Funds › Pentwater Capital Management LP › Q2 2025Pentwater Capital Management LP 13F holdings, Q2 2025 Pentwater Capital Management LP disclosed 64 US equity positions worth $7.8bn in its Q2 2025 13F filing. Its largest position is HES at 12.9% of the reported book, followed by KEL and JNP. Versus Q1 2025 it opened 21 new positions, added to 27, reduced 14 and exited 20.
$7.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
64 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
12.9% Largest position The largest single position as a share of the reported equity book.
63.5% Top 10 weight The ten largest positions together, as a share of the reported equity book.
19 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 Q1 2025: 21 new , 27 added , 14 reduced , 20 exited
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Stock Sector Weight Value Shares Δ shares Action HES HESS CORP – 12.9% $1.0bn 7.32m +26% added KEL KELLANOVA – 9.0% $709m 8.91m +11% added JNP JUNIPER NETWORKS INC – 7.3% $569m 14.25m +11% added 2655787D BLUEPRINT MEDICINES CORP – 6.4% $500m 3.90m – new SKAA SKECHERS U S A INC – 5.6% $442m 7.00m – new BA BOEING CO Industrials 5.5% $430m 2.05m −37% reduced CAR AVIS BUDGET GROUP INC Industrials 4.9% $384m 2.27m −2.2% reduced S9Q SPIRIT AEROSYSTEMS HLDGS INC – 4.4% $341m 8.95m −4.1% reduced UNH UNITEDHEALTH GROUP INC Healthcare 3.9% $304m 975,000 – new AKX ANSYS INC – 3.7% $286m 815,000 +22% added 8L8C LIBERTY BROADBAND CORP – 3.4% $263m 2.67m +141% added 0VVB PARAMOUNT GLOBAL – 2.5% $197m 15.30m +26% added AMED AMEDISYS INC – 2.2% $169m 1.72m +28% added INFA1EUR INFORMATICA INC – 2.1% $166m 6.82m – new SGRY SURGERY PARTNERS INC Healthcare 2.0% $156m 7.00m +155% added ENSTAR GROUP LIMITED no ticker – 1.9% $148m 441,100 +117% added FYBR FRONTIER COMMUNICATIONS PARE – 1.8% $145m 3.97m −12% reduced SPY SPDR S&P 500 ETF Trust – 1.8% $142m 230,000 −62% reduced CCL CARNIVAL CORP Consumer Cyclical 1.5% $117m 4.15m +11% added WGS GENEDX HOLDINGS CORP Healthcare 1.4% $113m 1.22m +3713% added AZEK AZEK CO INC – 1.4% $112m 2.07m +34% added WOO FOOT LOCKER INC – 1.0% $80.8m 3.30m – new STLD STEEL DYNAMICS INC Basic Materials 1.0% $78.1m 610,000 −33% reduced GEO GEO GROUP INC Industrials 1.0% $77.4m 3.23m +168% added VERVE THERAPEUTICS INC no ticker – 1.0% $75.5m 6.72m – new DNB DUN & BRADSTREET HLDGS INC – 0.9% $74.1m 8.15m +359% added 07WA MR COOPER GROUP INC – 0.9% $69.1m 463,000 – new TXNM TXNM ENERGY INC Utilities 0.8% $63.4m 1.13m – new IPG INTERPUBLIC GROUP COS INC – 0.8% $62.6m 2.56m +9.3% added HCA HCA HEALTHCARE INC Healthcare 0.8% $61.3m 160,000 +73% added LIBERTY MEDIA CORP DEL no ticker – 0.8% $60.4m 760,000 +24% added NUE NUCOR CORP Basic Materials 0.7% $57.6m 445,000 −69% reduced BHF BRIGHTHOUSE FINL INC Financial Services 0.7% $51.1m 950,000 – new SWTXUSD SPRINGWORKS THERAPEUTICS INC – 0.6% $47.0m 1.00m +100% added GMS1EUR GMS INC – 0.6% $43.5m 400,000 – new TG7 TRIUMPH GROUP INC NEW – 0.5% $38.6m 1.50m −35% reduced CORZ CORE SCIENTIFIC INC NEW Technology 0.4% $31.8m 1.86m – new WBA WALGREENS BOOTS ALLIANCE INC – 0.4% $29.8m 2.60m +100% added IE IVANHOE ELECTRIC INC Basic Materials 0.3% $23.5m 2.60m +1.5% added KVUE KENVUE INC Consumer Defensive 0.2% $18.0m 860,000 +187% added LBRDAEUR LIBERTY BROADBAND CORP – 0.2% $16.6m 170,000 +39% added SB9 SITIO ROYALTIES CORP – 0.2% $14.2m 773,000 – new ESPERION THERAPEUTICS INC NE no ticker – 0.1% $10.7m 10.86m 0.0% held CYTK CYTOKINETICS INC Healthcare 0.1% $9.9m 300,000 +36% added BB3 BROOKLINE BANCORP INC DEL – 0.09% $6.9m 655,000 +5.6% added SIRI SIRIUSXM HOLDINGS INC Communication Services 0.07% $5.2m 225,000 −50% reduced BATRK ATLANTA BRAVES HLDGS INC Communication Services 0.05% $4.2m 90,000 −49% reduced TIC TIC SOLUTIONS INC Industrials 0.04% $3.0m 271,749 +224% added CCK CROWN HLDGS INC Consumer Cyclical 0.04% $2.9m 27,979 −95% reduced DIVERSIFIED ENERGY COMPANY P no ticker – 0.03% $2.2m 150,000 −38% reduced
Exited since Q1 2025 Sector mix Unclassified 74.5% Industrials 11.4% Healthcare 8.2% Basic Materials 2.1% Consumer Cyclical 1.5% Utilities 0.8% Financial Services 0.7% Technology 0.4% Consumer Defensive 0.2% Communication Services 0.1% Energy 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