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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
-4.08%
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
$671M
AUM Growth
-$92.8M
Cap. Flow
-$46.5M
Cap. Flow %
-6.93%
Top 10 Hldgs %
88.83%
Holding
19
New
1
Increased
–
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
CPN
Calpine Corporation
CPN
+$5.21M

Top Sells

Rank Stock Value
1
ANDV
Andeavor
ANDV
+$23.7M
2
DK icon
Delek US
DK
+$15.8M
3
HMHC
Houghton Mifflin Harcourt Company
HMHC
+$8.58M
4
NE
Noble Corporation
NE
+$3.66M
5
AAL icon
American Airlines Group
AAL
+$2.79K

Sector Composition

Rank Sector Weight
1 Industrials 41.85%
2 Energy 28.89%
3 Utilities 6.7%
4 Communication Services 6.2%
5 Consumer Discretionary 5.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAL icon
1
American Airlines Group
AAL
$8.62B
$179M 26.68%
5,047,256
-71
-0% -$2.79K
YPF icon
2
YPF Sociedad Anonima ADS
YPF
$22B
$140M 20.88%
3,788,253
– –
UAL icon
3
United Airlines
UAL
$35.1B
$81.8M 12.19%
1,749,120
– –
GM icon
4
General Motors
GM
$75.7B
$34.4M 5.12%
1,076,397
– –
MERC icon
5
Mercer International
MERC
$26.3M
$32.6M 4.86%
3,343,374
– –
ACAS
6
DELISTED
American Capital Ltd
ACAS
$31.5M 4.7%
2,227,870
– –
ANDV
7
DELISTED
Andeavor
ANDV
$28M 4.17%
458,859
-383,875
-46% -$23.7M
DYN
8
DELISTED
Dynegy, Inc.
DYN
$26M 3.87%
900,313
– –
DISH
9
DELISTED
DISH Network Corp.
DISH
$21.7M 3.23%
335,776
– –
NE
10
DELISTED
Noble Corporation
NE
$21M 3.12%
942,916
-135,780
-13% -$3.66M
HRI icon
11
Herc Holdings
HRI
$4.76B
$20M 2.97%
261,995
– –
HMHC
12
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$19.9M 2.97%
1,024,680
-459,200
-31% -$8.58M
EXC icon
13
Exelon
EXC
$43.9B
$14M 2.09%
576,082
– –
EXXI
14
DELISTED
ENERGY XXI LTD COM SHS
EXXI
$7.72M 1.15%
680,603
– –
CPN
15
DELISTED
Calpine Corporation
CPN
$4.99M 0.74%
+230,000
New +$5.21M
VTG
16
DELISTED
VANTAGE DRILLING COMPANY ORD SHS (KY)
VTG
$4.8M 0.72%
3,779,438
– –
GM.WS.A
17
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$2.17M 0.32%
96,985
– –
GM.WS.B
18
CALL
DELISTED
General Motors Company
GM.WS.B
$1.4M 0.21%
96,985
– –
DK icon
19
Delek US
DK
$4.55B
– –
-560,447
Closed -$15.8M

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Knighthead Capital Management's Q3 2014 Portfolio in Review

As of Q3 2014, Knighthead Capital Management held 19 positions worth $671M, down 12% from $764M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Knighthead Capital Management withdrew a net $46.5M in Q3 2014, closing 1 position and reducing 4 holdings. Its most notable exit was Delek US, an estimated $15.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 42% of assets, up from 41% a quarter earlier, followed by Energy and Utilities.

Against the trend, Knighthead Capital Management opened a new position in Calpine Corporation worth $4.99M.

  • Knighthead Capital Management's largest Q3 2014 buy was Calpine Corporation: 230,000 shares worth $4.99M.
  • Knighthead Capital Management's biggest Q3 2014 reduction was Andeavor, cutting an estimated $23.7M.
  • Knighthead Capital Management fully exited Delek US in Q3 2014, selling an estimated $15.8M.
  • Knighthead Capital Management's ten largest holdings make up 89% of its $671M portfolio in Q3 2014.
  • Knighthead Capital Management opened 1 new position and closed 1 in Q3 2014.
  • Knighthead Capital Management's portfolio value fell 12% quarter-over-quarter to $671M.

Based on Knighthead Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.