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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
+8.84%
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
$606M
AUM Growth
-$91.2M
(-13%)
Cap. Flow
-$115M
Cap. Flow
% of AUM
-19.04%
Top 10 Holdings %
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 |
Enova International
ENVA
|
+$2.97M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CPN
Calpine Corporation
CPN
|
+$26.5M |
| 2 |
General Motors
GM
|
+$14.6M |
| 3 |
GNRT
Gener8 Maritime, Inc.
GNRT
|
+$13.7M |
| 4 |
DYN
Dynegy, Inc.
DYN
|
+$2.48M |
| 5 |
YPF
YPF
|
+$2.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 8.41% |
| 2 | Utilities | 4.75% |
| 3 | Materials | 4.74% |
| 4 | Industrials | 4.45% |
| 5 | Communication Services | 0.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
| $420M | 69.32% |
1,878,100
-585,300
| -24% | -$128M |
|
|
2
YPF
YPF
$20.4B
| $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 |
|
4
Mercer International
MERC
$39.5M
| $28.7M | 4.74% |
2,692,885
| – | – |
|
5
Delta Air Lines
DAL
$58.3B
| $27M | 4.45% |
548,000
| – | – |
|
6
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
| $25.7M | 4.25% |
+297,500
| New | +$25.6M |
|
|
7
PUT
Delta Air Lines
DAL
$58.3B
| $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
| – | – |
|
|
10
Enova International
ENVA
$6.31B
| $3.45M | 0.57% |
+275,000
| New | +$2.97M |
|
|
11
General Motors
GM
$80B
| – | – |
-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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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 $115M 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 Energy at 8.4% of assets, up from 6.8% a quarter earlier, followed by Utilities and Materials.
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, 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.