Knighthead Capital Management’s United Airlines UAL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-294,490	Closed	-$17.6M	–	9
2016 Q1	$17.6M	Sell	294,490 -126,210	-30%	-$6.7M	7.15%	8
2015 Q4	$24.1M	Sell	420,700 -105,000	-20%	-$6.06M	4.49%	8
2015 Q3	$27.9M	Sell	525,700 -95,510	-15%	-$5.39M	7.26%	6
2015 Q2	$32.9M	Hold	621,210	–	–	3.05%	8
2015 Q1	$41.8M	Sell	621,210 -1,135,886	-65%	-$77M	8.79%	5
2014 Q4	$118M	Buy	1,757,096 +7,976	+0.5%	+$442K	11.53%	2
2014 Q3	$81.8M	Hold	1,749,120	–	–	12.19%	3
2014 Q2	$71.8M	Hold	1,749,120	–	–	9.4%	3
2014 Q1	$78.1M	Buy	1,749,120 +116,565	+7%	+$5.24M	8.27%	4
2013 Q4	$61.8M	Sell	1,632,555 -122,435	-7%	-$4.29M	8.77%	3
2013 Q3	$53.9M	Buy	1,754,990 +18,192	+1%	+$585K	10.3%	3
2013 Q2	$54.3M	Buy	+1,736,798	New	+$55.3M	10.54%	1