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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
$584M
AUM Growth
-$118M
(-17%)
Cap. Flow
-$147M
Cap. Flow
% of AUM
-25.1%
Top 10 Holdings %
Top 10 Hldgs %
99.28%
Holding
14
New
3
Increased
2
Reduced
3
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$53M |
| 2 |
AVYA
Avaya Holdings Corp. Common Stock
AVYA
|
+$41.3M |
| 3 |
Mercer International
MERC
|
+$2.53M |
| 4 |
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
|
+$2.02M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GNRT
Gener8 Maritime, Inc.
GNRT
|
+$11.5M |
| 2 |
YPF
YPF
|
+$6.55M |
| 3 |
Enova International
ENVA
|
+$4.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 12.45% |
| 2 | Utilities | 9.4% |
| 3 | Technology | 7.4% |
| 4 | Energy | 5.99% |
| 5 | Materials | 5.34% |
| 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
| $263M | 45.07% |
1,000,000
-500,000
| -33% | -$136M |
|
|
SRC
2
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
| $72.7M | 12.45% |
2,088,841
+56,642
| +3% | +$2.02M |
|
|
3
PG&E
PCG
$39.2B
| $54.9M | 9.4% |
+1,250,000
| New | +$53M |
|
|
AVYA
4
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
| $43.2M | 7.4% |
+1,930,059
| New | +$41.3M |
|
|
5
YPF
YPF
$20.4B
| $35M | 5.99% |
1,617,409
-283,000
| -15% | -$6.55M |
|
|
6
Mercer International
MERC
$39.5M
| $31.2M | 5.34% |
2,506,421
+187,269
| +8% | +$2.53M |
|
7
PUT
General Motors
GM
$80B
| $25.4M | 4.36% |
+700,000
| New | +$28.4M |
|
|
DISH
8
DELISTED
DISH Network Corp.
DISH
| $7.58M | 1.3% |
200,000
| – | – |
|
|
GNRT
9
DELISTED
Gener8 Maritime, Inc.
GNRT
| $4.2M | 0.72% |
743,869
-1,923,731
| -72% | -$11.5M |
|
10
PUT
Avis
CAR
$5.37B
| – | – |
-1,000,000
| Closed | -$43.9M |
|
|
11
Enova International
ENVA
$6.31B
| – | – |
-275,000
| Closed | -$4.18M |
|
12
PUT
Teck Resources
TECK
$30.7B
| – | – |
-1,000,000
| Closed | -$26.2M |
|
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Knighthead Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Knighthead Capital Management held 14 positions worth $584M, down 17% from $702M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Knighthead Capital Management withdrew a net $147M in Q1 2018, closing 3 positions and reducing 3 holdings. Its most notable exit was Enova International, an estimated $4.18M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 12% of assets, up from 11% a quarter earlier, followed by Utilities and Technology.
Against the trend, Knighthead Capital Management opened a new position in PG&E worth $54.9M.
- Knighthead Capital Management's largest Q1 2018 buy was PG&E: 1,250,000 shares worth $54.9M.
- Knighthead Capital Management added most to Mercer International in Q1 2018, an estimated $2.53M increase.
- Knighthead Capital Management's biggest Q1 2018 reduction was Gener8 Maritime, Inc., cutting an estimated $11.5M.
- Knighthead Capital Management fully exited Enova International in Q1 2018, selling an estimated $4.18M.
- Knighthead Capital Management's ten largest holdings make up 99% of its $584M portfolio in Q1 2018.
- Knighthead Capital Management opened 3 new positions and closed 3 in Q1 2018.
- Knighthead Capital Management's portfolio value fell 17% quarter-over-quarter to $584M.
Based on Knighthead Capital Management's 13F filing for Q1 2018, filed 15 May 2018.