 | $63.4M | New |
| IPG Interpublic Group of Cos Inc. | 0.80% | 2,557,000 | $62.6M | Add +9.3% |
| HCA HCA Healthcare Inc. | 0.78% | 160,000 | $61.3M | Add +73.0% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.77% | 760,000 | $60.4M | Add +23.6% |
| NUE Nucor Corp. | 0.74% | 445,000 | $57.6M | Reduce -68.8% |
| BHF Brighthouse Financial Inc. | 0.65% | 950,000 | $51.1M | New |
| SWTX Springworks Therapeutics Inc. | 0.60% | 1,000,000 | $47.0M | Add +100.0% |
| GMS GMS Inc. | 0.56% | 400,000 | $43.5M | New |
| TGI Triumph Group Inc. | 0.49% | 1,500,000 | $38.6M | Reduce -34.8% |
| CORZ Core Scientific Inc. | 0.41% | 1,865,000 | $31.8M | New |
| WBA Walgreens Boots Alliance Inc. | 0.38% | 2,600,000 | $29.8M | Add +99.5% |
| IE Ivanhoe Electric Inc. / US | 0.30% | 2,595,000 | $23.5M | Add +1.5% |
| KVUE Kenvue Inc. | 0.23% | 860,000 | $18.0M | Add +186.7% |
| LBRDA Liberty Broadband-A | 0.21% | 170,000 | $16.6M | Add +39.2% |
| STR Sitio Royalties Corp. Class A | 0.18% | 773,000 | $14.2M | New |
| CYTK Cytokinetics Inc. | 0.13% | 300,000 | $9.9M | Add +36.4% |
| BROOKLINE BANCORP INC | 0.09% | 655,000 | $6.9M | Add +5.6% |
| SIRI Sirius XM Holdings Inc. | 0.07% | 225,000 | $5.2M | Reduce -50.0% |
| BATRK Atlanta Braves Holdings in-C | 0.05% | 90,000 | $4.2M | Reduce -48.6% |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 0.04% | 271,749 | $3.0M | Add +224.5% |
| CCK Crown Holdings Inc. | 0.04% | 27,979 | $2.9M | Reduce -94.7% |
| DEC Diversified Energy Co. PLC | 0.03% | 150,000 | $2.2M | Reduce -37.5% |
| TECK Teck Resources Ltd.-CLS B | 0.02% | 40,000 | $1.6M | Reduce -52.9% |
| TELA Tela Bio Inc. | 0.02% | 815,000 | $1.6M | Reduce -18.4% |
| PARAA Paramount Global Class A | 0.02% | 61,938 | $1.4M | Add +101.4% |
| TMUS T-Mobile US Inc. | 0.02% | 5,000 | $1.2M | New |
| VOYG Voyager Technologies Inc. Class A | 0.01% | 25,000 | $981K | New |
| INTC Intel Corp. | 0.01% | 40,000 | $896K | New |
| PRTCY Puretech Health PLC - ADR | 0.01% | 50,000 | $863K | Add +49.0% |
| VVX V2X Inc. | 0.01% | 15,000 | $728K | New |
| HOLX Hologic Inc. | 0.01% | 10,000 | $652K | New |
| AHL Aspen Insurance Holdings Class A | 0.01% | 20,000 | $629K | New |
| OMDA Omada Health Inc. | 0.01% | 24,800 | $454K | New |
| VG Venture Global Inc. Class A | 0.01% | 25,000 | $390K | New |
| SOC Sable Offshore Corp. | 0.00% | 10,000 | $220K | New |
| ESPR Esperion Therapeutics Inc. | 0.00% | 181,290 | $178K | No change |
Options reported separately and not counted above: SPY puts ($3.7B), BA puts ($959.3M), CAR puts ($673.6M), HES puts ($381.0M), CVX puts ($330.1M), UNH puts ($301.1M), PARAA puts ($142.5M), UNH calls ($141.9M), CAR calls ($115.0M), ANSS puts ($105.4M), WGS puts ($95.1M), JNPR puts ($93.8M), and 20 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: $7.8B.
