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KCM
Knighthead Capital Management Portfolio holdings
AUM
$1.52B
1-Year Est. Return
19.8%
This Fund
S&P 500
This Quarter
Est. Return
+21.99%
1 Year Est. Return
+19.8%
3 Year Est. Return
-51.34%
5 Year Est. Return
-74.51%
10 Year Est. Return
-80.74%
AUM
$704M
AUM Growth
+$181M
(+35%)
Cap. Flow
+$75M
Cap. Flow
% of AUM
10.65%
Top 10 Holdings %
Top 10 Hldgs %
71.69%
Holding
30
New
8
Increased
2
Reduced
6
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HMHC
Houghton Mifflin Harcourt Company
HMHC
|
+$51.1M |
| 2 |
American Airlines Group
AAL
|
+$21.2M |
| 3 |
Exelon
EXC
|
+$15.9M |
| 4 |
American Eagle Outfitters
AEO
|
+$8.9M |
| 5 |
Delek US
DK
|
+$6.92M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Clearwater Paper
CLW
|
+$22.9M |
| 2 |
Goodyear
GT
|
+$11.6M |
| 3 |
United Airlines
UAL
|
+$4.29M |
| 4 |
Trinity Industries
TRN
|
+$3.14M |
| 5 |
Graphic Packaging
GPK
|
+$2.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 26.31% |
| 2 | Industrials | 12.75% |
| 3 | Consumer Discretionary | 10.06% |
| 4 | Communication Services | 9.86% |
| 5 | Technology | 5.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
YPF
YPF
$20.4B
| $103M | 14.57% |
3,111,746
| – | – |
|
|
ACAS
2
DELISTED
American Capital Ltd
ACAS
| $69.7M | 9.9% |
4,454,738
| – | – |
|
|
3
United Airlines
UAL
$40.1B
| $61.8M | 8.77% |
1,632,555
-122,435
| -7% | -$4.29M |
|
|
HMHC
4
DELISTED
Houghton Mifflin Harcourt Company
HMHC
| $51.2M | 7.28% |
+3,021,220
| New | +$51.1M |
|
5
General Motors
GM
$80B
| $41.1M | 5.83% |
1,004,837
-50,029
| -5% | -$1.89M |
|
|
ANDV
6
DELISTED
Andeavor
ANDV
| $40.2M | 5.71% |
686,531
| – | – |
|
|
DYN
7
DELISTED
Dynegy, Inc.
DYN
| $37.7M | 5.36% |
1,752,830
| – | – |
|
8
Apple
AAPL
$4.9T
| $36.4M | 5.17% |
1,817,312
-142,688
| -7% | -$2.7M |
|
|
NE
9
DELISTED
Noble Corporation
NE
| $33M | 4.68% |
1,006,720
+171,600
| +21% | +$5.7M |
|
|
CLD
10
DELISTED
Cloud Peak Energy Inc
CLD
| $31M | 4.41% |
1,723,644
| – | – |
|
|
11
Exelon
EXC
$46.6B
| $28.8M | 4.09% |
1,472,100
+788,765
| +115% | +$15.9M |
|
12
Mercer International
MERC
$39.5M
| $27.8M | 3.95% |
2,791,741
| – | – |
|
|
13
American Airlines Group
AAL
$10.2B
| $20.8M | 2.95% |
+823,647
| New | +$21.2M |
|
14
HCA Healthcare
HCA
$85.7B
| $18.5M | 2.63% |
388,202
| – | – |
|
|
DISH
15
DELISTED
DISH Network Corp.
DISH
| $18.2M | 2.58% |
313,426
| – | – |
|
|
EXXI
16
DELISTED
ENERGY XXI LTD COM SHS
EXXI
| $17.2M | 2.44% |
634,603
| – | – |
|
|
17
Graphic Packaging
GPK
$3.24B
| $16.9M | 2.41% |
1,764,133
-331,518
| -16% | -$2.9M |
|
|
18
Delek US
DK
$4.15B
| $8.77M | 1.25% |
+254,799
| New | +$6.92M |
|
|
19
American Eagle Outfitters
AEO
$2.9B
| $8.64M | 1.23% |
+600,000
| New | +$8.9M |
|
20
Herc Holdings
HRI
$4.88B
| $7.16M | 1.02% |
+83,333
| New | +$5.95M |
|
21
NCR Voyix
VYX
$1.12B
| $5.11M | 0.73% |
+244,500
| New | +$5.43M |
|
|
22
Goodyear
GT
$2.04B
| $4.17M | 0.59% |
174,686
-525,314
| -75% | -$11.6M |
|
|
GM.WS.B
23
CALL
DELISTED
General Motors Company
GM.WS.B
| $3.96M | 0.56% |
+96,985
| New | +$1.97M |
|
|
GM.WS.A
24
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
| $3.96M | 0.56% |
+96,985
| New | +$2.74M |
|
25
Community Health Systems
CYH
$391M
| $3.93M | 0.56% |
121,000
| – | – |
|
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Knighthead Capital Management's Q4 2013 Portfolio in Review
As of Q4 2013, Knighthead Capital Management held 30 positions worth $704M, up 35% from $523M the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Knighthead Capital Management deployed $75M of net new capital in Q4 2013, opening 8 new positions and adding to 2 existing holdings. Its largest new stake was Houghton Mifflin Harcourt Company: 3,021,220 shares worth $51.2M.
By sector, the portfolio is most concentrated in Energy at 26% of assets, up from 23% a quarter earlier, followed by Industrials and Consumer Discretionary.
On the sell side, the largest reduction was Goodyear, an estimated $11.6M trimmed.
- Knighthead Capital Management's largest Q4 2013 buy was Houghton Mifflin Harcourt Company: 3,021,220 shares worth $51.2M.
- Knighthead Capital Management added most to Exelon in Q4 2013, an estimated $15.9M increase.
- Knighthead Capital Management's biggest Q4 2013 reduction was Goodyear, cutting an estimated $11.6M.
- Knighthead Capital Management fully exited Clearwater Paper in Q4 2013, selling an estimated $22.9M.
- Knighthead Capital Management's ten largest holdings make up 72% of its $704M portfolio in Q4 2013.
- Knighthead Capital Management opened 8 new positions and closed 3 in Q4 2013.
- Knighthead Capital Management's portfolio value rose 35% quarter-over-quarter to $704M.
Based on Knighthead Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.