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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
-16.75%
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
$384M
AUM Growth
-$697M
(-64%)
Cap. Flow
-$619M
Cap. Flow
% of AUM
-161.16%
Top 10 Holdings %
Top 10 Hldgs %
99.15%
Holding
15
New
1
Increased
1
Reduced
9
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CPN
Calpine Corporation
CPN
|
+$354K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Airlines Group
AAL
|
+$36M |
| 2 |
United Airlines
UAL
|
+$5.39M |
| 3 |
YPF
YPF
|
+$4.99M |
| 4 |
ACAS
American Capital Ltd
ACAS
|
+$2.66M |
| 5 |
Mercer International
MERC
|
+$2.61M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 26.63% |
| 2 | Energy | 12.83% |
| 3 | Materials | 8.55% |
| 4 | Consumer Discretionary | 8.28% |
| 5 | Utilities | 6.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
| $87.5M | 22.77% |
+1,050,000
| New | +$91M |
|
|
2
American Airlines Group
AAL
$10.2B
| $59.8M | 15.57% |
1,540,073
-877,039
| -36% | -$36M |
|
|
3
YPF
YPF
$20.4B
| $49.3M | 12.83% |
3,234,725
-223,169
| -6% | -$4.99M |
|
|
4
Mercer International
MERC
$39.5M
| $32.8M | 8.55% |
3,273,002
-221,624
| -6% | -$2.61M |
|
5
General Motors
GM
$80B
| $31.8M | 8.28% |
1,059,005
-75,047
| -7% | -$2.3M |
|
|
6
United Airlines
UAL
$40.1B
| $27.9M | 7.26% |
525,700
-95,510
| -15% | -$5.39M |
|
|
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
| $26.7M | 6.96% |
2,439,559
| – | – |
|
|
ACAS
8
DELISTED
American Capital Ltd
ACAS
| $25.9M | 6.73% |
2,126,878
-198,471
| -9% | -$2.66M |
|
|
CPN
9
DELISTED
Calpine Corporation
CPN
| $24.6M | 6.41% |
1,684,869
+21,531
| +1% | +$354K |
|
10
Herc Holdings
HRI
$4.88B
| $14.6M | 3.79% |
290,311
-18,401
| -6% | -$963K |
|
|
GM.WS.A
11
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
| $1.97M | 0.51% |
96,730
-2,949
| -3% | -$62K |
|
|
GM.WS.B
12
CALL
DELISTED
General Motors Company
GM.WS.B
| $1.28M | 0.33% |
96,730
-2,949
| -3% | -$40.2K |
|
|
13
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
| – | – |
-1,000,000
| Closed | -$88.8M |
|
14
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
| – | – |
-2,750,000
| Closed | -$566M |
|
|
VTG
15
DELISTED
VANTAGE DRILLING COMPANY ORD SHS (KY)
VTG
| – | – |
-1,744,368
| Closed | -$330K |
|
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Knighthead Capital Management's Q3 2015 Portfolio in Review
As of Q3 2015, Knighthead Capital Management held 15 positions worth $384M, down 64% from $1.08B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Knighthead Capital Management withdrew a net $619M in Q3 2015, closing 3 positions and reducing 9 holdings. Its most notable exit was VANTAGE DRILLING COMPANY ORD SHS (KY), an estimated $330K position sold in full.
By sector, the portfolio is most concentrated in Industrials at 27% of assets, up from 14% a quarter earlier, followed by Energy and Materials.
Against the trend, Knighthead Capital Management added an estimated $354K to Calpine Corporation.
- Knighthead Capital Management added most to Calpine Corporation in Q3 2015, an estimated $354K increase.
- Knighthead Capital Management's biggest Q3 2015 reduction was American Airlines Group, cutting an estimated $36M.
- Knighthead Capital Management fully exited VANTAGE DRILLING COMPANY ORD SHS (KY) in Q3 2015, selling an estimated $330K.
- Knighthead Capital Management's ten largest holdings make up 99% of its $384M portfolio in Q3 2015.
- Knighthead Capital Management opened 1 new position and closed 3 in Q3 2015.
- Knighthead Capital Management's portfolio value fell 64% quarter-over-quarter to $384M.
Based on Knighthead Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.