Pentwater Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Pentwater Capital Management LP reported 65 stock positions worth $11.1 billion. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 15.9% of the portfolio, followed by Electronic Arts (EA, 8.7%) and Norfolk Southern (NSC, 7.4%). Compared with Q2 2025, it opened 34 new positions, sold out of 32, added to 17 and reduced 9. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Hess (HES).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001425851
- Portfolio Value
- $11.1B (Q3 2025)
- SEC Filing
- 0001140361-25-042346 ↗ filed Nov 14, 2025
Holdings Value
Holdings 65 stocks · $11.1B
| CYBR Cyberark Software Ltd./Israel | 15.91% | 3,665,000 | $1.8B | New |
| EA Electronic Arts Inc. | 8.70% | 4,800,000 | $968.2M | New |
| NSC Norfolk Southern Corp. | 7.42% | 2,750,000 | $826.1M | New |
| K Kellanova | 7.37% | 10,000,000 | $820.2M | Add +12.2% |
| VRNA Verona Pharma Ltd. | 5.08% | 5,300,000 | $565.6M | New |
| BA The Boeing Co. | 4.84% | 2,494,800 | $538.5M | Add +21.7% |
| WBD Warner Bros Discovery Inc. | 4.75% | 27,060,000 | $528.5M | New |
| CAR Avis Budget Group Inc. | 4.56% | 3,163,000 | $507.9M | Add +39.3% |
| CORZ Core Scientific Inc. | 3.91% | 24,250,000 | $435.0M | Add +1200.3% |
| DAY Dayforce Inc. | 3.41% | 5,500,000 | $378.9M | New |
| SPR Spirit Aerosystems Hold Class A | 3.26% | 9,400,000 | $362.8M | Add +5.0% |
| KVUE Kenvue Inc. | 3.07% | 21,080,000 | $342.1M | Add +2351.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.39% | 400,000 | $266.5M | Add +73.9% |
| SGRY Surgery Partners Inc. | 2.27% | 11,681,000 | $252.8M | Add +66.9% |
| COOP Mr Cooper Group Inc. | 1.89% | 997,000 | $210.2M | Add +115.3% |
| INFA Informatica Inc. Class A | 1.64% | 7,350,000 | $182.6M | Add +7.8% |
| ETNB 89BIO Inc. | 1.55% | 11,750,000 | $172.7M | New |
| LBRDK Liberty Broadband-C | 1.53% | 2,672,000 | $169.8M | No change |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 1.44% | 2,095,000 | $159.8M | New |
| AMC AMC Entertainment HLDS Class A | 1.27% | 48,626,044 | $141.0M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 1.26% | 2,200,000 | $140.0M | New |
| TECK Teck Resources Ltd.-CLS B | 1.14% | 2,900,000 | $127.3M | Add +7150.0% |
| CCL Carnival Corp. | 1.12% | 4,300,000 | $124.3M | Add +3.6% |
| BHF Brighthouse Financial Inc. | 1.09% | 2,285,000 | $121.3M | Add +140.5% |
| HCA HCA Healthcare Inc. | 0.97% | 253,400 | $108.0M | Add +58.4% |
| GEO The Geo Group Inc. | 0.95% | 5,186,000 | $106.3M | Add +60.6% |
| MRUS Merus NV | 0.82% | 970,000 | $91.3M | New |
| UNH Unitedhealth Group Inc. | 0.62% | 200,000 | $69.1M | Reduce -79.5% |
| TXNM TXNM Energy Inc. | 0.60% | 1,190,000 | $67.3M | Add +5.7% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.50% | 594,700 | $56.1M | Reduce -21.8% |
| NUE Nucor Corp. | 0.49% | 400,000 | $54.2M | Reduce -10.1% |
| ECHO Echostar Corp. Class A | 0.44% | 640,000 | $48.9M | New |
| TGNA Tegna Inc. | 0.42% | 2,326,300 | $47.3M | New |
| VMEO Vimeo Inc. | 0.42% | 6,009,500 | $46.6M | New |
| WGS Genedx Holdings Corp. | 0.41% | 425,000 | $45.8M | Reduce -65.2% |
| FYBR Frontier Communications Pare | 0.39% | 1,152,000 | $43.0M | Reduce -71.0% |
| PNFP Pinnacle Financial Partners | 0.38% | 453,550 | $42.5M | New |
| VBTX Veritex Holdings Inc. | 0.35% | 1,170,000 | $39.2M | New |
| THC Tenet Healthcare Corp. | 0.20% | 110,000 | $22.3M | New |
| PREMIER INC-CLASS A | 0.15% | 598,300 | $16.6M | New |
| CYTK Cytokinetics Inc. | 0.15% | 300,000 | $16.5M | No change |
