Pentwater Capital Management LP 13F: Quarter-over-Quarter Portfolio Changes
Pentwater Capital Management LP reported a disclosed portfolio value of approximately $12.5 billion in its latest SEC Form 13F-HR filing for Q2 2026, down 11.0% quarter on quarter. Over the quarter, the fund initiated 28 new positions, bought more shares in 10 holdings, trimmed 15 holdings, and exited 29 positions.
Pentwater Capital Management LP's top buy was a new stake in Roku INC (ROKU) , equal to 4.8% of the disclosed portfolio. Its top sell was Masimo CORP (MASI) . The fund exited the position completely after it had accounted for 4.0% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| TENET HEALTHCARE CORP | THC | +1.0% | +512.0% | Holders → |
| CAESARS ENTERTAINMENT INC NE | CZR | +2.3% | +332.6% | Holders → |
| PARAMOUNT SKYDANCE CORP | PSKY | +0.7% | +192.7% | Holders → |
| TXNM ENERGY INC | TXNM | +1.8% | +131.7% | History → |
| HCA HEALTHCARE INC | HCA | +0.2% | +73.3% | Holders → |
| ECHOSTAR CORP | SATS | +1.2% | +63.6% | History → |
| SILICON LABORATORIES INC | SLAB | +0.6% | +48.3% | Holders → |
| GEO GROUP INC | GEO | +1.4% | +10.6% | Holders → |
| DIGITALBRIDGE GROUP INC | DBRG | +0.3% | +7.2% | Holders → |
| ELECTRONIC ARTS INC | EA | +3.5% | +5.2% | History → |
Top SellsQ2 2026
Showing the top 10 sells among 15 existing positions where the fund sold shares in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| CORE SCIENTIFIC INC NEW | CORZ | -2.5% | 97.8% | Holders → |
| UNITEDHEALTH GROUP INC | UNH | -0.9% | 96.5% | Holders → |
| STATE STR SPDR S&P 500 ETF T | SPY | -2.4% | 93.1% | Holders → |
| AMC ENTMT HLDGS INC | AMC | -0.0% | 76.0% | Holders → |
| AVIS BUDGET GROUP INC | CAR | -4.3% | 64.3% | History → |
| FORGENT POWER SOLUTIONS INC | FPS | -0.0% | 59.4% | Holders → |
| ORACLE CORP | ORCL | -0.1% | 41.9% | Holders → |
| MEDLINE INC | MDLN | -0.0% | 40.0% | Holders → |
| TECK RESOURCES LTD | TECK | 0.3% | 14.4% | History → |
| NORFOLK SOUTHN CORP | NSC | 0.4% | 13.8% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| MASIMO CORP | MASI | 4.0% |
| HOLOGIC INC | HO1 | 2.4% |
| ARCELLX INC | ACLX | 2.3% |
| CENTESSA PHARMACEUTICALS PLC | CNTA | 2.3% |
| NETFLIX INC. | NFLX | 2.1% |
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | 1.9% |
| APELLIS PHARMACEUTICALS INC | APLS | 1.5% |
| AMICUS THERAPEUTIC | FOLD | 1.4% |
| AIR LEASE CORP | AL | 1.1% |
| WEBSTER FINL CORP | WBS | 0.9% |
| UNITED AIRLS HLDGS INC | UAL | 0.3% |
| ONESTREAM INC | K4F | 0.3% |
| INVESCO QQQ TR | QQQ | 0.2% |
| PINNACLE FINL PARTNERS INC | PNFP | 0.2% |
| DAY ONE BIOPHARMACEUTICALS I | DAWNGBX | 0.1% |
| STRUCTURE THERAPEUTICS INC | GPCR | 0.1% |
| ATRIUM THERAPEUTICS INC | RNA | 0.1% |
| UNITED PARCEL SVCS INC | UPS | 0.0% |
| CANTALOUPE INC | CTLP | 0.0% |
| PURETECH HEALTH PLC | PRTC | 0.0% |
| ATLANTA BRAVES HLDGS INC | BATRK | 0.0% |
| ENTREPRENEURSHARES SERIES TR | XOVR | 0.0% |
| COREWEAVE INC | CRWV | 0.0% |
| FERMI INC | FRMI | 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% |
| WHITEFIBER INC | WYFI | 0.0% |
Net Portfolio Value ChangeQ2 2026
- $14.1BPrior quarter
- $12.5BCurrent quarter
- $-1.5BNet delta
- -11.0%% 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 Q2 2026?
