WhaleCreep

Pentwater Capital Management LP 13F holdings, Q1 2015

Hedge fundSEC filingsCompare with another fundHoldings as of 2015-03-31, filed 2015-05-15

Pentwater Capital Management LP disclosed 93 US equity positions worth $7.2bn in its Q1 2015 13F filing. Its largest position is DIRECTV at 13.2% of the reported book, followed by SALIX PHARMACEUTICALS INC and PHARMACYCLICS INC. Versus Q4 2014 it opened 36 new positions, added to 23, reduced 17 and exited 30.

$7.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
93
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
13.2%
Largest position
The largest single position as a share of the reported equity book.
69.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
17
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
75
Quarters on file since Q4 2007
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q4 2014: 36 new, 23 added, 17 reduced, 30 exited

50 of 93
DIRECTV no ticker–13.2%$953m11.19m+4.7%added
SALIX PHARMACEUTICALS INC no ticker–9.1%$652m3.77m+151%added
PHARMACYCLICS INC no ticker–7.9%$572m2.23m–new
HOSPIRA INC no ticker–7.6%$545m6.20m–new
TIME WARNER CABLE INC no ticker–6.0%$434m2.90m+9.7%added
TRQEUR TURQUOISE HILL RES LTD–6.0%$429m137.55m+3.5%added
FAMILY DLR STORES INC no ticker–5.7%$407m5.13m+185%added
BKR BAKER HUGHES INCEnergy5.6%$405m6.38m+5.0%added
TRW AUTOMOTIVE HLDGS CORP no ticker–5.0%$362m3.45m−29%reduced
DRCEUR DRESSER-RAND GROUP INC–3.6%$257m3.20m+58%added
CATAMARAN CORP no ticker–3.0%$214m3.60m–new
TALISMAN ENERGY INC no ticker–2.3%$163m21.22m+68%added
EXELIS INC no ticker–2.1%$151m6.20m–new
SPY SPDR S&P 500 ETF Trust–1.8%$128m621,750+180%added
ODPEUR OFFICE DEPOT INC–1.8%$126m13.70m–new
AMERICAN RLTY CAP PPTYS INC no ticker–1.7%$122m12.39m+18956%added
ESPREUR ESPERION THERAPEUTICS INC NE–1.7%$120m1.30m−12%reduced
GM General Motors CorpConsumer Cyclical1.6%$116m3.09m−22%reduced
INTERNATIONAL GAME TECHNOLOG no ticker–1.5%$105m6.04m+2.1%added
DIAMOND RESORTS INTL INC no ticker–1.4%$99.2m2.97m−5.8%reduced
ARUBA NETWORKS INC no ticker–1.1%$78.4m3.20m–new
FREESCALE SEMICONDUCTOR LTD no ticker–0.9%$63.2m1.55m–new
ALTERA CORP no ticker–0.8%$60.9m1.42m–new
TAP MOLSON COORS BEVERAGE COConsumer Defensive0.7%$46.9m630,000–new
CZREUR CAESARS ENTMT CORP–0.5%$33.2m3.15m+32%added
OXY OCCIDENTAL PETE CORPEnergy0.4%$29.2m400,000–new
SYK STRYKER CORPORATIONHealthcare0.4%$27.7m300,000–new
TESLA MTRS INC no ticker–0.4%$25.7m16.00m0.0%held
HERBALIFE LTD no ticker–0.4%$25.5m30.50m–new
CBS CORP NEW no ticker–0.3%$22.9m377,966+94%added
HUDSON CITY BANCORP no ticker–0.3%$22.6m2.15m+1772%added
REYNOLDS AMERICAN INC no ticker–0.3%$21.3m309,000–new
T86 TRI POINTE HOMES INC–0.2%$17.7m1.15m−41%reduced
BOULEVARD ACQUISITION CORP no ticker–0.2%$17.4m1.77m0.0%held
ACTAVIS PLC no ticker–0.2%$17.2m17,000–new
HEARTWARE INTL INC no ticker–0.2%$16.0m14.00m0.0%held
KINDER MORGAN INC DEL no ticker–0.2%$15.1m3.67m+15%added
AUSPEX PHARMACEUTICALS INC no ticker–0.2%$15.1m150,200–new
HERTZ GLOBAL HOLDINGS INC no ticker–0.2%$14.6m672,000+5500%added
KYTHERA BIOPHARMACEUTICALS I no ticker–0.2%$13.8m275,000−45%reduced
AXIS CAP HLDGS LTD no ticker–0.2%$13.2m256,732–new
LORILLARD INC no ticker–0.2%$13.1m200,000–new
JPM JPMORGAN CHASE & COFinancial Services0.2%$13.1m215,615+331%added
HEARTWARE INTL INC no ticker–0.2%$12.7m145,000−9.4%reduced
HYPERION THERAPEUTICS INC no ticker–0.2%$12.4m270,690–new
LYONDELLBASELL INDUSTRIES NV no ticker–0.2%$11.4m130,000+4.0%added
INFORMATICA CORP no ticker–0.2%$11.0m250,000–new
WHITING PETE CORP NEW no ticker–0.1%$10.5m340,000–new
CAPITOL ACQUISITION CORP II no ticker–0.1%$9.1m900,1000.0%held
TORNIER N V no ticker–0.1%$8.5m325,7850.0%held

