Pentwater Capital Management LP

Pentwater Capital Management LPs March 2026 13F is one of the most striking rebalancing events the coverage universe has produced in recent filing cycles: a $19.28 billion, 92-position portfolio that executed a 24-in / 24-out rotation in a single quarter — adding 24 brand-new positions, fully selling 24 legacy positions, materially increasing 22 more — a churn rate of 74 total changes across 92 positions that is closer to a multi-manager fundamental pivot than to the routine rebalancing of a concentrated long-short equity fund. The portfolio is anchored by Electronic Arts at $2.61 billion (13.5% of assets), Boeing at $2.42 billion (12.6%), the SPDR S&P 500 ETF at $2.34 billion (12.1%), Warner Bros Discovery at $1.51 billion (7.8%), and Avis Budget Group at $1.14 billion (5.9%) — a top-five set that spans video-games, aerospace, broad-market-index ETF, streaming-media, and car-rental, which reads like dial-code exposure to consumer-spending and travel-cycle recovery. The most dramatic single addition was Netflix: shares increased 860% from 805,000 to 7.73 million, turning a $75 million residual into a $743 million position (3.9% of assets) in one quarter, adding $667 million in new capital as Netflix stock recovered from its 2022-2023 lows. SPDR S&P 500 ETF was increased 56.5% in shares, deploying $771 million in new capital, taking the index-sleeve from $1.57B to $2.34B. Electronic Arts was added to at $374 million more and Boeing was held essentially flat in shares while the position declined $205 million on price. Avis Budget Group was increased 80.5% from 4.34 million to 7.82 million shares, adding $585 million — a travel-cycle bet at a 5.9% portfolio weight. New pharma/biotech openings: Masimo at $565 million (remote-patient-monitoring and noninvasive patient-monitoring equipment), ArcellX at $330M (cell therapy), Centessa Pharmaceuticals at $325M (RNA-targeting), Apellis at $211M (complement medicine for geographic atrophy), Day One Biopharma at $17M, and Structure Therapeutics at $12M. Sold legacy positions included CyberArk Software ($1.53B), Exact Sciences ($736M), Dayforce ($657M), Avidity Biosciences ($435M), Kimberly-Clark ($345M), Synopsys ($183M), Palo Alto Networks ($162M), and Comerica ($174M) — exchanging cybersecurity, HR-tech, diagnostic-giants, consumer-staples, and regional-bank exposure for entertainment, travel, new pharma, and financials. Sector breakdown: Consumer Cyclical 18.8%, Healthcare 17.4%, Technology 15.9%, Communication Services 14.4%, ETF 12.2%, Unknown 9.1%, Industrials 7.6%, Basic Materials 1.9%, Financial Services 1.6%, Utilities 0.9% — a portfolio that just became substantially more consumer-discretionary-and-healthcare-biotech heavy. The whaleScore of 80.75 reflects EA and Boeing together at 26% of assets.