Pentwater Capital Management LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Pentwater Capital Management LP initiated 31 new positions, increased allocation to 10 existing positions, trimmed 4 positions, and exited 18 positions entirely. The fund's 13F equity book grew from $13.82B to $14.07B (+1.8% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $13.82BPrior quarter
- $14.07BCurrent quarter
- + $0.25BNet delta
- +1.8%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| STATE STREET SPDR S&P 500 ETF | SPY | +2.63% | +5700.00% | History → |
| NETFLIX INC | NFLX | +1.89% | +865.00% | Holders → |
| CLEARWATER ANALYTICS HLDGS I | CWAN | +1.46% | +337.88% | Holders → |
| ECHOSTAR CORP | SATS | +1.40% | +231.60% | Holders → |
| AVIS BUDGET GROUP INC | CAR | +4.43% | +127.26% | History → |
| TXNM ENERGY INC | TXNM | +0.46% | +69.59% | Holders → |
| FERMI INC. | FRMI | +0.00% | +66.67% | Holders → |
| GEO GROUP INC | GEO | +0.46% | +63.57% | Holders → |
| CARNIVAL CORP | CCL | +0.15% | +38.51% | Holders → |
| UNITEDHEALTH GROUP INC | UNH | +0.04% | +29.62% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| COREWEAVE INC | CRWV | -0.06% | -92.08% | Holders → |
| ATLANTA BRAVES HOLDINGS INC - C | BATRK | -0.02% | -77.78% | Holders → |
| KENVUE, INC. | KVUE | -0.71% | -8.32% | History → |
| CORE SCIENTIFIC INC NEW | CORZ | -0.06% | -2.98% | History → |
Exited Positions Q1 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 | SYN_M2682V108 | 11.05% |
| EXACT SCIENCES CORP | SYN_30063P105 | 5.33% |
| DAYFORCE ORD | SYN_15677J108 | 4.75% |
| AVIDITY BIOSCIENCES INC | SYN_05370A108 | 3.14% |
| CADENCE BANK | CADE | 1.93% |
| COMERICA INC | CMA | 1.26% |
| CIDARA THERAPEUTICS INC | SYN_171757206 | 0.90% |
| HILLENBRAND INC | SYN_431571108 | 0.41% |
| AVADEL PHARMACEUTICALS PLC | SYN_G29687103 | 0.26% |
| TEGNA INC | TGNA | 0.25% |
| PINNACLE FINL PARTNERS INC | SYN_72346Q104 | 0.21% |
| SOHO HOUSE & CO INC | SYN_586001109 | 0.10% |
| USA TODAY CO INC | TDAY | 0.05% |
| GENEDX HOLDINGS CORP | WGS | 0.05% |
| ANYWHERE REAL ESTATE ORD | SYN_75605Y106 | 0.04% |
| PROTAGONIST THERAPEUTICS INC | PTGX | 0.03% |
| BORR DRILLING LTD | BORR | 0.00% |
| SHARPLINK GAMING INC | SBET | 0.00% |
Methodology & FAQ
How Pentwater Capital Management LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Pentwater Capital Management LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
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, 4.01%), ARCELLX INC (ACLX, 2.34%), CENTESSA PHARMACEUTICALS PLC (CNTA, 2.31%), APELLIS PHARMACEUTICALS INC (APLS, 1.50%), WEBSTER FINL CORP (WBS, 0.92%), SILICON LABORATORIES INC (SLAB, 0.74%), CAESARS ENTERTAINMENT INC NE (CZR, 0.50%), UNITED AIRLINES HOLDINGS INC (UAL, 0.33%), ONESTREAM INC (SYN_68278B107, 0.32%), HCA HEALTHCARE INC (HCA, 0.25%), INVESCO QQQ TR (QQQ, 0.25%), PINNACLE FINL PARTNERS INC (PNFP, 0.18%), TENET HEALTHCARE CORP (THC, 0.17%), ORACLE CORP (ORCL, 0.16%), DAY ONE BIOPHARMACEUTICALS I (SYN_23954D109, 0.12%), STRUCTURE THERAPEUTICS INC. (GPCR, 0.08%), AMC ENTMT HLDGS INC (AMC, 0.07%), ATRIUM THERAPEUTICS INC (RNA, 0.06%), KRANESHARES TRUST (KWEB, 0.05%), AES CORP (AES, 0.05%), FORGENT POWER SOLUTIONS INC (FPS, 0.03%), UNITED PARCEL SERVICE INC (UPS, 0.03%), DAUCH CORP (DCH, 0.02%), MEDLINE INC (MDLN, 0.02%), CANTALOUPE INC (CTLP, 0.02%), CORECIVIC INC (CXW, 0.01%), ENTREPRENEURSHARES SERIES TR (XOVR, 0.01%), REDDIT INC (RDDT, 0.00%), GALAXY DIGITAL INC. (GLXY, 0.00%), KRATOS DEFENSE & SEC SOLUTIO (KTOS, 0.00%), CIPHER DIGITAL INC (CIFR, 0.00%).
