Pentwater Capital Management portfolio

What changed this quarter

63 positions with a change (21 new, 10 added to, 15 trimmed, 17 sold); also, 7 entered through an IPO, 12 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Avis Budget Group−64%fewer sharesReduced
  7.3% → 3.0%
• Roku+4.2 ppof portfolioNew
  — → 4.8%
• State Str Spdr S&P 500 ETF T−93%fewer sharesReduced
  2.7% → 0.2%
• Core Scientific−98%fewer sharesReduced
  2.6% → 0.1%
• Netflix−2.1 ppof portfolioSold out
  2.1% → —
• Caesars Entertainment+333%more sharesIncreased
  0.5% → 2.8%
• Organon+1.7 ppof portfolioNew
  — → 2.0%
• Dominion Energy+1.7 ppof portfolioNew
  — → 1.9%
• TXNM Energy+132%more sharesIncreased
  1.2% → 2.9%
• Apogee Therapeutics+1.3 ppof portfolioNew
  — → 1.5%
• Boeing−12%fewer sharesReduced
  10.0% → 10.7%
• EchoStar+64%more sharesIncreased
  2.0% → 3.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Electronic ArtsEA22.1%
• BoeingBA10.7%
• Warner Bros. DiscoveryWBD10.1%
• KenvueKVUE7.8%
• Norfolk SouthernNSC7.0%
• RokuROKU4.8%
• EchoStarECHO3.1%
• Avis Budget GroupCAR3.0%
• TXNM EnergyTXNM2.9%
• TECK ResourcesTECK2.8%
• Caesars EntertainmentCZR2.8%
• GEO GroupGEO2.5%
• OrganonOGN2.0%
• Dominion EnergyD1.9%
• DigitalBridge GroupDBRG1.6%
• Surgery PartnersSGRY1.6%
• Apogee Therapeutics1.5%
• CarnivalCCL1.3%
• Silicon LaboratoriesSLAB1.3%
• Nuvalent1.2%
• Tenet HealthcareTHC1.1%
• SkydancePSKY0.9%
• GlobalstarGSAT0.9%
• ArcosaACA0.8%
• Liberty BroadbandLBRDK0.7%
• Payoneer GlobalPAYO0.6%
• SkyWater Technology0.5%
• HCA HealthcareHCA0.4%
• Space Exploration TechnologiesSPCX0.3%
• Bio-techneTECH0.3%
• State Str Spdr S&P 500 ETF TSPY0.2%
• Axalta Coating SystemsAXTA0.2%
• Micron TechnologyMU0.2%
• Avanos MedicalAVNS0.1%
• Core ScientificCORZ0.1%
• OracleORCL0.1%
• SindaSIND0.1%
• HumanaHUM0.1%
• UnitedHealth GroupUNH0.1%
• AESAES0.1%
• Metals RoyaltyTMCR0.1%
• Kranesh CSI China Internet ETFKWEBunder 0.1%
• Sunshine Silver Mining & RefiningSSMRunder 0.1%
• GeneDx HoldingsWGSunder 0.1%
• AMC Entertainment HoldingsAMCunder 0.1%
• Forgent Power SolutionsFPSunder 0.1%
• DauchDCHunder 0.1%
• SynapticsSYNAunder 0.1%
• Seaport TherapeuticsSPTXunder 0.1%
• Constellation EnergyCEGunder 0.1%
• CorecivicCXWunder 0.1%
• Karman HoldingsKRMNunder 0.1%
• MedlineMDLNunder 0.1%
• Cerebras SystemsCBRSunder 0.1%
• NyxoahNYXHunder 0.1%
• ERockEROCunder 0.1%
• Taylor Morrison HomeTMHCunder 0.1%
• Allied GoldAAUCunder 0.1%