Pentwater Capital Management LP 13F: Quarter-over-Quarter Portfolio Changes
Pentwater Capital Management LP reported a disclosed portfolio value of approximately $14.1 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 1.8% quarter on quarter. Over the quarter, the fund initiated 31 new positions, bought more shares in 21 holdings, trimmed 4 holdings, and exited 18 positions.
Pentwater Capital Management LP's top buy was a new stake in Masimo CORP (MASI) , equal to 4.0% of the disclosed portfolio. Its top sell was Cyberark Software LTD (CYBR) . The fund exited the position completely after it had accounted for 11.1% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
Top BuysQ1 2026
Showing the top 10 buys among 21 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | SPY | +2.6% | +5700.0% | History → |
| NETFLIX INC. | NFLX | +1.9% | +865.0% | Holders → |
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | +1.5% | +337.9% | Holders → |
| ECHOSTAR CORP | SATS | +1.4% | +231.6% | Holders → |
| AVIS BUDGET GROUP INC | CAR | +4.4% | +127.3% | History → |
| TXNM ENERGY INC | TXNM | +0.5% | +69.6% | Holders → |
| FERMI INC | FRMI | +0.0% | +66.7% | Holders → |
| GEO GROUP INC | GEO | +0.5% | +63.6% | Holders → |
| CARNIVAL CORP | CCL | +0.1% | +38.5% | Holders → |
| UNITEDHEALTH GROUP | UNH | +0.0% | +29.6% | Holders → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| COREWEAVE INC | CRWV | -0.1% | 92.1% | Holders → |
| ATLANTA BRAVES HOLDINGS INC | BATRK | -0.0% | 77.8% | Holders → |
| KENVUE INC | KVUE | -0.7% | 8.3% | History → |
| CORE SCIENTIFIC INC NEW | CORZ | -0.1% | 3.0% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CYBERARK SOFTWARE LTD | CYBR | 11.1% |
| EXACT SCIENCES CORP | EXK | 5.3% |
| DAYFORCE ORD | DAY | 4.8% |
| AVIDITY BIOSCIENCES INC | RNAGBP | 3.1% |
| CADENCE BANK | CADE | 1.9% |
| COMERICA INC | CMA | 1.3% |
| CIDARA THERAPEUTICS INC | CDTX | 0.9% |
| HILLENBRAND INC | 9HI | 0.4% |
| AVADEL PHARMACEUTICALS PLC | AVDL | 0.3% |
| TEGNA INC | TGNA | 0.2% |
| PINNACLE FINL PARTNERS INC | SYN_72346Q104 | 0.2% |
| SOHO HOUSE & CO INC | 75Z | 0.1% |
| USA TODAY CO INC | TDAY | 0.1% |
| GENEDX HOLDINGS CORP | WGS | 0.0% |
| ANYWHERE REAL ESTATE INC | SYN_75605Y106 | 0.0% |
| PROTAGONIST THERAPEUTICS INC | PTGX | 0.0% |
| BORR DRILLING LTD | BORR | 0.0% |
| SHARPLINK INC | SBET | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $13.8BPrior quarter
- $14.1BCurrent quarter
- +$0.2BNet delta
- +1.8%% change
Methodology & FAQ
How Pentwater Capital Management LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Pentwater Capital Management LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Pentwater Capital Management LP buy in Q1 2026?
In Q1 2026, Pentwater Capital Management LP initiated 31 new positions (MASIMO CORP (MASI), ARCELLX INC (ACLX), CENTESSA PHARMACEUTICALS PLC (CNTA), APELLIS PHARMACEUTICALS INC (APLS), WEBSTER FINL CORP (WBS), SILICON LABORATORIES INC (SLAB), CAESARS ENTERTAINMENT INC NE (CZR), UNITED AIRLS HLDGS INC (UAL), ONESTREAM INC (K4F), HCA HEALTHCARE INC (HCA), INVESCO QQQ TR (QQQ), PINNACLE FINL PARTNERS INC (PNFP), TENET HEALTHCARE CORP (THC), ORACLE CORP (ORCL), DAY ONE BIOPHARMACEUTICALS I (DAWNGBX), STRUCTURE THERAPEUTICS INC (GPCR), AMC ENTMT HLDGS INC (AMC), ATRIUM THERAPEUTICS INC (RNA), KRANESHARES TRUST (KWEB), AES CORP (AES), FORGENT POWER SOLUTIONS INC (FPS), UNITED PARCEL SVCS INC (UPS), DAUCH CORP (DCH), MEDLINE INC (MDLN), CANTALOUPE INC (CTLP), CORECIVIC INC (CXW), ENTREPRENEURSHARES SERIES TR (XOVR), REDDIT INC (RDDT), GALAXY DIGITAL INC. (GLXY), KRATOS DEFENSE & SEC SOLUTIO (KTOS), CIPHER DIGITAL INC (CIFR)); bought more shares of STATE STR SPDR S&P 500 ETF T (SPY), NETFLIX INC. (NFLX), CLEARWATER ANALYTICS HOLDINGS INC (CWAN), ECHOSTAR CORP (SATS), AVIS BUDGET GROUP INC (CAR) — the largest 5 of 21 adds.
What stocks did Pentwater Capital Management LP sell in Q1 2026?
