13F filings
Pentwater Capital Management
$12.5B in shares, plus $3.8B option notional (calls and puts, not money invested)
$19.3B to $16.4B. Includes price moves and buying or selling; not the fund's return.
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Sector mix of the disclosed holdings
by disclosed valueThe grey slice is mostly calls and puts (23.4% of the disclosed value), which get no sector because a put is a position against a company.
Largest holdings
50 largest of 90 positions| Holding | Type | Value | Shares | % of 13F value |
|---|---|---|---|---|
| EAElectronic Arts | Shares | $2.8B | 13,475,000 | 16.9% |
| BABoeing | Shares | $1.3B | 6,200,000 | 8.2% |
| WBDWarner Bros. Discovery | Shares | $1.3B | 47,576,000 | 7.8% |
| SPYSPDR S&P 500 ETF Trust | Put | $1.1B | 1,422,500 | 6.5% |
| KVUEKenvue | Shares | $977.1M | 51,130,000 | 6.0% |
| NSCNorfolk Southern | Shares | $873.0M | 2,775,000 | 5.3% |
| BABoeing | Put | $828.0M | 3,825,000 | 5.1% |
| UNHUnitedHealth Group | Call | $777.2M | 1,870,000 | 4.8% |
| ROKU | Shares | $597.5M | 4,325,000 | 3.7% |
| SATSStrive, Inc. 15.00% preferred shares | Shares | $391.8M | 3,860,000 | 2.4% |
| CARAvis Budget Group | Shares | $371.5M | 2,513,300 | 2.3% |
| TXNMTXNM Energy | Shares | $368.4M | 6,487,500 | 2.3% |
| TECKTeck Resources | Shares | $354.4M | 5,960,000 | 2.2% |
| CZRCaesars Entertainment | Shares | $346.0M | 11,465,000 | 2.1% |
| GEOGEO Group | Shares | $312.7M | 10,582,000 | 1.9% |
| OGNOrganon | Shares | $245.1M | 18,100,000 | 1.5% |
| DDominion Energy | Shares | $239.0M | 3,500,000 | 1.5% |
| DBRGDigitalBridge Group | Shares | $198.8M | 12,600,000 | 1.2% |
| SGRYSurgery Partners | Shares | $195.4M | 11,630,000 | 1.2% |
| APGEApogee Therapeutics | Shares | $189.1M | 1,425,000 | 1.2% |
| CCLCarnival | Shares | $163.0M | 5,705,000 | 1.0% |
| SLABSilicon Laboratories | Shares | $162.1M | 741,725 | 1.0% |
| NUVLNuvalent | Shares | $145.1M | 1,175,000 | 0.9% |
| THCTenet Healthcare | Shares | $143.1M | 765,000 | 0.9% |
| UNHUnitedHealth Group | Put | $137.9M | 331,700 | 0.8% |
| WBDWarner Bros. Discovery | Put | $128.6M | 4,821,900 | 0.8% |
| PSKYParamount Skydance | Shares | $118.3M | 12,000,000 | 0.7% |
| GSATGlobalstar | Shares | $110.1M | 1,355,000 | 0.7% |
| SPCXSpace Exploration Technologies | Put | $109.4M | 640,000 | 0.7% |
| PSKYParamount Skydance | Put | $98.1M | 9,950,000 | 0.6% |
| ACAArcosa | Shares | $95.9M | 660,000 | 0.6% |
| BABoeing | Call | $86.6M | 400,000 | 0.5% |
| MUMicron Technology | Call | $85.4M | 74,000 | 0.5% |
| CCLCarnival | Put | $84.3M | 2,950,000 | 0.5% |
| LBRDKLiberty Broadband | Shares | $82.9M | 2,493,644 | 0.5% |
| SATSStrive, Inc. 15.00% preferred shares | Put | $73.1M | 720,000 | 0.4% |
| PAYOPayoneer Global | Shares | $70.4M | 9,888,410 | 0.4% |
| MUMicron Technology | Put | $68.1M | 59,000 | 0.4% |
| SKYTSkyWater Technology | Shares | $62.9M | 1,807,000 | 0.4% |
| HCAHCA Healthcare | Shares | $50.7M | 130,000 | 0.3% |
| HUMHumana | Call | $39.7M | 100,000 | 0.2% |
| SPCXSpace Exploration Technologies | Shares | $39.3M | 230,000 | 0.2% |
| TECHBio-Techne | Shares | $35.3M | 500,000 | 0.2% |
| CORZCore Scientific | Put | $33.3M | 1,300,000 | 0.2% |
| NSCNorfolk Southern | Put | $32.5M | 103,300 | 0.2% |
| SPYSPDR S&P 500 ETF Trust | Shares | $29.9M | 40,000 | 0.2% |
| QQQInvesco QQQ Trust | Put | $29.5M | 40,000 | 0.2% |
| IONQ | Put | $28.1M | 526,800 | 0.2% |
| AXTAAxalta Coating Systems | Shares | $25.9M | 756,762 | 0.2% |
| THCTenet Healthcare | Put | $22.4M | 120,000 | 0.1% |
% of 13F value is the position's value against the whole disclosed 13F value, so the rows shown here do not sum to 100% unless every position is listed. Calls and puts are shown as filed: most filers give Value as the notional value of the shares underneath, not money invested, but some give the premium paid, and some count contracts rather than shares.
