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Pentwater Capital Management LP

Q4 2025 · Filed 2026-02-17
Market Value
$13.5B
+25.6%
Holdings
75
-14
New Purchases
15
Added To
16
Closed
32
Reduced
10
Top 10 Concentration
78.5%
Turnover
62.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EA 16.55% 8.99% +7.56% $2.2B
BA 10.62% 5.00% +5.62% $1.4B
EXAS 5.45% 0.00% +5.45% $736M
WBD 9.82% 4.91% +4.91% $1.3B
KVUE 7.24% 3.18% +4.06% $978M
RNAM 3.22% 0.00% +3.22% $435M
HOLX 2.34% 0.00% +2.34% $316M
DAY 4.86% 3.52% +1.34% $657M
0YY7.L 1.31% 0.00% +1.31% $176M
CMA 1.29% 0.00% +1.29% $174M
FOLD 1.21% 0.00% +1.21% $164M
TECK 2.30% 1.18% +1.12% $311M
CDTX 0.92% 0.00% +0.92% $125M
CWAN 0.46% 0.00% +0.46% $63M
HI 0.42% 0.00% +0.42% $57M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
K 0.00% 7.62% -7.62% $0
VRNA 0.00% 5.25% -5.25% $0
CYBR 11.30% 16.45% -5.15% $1.5B
SPR 0.00% 3.37% -3.37% $0
SPY 0.05% 2.48% -2.42% $7M
COOP 0.00% 1.95% -1.95% $0
CAR 2.94% 4.72% -1.77% $398M
INFA 0.00% 1.70% -1.70% $0
ETNB 0.00% 1.60% -1.60% $0
CORZ 2.76% 4.04% -1.28% $373M
NSC 6.45% 7.67% -1.23% $872M
SGRY 1.14% 2.35% -1.21% $154M
BHF 0.00% 1.13% -1.13% $0
HCA 0.00% 1.00% -1.00% $0
MRUS 0.00% 0.85% -0.85% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $167M 1.2%
Large Cap 27 $11.3B 83.4%
Mid Cap 26 $1.9B 14.0%
Small Cap 17 $188M 1.4%
Micro Cap 2 $0 0.0%

Portfolio Analytics

Avg Market Cap
$37.3B
Median Market Cap
$7.3B
Avg P/E
41.3
Median P/E
22.8
Avg Dividend Yield
0.01%
Avg Beta
1.41
# Stocks
74
# ETFs / Funds
1