| PSKY Paramount Skydance Class B | 0.15% | 855,020 | $16.2M | New |
| IE Ivanhoe Electric Inc. / US | 0.14% | 1,250,000 | $15.7M | Reduce -51.8% |
| PGRE Paramount Group Inc. | 0.12% | 2,001,400 | $13.1M | New |
| SHCO Soho House & Co. Inc. | 0.12% | 1,476,000 | $13.1M | New |
| LBRDA Liberty Broadband-A | 0.10% | 170,000 | $10.8M | No change |
| PRO Pros Holdings Inc. | 0.05% | 250,000 | $5.7M | New |
| BATRK Atlanta Braves Holdings in-C | 0.03% | 90,000 | $3.7M | No change |
| SIRI Sirius XM Holdings Inc. | 0.03% | 125,000 | $2.9M | Reduce -44.4% |
| DEC Diversified Energy Co. PLC | 0.02% | 140,987 | $2.0M | Reduce -6.0% |
| PRTCY Puretech Health PLC - ADR | 0.01% | 75,000 | $1.4M | Add +50.0% |
| CNM Core & Main Inc. Class A | 0.01% | 25,000 | $1.3M | New |
| HOUS Anywhere Real Estate Inc. | 0.01% | 120,000 | $1.3M | New |
| VRNT Verint Systems Inc. | 0.01% | 60,000 | $1.2M | New |
| TELA Tela Bio Inc. | 0.01% | 724,856 | $1.1M | Reduce -11.1% |
| RBRK Rubrik Inc. Class A | 0.01% | 11,500 | $946K | New |
| FIG Figma Inc. Class A | 0.01% | 16,000 | $830K | New |
| KDP Keurig Dr Pepper Inc. | 0.01% | 25,000 | $638K | New |
| ESPR Esperion Therapeutics Inc. | 0.00% | 181,290 | $480K | No change |
| WYFI Whitefiber Inc. | 0.00% | 13,000 | $353K | New |
| GEMI Gemini Space Station Inc. Class A | 0.00% | 13,000 | $311K | New |
| NAK Northern Dynasty Minerals | 0.00% | 200,000 | $240K | New |
| RKT Rocket Cos Inc. Class A | 0.00% | 8,000 | $155K | New |
| MGRM Monogram Technologies Inc. | 0.00% | 10,000 | $59K | New |
| SNPS Synopsys Inc. | 0.00% | 103 | $51K | New |
Options reported separately and not counted above: SPY puts ($2.1B), UNH calls ($1.2B), BA puts ($949.7M), CAR puts ($707.6M), CRWV puts ($311.3M), PANW calls ($167.0M), KVUE puts ($163.9M), SNPS puts ($148.0M), BHF puts ($110.7M), CCL puts ($105.5M), PANW puts ($101.8M), UNP puts ($92.2M), and 32 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.8M (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 | $10.8M | No change |
Total filed on the 13F, all lines: $11.1B.
Portfolio Sells Q2 2025 → Q3 2025
| HES Hess Corp. | Sold out | 0.00% | −12.96 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −7.27 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −6.39 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −5.64 |
| ANSS Ansys Inc. | Sold out | 0.00% | −3.66 |
| UNH Unitedhealth Group Inc. | Reduce -79.5% | 0.62% | −3.27 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −2.52 |
| AMED Amedisys Inc. | Sold out | 0.00% | −2.16 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −1.90 |
| FYBR Frontier Communications Pare | Reduce -71.0% | 0.39% | −1.46 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −1.43 |
| FL Foot Locker Inc. | Sold out | 0.00% | −1.03 |
| WGS Genedx Holdings Corp. | Reduce -65.2% | 0.41% | −1.03 |
| STLD Steel Dynamics Inc. | Sold out | 0.00% | −1.00 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.96 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.95 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.80 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.60 |
| GMS GMS Inc. | Sold out | 0.00% | −0.56 |
| TGI Triumph Group Inc. | Sold out | 0.00% | −0.49 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.38 |
| LLYVA Liberty Media Corp.-Liberty-A | Reduce -21.8% | 0.50% | −0.27 |
| NUE Nucor Corp. | Reduce -10.1% | 0.49% | −0.25 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.18 |