In Q1 2026, Pentwater Capital Management LP fully sold 18 positions (CYBERARK SOFTWARE LTD (CYBR), EXACT SCIENCES CORP (EXK), DAYFORCE ORD (DAY), AVIDITY BIOSCIENCES INC (RNAGBP), CADENCE BANK (CADE), COMERICA INC (CMA), CIDARA THERAPEUTICS INC (CDTX), HILLENBRAND INC (9HI), AVADEL PHARMACEUTICALS PLC (AVDL), TEGNA INC (TGNA), PINNACLE FINL PARTNERS INC (SYN_72346Q104), SOHO HOUSE & CO INC (75Z), USA TODAY CO INC (TDAY), GENEDX HOLDINGS CORP (WGS), ANYWHERE REAL ESTATE INC (SYN_75605Y106), PROTAGONIST THERAPEUTICS INC (PTGX), BORR DRILLING LTD (BORR), SHARPLINK INC (SBET)); reduced holdings in COREWEAVE INC (CRWV), ATLANTA BRAVES HOLDINGS INC (BATRK), KENVUE INC (KVUE), CORE SCIENTIFIC INC NEW (CORZ).
Which positions did Pentwater Capital Management LP initiate in Q1 2026?
Pentwater Capital Management LP established 31 new positions in Q1 2026: MASIMO CORP (MASI, 4.0%), ARCELLX INC (ACLX, 2.3%), CENTESSA PHARMACEUTICALS PLC (CNTA, 2.3%), APELLIS PHARMACEUTICALS INC (APLS, 1.5%), WEBSTER FINL CORP (WBS, 0.9%), SILICON LABORATORIES INC (SLAB, 0.7%), CAESARS ENTERTAINMENT INC NE (CZR, 0.5%), UNITED AIRLS HLDGS INC (UAL, 0.3%), ONESTREAM INC (K4F, 0.3%), HCA HEALTHCARE INC (HCA, 0.3%), INVESCO QQQ TR (QQQ, 0.2%), PINNACLE FINL PARTNERS INC (PNFP, 0.2%), TENET HEALTHCARE CORP (THC, 0.2%), ORACLE CORP (ORCL, 0.2%), DAY ONE BIOPHARMACEUTICALS I (DAWNGBX, 0.1%), STRUCTURE THERAPEUTICS INC (GPCR, 0.1%), AMC ENTMT HLDGS INC (AMC, 0.1%), ATRIUM THERAPEUTICS INC (RNA, 0.1%), KRANESHARES TRUST (KWEB, 0.1%), AES CORP (AES, 0.1%), FORGENT POWER SOLUTIONS INC (FPS, 0.0%), UNITED PARCEL SVCS INC (UPS, 0.0%), DAUCH CORP (DCH, 0.0%), MEDLINE INC (MDLN, 0.0%), CANTALOUPE INC (CTLP, 0.0%), CORECIVIC INC (CXW, 0.0%), ENTREPRENEURSHARES SERIES TR (XOVR, 0.0%), REDDIT INC (RDDT, 0.0%), GALAXY DIGITAL INC. (GLXY, 0.0%), KRATOS DEFENSE & SEC SOLUTIO (KTOS, 0.0%), CIPHER DIGITAL INC (CIFR, 0.0%).
Which existing positions saw the largest allocation increases for Pentwater Capital Management LP in Q1 2026?
Of 21 existing positions with share-count increases in Q1 2026, the largest were: STATE STR SPDR S&P 500 ETF T (SPY, +2.6% weight, +5700.0% shares), NETFLIX INC. (NFLX, +1.9% weight, +865.0% shares), CLEARWATER ANALYTICS HOLDINGS INC (CWAN, +1.5% weight, +337.9% shares), ECHOSTAR CORP (SATS, +1.4% weight, +231.6% shares), AVIS BUDGET GROUP INC (CAR, +4.4% weight, +127.3% shares), TXNM ENERGY INC (TXNM, +0.5% weight, +69.6% shares), FERMI INC (FRMI, +0.0% weight, +66.7% shares), GEO GROUP INC (GEO, +0.5% weight, +63.6% shares), CARNIVAL CORP (CCL, +0.1% weight, +38.5% shares), UNITEDHEALTH GROUP (UNH, +0.0% weight, +29.6% shares).
Which positions did Pentwater Capital Management LP fully exit in Q1 2026?
Pentwater Capital Management LP fully exited 18 positions in Q1 2026: CYBERARK SOFTWARE LTD (CYBR, last-reported weight 11.1%), EXACT SCIENCES CORP (EXK, last-reported weight 5.3%), DAYFORCE ORD (DAY, last-reported weight 4.8%), AVIDITY BIOSCIENCES INC (RNAGBP, last-reported weight 3.1%), CADENCE BANK (CADE, last-reported weight 1.9%), COMERICA INC (CMA, last-reported weight 1.3%), CIDARA THERAPEUTICS INC (CDTX, last-reported weight 0.9%), HILLENBRAND INC (9HI, last-reported weight 0.4%), AVADEL PHARMACEUTICALS PLC (AVDL, last-reported weight 0.3%), TEGNA INC (TGNA, last-reported weight 0.2%), PINNACLE FINL PARTNERS INC (SYN_72346Q104, last-reported weight 0.2%), SOHO HOUSE & CO INC (75Z, last-reported weight 0.1%), USA TODAY CO INC (TDAY, last-reported weight 0.1%), GENEDX HOLDINGS CORP (WGS, last-reported weight 0.0%), ANYWHERE REAL ESTATE INC (SYN_75605Y106, last-reported weight 0.0%), PROTAGONIST THERAPEUTICS INC (PTGX, last-reported weight 0.0%), BORR DRILLING LTD (BORR, last-reported weight 0.0%), SHARPLINK INC (SBET, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Pentwater Capital Management LP in Q1 2026?
Of 4 existing positions with share-count reductions in Q1 2026, the largest were: COREWEAVE INC (CRWV, -0.1% weight, -92.1% shares), ATLANTA BRAVES HOLDINGS INC (BATRK, -0.0% weight, -77.8% shares), KENVUE INC (KVUE, -0.7% weight, -8.3% shares), CORE SCIENTIFIC INC NEW (CORZ, -0.1% weight, -3.0% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.