Funds › Pentwater Capital Management LP › Q3 2025Pentwater Capital Management LP 13F holdings, Q3 2025 Pentwater Capital Management LP disclosed 66 US equity positions worth $11.1bn in its Q3 2025 13F filing. Its largest position is CYBERARK SOFTWARE LTD at 15.9% of the reported book, followed by EA and NSC. Versus Q2 2025 it opened 34 new positions, added to 17, reduced 9 and exited 32.
$11.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
66 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
15.9% Largest position The largest single position as a share of the reported equity book.
65.9% Top 10 weight The ten largest positions together, as a share of the reported equity book.
16 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 Q2 2025: 34 new , 17 added , 9 reduced , 32 exited
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Stock Sector Weight Value Shares Δ shares Action CYBERARK SOFTWARE LTD no ticker – 15.9% $1.8bn 3.67m – new EA ELECTRONIC ARTS INC Communication Services 8.7% $968m 4.80m – new NSC NORFOLK SOUTHERN CORP Industrials 7.4% $826m 2.75m – new KEL KELLANOVA – 7.4% $820m 10.00m +12% added VRNA VERONA PHARMA PLC – 5.1% $566m 5.30m – new BA BOEING CO Industrials 4.8% $538m 2.49m +22% added WBD WARNER BROS DISCOVERY INC Communication Services 4.7% $528m 27.06m – new CAR AVIS BUDGET GROUP INC Industrials 4.6% $508m 3.16m +39% added CORZ CORE SCIENTIFIC INC NEW Technology 3.9% $435m 24.25m +1200% added DAY DAYFORCE INC – 3.4% $379m 5.50m – new S9Q SPIRIT AEROSYSTEMS HLDGS INC – 3.3% $363m 9.40m +5.0% added KVUE KENVUE INC Consumer Defensive 3.1% $342m 21.08m +2351% added SPY SPDR S&P 500 ETF Trust – 2.4% $266m 400,000 +74% added SGRY SURGERY PARTNERS INC Healthcare 2.3% $253m 11.68m +67% added 07WA MR COOPER GROUP INC – 1.9% $210m 997,000 +115% added INFA1EUR INFORMATICA INC – 1.6% $183m 7.35m +7.8% added ETNBGBP 89BIO INC – 1.6% $173m 11.75m – new 8L8C LIBERTY BROADBAND CORP – 1.5% $170m 2.67m 0.0% held WNS HLDGS LTD no ticker – 1.4% $160m 2.10m – new AMC AMC ENTMT HLDGS INC Communication Services 1.3% $141m 48.63m – new AL1 AIR LEASE CORP – 1.3% $140m 2.20m – new TECK TECK RESOURCES LTD Basic Materials 1.1% $127m 2.90m +7150% added CCL CARNIVAL CORP Consumer Cyclical 1.1% $124m 4.30m +3.6% added BHF BRIGHTHOUSE FINL INC Financial Services 1.1% $121m 2.29m +141% added HCA HCA HEALTHCARE INC Healthcare 1.0% $108m 253,400 +58% added GEO GEO GROUP INC Industrials 1.0% $106m 5.19m +61% added MERUS N V no ticker – 0.8% $91.3m 970,000 – new UNH UNITEDHEALTH GROUP INC Healthcare 0.6% $69.1m 200,000 −79% reduced TXNM TXNM ENERGY INC Utilities 0.6% $67.3m 1.19m +5.7% added LIBERTY MEDIA CORP DEL no ticker – 0.5% $56.1m 594,700 −22% reduced NUE NUCOR CORP Basic Materials 0.5% $54.2m 400,000 −10% reduced ECHO ECHOSTAR CORP Communication Services 0.4% $48.9m 640,000 – new TGNA TEGNA INC – 0.4% $47.3m 2.33m – new VMEO* VIMEO INC – 0.4% $46.6m 6.01m – new WGS GENEDX HOLDINGS CORP Healthcare 0.4% $45.8m 425,000 −65% reduced FYBR FRONTIER COMMUNICATIONS PARE – 0.4% $43.0m 1.15m −71% reduced 9998819D PINNACLE FINL PARTNERS INC – 0.4% $42.5m 453,550 – new VBTX VERITEX HLDGS INC – 0.4% $39.2m 1.17m – new THC TENET HEALTHCARE CORP Healthcare 0.2% $22.3m 110,000 – new 2655957D PREMIER INC – 0.1% $16.6m 598,300 – new CYTK CYTOKINETICS INC Healthcare 0.1% $16.5m 300,000 0.0% held PSKY PARAMOUNT SKYDANCE CORP Communication Services 0.1% $16.2m 855,020 – new IE IVANHOE ELECTRIC INC Basic Materials 0.1% $15.7m 1.25m −52% reduced 6PM PARAMOUNT GROUP INC – 0.1% $13.1m 2.00m – new 75Z SOHO HOUSE & CO INC – 0.1% $13.1m 1.48m – new ESPERION THERAPEUTICS INC NE no ticker – 0.10% $10.8m 10.86m 0.0% held LBRDAEUR LIBERTY BROADBAND CORP – 0.10% $10.8m 170,000 0.0% held PRO PROS HOLDINGS INC – 0.05% $5.7m 250,000 – new BATRK ATLANTA BRAVES HLDGS INC Communication Services 0.03% $3.7m 90,000 0.0% held SIRI SIRIUSXM HOLDINGS INC Communication Services 0.03% $2.9m 125,000 −44% reduced
Exited since Q2 2025 Sector mix Unclassified 50.7% Industrials 17.8% Communication Services 15.3% Healthcare 4.6% Technology 3.9% Consumer Defensive 3.1% Basic Materials 1.8% Consumer Cyclical 1.1% Financial Services 1.1% Utilities 0.6% 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