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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
+8.84%
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
$606M
AUM Growth
-$91.2M
Cap. Flow
-$27.4M
Cap. Flow %
-4.52%
Top 10 Hldgs %
100%
Holding
14
New
4
Increased
1
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
GLBL
TerraForm Global, Inc. Class A Common Stock
GLBL
+$19.5M
2
ARCH
Arch Resources, Inc.
ARCH
+$9.42M
3
ENVA icon
Enova International
ENVA
+$2.97M

Top Sells

Rank Stock Value
1
CPN
Calpine Corporation
CPN
+$26.5M
2
GM icon
General Motors
GM
+$14.6M
3
GNRT
Gener8 Maritime, Inc.
GNRT
+$13.7M
4
DYN
Dynegy, Inc.
DYN
+$2.48M
5
YPF icon
YPF Sociedad Anonima ADS
YPF
+$2.06M

Sector Composition

Rank Sector Weight
1 Miscellaneous 76.13%
2 Energy 8.41%
3 Utilities 4.75%
4 Materials 4.74%
5 Industrials 4.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$803B
$420M 69.32%
1,878,100
-585,300
-24% -$128M
YPF icon
2
YPF Sociedad Anonima ADS
YPF
$22B
$41.2M 6.8%
2,497,424
-120,485
-5% -$2.06M
GLBL
3
DELISTED
TerraForm Global, Inc. Class A Common Stock
GLBL
$28.8M 4.75%
7,280,000
+5,060,000
+228% +$19.5M
MERC icon
4
Mercer International
MERC
$26.3M
$28.7M 4.74%
2,692,885
– –
DAL icon
5
Delta Air Lines
DAL
$52.1B
$27M 4.45%
548,000
– –
HYG icon
6
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.2B
$25.7M 4.25%
+297,500
New +$25.6M
DAL icon
7
PUT
Delta Air Lines
DAL
$52.1B
$15.5M 2.56%
+315,000
New +$14.4M
ARCH
8
DELISTED
Arch Resources, Inc.
ARCH
$9.72M 1.61%
+124,595
New +$9.42M
DISH
9
DELISTED
DISH Network Corp.
DISH
$5.79M 0.96%
100,000
– –
ENVA icon
10
Enova International
ENVA
$5.57B
$3.45M 0.57%
+275,000
New +$2.97M
GM icon
11
General Motors
GM
$75.7B
– –
-459,005
Closed -$14.6M
GNRT
12
DELISTED
Gener8 Maritime, Inc.
GNRT
– –
-2,667,610
Closed -$13.7M
DYN
13
DELISTED
Dynegy, Inc.
DYN
– –
-200,000
Closed -$2.48M
CPN
14
DELISTED
Calpine Corporation
CPN
– –
-2,100,000
Closed -$26.5M

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TWM
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KBFS
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Knighthead Capital Management's Q4 2016 Portfolio in Review

As of Q4 2016, Knighthead Capital Management held 14 positions worth $606M, down 13% from $697M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management withdrew a net $27.4M in Q4 2016, closing 4 positions and reducing 2 holdings. Its most notable exit was Calpine Corporation, an estimated $26.5M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 76% of assets, down from 76% a quarter earlier, followed by Energy and Utilities.

Against the trend, Knighthead Capital Management opened a new position in Arch Resources, Inc. worth $9.72M.

  • Knighthead Capital Management's largest Q4 2016 buy was Arch Resources, Inc.: 124,595 shares worth $9.72M.
  • Knighthead Capital Management added most to TerraForm Global, Inc. Class A Common Stock in Q4 2016, an estimated $19.5M increase.
  • Knighthead Capital Management's biggest Q4 2016 reduction was YPF Sociedad Anonima ADS, cutting an estimated $2.06M.
  • Knighthead Capital Management fully exited Calpine Corporation in Q4 2016, selling an estimated $26.5M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $606M portfolio in Q4 2016.
  • Knighthead Capital Management opened 4 new positions and closed 4 in Q4 2016.
  • Knighthead Capital Management's portfolio value fell 13% quarter-over-quarter to $606M.

Based on Knighthead Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.