Top Holdings (75 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 EA 16.55% 10,950,000 $2.2B $204.33 $1.3B +6,150,000 +128.1%
2 CYBR 11.30% 3,425,000 $1.5B $446.06 -$243M -240,000 -6.5%
3 BA 10.62% 6,610,000 $1.4B $217.12 $897M +4,115,200 +164.9%
4 WBD 9.82% 46,075,000 $1.3B $28.82 $799M +19,015,000 +70.3%
5 KVUE 7.24% 56,720,600 $978M $17.25 $636M +35,640,600 +169.1%
6 NSC 6.45% 3,019,000 $872M $288.72 $46M +269,000 +9.8%
7 EXAS 5.45% 7,250,000 $736M $101.56 +7,250,000 NEW
8 DAY 4.86% 9,500,000 $657M $69.16 $278M +4,000,000 +72.7%
9 RNAM 3.22% 6,026,500 $435M $72.13 +6,026,500 NEW
10 CAR 2.94% 3,101,400 $398M $128.32 -$110M -61,600 -1.9%
11 CORZ 2.76% 25,615,000 $373M $14.56 -$62M +1,365,000 +5.6%
12 HOLX 2.34% 4,247,500 $316M $74.49 +4,247,500 NEW
13 TECK 2.30% 6,500,000 $311M $47.89 $184M +3,600,000 +124.1%
14 0YY7.L 1.31% 11,500,000 $176M $15.34 +11,500,000 NEW
15 CMA 1.29% 2,000,000 $174M $86.93 +2,000,000 NEW
16 FOLD 1.21% 11,500,000 $164M $14.24 +11,500,000 NEW
17 SGRY 1.14% 10,000,000 $154M $15.45 -$98M -1,681,000 -14.4%
18 AL 1.06% 2,240,000 $144M $64.23 $4M +40,000 +1.8%
19 CCL 0.99% 4,375,000 $134M $30.54 $9M +75,000 +1.7%
20 UNH 0.96% 395,000 $130M $330.11 $61M +195,000 +97.5%
21 CDTX 0.92% 565,000 $125M $220.89 +565,000 NEW
22 LBRDK 0.90% 2,493,644 $121M $48.60 -$49M -178,356 -6.7%
23 TXNM 0.72% 1,651,000 $97M $58.88 $30M +461,000 +38.7%
24 GEO 0.70% 5,847,700 $94M $16.12 -$12M +661,700 +12.8%
25 SATS 0.57% 711,700 $77M $108.70 $28M +71,700 +11.2%
26 CWAN 0.46% 2,600,000 $63M $24.12 +2,600,000 NEW
27 HI 0.42% 1,800,000 $57M $31.72 +1,800,000 NEW
28 PSKY 0.34% 3,450,500 $46M $13.40 $30M +2,595,480 +303.6%
29 TGNA 0.25% 1,750,000 $34M $19.41 -$13M -576,300 -24.8%
30 NFLX 0.22% 320,000 $30M $93.76 +320,000 NEW
31 PNFP 0.21% 300,000 $29M $95.41 -$14M -153,550 -33.9%
32 SHCO 0.10% 1,476,000 $13M $8.96 $162K
33 CRWV 0.06% 120,000 $9M $71.61 +120,000 NEW
34 LBRDA 0.06% 170,000 $8M $48.28 -$3M
35 TDAY 0.05% 1,400,000 $7M $5.15 +1,400,000 NEW
36 SPY 0.05% 10,000 $7M $681.92 -$260M -390,000 -97.5%
37 WGS 0.05% 50,000 $7M $130.06 -$39M -375,000 -88.2%
38 HOUS 0.04% 350,000 $5M $14.16 $4M +230,000 +191.7%
39 PTGX 0.03% 50,000 $4M $87.34 +50,000 NEW
40 PRTC 0.01% 70,000 $1M $16.64 -$223K -5,000 -6.7%
41 FRMI —% 75,000 $600K $8.00 +75,000 NEW
42 SBET —% 20,000 $179K $8.94 +20,000 NEW
43 WYFI —% 10,000 $158K $15.80 -$195K -3,000 -23.1%
44 VMEO —% -$47M -6,009,500 -100.0% SOLD
45 INFA —% -$183M -7,350,000 -100.0% SOLD
46 ETNB —% -$173M -11,750,000 -100.0% SOLD
47 PINC —% -$17M -598,300 -100.0% SOLD
48 VRNA —% -$566M -5,300,000 -100.0% SOLD
49 GEMI —% -$311K -13,000 -100.0% SOLD
50 MGRM —% -$59K -10,000 -100.0% SOLD
51 VRNT —% -$1M -60,000 -100.0% SOLD
52 PRO —% -$6M -250,000 -100.0% SOLD
53 PGRE —% -$13M -2,001,400 -100.0% SOLD
54 TELA —% -$1M -724,856 -100.0% SOLD
55 FIG —% -$830K -16,000 -100.0% SOLD
56 THC —% -$22M -110,000 -100.0% SOLD
57 K —% -$820M -10,000,000 -100.0% SOLD
58 SIRI —% -$3M -125,000 -100.0% SOLD
59 BHF —% -$121M -2,285,000 -100.0% SOLD
60 NUE —% -$54M -400,000 -100.0% SOLD
61 KDP —% -$638K -25,000 -100.0% SOLD
62 RKT —% -$155K -8,000 -100.0% SOLD
63 COOP —% -$210M -997,000 -100.0% SOLD
64 VBTX —% -$39M -1,170,000 -100.0% SOLD
65 MRUS —% -$91M -970,000 -100.0% SOLD
66 FYBR —% -$43M -1,152,000 -100.0% SOLD
67 NAK —% -$240K -200,000 -100.0% SOLD
68 RBRK —% -$946K -11,500 -100.0% SOLD
69 HCA —% -$108M -253,400 -100.0% SOLD
70 CNM —% -$1M -25,000 -100.0% SOLD
71 SNPS —% -$51K -103 -100.0% SOLD
72 SPR —% -$363M -9,400,000 -100.0% SOLD
73 CYTK —% -$16M -300,000 -100.0% SOLD
74 ESPR —% -$480K -181,290 -100.0% SOLD
75 IE —% -$16M -1,250,000 -100.0% SOLD

Options Breakdown

22 Calls $1.6B Call Value 29 Puts $3.6B Put Value 2.17 P/C Ratio

Top Calls

SymbolSharesValueStatus
UNH 2,835,000 $936M
KMB 3,420,000 $345M NEW
PANW 570,000 $105M
WBD 2,850,000 $82M
KVUE 4,100,000 $71M
SNPS 90,000 $42M
CORZ 2,325,000 $34M
NFLX 125,000 $12M NEW
CAR 70,000 $9M
ORCL 12,500 $2M NEW

Top Puts

SymbolSharesValueStatus
SPY 2,285,000 $1.6B
BA 5,485,000 $1.2B
CAR 1,163,800 $149M
SNPS 300,000 $141M
KVUE 7,650,000 $132M
WBD 3,520,000 $101M NEW
CCL 2,650,000 $81M
PANW 310,000 $57M
PSKY 3,700,000 $50M
NFLX 360,000 $34M NEW

New Positions

SymbolValue% Port
EXAS $736M 5.45%
RNAM $435M 3.22%
HOLX $316M 2.34%
0YY7.L $176M 1.31%
CMA $174M 1.29%
FOLD $164M 1.21%
CDTX $125M 0.92%
CWAN $63M 0.46%
HI $57M 0.42%
NFLX $30M 0.22%
CRWV $9M 0.06%
TDAY $7M 0.05%
PTGX $4M 0.03%
FRMI $600K —%
SBET $179K —%

Sold Out Positions

SymbolValue% Port
FIG —%
RKT —%
CNM —%
HCA —%
RBRK —%
NUE —%
THC —%
GEMI —%
BHF —%
CYTK —%
KDP —%
NAK —%
SIRI —%
SNPS —%
TELA —%
View SEC EDGAR Filings for Pentwater Capital Management LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms