Pentwater Capital Management LP holds a focused book of 60 stocks worth $14.1B as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened Masimo Corp and trimmed Kenvue Inc. Their largest long position is Electronic Arts Inc at 19% of the equity book. They also disclosed $4.1B in put options (a bearish bet) and $1.1B in call options (bullish), shown separately below and excluded from the equity book.
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Use Arkolith to show Pentwater Capital Management LP's latest holdings, largest changes, and filing provenance.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
87% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Electronic Arts Inc COM | $2.6B | 12.81M | 18.6% | ▲+17% Added · +1.9M sh | |
| 2 | Boeing Co COM | $1.4B | 7.07M | 10.0% | ▲+7.0% Added · +460K sh | |
| 3 | Warner Bros Discovery Inc COM SER A | $1.4B | 50.24M | 9.8% | ▲+9.1% Added · +4.2M sh | |
| 4 | Avis Budget Group Inc COM | $1.0B | 7.05M | 7.3% | ▲+127% Added · +3.9M sh | |
| 5 | Norfolk Southn Corp COM | $924.1M | 3.22M | 6.6% | ▲+6.7% Added · +201K sh | |
| 6 | Kenvue Inc COM | $896.5M | 52.00M | 6.4% | ▼−8.3% Reduced · −4.7M sh | |
| 7 | Masimo Corp COM | $564.9M | 3.18M | 4.0% | ▲New New position | |
| 8 | State STR SPDR S&P 500 ETF T TR UNIT | $377.2M | 580.0K | 2.7% | ▲58× Added · +570K sh | |
| 9 | Core Scientific Inc New COM | $371.8M | 24.85M | 2.6% | ▼−3.0% Reduced · −763K sh | |
| 10 | Teck Resources Ltd CL B | $360.2M | 6.96M | 2.6% | ▲+7.1% Added · +460K sh | |
| 11 | Hologic Inc COM | $340.2M | 4.50M | 2.4% | ▲+5.9% Added · +253K sh | |
| 12 | Arcellx Inc COMMON STOCK | $329.5M | 2.87M | 2.3% | ▲New New position | |
| 13 | Centessa Pharmaceuticals PLC SPONSORED ADS | $324.5M | 8.17M | 2.3% | ▲New New position | |
| 14 | Netflix Inc. COM | $296.9M | 3.09M | 2.1% | ▲+865% Added · +2.8M sh | |
| 15 | Echostar Corp CL A | $276.3M | 2.36M | 2.0% | ▲+232% Added · +1.6M sh | |
| 16 | Clearwater Analytics Hldgs I CL A | $269.3M | 11.38M | 1.9% | ▲+338% Added · +8.8M sh | |
| 17 | Apellis Pharmaceuticals Inc COM | $211.2M | 5.25M | 1.5% | ▲New New position | |
| 18 | Amicus Therapeutic COM | $202.4M | 14.00M | 1.4% | ▲+22% Added · +2.5M sh | |
| 19 | Digitalbridge Group Inc CL A NEW | $181.2M | 11.75M | 1.3% | ▲+2.2% Added · +250K sh | |
| 20 | TXNM Energy Inc COM | $163.7M | 2.80M | 1.2% | ▲+70% Added · +1.1M sh | |
| 21 | Geo Group Inc COM | $160.8M | 9.56M | 1.1% | ▲+64% Added · +3.7M sh | |
| 22 | Carnival Corp COMMON STOCK | $156.8M | 6.06M | 1.1% | ▲+39% Added · +1.7M sh | |
| 23 | Air Lease Corp CL A | $155.6M | 2.40M | 1.1% | ▲+7.0% Added · +157K sh | |
| 24 | Surgery Partners Inc COM | $150.8M | 12.65M | 1.1% | ▲+27% Added · +2.7M sh | |
| 25 | Unitedhealth Group Inc COM | $138.5M | 512.0K | 1.0% | ▲+30% Added · +117K sh | |
| 26 | Webster Finl Corp COM | $129.5M | 1.87M | 0.9% | ▲New New position | |
| 27 | Liberty Broadband Corp COM SER C | $125.4M | 2.49M | 0.9% | —Held | |
| 28 | Silicon Laboratories Inc COM | $104.1M | 500.0K | 0.7% | ▲New New position | |
| 29 | Caesars Entertainment Inc Ne COM | $70.0M | 2.65M | 0.5% | ▲New New position | |
| 30 | United Airls Hldgs Inc COM | $46.0M | 500.0K | 0.3% | ▲New New position | |
| 31 | Onestream Inc CL A | $45.4M | 1.89M | 0.3% | ▲New New position | |
| 32 | Paramount Skydance Corp COM CL B | $37.0M | 4.10M | 0.3% | ▲+19% Added · +650K sh | |
| 33 | Hca Healthcare Inc COM | $35.5M | 75.0K | 0.3% | ▲New New position | |
| 34 | Invesco QQQ TR UNIT SER 1 | $34.6M | 60.0K | 0.2% | ▲New New position | |
| 35 | Pinnacle Finl Partners Inc COM | $25.8M | 300.0K | 0.2% | ▲New New position | |
| 36 | Tenet Healthcare Corp COM NEW | $23.6M | 125.0K | 0.2% | ▲New New position | |
| 37 | Oracle Corp COM | $22.8M | 155.0K | 0.2% | ▲New New position | |
| 38 | Day One Biopharmaceuticals I COM | $17.2M | 800.0K | 0.1% | ▲New New position | |
| 39 | Structure Therapeutics Inc SPONSORED ADS | $11.8M | 245.0K | 0.1% | ▲New New position | |
| 40 | Amc Entmt Hldgs Inc CL A NEW | $9.2M | 9.37M | 0.1% | ▲New New position | |
| 41 | Liberty Broadband Corp COM SER A | $8.5M | 170.0K | 0.1% | —Held | |
