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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
+20.92%
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
$719M
AUM Growth
+$180M
Cap. Flow
+$39.4M
Cap. Flow %
5.48%
Top 10 Hldgs %
99.87%
Holding
14
New
2
Increased
2
Reduced
–
Closed
3

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$64.8M
2
HUM icon
Humana
HUM
+$2.54M
3
AMR icon
Alpha Metallurgical Resources
AMR
+$1.04M

Top Sells

Rank Stock Value
1
YPF icon
YPF Sociedad Anonima ADS
YPF
+$19.2M
2
CHAP
Chaparral Energy, Inc.
CHAP
+$8.26M
3
AAL icon
American Airlines Group
AAL
+$1.52M

Sector Composition

Rank Sector Weight
1 Utilities 43.52%
2 Miscellaneous 41.45%
3 Communication Services 6.63%
4 Materials 4.33%
5 Technology 2.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCG icon
1
PG&E
PCG
$30.2B
$313M 43.52%
13,654,521
+3,222,499
+31% +$64.8M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$803B
$176M 24.45%
600,000
– –
PCG icon
3
CALL
PG&E
PCG
$30.2B
$79M 10.99%
3,448,000
+1,238,900
+56% +$24.9M
OIBR.C
4
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$40M 5.56%
19,900,953
– –
MERC icon
5
Mercer International
MERC
$26.3M
$30.1M 4.19%
1,948,179
– –
AVYA
6
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
$15.9M 2.21%
1,332,069
– –
SMTA
7
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$10.7M 1.49%
1,286,908
– –
DISH
8
DELISTED
DISH Network Corp.
DISH
$7.68M 1.07%
200,000
– –
HUM icon
9
Humana
HUM
$49.6B
$2.65M 0.37%
+10,000
New +$2.54M
AMR icon
10
Alpha Metallurgical Resources
AMR
$2.53B
$969K 0.13%
+18,674
New +$1.04M
AAL icon
11
American Airlines Group
AAL
$8.62B
– –
-47,902
Closed -$1.52M
YPF icon
12
YPF Sociedad Anonima ADS
YPF
$22B
– –
-1,367,409
Closed -$19.2M
CHAP
13
DELISTED
Chaparral Energy, Inc.
CHAP
– –
-1,449,700
Closed -$8.26M

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Knighthead Capital Management's Q2 2019 Portfolio in Review

As of Q2 2019, Knighthead Capital Management held 14 positions worth $719M, up 33% from $539M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management deployed $39.4M of net new capital in Q2 2019, opening 2 new positions and adding to 2 existing holdings. Its largest new stake was Humana: 10,000 shares worth $2.65M.

By sector, the portfolio is most concentrated in Utilities at 44% of assets, up from 34% a quarter earlier, followed by Miscellaneous and Communication Services.

On the sell side, the most notable exit was YPF Sociedad Anonima ADS, an estimated $19.2M sold.

  • Knighthead Capital Management's largest Q2 2019 buy was Humana: 10,000 shares worth $2.65M.
  • Knighthead Capital Management added most to PG&E in Q2 2019, an estimated $64.8M increase.
  • Knighthead Capital Management fully exited YPF Sociedad Anonima ADS in Q2 2019, selling an estimated $19.2M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $719M portfolio in Q2 2019.
  • Knighthead Capital Management opened 2 new positions and closed 3 in Q2 2019.
  • Knighthead Capital Management's portfolio value rose 33% quarter-over-quarter to $719M.

Based on Knighthead Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.