| IE Ivanhoe Electric Inc. / US | Reduce -51.8% | 0.14% | −0.16 |
| BROOKLINE BANCORP INC | Sold out | 0.00% | −0.09 |
| SIRI Sirius XM Holdings Inc. | Reduce -44.4% | 0.03% | −0.04 |
| TIC Tic Solutions Inc. | Sold out | 0.00% | −0.04 |
| CCK Crown Holdings Inc. | Sold out | 0.00% | −0.04 |
| PARAA Paramount Global Class A | Sold out | 0.00% | −0.02 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.02 |
| VOYG Voyager Technologies Inc. Class A | Sold out | 0.00% | −0.01 |
| INTC Intel Corp. | Sold out | 0.00% | −0.01 |
| TELA Tela Bio Inc. | Reduce -11.1% | 0.01% | −0.01 |
| DEC Diversified Energy Co. PLC | Reduce -6.0% | 0.02% | −0.01 |
| VVX V2X Inc. | Sold out | 0.00% | −0.01 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.01 |
| AHL Aspen Insurance Holdings Class A | Sold out | 0.00% | −0.01 |
| OMDA Omada Health Inc. | Sold out | 0.00% | −0.01 |
| VG Venture Global Inc. Class A | Sold out | 0.00% | −0.01 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | New | 15.91% | +15.91 |
| EA Electronic Arts Inc. | New | 8.70% | +8.70 |
| NSC Norfolk Southern Corp. | New | 7.42% | +7.42 |
| VRNA Verona Pharma Ltd. | New | 5.08% | +5.08 |
| WBD Warner Bros Discovery Inc. | New | 4.75% | +4.75 |
| CORZ Core Scientific Inc. | Add +1200.3% | 3.91% | +3.50 |
| DAY Dayforce Inc. | New | 3.41% | +3.41 |
| KVUE Kenvue Inc. | Add +2351.2% | 3.07% | +2.84 |
| ETNB 89BIO Inc. | New | 1.55% | +1.55 |
| WNS WNS Holdings Ltd. | New | 1.44% | +1.44 |
| AMC AMC Entertainment HLDS Class A | New | 1.27% | +1.27 |
| AL Sumisho Air Lease Corp. | New | 1.26% | +1.26 |
| TECK Teck Resources Ltd.-CLS B | Add +7150.0% | 1.14% | +1.12 |
| COOP Mr Cooper Group Inc. | Add +115.3% | 1.89% | +1.01 |
| MRUS Merus NV | New | 0.82% | +0.82 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +73.9% | 2.39% | +0.58 |
| ECHO Echostar Corp. Class A | New | 0.44% | +0.44 |
| BHF Brighthouse Financial Inc. | Add +140.5% | 1.09% | +0.44 |
| TGNA Tegna Inc. | New | 0.42% | +0.42 |
| VMEO Vimeo Inc. | New | 0.42% | +0.42 |
| PNFP Pinnacle Financial Partners | New | 0.38% | +0.38 |
| VBTX Veritex Holdings Inc. | New | 0.35% | +0.35 |
| SGRY Surgery Partners Inc. | Add +66.9% | 2.27% | +0.28 |
| THC Tenet Healthcare Corp. | New | 0.20% | +0.20 |
| HCA HCA Healthcare Inc. | Add +58.4% | 0.97% | +0.19 |
| PREMIER INC-CLASS A | New | 0.15% | +0.15 |
| PSKY Paramount Skydance Class B | New | 0.15% | +0.15 |
| PGRE Paramount Group Inc. | New | 0.12% | +0.12 |
| SHCO Soho House & Co. Inc. | New | 0.12% | +0.12 |
| PRO Pros Holdings Inc. | New | 0.05% | +0.05 |
| CNM Core & Main Inc. Class A | New | 0.01% | +0.01 |
| HOUS Anywhere Real Estate Inc. | New | 0.01% | +0.01 |
| VRNT Verint Systems Inc. | New | 0.01% | +0.01 |
| RBRK Rubrik Inc. Class A | New | 0.01% | +0.01 |
| FIG Figma Inc. Class A | New | 0.01% | +0.01 |
| KDP Keurig Dr Pepper Inc. | New | 0.01% | +0.01 |
| WYFI Whitefiber Inc. | New | 0.00% | +0.00 |
| GEMI Gemini Space Station Inc. Class A | New | 0.00% | +0.00 |
| NAK Northern Dynasty Minerals | New | 0.00% | +0.00 |
| PRTCY Puretech Health PLC - ADR | Add +50.0% | 0.01% | +0.00 |
| RKT Rocket Cos Inc. Class A | New | 0.00% | +0.00 |
| MGRM Monogram Technologies Inc. | New | 0.00% | +0.00 |
| SNPS Synopsys Inc. | New | 0.00% | +0.00 |
| GEO The Geo Group Inc. | Add +60.6% | 0.95% | −0.03 |
| TXNM TXNM Energy Inc. | Add +5.7% | 0.60% | −0.21 |
| CAR Avis Budget Group Inc. | Add +39.3% | 4.56% | −0.34 |
| CCL Carnival Corp. | Add +3.6% | 1.12% | −0.37 |