In Q2 2026, Pentwater Capital Management LP initiated 28 new positions (ROKU INC (ROKU), ORGANON & CO (OGN), DOMINION ENERGY INC (D), APOGEE THERAPEUTICS INC (APGE), NUVALENT INC (NUVL), GLOBALSTAR INC (GSAT), ARCOSA INC (ACA), PAYONEER GLOBAL INC (PAYO), SKYWATER TECHNOLOGY INC (SKYT), SPACE EXPLORATION TECHN CORP (SPCX), BIO-TECHNE CORP (TECH), AXALTA COATING SYS LTD (AXTA), MICRON TECHNOLOGY INC (MU), AVANOS MED INC (AVNS), SINDA LTD (SIND), HUMANA INC (HUM), METALS RTY CO INC (TMCR), SUNSHINE SILVER MNG & REFNG (SSMR), GENEDX HOLDINGS CORP (WGS), SYNAPTICS INC (SYNA), SEAPORT THERAPEUTICS INC (SPTX), CONSTELLATION ENERGY (CEG), KARMAN HLDGS INC (KRMN), CEREBRAS SYSTEMS INC (CBRS), NYXOAH S A (NYXH), EROCK INC (EROC), TAYLOR MORRISON HOME CORP (TMHC), ALLIED GOLD CORP (AAUC)); bought more shares of TENET HEALTHCARE CORP (THC), CAESARS ENTERTAINMENT INC NE (CZR), PARAMOUNT SKYDANCE CORP (PSKY), TXNM ENERGY INC (TXNM), HCA HEALTHCARE INC (HCA) (the largest 5 of 10 adds).
What stocks did Pentwater Capital Management LP sell in Q2 2026?
In Q2 2026, Pentwater Capital Management LP fully sold 29 positions (MASIMO CORP (MASI), HOLOGIC INC (HO1), ARCELLX INC (ACLX), CENTESSA PHARMACEUTICALS PLC (CNTA), NETFLIX INC. (NFLX), CLEARWATER ANALYTICS HOLDINGS INC (CWAN), APELLIS PHARMACEUTICALS INC (APLS), AMICUS THERAPEUTIC (FOLD), AIR LEASE CORP (AL), WEBSTER FINL CORP (WBS), UNITED AIRLS HLDGS INC (UAL), ONESTREAM INC (K4F), INVESCO QQQ TR (QQQ), PINNACLE FINL PARTNERS INC (PNFP), DAY ONE BIOPHARMACEUTICALS I (DAWNGBX), STRUCTURE THERAPEUTICS INC (GPCR), ATRIUM THERAPEUTICS INC (RNA), UNITED PARCEL SVCS INC (UPS), CANTALOUPE INC (CTLP), PURETECH HEALTH PLC (PRTC), ATLANTA BRAVES HLDGS INC (BATRK), ENTREPRENEURSHARES SERIES TR (XOVR), COREWEAVE INC (CRWV), FERMI INC (FRMI), REDDIT INC (RDDT), GALAXY DIGITAL INC. (GLXY), KRATOS DEFENSE & SEC SOLUTIO (KTOS), CIPHER DIGITAL INC (CIFR), WHITEFIBER INC (WYFI)); reduced holdings in CORE SCIENTIFIC INC NEW (CORZ), UNITEDHEALTH GROUP INC (UNH), STATE STR SPDR S&P 500 ETF T (SPY), AMC ENTMT HLDGS INC (AMC), AVIS BUDGET GROUP INC (CAR) (the largest 5 of 15 reductions).
Which positions did Pentwater Capital Management LP initiate in Q2 2026?
Pentwater Capital Management LP established 28 new positions in Q2 2026: ROKU INC (ROKU, 4.8%), ORGANON & CO (OGN, 2.0%), DOMINION ENERGY INC (D, 1.9%), APOGEE THERAPEUTICS INC (APGE, 1.5%), NUVALENT INC (NUVL, 1.2%), GLOBALSTAR INC (GSAT, 0.9%), ARCOSA INC (ACA, 0.8%), PAYONEER GLOBAL INC (PAYO, 0.6%), SKYWATER TECHNOLOGY INC (SKYT, 0.5%), SPACE EXPLORATION TECHN CORP (SPCX, 0.3%), BIO-TECHNE CORP (TECH, 0.3%), AXALTA COATING SYS LTD (AXTA, 0.2%), MICRON TECHNOLOGY INC (MU, 0.2%), AVANOS MED INC (AVNS, 0.1%), SINDA LTD (SIND, 0.1%), HUMANA INC (HUM, 0.1%), METALS RTY CO INC (TMCR, 0.1%), SUNSHINE SILVER MNG & REFNG (SSMR, 0.0%), GENEDX HOLDINGS CORP (WGS, 0.0%), SYNAPTICS INC (SYNA, 0.0%), SEAPORT THERAPEUTICS INC (SPTX, 0.0%), CONSTELLATION ENERGY (CEG, 0.0%), KARMAN HLDGS INC (KRMN, 0.0%), CEREBRAS SYSTEMS INC (CBRS, 0.0%), NYXOAH S A (NYXH, 0.0%), EROCK INC (EROC, 0.0%), TAYLOR MORRISON HOME CORP (TMHC, 0.0%), ALLIED GOLD CORP (AAUC, 0.0%).