Portfolio Sells Q1 2025 → Q2 2025
| X United States Steel Corp. | Sold out | 0.00% | −11.38 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −9.56 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -61.7% | 1.82% | −2.87 |
| BA The Boeing Co. | Reduce -37.4% | 5.49% | −2.31 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −2.19 |
| NUE Nucor Corp. | Reduce -68.8% | 0.74% | −1.66 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −1.30 |
| DFS Discover Financial Services | Sold out | 0.00% | −1.22 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.83 |
| CCK Crown Holdings Inc. | Reduce -94.7% | 0.04% | −0.62 |
| STLD Steel Dynamics Inc. | Reduce -33.0% | 1.00% | −0.59 |
| FYBR Frontier Communications Pare | Reduce -11.8% | 1.85% | −0.41 |
| TGI Triumph Group Inc. | Reduce -34.8% | 0.49% | −0.32 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.31 |
| ATSG Air Transport Services Group | Sold out | 0.00% | −0.23 |
| TKO Tko Group Holdings Inc. | Sold out | 0.00% | −0.21 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.19 |
| VRN Veren Inc. | Sold out | 0.00% | −0.19 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.16 |
| SPR Spirit Aerosystems Hold Class A | Reduce -4.1% | 4.36% | −0.13 |
| SIRI Sirius XM Holdings Inc. | Reduce -50.0% | 0.07% | −0.08 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.07 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.05 |
| BATRK Atlanta Braves Holdings in-C | Reduce -48.6% | 0.05% | −0.04 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -52.9% | 0.02% | −0.02 |
| CHX Championx Corp. | Sold out | 0.00% | −0.02 |
| DEC Diversified Energy Co. PLC | Reduce -37.5% | 0.03% | −0.02 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.01 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.01 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.01 |
| GWRS Global Water Resources Inc. | Sold out | 0.00% | −0.01 |
| TELA Tela Bio Inc. | Reduce -18.4% | 0.02% | +0.00 |
| CAR Avis Budget Group Inc. | Reduce -2.2% | 4.90% | +2.44 |
Portfolio Buys Q1 2025 → Q2 2025
| BPMC Blueprint Medicines Corp. | New | 6.39% | +6.39 |
| SKX Skechers USA Inc. Class A | New | 5.64% | +5.64 |
| UNH Unitedhealth Group Inc. | New | 3.89% | +3.89 |
| INFA Informatica Inc. Class A | New | 2.12% | +2.12 |
| LBRDK Liberty Broadband-C | Add +141.2% | 3.36% | +2.04 |
| WGS Genedx Holdings Corp. | Add +3712.5% | 1.44% | +1.40 |
| SGRY Surgery Partners Inc. | Add +155.3% | 1.99% | +1.08 |
| FL Foot Locker Inc. | New | 1.03% | +1.03 |
| VERV Verve Therapeutics Inc. | New | 0.96% | +0.96 |
| ESGR Enstar Group Ltd. | Add +117.4% | 1.90% | +0.95 |
| COOP Mr Cooper Group Inc. | New | 0.88% | +0.88 |
| TXNM TXNM Energy Inc. | New | 0.81% | +0.81 |
| JNPR Juniper Networks Inc. | Add +11.3% | 7.27% | +0.80 |
| DNB Dun & Bradstreet Holdings Inc. | Add +358.7% | 0.95% | +0.72 |
| ANSS Ansys Inc. | Add +21.6% | 3.66% | +0.69 |
| BHF Brighthouse Financial Inc. | New | 0.65% | +0.65 |
| GMS GMS Inc. | New | 0.56% | +0.56 |
| PARAA Paramount Global Class B | Add +26.4% | 2.52% | +0.50 |
| GEO The Geo Group Inc. | Add +168.1% | 0.99% | +0.50 |
| CCL Carnival Corp. | Add +10.7% | 1.49% | +0.47 |
| AMED Amedisys Inc. | Add +27.5% | 2.16% | +0.42 |
| CORZ Core Scientific Inc. | New | 0.41% | +0.41 |
| AZEK The Azek Co. Inc. | Add +34.0% | 1.43% | +0.38 |
| HCA HCA Healthcare Inc. | Add +73.0% | 0.78% | +0.34 |
| SWTX Springworks Therapeutics Inc. | Add +100.0% | 0.60% | +0.29 |
| LLYVA Liberty Media Corp.-Liberty-A | Add +23.6% | 0.77% | +0.19 |
| STR Sitio Royalties Corp. Class A | New | 0.18% | +0.18 |
| WBA Walgreens Boots Alliance Inc. | Add +99.5% | 0.38% | +0.18 |
| KVUE Kenvue Inc. | Add +186.7% | 0.23% | +0.13 |
| IE Ivanhoe Electric Inc. / US | Add +1.5% | 0.30% | +0.09 |
| LBRDA Liberty Broadband-A | Add +39.2% | 0.21% | +0.07 |
| TIC Tic Solutions Inc. | Add +224.5% | 0.04% | +0.03 |
| TMUS T-Mobile US Inc. | New | 0.02% | +0.02 |
| VOYG Voyager Technologies Inc. Class A | New | 0.01% | +0.01 |
| INTC Intel Corp. | New | 0.01% | +0.01 |
