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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
+1%
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
$2.79B
AUM Growth
+$2.19B
Cap. Flow
+$2.15B
Cap. Flow %
76.87%
Top 10 Hldgs %
97.97%
Holding
16
New
4
Increased
2
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
CHAP
Chaparral Energy, Inc.
CHAP
+$25.7M
2
OIBR.C
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
+$22.4M
3
AKRX
Akorn Inc
AKRX
+$12.7M
4
SMTA
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
+$2.63M

Top Sells

Rank Stock Value
1
MERC icon
Mercer International
MERC
+$10.2M
2
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$2.7M

Sector Composition

Rank Sector Weight
1 Real Estate 3.1%
2 Utilities 2.67%
3 Energy 1.8%
4 Technology 1.53%
5 Materials 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$2.08B 74.29%
+7,142,500
New +$2.03B
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$291M 10.4%
1,000,000
– –
PCG icon
3
PG&E
PCG
$39.2B
$74.8M 2.68%
1,625,000
– –
PCG icon
4
PUT
PG&E
PCG
$39.2B
$74.8M 2.68%
+1,625,000
New +$72.4M
SRC
5
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$72.8M 2.61%
1,807,642
-65,158
-3% -$2.7M
AVYA
6
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
$42.7M 1.53%
1,930,059
– –
MERC icon
7
Mercer International
MERC
$39.5M
$32.2M 1.15%
1,918,800
-587,621
-23% -$10.2M
CHAP
8
DELISTED
Chaparral Energy, Inc.
CHAP
$25.2M 0.9%
+1,429,328
New +$25.7M
YPF icon
9
YPF
YPF
$20.4B
$25M 0.89%
1,617,409
– –
GM icon
10
CALL
General Motors
GM
$80B
$23.6M 0.84%
700,000
– –
AKRX
11
DELISTED
Akorn Inc
AKRX
$16.6M 0.59%
1,275,000
+775,000
+155% +$12.7M
OIBR.C
12
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$16.3M 0.58%
+5,965,590
New +$22.4M
SMTA
13
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$13.7M 0.49%
1,186,908
+247,105
+26% +$2.63M
DISH
14
DELISTED
DISH Network Corp.
DISH
$7.15M 0.26%
200,000
– –
AKRX
15
CALL
DELISTED
Akorn Inc
AKRX
– –
-503,600
Closed -$8.36M

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Knighthead Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, Knighthead Capital Management held 16 positions worth $2.79B, up 364% from $602M the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Knighthead Capital Management deployed $2.15B of net new capital in Q3 2018, opening 4 new positions and adding to 2 existing holdings. Its largest new stake was Chaparral Energy, Inc.: 1,429,328 shares worth $25.2M.

By sector, the portfolio is most concentrated in Real Estate at 3.1% of assets, down from 14% a quarter earlier, followed by Utilities and Energy.

On the sell side, the largest reduction was Mercer International, an estimated $10.2M trimmed.

  • Knighthead Capital Management's largest Q3 2018 buy was Chaparral Energy, Inc.: 1,429,328 shares worth $25.2M.
  • Knighthead Capital Management added most to Akorn Inc in Q3 2018, an estimated $12.7M increase.
  • Knighthead Capital Management's biggest Q3 2018 reduction was Mercer International, cutting an estimated $10.2M.
  • Knighthead Capital Management's ten largest holdings make up 98% of its $2.79B portfolio in Q3 2018.
  • Knighthead Capital Management opened 4 new positions and closed 1 in Q3 2018.
  • Knighthead Capital Management's portfolio value rose 364% quarter-over-quarter to $2.79B.

Based on Knighthead Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.