Which existing positions saw the largest allocation increases for Pentwater Capital Management LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: STATE STREET SPDR S&P 500 ETF (SPY, +2.63% weight, +5700.00% shares), NETFLIX INC (NFLX, +1.89% weight, +865.00% shares), CLEARWATER ANALYTICS HLDGS I (CWAN, +1.46% weight, +337.88% shares), ECHOSTAR CORP (SATS, +1.40% weight, +231.60% shares), AVIS BUDGET GROUP INC (CAR, +4.43% weight, +127.26% shares), TXNM ENERGY INC (TXNM, +0.46% weight, +69.59% shares), FERMI INC. (FRMI, +0.00% weight, +66.67% shares), GEO GROUP INC (GEO, +0.46% weight, +63.57% shares), CARNIVAL CORP (CCL, +0.15% weight, +38.51% shares), UNITEDHEALTH GROUP INC (UNH, +0.04% weight, +29.62% 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 (SYN_M2682V108, last-reported weight 11.05%), EXACT SCIENCES CORP (SYN_30063P105, last-reported weight 5.33%), DAYFORCE ORD (SYN_15677J108, last-reported weight 4.75%), AVIDITY BIOSCIENCES INC (SYN_05370A108, last-reported weight 3.14%), CADENCE BANK (CADE, last-reported weight 1.93%), COMERICA INC (CMA, last-reported weight 1.26%), CIDARA THERAPEUTICS INC (SYN_171757206, last-reported weight 0.90%), HILLENBRAND INC (SYN_431571108, last-reported weight 0.41%), AVADEL PHARMACEUTICALS PLC (SYN_G29687103, last-reported weight 0.26%), TEGNA INC (TGNA, last-reported weight 0.25%), PINNACLE FINL PARTNERS INC (SYN_72346Q104, last-reported weight 0.21%), SOHO HOUSE & CO INC (SYN_586001109, last-reported weight 0.10%), USA TODAY CO INC (TDAY, last-reported weight 0.05%), GENEDX HOLDINGS CORP (WGS, last-reported weight 0.05%), ANYWHERE REAL ESTATE ORD (SYN_75605Y106, last-reported weight 0.04%), PROTAGONIST THERAPEUTICS INC (PTGX, last-reported weight 0.03%), BORR DRILLING LTD (BORR, last-reported weight 0.00%), SHARPLINK GAMING INC (SBET, last-reported weight 0.00%).
Which existing positions saw the largest allocation reductions for Pentwater Capital Management LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: COREWEAVE INC (CRWV, -0.06% weight, -92.08% shares), ATLANTA BRAVES HOLDINGS INC - C (BATRK, -0.02% weight, -77.78% shares), KENVUE, INC. (KVUE, -0.71% weight, -8.32% shares), CORE SCIENTIFIC INC NEW (CORZ, -0.06% weight, -2.98% 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.