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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
-34.65%
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
$299M
AUM Growth
-$2.5B
Cap. Flow
-$2.38B
Cap. Flow %
-795.82%
Top 10 Hldgs %
100%
Holding
16
New
1
Increased
4
Reduced
4
Closed
6

Top Buys

Rank Stock Value
1
CHAP
Chaparral Energy, Inc.
CHAP
+$3.32M
2
SMTA
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
+$1.01M
3
MERC icon
Mercer International
MERC
+$408K
4
AVYA
Avaya Holdings Corp. Common Stock
AVYA
+$12.6K

Top Sells

Rank Stock Value
1
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$72.8M
2
AKRX
Akorn Inc
AKRX
+$16.6M
3
PCG icon
PG&E
PCG
+$13.4M
4
DISH
DISH Network Corp.
DISH
+$7.15M
5
YPF icon
YPF
YPF
+$735K

Sector Composition

Rank Sector Weight
1 Utilities 9.95%
2 Energy 9.82%
3 Technology 9.42%
4 Materials 6.81%
5 Communication Services 3.16%
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
$784B
$148M 49.73%
594,000
-406,000
-41% -$109M
PCG icon
2
PG&E
PCG
$39.2B
$29.7M 9.95%
1,250,000
-375,000
-23% -$13.4M
AVYA
3
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
$28.1M 9.42%
1,930,800
+741
+0% +$12.6K
YPF icon
4
YPF
YPF
$20.4B
$21M 7.03%
1,567,409
-50,000
-3% -$735K
MERC icon
5
Mercer International
MERC
$39.5M
$20.3M 6.81%
1,948,179
+29,379
+2% +$408K
PCG icon
6
CALL
PG&E
PCG
$39.2B
$11.9M 3.98%
+500,000
New +$17.9M
OIBR.C
7
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$9.43M 3.16%
5,892,748
-72,842
-1% -$195K
SMTA
8
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$9.18M 3.07%
1,286,908
+100,000
+8% +$1.01M
CHAP
9
DELISTED
Chaparral Energy, Inc.
CHAP
$8.32M 2.79%
1,690,280
+260,952
+18% +$3.32M
GM icon
10
CALL
General Motors
GM
$80B
– –
-700,000
Closed -$23.6M
PCG icon
11
PUT
PG&E
PCG
$39.2B
– –
-1,625,000
Closed -$74.8M
SPY icon
12
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$784B
– –
-7,142,500
Closed -$2.08B
SRC
13
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
– –
-1,807,642
Closed -$72.8M
AKRX
14
DELISTED
Akorn Inc
AKRX
– –
-1,275,000
Closed -$16.6M
DISH
15
DELISTED
DISH Network Corp.
DISH
– –
-200,000
Closed -$7.15M

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Knighthead Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Knighthead Capital Management held 16 positions worth $299M, down 89% from $2.79B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management withdrew a net $2.38B in Q4 2018, closing 6 positions and reducing 4 holdings. Its most notable exit was SPIRIT REALTY CAPITAL, INC., an estimated $72.8M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 9.9% of assets, up from 2.7% a quarter earlier, followed by Energy and Technology.

Against the trend, Knighthead Capital Management added an estimated $3.32M to Chaparral Energy, Inc..

  • Knighthead Capital Management added most to Chaparral Energy, Inc. in Q4 2018, an estimated $3.32M increase.
  • Knighthead Capital Management's biggest Q4 2018 reduction was PG&E, cutting an estimated $13.4M.
  • Knighthead Capital Management fully exited SPIRIT REALTY CAPITAL, INC. in Q4 2018, selling an estimated $72.8M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $299M portfolio in Q4 2018.
  • Knighthead Capital Management opened 1 new position and closed 6 in Q4 2018.
  • Knighthead Capital Management's portfolio value fell 89% quarter-over-quarter to $299M.

Based on Knighthead Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.