Pentwater Capital Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Pentwater Capital Management LP reported 60 stock positions worth $14.1 billion. Its top holding was Electronic Arts (EA) at 18.6% of the portfolio, followed by Boeing (BA, 10.0%) and Warner Bros Discovery (WBD, 9.8%). Compared with Q4 2025, it opened 31 new positions, sold out of 18, added to 21 and reduced 4. The biggest buy was Avis Budget (CAR, shares +127%) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001425851
- Portfolio Value
- $14.1B (Q1 2026)
- SEC Filing
- 0001140361-26-021678 ↗ filed May 15, 2026
Holdings Value
Holdings 60 stocks · $14.1B
| EA Electronic Arts Inc. | 18.56% | 12,807,500 | $2.6B | Add +17.0% |
| BA The Boeing Co. | 10.00% | 7,069,500 | $1.4B | Add +7.0% |
| WBD Warner Bros Discovery Inc. | 9.81% | 50,245,000 | $1.4B | Add +9.1% |
| CAR Avis Budget Group Inc. | 7.31% | 7,048,300 | $1.0B | Add +127.3% |
| NSC Norfolk Southern Corp. | 6.57% | 3,220,000 | $924.1M | Add +6.7% |
| KVUE Kenvue Inc. | 6.37% | 52,000,000 | $896.5M | Reduce -8.3% |
| MASI Masimo Corp. | 4.01% | 3,176,000 | $564.9M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.68% | 580,000 | $377.2M | Add +5700.0% |
| CORZ Core Scientific Inc. | 2.64% | 24,852,000 | $371.8M | Reduce -3.0% |
| TECK Teck Resources Ltd.-CLS B | 2.56% | 6,960,000 | $360.2M | Add +7.1% |
| HOLX Hologic Inc. | 2.42% | 4,500,224 | $340.2M | Add +6.0% |
| ACLX Arcellx Inc. | 2.34% | 2,870,000 | $329.5M | New |
| CNTA Centessa Pharmaceuticals Ltd. | 2.31% | 8,170,000 | $324.5M | New |
| NFLX Netflix Inc. | 2.11% | 3,088,000 | $296.9M | Add +865.0% |
| ECHO Echostar Corp. Class A | 1.96% | 2,360,000 | $276.3M | Add +231.6% |
| CWAN Clearwater Analytics HDS-A | 1.91% | 11,385,000 | $269.3M | Add +337.9% |
| APLS Apellis Pharmaceuticals Inc. | 1.50% | 5,250,000 | $211.2M | New |
| FOLD Amicus Therapeutics Inc. | 1.44% | 14,000,000 | $202.4M | Add +21.7% |
| DBRG Digitalbridge Group Inc. | 1.29% | 11,750,000 | $181.2M | Add +2.2% |
| TXNM TXNM Energy Inc. | 1.16% | 2,800,000 | $163.7M | Add +69.6% |
| GEO The Geo Group Inc. | 1.14% | 9,565,000 | $160.8M | Add +63.6% |
| CCL Carnival Corp. | 1.11% | 6,060,000 | $156.8M | Add +38.5% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 1.11% | 2,396,825 | $155.6M | Add +7.0% |
| SGRY Surgery Partners Inc. | 1.07% | 12,655,000 | $150.8M | Add +26.6% |
| UNH Unitedhealth Group Inc. | 0.98% | 512,000 | $138.5M | Add +29.6% |
| WBS Webster Financial Corp. | 0.92% | 1,866,090 | $129.5M | New |
