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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
+25.23%
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
$1.02B
AUM Growth
+$348M
Cap. Flow
+$197M
Cap. Flow %
19.28%
Top 10 Hldgs %
89.17%
Holding
22
New
4
Increased
11
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
BPOP icon
Popular Inc
BPOP
+$23.9M
2
AAL icon
American Airlines Group
AAL
+$6.37M
3
HRI icon
Herc Holdings
HRI
+$5.96M
4
YPF icon
YPF
YPF
+$1.86M
5
GM icon
General Motors
GM
+$643K

Top Sells

Rank Stock Value
1
ANDV
Andeavor
ANDV
+$28M
2
NE
Noble Corporation
NE
+$15.6M
3
EXC icon
Exelon
EXC
+$14M
4
EXXI
ENERGY XXI LTD COM SHS
EXXI
+$3.65M
5
VTG
VANTAGE DRILLING COMPANY ORD SHS (KY)
VTG
+$1.69M

Sector Composition

Rank Sector Weight
1 Industrials 41.42%
2 Energy 10.07%
3 Communication Services 4.48%
4 Materials 4.09%
5 Consumer Discretionary 3.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAL icon
1
American Airlines Group
AAL
$10.2B
$279M 27.33%
5,195,114
+147,858
+3% +$6.37M
UAL icon
2
United Airlines
UAL
$40.1B
$118M 11.53%
1,757,096
+7,976
+0.5% +$442K
AAL icon
3
CALL
American Airlines Group
AAL
$10.2B
$107M 10.52%
+2,000,000
New +$86.2M
AAL icon
4
PUT
American Airlines Group
AAL
$10.2B
$107M 10.52%
+2,000,000
New +$86.2M
YPF icon
5
YPF
YPF
$20.4B
$102M 9.99%
3,848,318
+60,065
+2% +$1.86M
UAL icon
6
PUT
United Airlines
UAL
$40.1B
$55.8M 5.48%
+834,600
New +$46.2M
MERC icon
7
Mercer International
MERC
$39.5M
$41.7M 4.09%
3,393,374
+50,000
+1% +$606K
GM icon
8
General Motors
GM
$80B
$38.3M 3.75%
1,096,546
+20,149
+2% +$643K
ACAS
9
DELISTED
American Capital Ltd
ACAS
$33.1M 3.24%
2,262,590
+34,720
+2% +$507K
DYN
10
DELISTED
Dynegy, Inc.
DYN
$27.8M 2.72%
914,663
+14,350
+2% +$443K
HRI icon
11
Herc Holdings
HRI
$4.88B
$26.2M 2.57%
350,141
+88,146
+34% +$5.96M
BPOP icon
12
Popular Inc
BPOP
$11.2B
$25.9M 2.54%
+761,938
New +$23.9M
DISH
13
DELISTED
DISH Network Corp.
DISH
$24.5M 2.4%
335,776
– –
HMHC
14
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$21.2M 2.08%
1,024,680
– –
CPN
15
DELISTED
Calpine Corporation
CPN
$5.17M 0.51%
233,660
+3,660
+2% +$81.2K
GM.WS.A
16
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$2.52M 0.25%
99,679
+2,694
+3% +$59.8K
NE
17
DELISTED
Noble Corporation
NE
$2.08M 0.2%
125,357
-817,559
-87% -$15.6M
GM.WS.B
18
CALL
DELISTED
General Motors Company
GM.WS.B
$1.71M 0.17%
99,679
+2,694
+3% +$38.9K
VTG
19
DELISTED
VANTAGE DRILLING COMPANY ORD SHS (KY)
VTG
$853K 0.08%
1,744,368
-2,035,070
-54% -$1.69M
EXXI
20
DELISTED
ENERGY XXI LTD COM SHS
EXXI
$271K 0.03%
82,993
-597,610
-88% -$3.65M
EXC icon
21
Exelon
EXC
$46.6B
– –
-576,082
Closed -$14M
ANDV
22
DELISTED
Andeavor
ANDV
– –
-458,859
Closed -$28M

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Knighthead Capital Management's Q4 2014 Portfolio in Review

As of Q4 2014, Knighthead Capital Management held 22 positions worth $1.02B, up 52% from $671M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Knighthead Capital Management deployed $197M of net new capital in Q4 2014, opening 4 new positions and adding to 11 existing holdings. Its largest new stake was Popular Inc: 761,938 shares worth $25.9M.

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

On the sell side, the largest reduction was Noble Corporation, an estimated $15.6M trimmed.

  • Knighthead Capital Management's largest Q4 2014 buy was Popular Inc: 761,938 shares worth $25.9M.
  • Knighthead Capital Management added most to American Airlines Group in Q4 2014, an estimated $6.37M increase.
  • Knighthead Capital Management's biggest Q4 2014 reduction was Noble Corporation, cutting an estimated $15.6M.
  • Knighthead Capital Management fully exited Andeavor in Q4 2014, selling an estimated $28M.
  • Knighthead Capital Management's ten largest holdings make up 89% of its $1.02B portfolio in Q4 2014.
  • Knighthead Capital Management opened 4 new positions and closed 2 in Q4 2014.
  • Knighthead Capital Management's portfolio value rose 52% quarter-over-quarter to $1.02B.

Based on Knighthead Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.