Funds › Pentwater Capital Management LP › Q4 2019Pentwater Capital Management LP 13F holdings, Q4 2019 Pentwater Capital Management LP disclosed 107 US equity positions worth $2.6bn in its Q4 2019 13F filing. Its largest position is ZAYOEUR at 11.5% of the reported book, followed by AMT and PCG. Versus Q3 2019 it opened 36 new positions, added to 22, reduced 37 and exited 39.
$2.6bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
107 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.5% Largest position The largest single position as a share of the reported equity book.
68.5% Top 10 weight The ten largest positions together, as a share of the reported equity book.
18 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 Q3 2019: 36 new , 22 added , 37 reduced , 39 exited
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Stock Sector Weight Value Shares Δ shares Action ZAYOEUR ZAYO GROUP HLDGS INC – 11.5% $302m 8.73m +3.4% added AMT TD AMERITRADE HLDG CORP Real Estate 9.6% $253m 5.09m – new PCG PG&E CORP Utilities 8.6% $227m 20.88m +143% added CYEUR CYPRESS SEMICONDUCTOR CORP – 8.3% $219m 9.39m −2.4% reduced TIFEUR TIFFANY & CO NEW – 7.3% $193m 1.44m – new MELLANOX TECHNOLOGIES LTD no ticker – 5.8% $153m 1.31m −23% reduced TRQEUR TURQUOISE HILL RES LTD – 5.1% $135m 183.65m +3.6% added ESPREUR ESPERION THERAPEUTICS INC NE – 5.1% $134m 2.25m −9.1% reduced BRISTOL-MYERS SQUIBB CO no ticker – 4.1% $107m 35.55m – new BA BOEING CO Industrials 3.2% $84.1m 258,172 – new MDCOUSD MEDICINES CO – 2.5% $66.3m 780,500 – new NXPI NXP SEMICONDUCTORS N V Technology 2.5% $65.0m 511,000 +813% added LPTUSD LIBERTY PPTY TR – 2.0% $54.0m 900,000 +260% added ACIA ACACIA COMMUNICATIONS INC – 1.8% $47.9m 706,829 – new ACHNEUR ACHILLION PHARMACEUTICALS IN – 1.7% $45.3m 7.51m – new AXE3EUR ANIXTER INTL INC – 1.6% $41.0m 445,000 – new ADSW ADVANCED DISP SVCS INC DEL – 1.2% $32.9m 1.00m −70% reduced UTXZ UNITED TECHNOLOGIES CORP – 1.1% $28.5m 190,000 +7.3% added WBC1EUR WABCO HLDGS INC – 1.0% $27.1m 200,000 −52% reduced ET ENERGY TRANSFER LP Energy 1.0% $25.1m 1.96m −1.0% reduced FITEUR FITBIT INC – 0.9% $24.1m 3.67m – new ARQLUSD ARQULE INC – 0.9% $23.5m 1.18m – new INTELSAT S A no ticker – 0.9% $22.7m 3.23m −4.1% reduced 2663134D BITAUTO HLDGS LTD – 0.9% $22.7m 1.53m +44% added TECD1USD TECH DATA CORP – 0.8% $21.5m 150,000 – new INTELSAT S A no ticker – 0.8% $21.5m 31.80m +53% added CZREUR CAESARS ENTMT CORP – 0.8% $21.4m 1.57m −78% reduced BOLDEUR AUDENTES THERAPEUTICS INC – 0.8% $19.8m 331,214 – new HHH HOWARD HUGHES CORP Real Estate 0.7% $19.7m 155,695 −55% reduced AYAEUR STARS GROUP INC – 0.7% $18.9m 722,500 – new SYF SYNCHRONY FINANCIAL Financial Services 0.7% $17.9m 496,801 −40% reduced GNW GENWORTH FINL INC Financial Services 0.6% $16.6m 3.77m −54% reduced CAESARS ENTMT CORP no ticker – 0.5% $13.4m 7.00m 0.0% held CHINA BIOLOGIC PRODS HLDGS I no ticker – 0.5% $12.6m 108,149 +30% added SPRINT CORPORATION no ticker – 0.4% $11.3m 2.18m +454% added ALLERGAN PLC no ticker – 0.4% $10.4m 54,330 +939% added RARXEUR RA PHARMACEUTICALS INC – 0.3% $8.0m 170,000 – new HUM HUMANA INC Healthcare 0.3% $7.0m 19,000 −71% reduced GEO GEO GROUP INC Industrials 0.2% $5.5m 330,000 −51% reduced DBX DROPBOX INC Technology 0.2% $5.4m 300,120 +8.7% added SBOWEUR SILVERBOW RES INC – 0.2% $5.0m 500,849 −22% reduced KRTX KARUNA THERAPEUTICS INC – 0.2% $4.4m 57,951 −7.2% reduced SYNTHORX INC no ticker – 0.2% $4.3m 61,400 – new DT DYNATRACE INC Technology 0.2% $4.2m 165,000 +154% added WMB WILLIAMS COS INC Energy 0.2% $4.0m 170,000 0.0% held WCGEUR WELLCARE HEALTH PLANS INC – 0.2% $4.0m 12,000 −97% reduced BJ BJS WHSL CLUB HLDGS INC Consumer Defensive 0.1% $3.4m 150,000 −40% reduced DAY DAYFORCE INC – 0.09% $2.4m 36,000 +2.9% added INVH INVITATION HOMES INC Real Estate 0.09% $2.4m 80,000 – new BAC BANK OF AMER CORP Financial Services 0.08% $2.1m 60,000 −20% reduced
Exited since Q3 2019 Sector mix Unclassified 71.2% Real Estate 10.4% Utilities 8.6% Industrials 3.5% Technology 3.1% Financial Services 1.4% Energy 1.1% Healthcare 0.4% Consumer Defensive 0.2% Basic Materials 0.04% Communication Services 0.03% Consumer Cyclical 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