Pentwater Capital Management LP
Pentwater Capital Management LP is a hedge fund and SEC-registered investment adviser founded in 2007, headquartered in Naples, FL. The firm manages multi-billion dollar assets across various strategies and is known for merger arbitrage and event-driven investing. Serving primarily institutional investors and high net worth clients, Pentwater employs a skilled team of around 44 professionals, blending quantitative analysis with deep fundamental research.
Investment Strategy
Pentwater Capital Management LP engages in event-driven investing, with a strong focus on merger arbitrage, distressed and special situations, and capital structure arbitrage. The firm seeks to capitalize on inefficiencies in financial markets related to corporate events such as M&A, spin-offs, restructurings, and other catalysts. By employing a combination of fundamental analysis, risk management, and quantitative techniques, Pentwater aims for absolute returns with an emphasis on low correlation to broad market indices.
Latest 13F Filing Activity
Pentwater Capital Management LP filed their most recent 13F report on Jun 30, 2025 disclosing 62 equity positions and 32 options positions with a total 13F market value of $15B. The fund increased holdings in Blueprint Medicines Corp., Skechers U S A Inc., Unitedhealth Group Inc. among other positions. Pentwater Capital Management LP reduced exposure to United States STL Corp. New, Intra-cellular Therapies Inc., SPDR S&P 500 Etf TR among others.
Top Holdings
Equity Positions (62)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
H HES | HESS CORP | 6.58% | $1.01B | 7,320,000 | $143.62 | $138.54 | +$84.5M |
K K | KELLANOVA | 4.60% | $708.6M | 8,910,000 | $81.05 | $79.53 | +$48.7M |
J JNPR | JUNIPER NETWORKS INC | 3.69% | $569.0M | 14,250,000 | $37.63 | $39.93 | +$105.8M |
B BPMC | BLUEPRINT MEDICINES CORP | 3.24% | $499.9M | 3,900,000 | $128.18 | $128.18 | +$499.9M |
S SKX | SKECHERS U S A INC | 2.87% | $441.7M | 7,000,000 | $63.10 | $63.10 | +$441.7M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $3.74B | 60,600 | $617.85 | $553.36 | +15,954 | +$1.25B |
B BA | BOEING CO | Bought | Put | $959.3M | 45,785 | $209.53 | $190.43 | +15,552 | +$443.7M |
C CAR | AVIS BUDGET GROUP | Bought | Put | $673.6M | 39,848 | $169.05 | $154.36 | +33,348 | +$624.3M |
H HES | HESS CORP | — | Put | $381.0M | 27,500 | $138.54 | $148.03 | 0 | -$58.3M |
C CVX | CHEVRON CORP NEW | Bought | Put | $330.1M | 23,050 | $143.19 | $144.74 | +12,050 | +$146.0M |
Industry Allocation
Investment Team (11)
| Name | Role | Location | |
|---|---|---|---|
 | Portfolio Manager | New York, NY , United States | |
J Jack Mo | Portfolio Manager | New York, NY , United States | |
J Jesse Freedman | Portfolio Manager | Evanston, IL , United States | |
 | Investment Analyst | London, United Kingdom | |
P Paul Bard | Portfolio Manager | Stamford, CT , United States | |
 | Portfolio Manager | New York, NY , United States | |
 | Portfolio Manager | Chicago, IL , United States | |
 | Investment Analyst | Evanston, IL , United States | |
J Jordan Fisher | Analyst | Chicago, IL , United States | |
K Kevin Economos | Analyst | Chicago, IL , United States |
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