Which existing positions saw the largest allocation increases for Pentwater Capital Management LP in Q2 2026?
Of 10 existing positions with share-count increases in Q2 2026, the largest were: TENET HEALTHCARE CORP (THC, +1.0% weight, +512.0% shares), CAESARS ENTERTAINMENT INC NE (CZR, +2.3% weight, +332.6% shares), PARAMOUNT SKYDANCE CORP (PSKY, +0.7% weight, +192.7% shares), TXNM ENERGY INC (TXNM, +1.8% weight, +131.7% shares), HCA HEALTHCARE INC (HCA, +0.2% weight, +73.3% shares), ECHOSTAR CORP (SATS, +1.2% weight, +63.6% shares), SILICON LABORATORIES INC (SLAB, +0.6% weight, +48.3% shares), GEO GROUP INC (GEO, +1.4% weight, +10.6% shares), DIGITALBRIDGE GROUP INC (DBRG, +0.3% weight, +7.2% shares), ELECTRONIC ARTS INC (EA, +3.5% weight, +5.2% shares).
Which positions did Pentwater Capital Management LP fully exit in Q2 2026?
Pentwater Capital Management LP fully exited 29 positions in Q2 2026: MASIMO CORP (MASI, last-reported weight 4.0%), HOLOGIC INC (HO1, last-reported weight 2.4%), ARCELLX INC (ACLX, last-reported weight 2.3%), CENTESSA PHARMACEUTICALS PLC (CNTA, last-reported weight 2.3%), NETFLIX INC. (NFLX, last-reported weight 2.1%), CLEARWATER ANALYTICS HOLDINGS INC (CWAN, last-reported weight 1.9%), APELLIS PHARMACEUTICALS INC (APLS, last-reported weight 1.5%), AMICUS THERAPEUTIC (FOLD, last-reported weight 1.4%), AIR LEASE CORP (AL, last-reported weight 1.1%), WEBSTER FINL CORP (WBS, last-reported weight 0.9%), UNITED AIRLS HLDGS INC (UAL, last-reported weight 0.3%), ONESTREAM INC (K4F, last-reported weight 0.3%), INVESCO QQQ TR (QQQ, last-reported weight 0.2%), PINNACLE FINL PARTNERS INC (PNFP, last-reported weight 0.2%), DAY ONE BIOPHARMACEUTICALS I (DAWNGBX, last-reported weight 0.1%), STRUCTURE THERAPEUTICS INC (GPCR, last-reported weight 0.1%), ATRIUM THERAPEUTICS INC (RNA, last-reported weight 0.1%), UNITED PARCEL SVCS INC (UPS, last-reported weight 0.0%), CANTALOUPE INC (CTLP, last-reported weight 0.0%), PURETECH HEALTH PLC (PRTC, last-reported weight 0.0%), ATLANTA BRAVES HLDGS INC (BATRK, last-reported weight 0.0%), ENTREPRENEURSHARES SERIES TR (XOVR, last-reported weight 0.0%), COREWEAVE INC (CRWV, last-reported weight 0.0%), FERMI INC (FRMI, last-reported weight 0.0%), REDDIT INC (RDDT, last-reported weight 0.0%), GALAXY DIGITAL INC. (GLXY, last-reported weight 0.0%), KRATOS DEFENSE & SEC SOLUTIO (KTOS, last-reported weight 0.0%), CIPHER DIGITAL INC (CIFR, last-reported weight 0.0%), WHITEFIBER INC (WYFI, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Pentwater Capital Management LP in Q2 2026?
Of 15 existing positions with share-count reductions in Q2 2026, the largest were: CORE SCIENTIFIC INC NEW (CORZ, -2.5% weight, -97.8% shares), UNITEDHEALTH GROUP INC (UNH, -0.9% weight, -96.5% shares), STATE STR SPDR S&P 500 ETF T (SPY, -2.4% weight, -93.1% shares), AMC ENTMT HLDGS INC (AMC, -0.0% weight, -76.0% shares), AVIS BUDGET GROUP INC (CAR, -4.3% weight, -64.3% shares), FORGENT POWER SOLUTIONS INC (FPS, -0.0% weight, -59.4% shares), ORACLE CORP (ORCL, -0.1% weight, -41.9% shares), MEDLINE INC (MDLN, -0.0% weight, -40.0% shares), TECK RESOURCES LTD (TECK, 0.3% weight, -14.4% shares), NORFOLK SOUTHN CORP (NSC, 0.4% weight, -13.8% 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.