| LBRDK Liberty Broadband-C | 0.89% | 2,493,644 | $125.4M | No change |
| SLAB Silicon Laboratories Inc. | 0.74% | 500,000 | $104.1M | New |
| CZR Caesars Entertainment Inc. | 0.50% | 2,650,000 | $70.0M | New |
| UAL United Airlines Holdings Inc. | 0.33% | 500,000 | $46.0M | New |
| OS Onestream Inc. | 0.32% | 1,890,000 | $45.4M | New |
| PSKY Paramount Skydance Class B | 0.26% | 4,100,000 | $37.0M | Add +18.8% |
| HCA HCA Healthcare Inc. | 0.25% | 75,000 | $35.5M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.25% | 60,000 | $34.6M | New |
| PNFP Pinnacle Financial Partners | 0.18% | 300,000 | $25.8M | New |
| THC Tenet Healthcare Corp. | 0.17% | 125,000 | $23.6M | New |
| ORCL Oracle Corp. | 0.16% | 155,000 | $22.8M | New |
| DAWN Day One Biopharmaceuticals I | 0.12% | 800,000 | $17.2M | New |
| GPCR Structure Therapeutics Inc. | 0.08% | 245,000 | $11.8M | New |
| AMC AMC Entertainment HLDS Class A | 0.07% | 9,370,686 | $9.2M | New |
| LBRDA Liberty Broadband-A | 0.06% | 170,000 | $8.5M | No change |
| RNA Atrium Therapeutics Inc. | 0.06% | 602,649 | $8.1M | New |
| KWEB Kranesh Csi China Internet | 0.05% | 250,000 | $7.1M | New |
| AES AES Corp. | 0.05% | 500,000 | $7.0M | New |
| FPS Forgent Power Solutions Class A | 0.03% | 160,000 | $4.7M | New |
| UPS United Parcel Service Class B | 0.03% | 45,000 | $4.4M | New |
| DCH Dauch Corporation | 0.02% | 519,790 | $3.1M | New |
| MDLN Medline Inc. Class A | 0.02% | 50,000 | $2.2M | New |
| CTLP Cantaloupe Inc. | 0.02% | 200,000 | $2.2M | New |
| PRTCY Puretech Health PLC - ADR | 0.01% | 70,000 | $1.0M | No change |
| CXW Corecivic Inc. | 0.01% | 50,000 | $946K | New |
| BATRK Atlanta Braves Holdings in-C | 0.01% | 20,000 | $854K | Reduce -77.8% |
| XOVR Ershares Private-Public Cros | 0.01% | 46,000 | $777K | New |
| CRWV Coreweave Inc. Class A | 0.01% | 9,500 | $736K | Reduce -92.1% |
| FRMI Fermi Inc. | 0.01% | 125,000 | $730K | Add +66.7% |
| RDDT Reddit Inc. Class A | 0.00% | 5,000 | $673K | New |
| GLXY Galaxy Digital Inc. Class A | 0.00% | 20,000 | $369K | New |
| KTOS Kratos Defense & Security | 0.00% | 5,000 | $353K | New |
| CIFR Cipher Digital Inc. | 0.00% | 15,000 | $193K | New |
| WYFI Whitefiber Inc. | 0.00% | 10,000 | $119K | No change |
Options reported separately and not counted above: SPY puts ($2.0B), BA puts ($1.0B), UNH calls ($768.5M), NFLX puts ($323.1M), UNH puts ($174.5M), WBD puts ($133.8M), NFLX calls ($123.1M), CAR calls ($113.2M), QQQ puts ($98.1M), CORZ puts ($86.8M), CCL puts ($82.2M), KVUE calls ($53.4M), and 20 more.