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What Pentwater Capital Management bought and sold in Q2 2026
15 largest moves| Holding | Move | Share change | Est. amount moved | Value after |
|---|---|---|---|---|
| SPYSPDR S&P 500 ETF Trust | Trimmed put | -52.7% | -$1.2B | $1.1B |
| CARAvis Budget Group | Trimmed | -64.3% | -$670.4M | $371.5M |
| CORZCore Scientific | Trimmed | -97.8% | -$622.2M | $13.7M |
| ROKU | New | new | +$597.5M | $597.5M |
| MASIMasimo | Exited | -100% | -$564.9M | $0 |
| SPYSPDR S&P 500 ETF Trust | Trimmed | -93.1% | -$403.3M | $29.9M |
| UNHUnitedHealth Group | Trimmed call | -34.2% | -$403.2M | $777.2M |
| HOLXHologic | Exited | -100% | -$340.2M | $0 |
| ACLXArcellx | Exited | -100% | -$329.5M | $0 |
| CNTACentessa Pharmaceuticals | Exited | -100% | -$324.5M | $0 |
| NFLXNetflix | Exited put | -100% | -$323.1M | $0 |
| NFLXNetflix | Exited | -100% | -$296.9M | $0 |
| CWANClearwater Analytics Holdings | Exited | -100% | -$269.3M | $0 |
| CZRCaesars Entertainment | Added | +332.6% | +$266.0M | $346.0M |
| BABoeing | Trimmed put | -24.2% | -$264.1M | $828.0M |
A change is this filing measured against the one before it. Est. amount moved is the shares added or sold, priced at the Jun 30, 2026 close. An estimate: a 13F gives no trade prices or dates. For a sold-out position, its value at the previous quarter end. A put gains when the stock falls; a call gains when it rises. Option values are as filed, which for most filers is the notional value of the shares underneath.
Questions
What does Pentwater Capital Management hold?
Pentwater Capital Management disclosed 90 positions worth $16.4B in the Q2 2026 13F filing, $3.8B of it option notional counted at the value of the shares underneath. The largest is EA at 16.9% of the disclosed value. A 13F lists US-listed stock and options on it; short sales and cash are not in it.
What did Pentwater Capital Management buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were trimming a put on SPY, trimming CAR, trimming CORZ and opening a position in ROKU. Changes are measured against the previous filing, not against trades, because a 13F does not disclose trades.
How current is this?
This is the Q2 2026 filing, covering positions held on Jun 30, 2026 and filed with the SEC on Aug 14, 2026. A 13F is due 45 days after the quarter ends, so the most recent filing is always at least six weeks behind the market, and the manager may have changed the book since.
How to read a 13F
WHAT THE FILING COVERS
Positions are as disclosed to the SEC on Form 13F and are not investment advice. How this data is sourced, and what it cannot tell you, is on the methodology page. How the filing itself works is explained in our guide to Form 13F.
Checked for newer filings on Oct 26, 2026.