| 42 | Atrium Therapeutics Inc COM | $8.1M | 602.6K | 0.1% | ▲New New position | |
| 43 | Kraneshares Trust CSI CHI INTERNET | $7.1M | 250.0K | 0.1% | ▲New New position | |
| 44 | Aes Corp COM | $7.0M | 500.0K | 0.1% | ▲New New position | |
| 45 | Forgent Power Solutions Inc COM SHS CL A | $4.7M | 160.0K | 0.0% | ▲New New position | |
| 46 | United Parcel Svcs Inc CL B | $4.4M | 45.0K | 0.0% | ▲New New position | |
| 47 | Dauch Corp COM | $3.1M | 519.8K | 0.0% | ▲New New position | |
| 48 | Medline Inc COM CL A | $2.2M | 50.0K | 0.0% | ▲New New position | |
| 49 | Cantaloupe Inc COM | $2.2M | 200.0K | 0.0% | ▲New New position | |
| 50 | Puretech Health PLC ADS | $1.0M | 70.0K | 0.0% | —Held |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SS SPDR S&P 500 ETF TRUST-USSPY | $2.0B | 3.0M |
| PUT · bearish | BOEING CO/THEBA | $1.0B | 5.0M |
| CALL · bullish | UNITEDHEALTH GROUP INCUNH | $768.5M | 2.8M |
| PUT · bearish | NETFLIX INCNFLX | $323.1M | 3.4M |
| PUT · bearish | UNITEDHEALTH GROUP INCUNH | $174.5M | 645K |
| PUT · bearish | WARNER BROS DISCOVERY INCWBD | $133.8M | 4.9M |
| CALL · bullish | NETFLIX INCNFLX | $123.1M | 1.3M |
| CALL · bullish | AVIS BUDGET GROUP INCCAR | $113.2M | 776K |
| PUT · bearish | INVESCO QQQ TRUST SERIES 1QQQ | $98.1M | 170K |
| PUT · bearish | CORE SCIENTIFIC INCCORZ | $86.8M | 5.8M |
| PUT · bearish | CARNIVAL CORP LTDCCL1EUR | $82.2M | 3.2M |
| CALL · bullish | KENVUE INCKVUE | $53.4M | 3.1M |
| PUT · bearish | UNITED AIRLINES HOLDINGS INCUAL | $48.8M | 530K |
| CALL · bullish | CORE SCIENTIFIC INCCORZ | $47.9M | 3.2M |
| PUT · bearish | PARAMOUNT SKYDANCE CL BPSKY | $33.4M | 3.7M |
| PUT · bearish | NORFOLK SOUTHERN CORPNSC | $29.6M | 103K |
| PUT · bearish | KENVUE INCKVUE | $25.9M | 1.5M |
| PUT · bearish | ISHARES MSCI UNITED KINGDOMEWU | $22.8M | 500K |
| PUT · bearish | ECHOSTAR CORP-ASATS | $14.0M | 120K |
| CALL · bullish | CARNIVAL CORP LTDCCL1EUR | $12.9M | 500K |
| PUT · bearish | ISHARES MSCI GERMANY ETFEWG | $11.9M | 300K |
| PUT · bearish | CHARTER COMMUNICATIONS INC-ACHTR | $10.8M | 50K |
| PUT · bearish | ORACLE CORPORCL | $10.3M | 70K |
| CALL · bullish | BOEING CO/THEBA | $10.0M | 50K |
| CALL · bullish | ECHOSTAR CORP-ASATS | $5.9M | 50K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 32 option legs.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 92 | $19.3B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 17, 2026 | 77 | $19.0B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 110 | $17.9B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 14, 2025 | 96 | $15.4B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 101 | $11.9B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 14, 2025 | 92 | $9.1B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 95 | $9.7B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Jul 31, 2024 | 94 | $7.8B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 15, 2024 | 96 | $9.8B | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 14, 2024 | 109 | $8.9B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 14, 2023 | 115 | $18.6B | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 14, 2023 | 128 | $14.5B | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 15, 2023 | 144 | $10.3B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 14, 2023 | 123 | $5.7B | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 149 | $8.9B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 15, 2022 | 176 | $8.5B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 16, 2022 | 163 | $8.4B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 11, 2022 | 205 | $9.2B | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 15, 2021 | 230 | $9.8B | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Aug 16, 2021 | 303 | $12.1B | 13F-HR |
| Q1 2021 | Mar 31, 2021 | May 17, 2021 | 339 | $10.5B | 13F-HR |
| Q4 2020 | Dec 31, 2020 | Feb 16, 2021 | 235 | $8.3B | 13F-HR |
| Q3 2020 | Sep 30, 2020 | Dec 9, 2020 | 219 | $7.7B | 13F-HR/A |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. Price-derived performance is withheld until the price-source policy and freshness gate are green.