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KCM

Knighthead Capital Management Portfolio holdings

AUM $1.18B
1-Year Est. Return 54.89%
This Fund
S&P 500
This Quarter Est. Return
-40.37%
1 Year Est. Return
-54.89%
3 Year Est. Return
-74.14%
5 Year Est. Return
-83.11%
10 Year Est. Return
-87.99%
AUM
$1.18B
AUM Growth
-$343M
Cap. Flow
+$15.7M
Cap. Flow %
1.33%
Top 10 Hldgs %
100%
Holding
11
New
6
Increased
–
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
AZUL
Azul S.A.
AZUL
+$15.7M

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Miscellaneous 52.41%
2 Industrials 46.18%
3 Communication Services 1.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTZ icon
1
Hertz
HTZ
$724M
$412M 34.99%
181,455,469
– –
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$800B
$373M 31.72%
+500,000
New +$363M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.1B
$120M 10.19%
1,500,000
-500,000
-25% -$40M
UP icon
4
Wheels Up
UP
$132M
$116M 9.84%
12,908,460
– –
ECHO
5
CALL
EchoStar
ECHO
$26.9B
$48.2M 4.1%
+475,000
New +$58.1M
ECHO
6
PUT
EchoStar
ECHO
$26.9B
$38.1M 3.23%
+375,000
New +$45.8M
SRAD icon
7
CALL
Sportradar
SRAD
$3.87B
$29.9M 2.54%
+2,000,000
New +$29.1M
TDS icon
8
Telephone and Data Systems
TDS
$4.33B
$16.5M 1.4%
445,695
– –
AZUL
9
Azul S.A.
AZUL
$1.24B
$16M 1.36%
+1,773,734
New +$15.7M
TDS icon
10
CALL
Telephone and Data Systems
TDS
$4.33B
$7.42M 0.63%
+200,000
New +$8.43M
IWM icon
11
PUT
iShares Russell 2000 ETF
IWM
$77.6B
– –
-1,500,000
Closed -$372M

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TWM
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KBFS
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CA
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FSWA
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Knighthead Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Knighthead Capital Management held 11 positions worth $1.18B, down 23% from $1.52B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management's Q2 2026 filing shows 6 new, 1 reduced and 1 closed positions. Its largest new stake was Azul S.A.: 1,773,734 shares worth $16M.

By sector, the portfolio is most concentrated in Miscellaneous at 52% of assets, up from 35% a quarter earlier, followed by Industrials and Communication Services.

  • Knighthead Capital Management's largest Q2 2026 buy was Azul S.A.: 1,773,734 shares worth $16M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $1.18B portfolio in Q2 2026.
  • Knighthead Capital Management opened 6 new positions and closed 1 in Q2 2026.
  • Knighthead Capital Management's portfolio value fell 23% quarter-over-quarter to $1.18B.

Based on Knighthead Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.