Exited since Q4 2014

30 rows
ALLERGAN INC no ticker16.0%$1.2bn
COVIDIEN PLC no ticker10.8%$802m
CAREFUSION CORP no ticker5.8%$430m
CUBIST PHARMACEUTICALS INC no ticker3.5%$261m
COVANCE INC no ticker2.0%$146m
AUXILIUM PHARMACEUTICALS INC no ticker1.8%$130m
PETSMART INC no ticker1.1%$81.3m
NPS PHARMACEUTICALS INC no ticker0.8%$56.5m
CHIQUITA BRANDS INTL INC no ticker0.6%$42.6m
CLVSEUR CLOVIS ONCOLOGY INC0.4%$27.7m
EBIXEUR EBIX INC0.3%$23.8m
TRULIA INC no ticker0.3%$23.0m
SPANSION INC no ticker0.2%$17.8m
AVANIR PHARMACEUTICALS INC no ticker0.2%$16.9m
BROOKFIELD RESIDENTIAL PPTYS no ticker0.2%$15.9m
SAPIENT CORP no ticker0.2%$15.7m
QSR RESTAURANT BRANDS INTL INC0.2%$14.9m
GENTIVA HEALTH SERVICES INC no ticker0.2%$11.9m
SILVER EAGLE ACQUISITION COR no ticker0.1%$10.9m
VOLCANO CORPORATION no ticker0.1%$8.9m
DIGITAL RIV INC no ticker0.1%$7.4m
CSX CSX CORP0.10%$7.2m
HENNESSY CAP ACQUISITION COR no ticker0.09%$6.8m
MTB M & T BK CORP0.08%$5.7m
CYEUR CYPRESS SEMICONDUCTOR CORP0.04%$3.0m
PFE PFIZER INC0.04%$2.8m
GFI GROUP INC no ticker0.03%$2.0m
SILVER EAGLE ACQUISITION COR no ticker0.01%$557k
BYD BOYD GAMING CORP0.01%$383k
HENNESSY CAP ACQUISITION COR no ticker0.0%$278k

Sector mix

  • Unclassified90.4%
  • Energy6.0%
  • Consumer Cyclical1.6%
  • Consumer Defensive0.8%
  • Healthcare0.6%
  • Financial Services0.3%
  • Basic Materials0.1%
  • Industrials0.06%
  • Technology0.06%
  • Real Estate0.04%

Book over time

Every quarter on file (75)
QuarterPositionsEquity book
Q2 202659$12.5bn
Q1 202660$14.1bn
Q4 202547$13.8bn
Q3 202566$11.1bn
Q2 202564$7.8bn
Q1 202563$7.2bn
Q4 202455$5.8bn
Q3 202452$5.5bn
Q2 202453$4.6bn
Q1 202457$6.1bn
Q4 202368$5.3bn
Q3 202369$10.4bn
Q2 202386$8.0bn
Q1 202394$6.0bn
Q4 202280$3.2bn
Q3 2022100$6.6bn
Q2 2022115$5.9bn
Q1 2022121$5.4bn
Q4 2021157$6.3bn
Q3 2021183$7.3bn
Q2 2021259$9.7bn
Q1 2021276$8.6bn
Q4 2020190$6.5bn
Q3 2020180$5.0bn
Q2 2020129$3.4bn
Q1 202093$3.7bn
Q4 2019107$2.6bn
Q3 2019110$3.2bn
Q2 2019124$5.3bn
Q1 2019105$3.8bn
Q4 201898$5.1bn
Q3 2018107$6.6bn
Q2 201877$6.9bn
Q1 201849$8.4bn
Q4 201752$7.6bn
Q3 201755$6.3bn
Q2 201759$5.8bn
Q1 201753$4.7bn
Q4 201653$3.2bn
Q3 201671$5.4bn
Q2 201663$3.7bn
Q1 201648$6.3bn
Q4 201565$7.5bn
Q3 201588$7.3bn
Q2 2015103$11.5bn
Q1 201593$7.2bn
Q4 201487$7.4bn
Q3 2014113$6.5bn
Q2 201497$5.3bn
Q1 201485$2.2bn
Q4 201369$2.1bn
Q3 201380$2.4bn
Q2 201373$3.8bn
Q1 201341$1.3bn
Q4 201244$1.6bn
Q3 201239$1.3bn
Q2 201246$1.6bn
Q1 201242$1.8bn
Q4 201156$2.0bn
Q3 201154$1.4bn
Q2 201171$1.4bn
Q1 201171$2.2bn
Q4 201052$1.4bn
Q3 201052$1.5bn
Q2 201056$812m
Q1 201040$392m
Q4 200944$487m
Q3 200927$440m
Q2 200922$316m
Q1 200917$233m
Q4 200817$293m
Q3 200834$1.0bn
Q2 200828$728m
Q1 200827$1.0bn
Q4 200728$782m