Portfolio Sells Q4 2025 → Q1 2026
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −11.05 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −5.33 |
| DAY Dayforce Inc. | Sold out | 0.00% | −4.75 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −3.14 |
| CADE Cadence Bank | Sold out | 0.00% | −1.93 |
| CMA Comerica Inc. | Sold out | 0.00% | −1.26 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −0.90 |
| KVUE Kenvue Inc. | Reduce -8.3% | 6.37% | −0.71 |
| HI Hillenbrand Inc. | Sold out | 0.00% | −0.41 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −0.26 |
| TGNA Tegna Inc. | Sold out | 0.00% | −0.25 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.21 |
| SHCO Soho House & Co. Inc. | Sold out | 0.00% | −0.10 |
| CRWV Coreweave Inc. Class A | Reduce -92.1% | 0.01% | −0.06 |
| CORZ Core Scientific Inc. | Reduce -3.0% | 2.64% | −0.06 |
| TDAY USA Today Co. Inc. | Sold out | 0.00% | −0.05 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.05 |
| HOUS Anywhere Real Estate Inc. | Sold out | 0.00% | −0.04 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| BATRK Atlanta Braves Holdings in-C | Reduce -77.8% | 0.01% | −0.02 |
| BORR Borr Drilling Ltd. | Sold out | 0.00% | −0.00 |
| SBET Sharplink Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| CAR Avis Budget Group Inc. | Add +127.3% | 7.31% | +4.43 |
| MASI Masimo Corp. | New | 4.01% | +4.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5700.0% | 2.68% | +2.63 |
| EA Electronic Arts Inc. | Add +17.0% | 18.56% | +2.37 |
| ACLX Arcellx Inc. | New | 2.34% | +2.34 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 2.31% | +2.31 |
| NFLX Netflix Inc. | Add +865.0% | 2.11% | +1.89 |
| APLS Apellis Pharmaceuticals Inc. | New | 1.50% | +1.50 |
| CWAN Clearwater Analytics HDS-A | Add +337.9% | 1.91% | +1.46 |
| ECHO Echostar Corp. Class A | Add +231.6% | 1.96% | +1.40 |
| WBS Webster Financial Corp. | New | 0.92% | +0.92 |
| SLAB Silicon Laboratories Inc. | New | 0.74% | +0.74 |
| CZR Caesars Entertainment Inc. | New | 0.50% | +0.50 |
| GEO The Geo Group Inc. | Add +63.6% | 1.14% | +0.46 |
| TXNM TXNM Energy Inc. | Add +69.6% | 1.16% | +0.46 |
| UAL United Airlines Holdings Inc. | New | 0.33% | +0.33 |
| OS Onestream Inc. | New | 0.32% | +0.32 |
| TECK Teck Resources Ltd.-CLS B | Add +7.1% | 2.56% | +0.31 |
| NSC Norfolk Southern Corp. | Add +6.7% | 6.57% | +0.26 |
| FOLD Amicus Therapeutics Inc. | Add +21.7% | 1.44% | +0.25 |
| HCA HCA Healthcare Inc. | New | 0.25% | +0.25 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.25% | +0.25 |
| WBD Warner Bros Discovery Inc. | Add +9.1% | 9.81% | +0.20 |
| PNFP Pinnacle Financial Partners | New | 0.18% | +0.18 |
| THC Tenet Healthcare Corp. | New | 0.17% | +0.17 |
| ORCL Oracle Corp. | New | 0.16% | +0.16 |
| CCL Carnival Corp. | Add +38.5% | 1.11% | +0.15 |
| HOLX Hologic Inc. | Add +6.0% | 2.42% | +0.13 |
| DAWN Day One Biopharmaceuticals I | New | 0.12% | +0.12 |
| GPCR Structure Therapeutics Inc. | New | 0.08% | +0.08 |
| AL Sumisho Air Lease Corp. | Add +7.0% | 1.11% | +0.07 |
| AMC AMC Entertainment HLDS Class A | New | 0.07% | +0.07 |
| RNA Atrium Therapeutics Inc. | New | 0.06% | +0.06 |
| KWEB Kranesh Csi China Internet | New | 0.05% | +0.05 |
| AES AES Corp. | New | 0.05% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +29.6% | 0.98% | +0.04 |
| FPS Forgent Power Solutions Class A | New | 0.03% | +0.03 |
| UPS United Parcel Service Class B | New | 0.03% | +0.03 |
| DCH Dauch Corporation | New | 0.02% | +0.02 |
