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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
+10.07%
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
$764M
AUM Growth
-$180M
Cap. Flow
-$240M
Cap. Flow %
-31.47%
Top 10 Hldgs %
86.59%
Holding
25
New
–
Increased
3
Reduced
4
Closed
7

Top Buys

Rank Stock Value
1
AAL icon
American Airlines Group
AAL
+$33.8M
2
YPF icon
YPF
YPF
+$13M
3
HRI icon
Herc Holdings
HRI
+$7.02M

Top Sells

Rank Stock Value
1
ACAS
American Capital Ltd
ACAS
+$37.9M
2
DYN
Dynegy, Inc.
DYN
+$30.2M
3
HMHC
Houghton Mifflin Harcourt Company
HMHC
+$28.3M
4
EXC icon
Exelon
EXC
+$25.5M
5
GPK icon
Graphic Packaging
GPK
+$13.1M

Sector Composition

Rank Sector Weight
1 Industrials 40.67%
2 Energy 25.7%
3 Communication Services 6.58%
4 Consumer Discretionary 5.11%
5 Materials 4.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAL icon
1
American Airlines Group
AAL
$10.2B
$217M 28.38%
5,047,327
+866,084
+21% +$33.8M
YPF icon
2
YPF
YPF
$20.4B
$124M 16.2%
3,788,253
+423,500
+13% +$13M
UAL icon
3
United Airlines
UAL
$40.1B
$71.8M 9.4%
1,749,120
– –
ANDV
4
DELISTED
Andeavor
ANDV
$49.4M 6.47%
842,734
– –
GM icon
5
General Motors
GM
$80B
$39.1M 5.11%
1,076,397
– –
MERC icon
6
Mercer International
MERC
$39.5M
$35.1M 4.6%
3,343,374
– –
ACAS
7
DELISTED
American Capital Ltd
ACAS
$34.1M 4.46%
2,227,870
-2,537,140
-53% -$37.9M
NE
8
DELISTED
Noble Corporation
NE
$31.6M 4.14%
1,078,696
– –
DYN
9
DELISTED
Dynegy, Inc.
DYN
$31.3M 4.1%
900,313
-978,517
-52% -$30.2M
HMHC
10
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$28.4M 3.72%
1,483,880
-1,460,566
-50% -$28.3M
HRI icon
11
Herc Holdings
HRI
$4.88B
$22M 2.88%
261,995
+83,334
+47% +$7.02M
DISH
12
DELISTED
DISH Network Corp.
DISH
$21.9M 2.86%
335,776
– –
EXXI
13
DELISTED
ENERGY XXI LTD COM SHS
EXXI
$16.1M 2.11%
680,603
– –
DK icon
14
Delek US
DK
$4.15B
$15.8M 2.07%
560,447
– –
EXC icon
15
Exelon
EXC
$46.6B
$15M 1.96%
576,082
-1,001,168
-63% -$25.5M
VTG
16
DELISTED
VANTAGE DRILLING COMPANY ORD SHS (KY)
VTG
$7.26M 0.95%
3,779,438
– –
GM.WS.A
17
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$2.58M 0.34%
96,985
– –
GM.WS.B
18
CALL
DELISTED
General Motors Company
GM.WS.B
$1.8M 0.24%
96,985
– –
AEO icon
19
American Eagle Outfitters
AEO
$2.9B
– –
-750,700
Closed -$9.19M
CYH icon
20
Community Health Systems
CYH
$391M
– –
-199,914
Closed -$6.47M
GPK icon
21
Graphic Packaging
GPK
$3.24B
– –
-1,286,003
Closed -$13.1M
SPY icon
22
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
– –
-640,000
Closed -$120M
VYX icon
23
NCR Voyix
VYX
$1.12B
– –
-244,337
Closed -$5.48M
CLD
24
DELISTED
Cloud Peak Energy Inc
CLD
– –
-272,707
Closed -$5.76M

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Knighthead Capital Management's Q2 2014 Portfolio in Review

As of Q2 2014, Knighthead Capital Management held 25 positions worth $764M, down 19% from $944M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Knighthead Capital Management withdrew a net $240M in Q2 2014, closing 7 positions and reducing 4 holdings. Its most notable exit was Graphic Packaging, an estimated $13.1M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 41% of assets, up from 26% a quarter earlier, followed by Energy and Communication Services.

Against the trend, Knighthead Capital Management added an estimated $33.8M to American Airlines Group.

  • Knighthead Capital Management added most to American Airlines Group in Q2 2014, an estimated $33.8M increase.
  • Knighthead Capital Management's biggest Q2 2014 reduction was American Capital Ltd, cutting an estimated $37.9M.
  • Knighthead Capital Management fully exited Graphic Packaging in Q2 2014, selling an estimated $13.1M.
  • Knighthead Capital Management's ten largest holdings make up 87% of its $764M portfolio in Q2 2014.
  • Knighthead Capital Management opened 0 new positions and closed 7 in Q2 2014.
  • Knighthead Capital Management's portfolio value fell 19% quarter-over-quarter to $764M.

Based on Knighthead Capital Management's 13F filing for Q2 2014, filed 14 Aug 2014.