1y return−5.0%S&P 500 +20.9%
3y return−17.9%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $81 against $195 in the S&P 500.2
Pentwater Capital Management LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Electronic Arts IncCUSIP 285512109 | $2.8B | 22.1% | +5.2% |
| BABoeing Co | $1.3B | 10.7% | −12.3% |
| Warner Bros Discovery IncCUSIP 934423104 | $1.3B | 10.1% | −5.3% |
| KVUEKenvue Inc | $977.1M | 7.8% | −1.7% |
| NSCNorfolk Southn Corp | $873.0M | 7.0% | −13.8% |
| ROKURoku Inc | $597.5M | 4.8% | New |
| ECHOEchostar Corp | $391.8M | 3.1% | +63.6% |
| CARAvis Budget Group Inc | $371.5M | 3.0% | −64.3% |
| TXNMTxnm Energy Inc | $368.4M | 2.9% | +131.7% |
| TECKTeck Resources Ltd | $354.4M | 2.8% | −14.4% |
| CZRCaesars Entertainment Inc Ne | $346.0M | 2.8% | +332.6% |
| GEOGeo Group Inc | $312.7M | 2.5% | +10.6% |
| OGNOrganon & Co | $245.1M | 2.0% | New |
| DDominion Energy Inc | $239.0M | 1.9% | New |
| Digitalbridge Group IncCUSIP 25401T603 | $198.8M | 1.6% | +7.2% |
| SGRYSurgery Partners Inc | $195.4M | 1.6% | −8.1% |
| Apogee Therapeutics IncCUSIP 03770N101 | $189.1M | 1.5% | New |
| Carnival Corp LtdCUSIP G2004J103 | $163.0M | 1.3% | New |
| SLABSilicon Laboratories Inc | $162.1M | 1.3% | +48.3% |
| Nuvalent IncCUSIP 670703107 | $145.1M | 1.2% | New |
| THCTenet Healthcare Corp | $143.1M | 1.1% | +512.0% |
| SKYDParamount Skydance Corp | $118.3M | 0.9% | +192.7% |
| GSATGlobalstar Inc | $110.1M | 0.9% | New |
| ACAArcosa Inc | $95.9M | 0.8% | New |
| Liberty Broadband CorpCUSIP 530307305 | $82.9M | 0.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| SPYState Str Spdr S&p 500 Etf T | June 30, 2020 | +142.2% | $29.9M |
| CORZCore Scientific Inc New | June 30, 2025 | +49.9% | $13.7M |
| TECKTeck Resources Ltd | June 30, 2023 | +41.2% | $354.4M |
| Warner Bros Discovery IncCUSIP 934423104 | September 30, 2025 | +36.5% | $1.3B |
| UNHUnitedhealth Group Inc | June 30, 2025 | +33.2% | $7.4M |
| ECHOEchostar Corp | September 30, 2025 | +32.9% | $391.8M |
| CARAvis Budget Group Inc | March 31, 2024 | +20.7% | $371.5M |
| CZRCaesars Entertainment Inc Ne | March 31, 2026 | +14.2% | $346.0M |
| SLABSilicon Laboratories Inc | March 31, 2026 | +5.0% | $162.1M |
| NSCNorfolk Southn Corp | September 30, 2025 | +4.7% | $873.0M |
Sold off last quarter
- Masimo CorpCUSIP 574795100 was $564.9M
- Hologic IncCUSIP 436440101 was $340.2M
- Arcellx IncCUSIP 03940C100 was $329.5M
- Centessa Pharmaceuticals PLCCUSIP 152309100 was $324.5M
- NFLXNetflix Inc. was $296.9M
- Clearwater Analytics Hldgs ICUSIP 185123106 was $269.3M
- Apellis Pharmaceuticals IncCUSIP 03753U106 was $211.2M
- Amicus TherapeuticCUSIP 03152W109 was $202.4M
- Carnival CorpCUSIP 143658300 was $156.8M
- Air Lease CorpCUSIP 00912X302 was $155.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +3.6% | +14.8% |
| March 31, 2026 | −3.0% | −4.6% |
| December 31, 2025 | +0.9% | +2.4% |
| September 30, 2025 | −6.4% | +7.8% |
| June 30, 2025 | +6.3% | +10.5% |
| March 31, 2025 | +0.2% | −4.6% |
| December 31, 2024 | +1.4% | +2.1% |
| September 30, 2024 | −2.2% | +5.4% |
| June 30, 2024 | −20.3% | +4.0% |
| March 31, 2024 | +1.8% | +10.0% |
| December 31, 2023 | −5.2% | +11.2% |
| September 30, 2023 | +6.3% | −3.6% |
| June 30, 2023 | −2.5% | +8.3% |
| March 31, 2023 | +1.4% | +7.0% |
| September 30, 2022 | +3.1% | −5.3% |
| June 30, 2022 | −7.5% | −16.5% |
| March 31, 2022 | +2.4% | −4.9% |
| December 31, 2021 | +4.9% | +10.7% |
| September 30, 2021 | −2.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Pentwater Capital Management LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1425851&type=13F-HR&dateb=&owner=include&count=40CIK 1425851
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1425851/000114036126033162/Filed August 14, 2026 · accession 0001140361-26-033162