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.
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 (6)
| 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 | |
P Paul Bard | Portfolio Manager | Stamford, CT , United States | |
 | Portfolio Manager | New York, NY , United States | |
 | Portfolio Manager | Chicago, IL , United States |