| MDLN Medline Inc. Class A | New | 0.02% | +0.02 |
| CTLP Cantaloupe Inc. | New | 0.02% | +0.02 |
| DBRG Digitalbridge Group Inc. | Add +2.2% | 1.29% | +0.01 |
| CXW Corecivic Inc. | New | 0.01% | +0.01 |
| XOVR Ershares Private-Public Cros | New | 0.01% | +0.01 |
| RDDT Reddit Inc. Class A | New | 0.00% | +0.00 |
| GLXY Galaxy Digital Inc. Class A | New | 0.00% | +0.00 |
| KTOS Kratos Defense & Security | New | 0.00% | +0.00 |
| CIFR Cipher Digital Inc. | New | 0.00% | +0.00 |
| FRMI Fermi Inc. | Add +66.7% | 0.01% | +0.00 |
| SGRY Surgery Partners Inc. | Add +26.6% | 1.07% | −0.05 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +31.6% | 3,007,500 | $2.0B |
| BA The Boeing Co. | put | Reduce -8.0% | 5,045,000 | $1.0B |
| UNH Unitedhealth Group Inc. | call | Add +0.2% | 2,840,000 | $768.5M |
| KMB Kimberly-Clark Corp. | call | Sold out | 3,420,000 | $345.0Mbefore exit |
| NFLX Netflix Inc. | put | Add +833.3% | 3,360,000 | $323.1M |
| UNH Unitedhealth Group Inc. | put | New | 645,000 | $174.5M |
| CAR Avis Budget Group Inc. | put | Sold out | 1,163,800 | $149.3Mbefore exit |
| SNPS Synopsys Inc. | put | Sold out | 300,000 | $140.9Mbefore exit |
| WBD Warner Bros Discovery Inc. | put | Add +38.4% | 4,871,900 | $133.8M |
| NFLX Netflix Inc. | call | Add +924.0% | 1,280,000 | $123.1M |
| CAR Avis Budget Group Inc. | call | Add +1008.3% | 775,800 | $113.2M |
| PANW Palo Alto Networks Inc. | call | Sold out | 570,000 | $105.0Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 170,000 | $98.1M |
| CORZ Core Scientific Inc. | put | Add +314.3% | 5,800,000 | $86.8M |
| CCL Carnival Corp. | put | Add +19.8% | 3,175,000 | $82.2M |
| WBD Warner Bros Discovery Inc. | call | Sold out | 2,850,000 | $82.1Mbefore exit |
| PANW Palo Alto Networks Inc. | put | Sold out | 310,000 | $57.1Mbefore exit |
| KVUE Kenvue Inc. | call | Reduce -24.4% | 3,100,000 | $53.4M |
| UAL United Airlines Holdings Inc. | put | New | 530,000 | $48.8M |
| CORZ Core Scientific Inc. | call | Add +37.6% | 3,200,000 | $47.9M |
| SNPS Synopsys Inc. | call | Sold out | 90,000 | $42.3Mbefore exit |
| NSC Norfolk Southern Corp. | put | New | 103,300 | $29.6M |
| KVUE Kenvue Inc. | put | Reduce -80.4% | 1,500,000 | $25.9M |
| EWU iShares MSCI United Kingdom | put | New | 500,000 | $22.8M |
| ECHO Echostar Corp. Class A | put | Add +20.0% | 120,000 | $14.0M |
| CCL Carnival Corp. | call | New | 500,000 | $12.9M |
| EWG iShares MSCI Germany ETF | put | New | 300,000 | $11.9M |
| ORCL Oracle Corp. | put | New | 70,000 | $10.3M |
| BA The Boeing Co. | call | New | 50,000 | $10.0M |
| WGS Genedx Holdings Corp. | put | Sold out | 50,000 | $6.5Mbefore exit |
| ECHO Echostar Corp. Class A | call | New | 50,000 | $5.9M |
| GDX Vaneck Gold Miners ETF | put | New | 50,000 | $4.6M |
| GEO The Geo Group Inc. | put | Sold out | 250,000 | $4.0Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 5,000 | $3.3M |
| COPX Global X Copper Miners ETF | put | New | 37,500 | $2.9M |
| ORCL Oracle Corp. | call | Sold out | 12,500 | $2.4Mbefore exit |
| GEO The Geo Group Inc. | call | New | 50,000 | $841K |
| KDP Keurig Dr Pepper Inc. | put | Sold out | 25,000 | $700Kbefore exit |
| WYFI Whitefiber Inc. | call | Add +250.0% | 35,000 | $417K |
| CRWV Coreweave Inc. Class A | put | Reduce -97.1% | 5,000 | $387K |
| FRMI Fermi Inc. | call | New | 50,000 | $292K |
| SBET Sharplink Inc. | put | Sold out | 20,000 | $179Kbefore exit |
| AMC AMC Entertainment HLDS Class A | put | Sold out | 100,000 | $156Kbefore 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 |