PEPentwater Capital Management LP

Top Holdings151 positions

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Activity:AllNewIncreasedDecreasedExitedUnchangedFirst report

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
??SPDR S&P 500 ETF TR PUT	5.6M	$1.8B	29.4%	—	—	—	—	Increased —
ZAYODelisted ZAYO GROUP HOLDINGS INC	8.7M	$302.5M	4.9%	—	—	—	4 qtrssince 2019-Q1	Increased 59
??MELLANOX TECHNOLOGIES LTD PUT Delisted	2.5M	$297.1M	4.9%	—	—	—	—	Unchanged —
AMTD TD AMERITRADE HOLDING CORP	5.1M	$252.9M	4.1%	—	$50.94	0.00%	1 qtr	New 85
??CIGNA CORP NEW PUT Delisted	1.2M	$240.3M	3.9%	—	—	—	—	Unchanged —
PCG PG&E Corp	20.9M	$227M	3.7%	—	$12.07	-11.48%	4 qtrssince 2019-Q1	Increased 91
CYDelisted CYPRESS SEMICONDUCTOR CORP	9.4M	$219M	3.6%	—	—	—	3 qtrssince 2019-Q2	Decreased 0
TIFDelisted TIFFANY & CO	1.4M	$192.8M	3.2%	—	—	—	1 qtr	New 85
MLNX MELLANOX TECHNOLOGIES LTD	1.3M	$153.3M	2.5%	—	—	—	4 qtrssince 2019-Q1	Decreased 0
??PG&E CORP PUT	13.5M	$146.9M	2.4%	—	—	—	—	Increased —
TRQ TURQUOISE HILL RESOURCES LTD	183.6M	$135.2M	2.2%	—	—	—	4 qtrssince 2019-Q1	Increased 54
ESPRDelisted ESPERION THERAPEUTICS INC NE	2.3M	$134.4M	2.2%	—	$40.11	+49.14%	4 qtrssince 2019-Q1	Decreased 0
??BRISTOL-MYERS SQUIBB CO PUT Delisted	1.9M	$124.5M	2.0%	—	—	—	—	New —
??BRISTOL-MYERS SQUIBB-CVRDelisted right	35.6M	$107M	1.8%	—	—	—	1 qtr	New 69
BA Boeing Co	258,172	$84.1M	1.4%	—	$323.83	0.00%	1 qtr	New 68
??TIFFANY & CO NEW PUT Delisted	615,000	$82.2M	1.3%	—	—	—	—	New —
??SPDR S&P 500 ETF TR CALL Delisted	250,000	$80.5M	1.3%	—	—	—	—	Increased —
??ALLERGAN PLC PUT Delisted	415,000	$79.3M	1.3%	—	—	—	—	Increased —
MDCODelisted MEDICINES COMPANY	780,500	$66.3M	1.1%	—	—	—	1 qtr	New 68
??SYNCHRONY FINANCIAL CALL Delisted	1.8M	$65.7M	1.1%	—	—	—	—	Decreased —

$6.1B

AUM

151

Positions

Q4 2019

Filing

HI score · 1.5/5

Quarterly 13F Value Change

FilingEquity

Activity profile

$ moved · Q4'19

New28%Increased18%Decreased15%Exited39%

Composition

Equity vs derivatives

Equity43%Puts50%Calls7%

Holding period

Avg 1.5 quarters

<1Q30%1-4Q70%1-2Y0%2Y+0%

Pentwater Capital Management LP manages $6.1B across 151 positions as of Q4 2019. Top holdings: SPDR S&P 500 ETF TR puts (29.4%), ZAYO (4.9%), MELLANOX TECHNOLOGIES LTD puts (4.9%). Fund DNA: Momentum Trader. HoldingsIntel Score: 1.5/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

NET2Q held

CLOUDFLARE INC

Avg $18.24 · $7M est. P&L

—

Est. P&L

+1524.45%

HBT1Q held

HBT FINANCIAL INC

Avg $15.05 · $615,900 est. P&L

—

Est. P&L

+136.41%

DUK1Q held

DUKE ENERGY CORP NEW

Avg $70.90 · $404,560 est. P&L

—

Est. P&L

+71.33%

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.