Name: Pentwater Capital Management LP 13F Holdings
Creator: 13F Insight

AI Analysis · Q1 2026

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.

The scale of churn is worth emphasizing because it is genuinely unusual: 24 new positions (Masimo, ArcellX, Centessa, Apellis, Invesco QQQ, Webster Financial, Silicon Labs, United Airlines, Caesars Entertainment, OneStream, HCA Healthcare, Day One Bio, iShares Germany, Structure Therapeutics, Charter Communications, AMC Entertainment, Liberty Broadband Class A, Atrium Therapeutics, KraneShares CSI China Internet ETF, AES Corp, Forgent Power Solutions, VanEck Gold Miners ETF, UPS, Air Lease — and a number of smaller entries), 24 fully sold positions (CyberArk, Exact Sciences, Dayforce, Avidity Biosciences, Kimberly-Clark, Cadence Bank, Synopsys, Comerica, Palo Alto Networks, CIDARA Therapeutics — plus 14 smaller exits), 22 positions with material share-count increases, and only 1 decreased position (Kenvue). This 24-in / 24-out / 22-up pattern across 92 total positions is what happens when a portfolio team makes a deliberate strategic rotation rather than managing a diversified set of positions through normal cycles.

The rotation tells a coherent thematic story, and that story is the most useful thing to extract from this filing. Pentwater is rotating OUT of: (1) cybersecurity (CyberArk, Palo Alto Networks) as the market begins pricing in software-spend normalization after the post-2020 security-spending supercycle; (2) HR-tech (Dayforce / Ceridian) as workforce-management SaaS growth decelerates; (3) molecular-diagnostics (Exact Sciences) as the CRC-screening category matures and competition intensifies; (4) consumer staples (Kimberly-Clark) as a traditional value-play that has underperformed the broader market; (5) regional banking (Cadence Bank, Comerica) as the regional-banking sector faces asset-quality concerns from commercial-real-estate exposure and funding-cost volatility; (6) digital-health and RNA-therapeutics (Avidity Biosciences, CIDARA Therapeutics) as clinical-stage biotech faces sustained funding-market headwinds; and (7) semiconductor EDA (Synopsys) as a defense-spend slowdown and AI-software-suite competition squeezed valuations. In exchange, Pentwater is rotating INTO: (1) entertainment-and-streaming (Warner Bros Discovery held at $1.51B, Netflix added aggressively to $743M from $75M, EchoStar added $296M, AMC Entertainment added at $9.2M, Paramount Skydance added at $70M, Caesars Entertainment at $70M); (2) travel-and-leisure (Avis Budget Group up 80%, United Airlines new at $95M, Carnival Corp new at $252M, Air Lease new at $156M); (3) healthcare-with-monitoring-and-generics-edge (Masimo at $565M, ArcellX at $330M, Centessa at $325M, Apellis at $211M, HCA Healthcare at $35M, Day One Bio at $17M); (4) semiconductor-and-communication-non-AI (Silicon Labs at $104M, EchoStar $296M, Charter $11M, Liberty Broadband $125M); (5) financial-and-ETF-sleeving (Webster Financial $130M, Invesco QQQ $133M, SPDR S&P 500 up to $2.34B); and (6) infrastructure-adjacent (Core Scientific, Kenvue, Norfolk Southern).

Quarter at a glance — Q1 2026

Top 10 holdings

Filing history