| INFA Informatica Inc. Class A | Add +7.8% | 1.64% | −0.48 |
| BA The Boeing Co. | Add +21.7% | 4.84% | −0.65 |
| SPR Spirit Aerosystems Hold Class A | Add +5.0% | 3.26% | −1.10 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -48.5% | 3,120,000 | $2.1B |
| UNH Unitedhealth Group Inc. | call | Add +641.8% | 3,375,000 | $1.2B |
| BA The Boeing Co. | put | Reduce -3.9% | 4,400,000 | $949.7M |
| CAR Avis Budget Group Inc. | put | Add +10.6% | 4,406,300 | $707.6M |
| HES Hess Corp. | put | Sold out | 2,750,000 | $381.0Mbefore exit |
| CRWV Coreweave Inc. Class A | put | New | 2,275,000 | $311.3M |
| PANW Palo Alto Networks Inc. | call | New | 820,000 | $167.0M |
| KVUE Kenvue Inc. | put | Add +3266.7% | 10,100,000 | $163.9M |
| SNPS Synopsys Inc. | put | New | 300,000 | $148.0M |
| PARAA Paramount Global Class B | put | Sold out | 11,044,000 | $142.5Mbefore exit |
| BHF Brighthouse Financial Inc. | put | Add +20.5% | 2,085,000 | $110.7M |
| CCL Carnival Corp. | put | Add +23.7% | 3,650,000 | $105.5M |
| ANSS Ansys Inc. | put | Sold out | 300,000 | $105.4Mbefore exit |
| PANW Palo Alto Networks Inc. | put | New | 500,000 | $101.8M |
| JNPR Juniper Networks Inc. | put | Sold out | 2,350,100 | $93.8Mbefore exit |
| UNP Union Pacific Corp. | put | New | 390,000 | $92.2M |
| CVX Chevron Corp. | put | Reduce -78.3% | 500,000 | $77.6M |
| PSKY Paramount Skydance Class B | put | New | 3,200,000 | $60.5M |
| NUE Nucor Corp. | put | Reduce -20.0% | 400,000 | $54.2M |
| HCA HCA Healthcare Inc. | put | Add +4.3% | 120,000 | $51.1M |
| SNPS Synopsys Inc. | call | Reduce -43.8% | 90,000 | $44.4M |
| RKT Rocket Cos Inc. Class A | call | New | 2,200,000 | $42.6M |
| KVUE Kenvue Inc. | call | New | 2,500,000 | $40.6M |
| WGS Genedx Holdings Corp. | put | Reduce -67.0% | 340,000 | $36.6M |
| WBD Warner Bros Discovery Inc. | call | New | 1,850,000 | $36.1M |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 65,000 | $35.9Mbefore exit |
| UNH Unitedhealth Group Inc. | put | Reduce -89.6% | 100,000 | $34.5M |
| CORZ Core Scientific Inc. | call | New | 1,800,000 | $32.3M |
| ECHO Echostar Corp. Class A | put | New | 375,000 | $28.6M |
| GEO The Geo Group Inc. | put | Reduce -28.0% | 900,000 | $18.4M |
| LYV Live Nation Entertainment Inc. | put | New | 100,000 | $16.3M |
| CVX Chevron Corp. | call | Sold out | 100,000 | $14.3Mbefore exit |
| STLD Steel Dynamics Inc. | put | Add +100.0% | 100,000 | $13.9M |
| CAR Avis Budget Group Inc. | call | Reduce -89.7% | 70,000 | $11.2M |
| CORZ Core Scientific Inc. | put | Reduce -52.0% | 600,200 | $10.8M |
| EWG iShares MSCI Germany ETF | put | Add +28.6% | 225,000 | $9.4M |
| CRWV Coreweave Inc. Class A | call | New | 50,000 | $6.8M |
| GEO The Geo Group Inc. | call | New | 100,000 | $2.0M |
| CNM Core & Main Inc. Class A | call | New | 30,000 | $1.6M |
| INTC Intel Corp. | call | Reduce -30.0% | 35,000 | $1.2M |
| CNM Core & Main Inc. Class A | put | New | 20,000 | $1.1M |
| RNAM Avidity Biosciences Inc. | call | New | 20,000 | $871K |
| HOLX Hologic Inc. | put | Sold out | 10,000 | $652Kbefore exit |
| KDP Keurig Dr Pepper Inc. | put | New | 25,000 | $638K |
| SOC Sable Offshore Corp. | call | New | 35,000 | $611K |
| RBRK Rubrik Inc. Class A | call | New | 5,000 | $411K |
| VG Venture Global Inc. Class A | call | Sold out | 15,000 | $234Kbefore exit |
| PTEN Patterson-Uti Energy Inc. | call | New | 25,000 | $130K |
| VVX V2X Inc. | put | Sold out | 1,400 | $68Kbefore 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 |