Funds › Pentwater Capital Management LP › Q1 2018Pentwater Capital Management LP 13F holdings, Q1 2018 Pentwater Capital Management LP disclosed 49 US equity positions worth $8.4bn in its Q1 2018 13F filing. Its largest position is MONSANTO CO NEW at 17.2% of the reported book, followed by NXPI and AETNA INC NEW. Versus Q4 2017 it opened 20 new positions, added to 10, reduced 12 and exited 23.
$8.4bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
49 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
17.2% Largest position The largest single position as a share of the reported equity book.
77.6% Top 10 weight The ten largest positions together, as a share of the reported equity book.
12 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 2017: 20 new , 10 added , 12 reduced , 23 exited
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Stock Sector Weight Value Shares Δ shares Action MONSANTO CO NEW no ticker – 17.2% $1.4bn 12.42m +41% added NXPI NXP SEMICONDUCTORS N V Technology 14.4% $1.2bn 10.37m −20% reduced AETNA INC NEW no ticker – 9.7% $817m 4.83m −0.9% reduced ROCKWELL COLLINS INC no ticker – 7.1% $601m 4.46m +31% added TWXCHF TIME WARNER INC – 6.9% $582m 6.15m −7.0% reduced EXPRESS SCRIPTS HLDG CO no ticker – 6.0% $505m 7.31m – new DELL DELL TECHNOLOGIES INC Technology 4.8% $406m 5.55m +288% added AABAUSD ALTABA INC – 4.8% $404m 5.46m −16% reduced TRQEUR TURQUOISE HILL RES LTD – 3.9% $333m 108.52m +6.6% added MSCC MICROSEMI CORP – 2.8% $239m 3.70m – new ORBITAL ATK INC no ticker – 2.8% $233m 1.76m +19% added QCOM QUALCOMM INC Technology 2.7% $229m 4.13m −70% reduced VICI VICI PPTYS INC Real Estate 2.1% $181m 9.90m – new TRCO TRIBUNE MEDIA CO – 2.0% $171m 4.23m −4.9% reduced ESPREUR ESPERION THERAPEUTICS INC NE – 2.0% $167m 2.31m +20% added TWENTY FIRST CENTY FOX INC no ticker – 1.5% $131m 3.60m +32% added VMWEUR VMWARE INC – 1.3% $112m 926,501 – new ILG INC no ticker – 1.3% $112m 3.59m – new XL GROUP LTD no ticker – 1.3% $111m 2.00m – new EQT EQT CORPORATION Energy 1.0% $87.9m 1.85m +15% added SYF SYNCHRONY FINANCIAL Financial Services 0.8% $65.8m 1.96m −0.1% held AVA AVISTA CORP Utilities 0.5% $44.3m 864,000 +104% added AVGO BROADCOM INC Technology 0.4% $37.7m 160,000 – new CAVM CAVIUM INC – 0.3% $28.6m 360,000 – new CIGNA CORPORATION no ticker – 0.3% $23.5m 140,000 – new SBOWEUR SILVERBOW RES INC – 0.3% $23.2m 796,223 −1.1% reduced 2649593D BLACKHAWK NETWORK HLDGS INC – 0.2% $17.9m 400,000 – new TWENTY FIRST CENTY FOX INC no ticker – 0.2% $17.4m 475,597 −16% reduced SPY SPDR S&P 500 ETF Trust – 0.2% $16.3m 62,000 +107% added ENERGY TRANSFER PARTNERS LP no ticker – 0.2% $16.2m 1.00m −3.8% reduced ORBOTECH LTD no ticker – 0.2% $13.1m 210,000 – new DISCKUSD DISCOVERY INC – 0.2% $12.9m 659,000 – new MULEUSD MULESOFT INC – 0.07% $6.0m 136,000 – new ALLERGAN PLC no ticker – 0.07% $5.6m 33,500 −65% reduced WMB WILLIAMS COS INC Energy 0.06% $5.5m 220,000 −12% reduced ET ENERGY TRANSFER LP Energy 0.05% $4.1m 288,000 −0.1% held DBX DROPBOX INC Technology 0.04% $3.8m 120,000 – new ARCPEUR VEREIT INC – 0.04% $3.3m 481,000 – new KMI KINDER MORGAN INC DEL Energy 0.04% $3.1m 205,000 0.0% held UPL1EUR ULTRA PETROLEUM CORP – 0.03% $2.9m 689,600 0.0% held BAC BANK OF AMER CORP Financial Services 0.03% $2.2m 75,000 0.0% held SUN SUNOCO LP Energy 0.02% $1.5m 60,000 −25% reduced HOME AT HOME GROUP INC – 0.01% $1.1m 35,000 – new T AT&T INC Communication Services 0.01% $771k 21,631 – new FORTRESS TRANS INFRST INVS L no ticker – 0.01% $738k 46,250 – new CYH COMMUNITY HEALTH SYS INC NEW Healthcare 0.01% $515k 130,000 0.0% held OPBK OP BANCORP – 0.0% $311k 25,000 – new AGROFRESH SOLUTIONS no ticker – 0.0% $303k 605,000 0.0% held GHG GREENTREE HOSPITALITY GROUP – 0.0% $191k 15,000 – new
Exited since Q4 2017 Sector mix Unclassified 72.9% Technology 22.4% Real Estate 2.1% Energy 1.2% Financial Services 0.8% Utilities 0.5% Communication Services 0.01% Healthcare 0.01% Book over time Every quarter on file (75) Where Pentwater Capital Management LP was early 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