Funds › Pentwater Capital Management LP › Q4 2025Pentwater Capital Management LP 13F holdings, Q4 2025 Pentwater Capital Management LP disclosed 47 US equity positions worth $13.8bn in its Q4 2025 13F filing. Its largest position is EA at 16.2% of the reported book, followed by CYBERARK SOFTWARE LTD and BA. Versus Q3 2025 it opened 18 new positions, added to 16, reduced 10 and exited 37.
$13.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
47 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
16.2% Largest position The largest single position as a share of the reported equity book.
76.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
13 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 2025: 18 new , 16 added , 10 reduced , 37 exited
47 rows
Stock Sector Weight Value Shares Δ shares Action EA ELECTRONIC ARTS INC Communication Services 16.2% $2.2bn 10.95m +128% added CYBERARK SOFTWARE LTD no ticker – 11.1% $1.5bn 3.42m −6.5% reduced BA BOEING CO Industrials 10.4% $1.4bn 6.61m +165% added WBD WARNER BROS DISCOVERY INC Communication Services 9.6% $1.3bn 46.08m +70% added KVUE KENVUE INC Consumer Defensive 7.1% $978m 56.72m +169% added NSC NORFOLK SOUTHERN CORP Industrials 6.3% $872m 3.02m +9.8% added EXK EXACT SCIENCES CORP Basic Materials 5.3% $736m 7.25m – new DAY DAYFORCE INC – 4.8% $657m 9.50m +73% added RNAGBP AVIDITY BIOSCIENCES INC – 3.1% $435m 6.03m – new CAR AVIS BUDGET GROUP INC Industrials 2.9% $398m 3.10m −1.9% reduced CORZ CORE SCIENTIFIC INC NEW Technology 2.7% $373m 25.61m +5.6% added HO1 HOLOGIC INC – 2.3% $316m 4.25m – new TECK TECK RESOURCES LTD Basic Materials 2.3% $311m 6.50m +124% added BXSEUR CADENCE BANK – 1.9% $267m 6.23m – new DBRG DIGITALBRIDGE GROUP INC Financial Services 1.3% $176m 11.50m – new CMA COMERICA INC – 1.3% $174m 2.00m – new AM6 AMICUS THERAPEUTIC – 1.2% $164m 11.50m – new SGRY SURGERY PARTNERS INC Healthcare 1.1% $155m 10.00m −14% reduced AL1 AIR LEASE CORP – 1.0% $144m 2.24m +1.8% added CCL CARNIVAL CORP Consumer Cyclical 1.0% $134m 4.38m +1.7% added UNH UNITEDHEALTH GROUP INC Healthcare 0.9% $130m 395,000 +98% added CDTX CIDARA THERAPEUTICS INC – 0.9% $125m 565,000 – new 8L8C LIBERTY BROADBAND CORP – 0.9% $121m 2.49m −6.7% reduced TXNM TXNM ENERGY INC Utilities 0.7% $97.2m 1.65m +39% added GEO GEO GROUP INC Industrials 0.7% $94.3m 5.85m +13% added ECHO ECHOSTAR CORP Communication Services 0.6% $77.4m 711,700 +11% added CWAN CLEARWATER ANALYTICS HLDGS I Technology 0.5% $62.7m 2.60m – new 9HI HILLENBRAND INC – 0.4% $57.1m 1.80m – new PSKY PARAMOUNT SKYDANCE CORP Communication Services 0.3% $46.2m 3.45m +304% added AVADEL PHARMACEUTICALS PLC no ticker – 0.3% $36.3m 1.68m – new TGNA TEGNA INC – 0.2% $34.0m 1.75m −25% reduced NFLX NETFLIX INC. Communication Services 0.2% $30.0m 320,000 – new 9998819D PINNACLE FINL PARTNERS INC – 0.2% $28.6m 300,000 −34% reduced 75Z SOHO HOUSE & CO INC – 0.10% $13.2m 1.48m 0.0% held CRWV COREWEAVE INC Technology 0.06% $8.6m 120,000 – new LBRDAEUR LIBERTY BROADBAND CORP – 0.06% $8.2m 170,000 0.0% held TDAY USA TODAY CO INC Communication Services 0.05% $7.2m 1.40m – new SPY SPDR S&P 500 ETF Trust – 0.05% $6.8m 10,000 −98% reduced WGS GENEDX HOLDINGS CORP Healthcare 0.05% $6.5m 50,000 −88% reduced HOUSEUR ANYWHERE REAL ESTATE INC – 0.04% $5.0m 350,000 +192% added PTGX PROTAGONIST THERAPEUTICS INC Healthcare 0.03% $4.4m 50,000 – new BATRK ATLANTA BRAVES HLDGS INC Communication Services 0.03% $3.6m 90,000 0.0% held PURETECH HEALTH PLC no ticker – 0.01% $1.2m 70,000 −6.7% reduced FRMI FERMI INC Real Estate 0.0% $600k 75,000 – new BORR BORR DRILLING LTD Energy 0.0% $302k 75,000 – new SBET SHARPLINK INC Financial Services 0.0% $179k 20,000 – new WYFI WHITEFIBER INC Technology 0.0% $158k 10,000 −23% reduced
Exited since Q3 2025 Sector mix Unclassified 29.8% Communication Services 27.0% Industrials 20.2% Basic Materials 7.6% Consumer Defensive 7.1% Technology 3.2% Healthcare 2.1% Financial Services 1.3% Consumer Cyclical 1.0% Utilities 0.7% Real Estate 0.0% Energy 0.0% 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