Where Pentwater Capital Management LP was early

32 rows
BCE BCE INCQ1 20081 of 826.1%6.1%3Exited by Q4 2008+2.9%
HUN HUNTSMAN CORPQ1 20084 of 1438.9%8.9%4Exited by Q1 2009−85%
SPY STATE STR SPDR S&P 500 ETF TQ1 20087 of 2671.9%27.0%57Held at last filing, Q2 2026+466%
CMG CHIPOTLE MEXICAN GRILL INCQ2 20082 of 1851.4%1.7%3Exited by Q3 2009−3.2%
RGA REINSURANCE GROUP AMER INCQ1 20091 of 1021.8%1.8%6Exited by Q3 2010+41%
BAC BANK AMERICA CORPQ2 200912 of 23211.3%11.3%54Exited by Q1 2024+155%
CMCSA COMCAST CORPQ2 200917 of 2190.1%3.5%3Exited by Q3 2014+271%
AWK AMERICAN WTR WKS CO INC NEWQ4 20096 of 1230.6%1.2%2Exited by Q2 2010−2.9%
JPM JPMORGAN CHASE & COQ4 200912 of 2310.09%8.6%33Exited by Q1 2024+308%
FIS FIDELITY NATL INFORMATION SVQ2 20107 of 2257.1%7.1%3Exited by Q1 2011+2.1%
GS GOLDMAN SACHS GROUP INCQ2 201011 of 2298.0%8.0%21Exited by Q2 2022+151%
GM GENERAL MTRS COQ2 20111 of 1692.7%4.2%18Exited by Q4 2015−1.1%
META FACEBOOK INCQ2 20124 of 3842.1%2.1%2Exited by Q4 2012−30%
ZTS ZOETIS INCQ2 20132 of 17813.1%13.1%10Exited by Q1 2019+177%
CTB COOPER TIRE & RUBR COQ3 20131 of 652.9%2.9%3Exited by Q2 2021−46%
AAL AMERICAN AIRLINES GROUP INCQ4 201313 of 2383.9%3.9%27Exited by Q4 2022−52%
VOD VODAFONE GROUP PLCQ1 20143 of 1085.0%5.0%3Exited by Q4 2014−11%
SYF SYNCHRONY FINANCIALQ3 20143 of 1810.4%5.5%36Exited by Q1 2024+56%
BKR BAKER HUGHES A GE COQ4 20148 of 1784.6%5.9%7Exited by Q4 2019−59%
HUM HUMANA INCQ2 201513 of 2113.4%8.2%12Held at last filing, Q2 2026+108%
AVGO BROADCOM INCQ2 201516 of 3239.2%15.9%9Exited by Q2 2025+1160%
MXIM MAXIM INTEGRATED PRODS INCQ4 201510 of 1010.09%12.3%5Exited by Q3 2021+177%
SNDK SANDISK CORPQ4 201514 of 2335.9%11.2%2Exited by Q2 2016+0.1%
DELL DELL TECHNOLOGIES INCQ3 20169 of 2743.8%7.1%10Exited by Q1 2019+85%
TGNA TEGNA INCQ2 201715 of 1470.06%3.0%12Exited by Q1 2026−40%
AVA AVISTA CORPQ3 20179 of 990.2%1.0%5Exited by Q4 2018−2.3%
VICI VICI PPTYS INCQ1 201816 of 1632.1%3.0%23Exited by Q1 2024+74%
CI THE CIGNA GROUPQ4 201812 of 1921.1%1.1%5Exited by Q1 2024+58%
HHH HOWARD HUGHES CORPQ2 20199 of 1160.8%1.4%3Exited by Q1 2020+2.4%
COHR COHERENT INCQ1 202115 of 2633.5%5.9%6Exited by Q3 2022−25%
KVUE KENVUE INCQ2 202310 of 2030.03%7.8%9Held at last filing, Q2 2026−28%
AMC AMC ENTMT HLDGS INCQ3 20232 of 770.03%1.3%5Held at last filing, Q2 2026−76%

Concentration and tenure

17.9%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
76.3%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
1
Median completed holding, quarters