Pentwater Capital Management LP

Hedge Fund • Event Driven

Pentwater Capital Management LP is an Event Driven Hedge Fund based in Naples, FL led by Matthew Charles Halbower, managing $10.6B across 64 long positions as of Q3 2025 with 38% Technology concentration, 68% concentrated in top 10 holdings, and 17% allocation to CYBR.

CEOMatthew Charles Halbower

Portfolio Value: $10.6B
Positions: 64
Top Holding: CYBR at 16.77%
Last Reported: Q3 2025

Address1001 10th Avenue South, Suite 216, Naples, FL, 34102, United States

Top Holdings

Largest long holdings in Pentwater Capital Management LP's portfolio (67.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 CyberArk Software CYBR	Software - Infrastructure Technology	$1.8B	16.77%	+$1.8B New	7.27% 3.7M shares	Q3 2025 Held for 2 months
2 Electronic Arts EA	Electronic Gaming & Multimedia Technology	$968.2M	9.17%	+$968.2M New	1.93% 4.8M shares	Q3 2025 Held for 2 months
3 Norfolk Southern NSC	Railroads Industrials	$826.1M	7.82%	+$826.1M New	1.23% 2.8M shares	Q3 2025 Held for 2 months
4 Kellanova K	Packaged Foods Consumer Defensive	$820.2M	7.77%	+$89.4M Bought	2.88% 10.0M shares	Q3 2024 Held for 1y 2m
5 Boeing BA	Aerospace & Defense Industrials	$538.5M	5.10%	+$96.0M Bought	0.33% 2.5M shares	Q1 2019 Held for 6y 8m
6 Warner Bros. Discovery, Inc. WBD	Entertainment Communication Services	$528.5M	5.00%	+$528.5M Bought	1.09% 27.1M shares	Q3 2025 Held for 2 months
7 Avis Budget Group CAR	Rental & Leasing Services Industrials	$507.9M	4.81%	+$143.4M Bought	8.99% 3.2M shares	Q1 2024 Held for 1y 8m
8 Core Scientific, Inc. CORZ	Software - Infrastructure Technology	$435.0M	4.12%	+$401.6M Bought	7.89% 24.3M shares	Q2 2025 Held for 5 months
9 Dayforce DAY	Software - Application Technology	$378.9M	3.59%	+$378.9M Bought	3.48% 5.5M shares	Q3 2025 Held for 2 months
10 Spirit Aerosystems SPR	Aerospace & Defense Industrials	$362.8M	3.44%	+$17.4M Bought	8.01% 9.4M shares	Q1 2024 Held for 1y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Pentwater Capital Management LP's latest filing

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Market Value

$10.6B

Prior: $7.8B

Q/Q Change

+34.95%

+$2.7B

Net Flows % of MV

+13.23%

Turnover Ratio

55.38%

New Purchases

23 stocks

$4.2B

Added To

17 stocks

+$1.7B

Sold Out Of

32 stocks

$4.0B

Reduced Holdings

9 stocks

-$499.7M

Increased Positions

Position	Shares Δ	Change
1 CyberArk Software CYBR	New	0 → 3.7M +$1.8B
2 Electronic Arts EA	New	0 → 4.8M +$968.2M
3 Norfolk Southern NSC	New	0 → 2.8M +$826.1M
4 WNS Holdings Limited WNS	New	0 → 2.1M +$159.8M
5 Air Lease AL	New	0 → 2.2M +$140.0M

Decreased Positions

Position	Shares Δ	Change
1 Hess HES	Sold	7.3M → 0 −$1.0B
2 Juniper Networks JNPR	Sold	14.3M → 0 −$569.0M
3 Blueprint Medicines BPMC	Sold	3.9M → 0 −$499.9M
4 Skechers SKX	Sold	7.0M → 0 −$441.7M
5 Ansys ANSS	Sold	815.0K → 0 −$286.2M