| VVX V2X Inc. | New | 0.01% | +0.01 |
| PARAA Paramount Global Class A | Add +101.4% | 0.02% | +0.01 |
| HOLX Hologic Inc. | New | 0.01% | +0.01 |
| AHL Aspen Insurance Holdings Class A | New | 0.01% | +0.01 |
| OMDA Omada Health Inc. | New | 0.01% | +0.01 |
| VG Venture Global Inc. Class A | New | 0.01% | +0.01 |
| CYTK Cytokinetics Inc. | Add +36.4% | 0.13% | +0.00 |
| SOC Sable Offshore Corp. | New | 0.00% | +0.00 |
| PRTCY Puretech Health PLC - ADR | Add +49.0% | 0.01% | +0.00 |
| BROOKLINE BANCORP INC | Add +5.6% | 0.09% | −0.01 |
| HES Hess Corp. | Add +25.8% | 12.96% | −0.03 |
| IPG Interpublic Group of Cos Inc. | Add +9.3% | 0.80% | −0.09 |
| K Kellanova | Add +11.4% | 9.05% | −0.17 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +35.7% | 6,060,000 | $3.7B |
| BA The Boeing Co. | put | Add +51.4% | 4,578,500 | $959.3M |
| CAR Avis Budget Group Inc. | put | Add +513.0% | 3,984,800 | $673.6M |
| X United States Steel Corp. | put | Sold out | 8,668,800 | $366.3Mbefore exit |
| CVX Chevron Corp. | put | Add +109.5% | 2,305,000 | $330.1M |
| UNH Unitedhealth Group Inc. | put | New | 965,000 | $301.1M |
| PARAA Paramount Global Class B | put | Add +27.5% | 11,044,000 | $142.5M |
| UNH Unitedhealth Group Inc. | call | New | 455,000 | $141.9M |
| CAR Avis Budget Group Inc. | call | Add +871.4% | 680,000 | $115.0M |
| WGS Genedx Holdings Corp. | put | Add +4020.0% | 1,030,000 | $95.1M |
| JNPR Juniper Networks Inc. | put | Add +14.2% | 2,350,100 | $93.8M |
| BHF Brighthouse Financial Inc. | put | New | 1,730,000 | $93.0M |
| SNPS Synopsys Inc. | call | New | 160,000 | $82.0M |
| NUE Nucor Corp. | put | Reduce -1.0% | 500,000 | $64.8M |
| X United States Steel Corp. | call | Sold out | 1,148,800 | $48.5Mbefore exit |
| HCA HCA Healthcare Inc. | put | Add +27.8% | 115,000 | $44.1M |
| COF Capital One Financial Corp. | put | Sold out | 205,000 | $36.8Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 65,000 | $35.9M |
| GEO The Geo Group Inc. | put | Add +92.3% | 1,250,000 | $29.9M |
| CORZ Core Scientific Inc. | put | New | 1,250,200 | $21.3M |
| LYV Live Nation Entertainment Inc. | put | Sold out | 150,000 | $19.6Mbefore exit |
| CCK Crown Holdings Inc. | put | Sold out | 200,000 | $17.9Mbefore exit |
| TKO Tko Group Holdings Inc. | put | Sold out | 110,000 | $16.8Mbefore exit |
| STLD Steel Dynamics Inc. | call | Sold out | 130,000 | $16.3Mbefore exit |
| NUE Nucor Corp. | call | Sold out | 135,000 | $16.2Mbefore exit |
| CVX Chevron Corp. | call | New | 100,000 | $14.3M |
| EWG iShares MSCI Germany ETF | put | Add +133.3% | 175,000 | $7.4M |
| CHTR Charter Communications Inc. Class A | call | Sold out | 20,000 | $7.4Mbefore exit |
| STLD Steel Dynamics Inc. | put | New | 50,000 | $6.4M |
| KBWB Invesco KBW Bank ETF | put | Sold out | 100,000 | $6.3Mbefore exit |
| TSLA Tesla Inc. | call | Sold out | 21,000 | $5.4Mbefore exit |
| AVGO Broadcom Inc. | call | Sold out | 30,000 | $5.0Mbefore exit |
| SIRI Sirius XM Holdings Inc. | put | Sold out | 200,000 | $4.5Mbefore exit |
| RSP Invesco S&P 500 Equal Weight | put | Sold out | 25,000 | $4.3Mbefore exit |
| SNPS Synopsys Inc. | put | Sold out | 10,000 | $4.3Mbefore exit |
| FTNT Fortinet Inc. | put | Sold out | 30,000 | $2.9Mbefore exit |
| HRI Herc Holdings Inc. | put | Sold out | 15,000 | $2.0Mbefore exit |
| EWU iShares MSCI United Kingdom | put | Reduce -85.7% | 50,000 | $2.0M |
| WGS Genedx Holdings Corp. | call | New | 20,000 | $1.8M |
| INTC Intel Corp. | call | New | 50,000 | $1.1M |
| AVGO Broadcom Inc. | put | Sold out | 5,000 | $837Kbefore exit |
| HOLX Hologic Inc. | put | New | 10,000 | $652K |
| AMC AMC Entertainment HLDS Class A | call | Sold out | 200,000 | $574Kbefore exit |
| AMC AMC Entertainment HLDS Class A | put | Reduce -90.0% | 100,000 | $310K |
| VG Venture Global Inc. Class A | call | Reduce -50.0% | 15,000 | $234K |
| TALO Talos Energy Inc. | call | New | 20,000 | $170K |
| VVX V2X Inc. | put | New | 1,400 | $68K |
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 |