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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
-4.37%
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
$177M
AUM Growth
-$69.2M
(-28%)
Cap. Flow
-$60.9M
Cap. Flow
% of AUM
-34.3%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
12
New
2
Increased
1
Reduced
2
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Delta Air Lines
DAL
|
+$23.3M |
| 2 |
CPN
Calpine Corporation
CPN
|
+$6.15M |
| 3 |
DYN
Dynegy, Inc.
DYN
|
+$3.47M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ACAS
American Capital Ltd
ACAS
|
+$32.4M |
| 2 |
American Airlines Group
AAL
|
+$31.8M |
| 3 |
United Airlines
UAL
|
+$17.6M |
| 4 |
General Motors
GM
|
+$7.59M |
| 5 |
Mercer International
MERC
|
+$958K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 34.99% |
| 2 | Utilities | 17.45% |
| 3 | Consumer Discretionary | 12.9% |
| 4 | Materials | 11.84% |
| 5 | Industrials | 11.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
YPF
YPF
$20.4B
| $62.1M | 34.99% |
3,234,725
| – | – |
|
|
CPN
2
DELISTED
Calpine Corporation
CPN
| $31M | 17.45% |
2,100,000
+415,131
| +25% | +$6.15M |
|
|
3
General Motors
GM
$80B
| $22.9M | 12.9% |
809,005
-250,000
| -24% | -$7.59M |
|
|
4
Mercer International
MERC
$39.5M
| $21M | 11.84% |
2,634,441
-108,228
| -4% | -$958K |
|
|
5
Delta Air Lines
DAL
$58.3B
| $20M | 11.25% |
+548,000
| New | +$23.3M |
|
|
GNRT
6
DELISTED
Gener8 Maritime, Inc.
GNRT
| $17.1M | 9.62% |
2,667,610
| – | – |
|
|
DYN
7
DELISTED
Dynegy, Inc.
DYN
| $3.45M | 1.94% |
+200,000
| New | +$3.47M |
|
|
8
American Airlines Group
AAL
$10.2B
| – | – |
-775,301
| Closed | -$31.8M |
|
|
9
United Airlines
UAL
$40.1B
| – | – |
-294,490
| Closed | -$17.6M |
|
|
GM.WS.B
10
CALL
DELISTED
General Motors Company
GM.WS.B
| – | – |
-96,730
| Closed | -$1.32M |
|
|
GM.WS.A
11
CALL
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
| – | – |
-96,730
| Closed | -$2.09M |
|
|
ACAS
12
DELISTED
American Capital Ltd
ACAS
| – | – |
-2,126,878
| Closed | -$32.4M |
|
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Knighthead Capital Management's Q2 2016 Portfolio in Review
As of Q2 2016, Knighthead Capital Management held 12 positions worth $177M, down 28% from $247M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Knighthead Capital Management withdrew a net $60.9M in Q2 2016, closing 5 positions and reducing 2 holdings. Its most notable exit was American Capital Ltd, an estimated $32.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 35% of assets, up from 23% a quarter earlier, followed by Utilities and Consumer Discretionary.
Against the trend, Knighthead Capital Management opened a new position in Delta Air Lines worth $20M.
- Knighthead Capital Management's largest Q2 2016 buy was Delta Air Lines: 548,000 shares worth $20M.
- Knighthead Capital Management added most to Calpine Corporation in Q2 2016, an estimated $6.15M increase.
- Knighthead Capital Management's biggest Q2 2016 reduction was General Motors, cutting an estimated $7.59M.
- Knighthead Capital Management fully exited American Capital Ltd in Q2 2016, selling an estimated $32.4M.
- Knighthead Capital Management's ten largest holdings make up 100% of its $177M portfolio in Q2 2016.
- Knighthead Capital Management opened 2 new positions and closed 5 in Q2 2016.
- Knighthead Capital Management's portfolio value fell 28% quarter-over-quarter to $177M.
Based on Knighthead Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.