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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
+6.39%
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
$470M
AUM Growth
-$243M
Cap. Flow
-$298M
Cap. Flow %
-63.36%
Top 10 Hldgs %
100%
Holding
9
New
1
Increased
–
Reduced
4
Closed
1

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
OIBR.C
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
+$14.7M
2
MERC icon
Mercer International
MERC
+$9.49M
3
DISH
DISH Network Corp.
DISH
+$6.81M
4
AMR icon
Alpha Metallurgical Resources
AMR
+$1.79M

Sector Composition

Rank Sector Weight
1 Utilities 33.29%
2 Materials 3.09%
3 Communication Services 1.26%
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
$193M 41.12%
600,000
-1,000,000
-63% -$308M
PCG icon
2
PG&E
PCG
$39.2B
$156M 33.29%
14,383,521
– –
XLU icon
3
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$23B
$64.6M 13.76%
+2,000,000
New +$63.5M
PCG icon
4
CALL
PG&E
PCG
$39.2B
$18.5M 3.93%
1,698,200
– –
MERC icon
5
Mercer International
MERC
$39.5M
$14.4M 3.07%
1,170,722
-777,457
-40% -$9.49M
OIBR.C
6
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$5.94M 1.26%
6,374,140
-13,526,813
-68% -$14.7M
AMR icon
7
Alpha Metallurgical Resources
AMR
$1.82B
$91K 0.02%
10,000
-117,812
-92% -$1.79M
DISH
8
DELISTED
DISH Network Corp.
DISH
– –
-200,000
Closed -$6.81M

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Knighthead Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, Knighthead Capital Management held 9 positions worth $470M, down 34% from $713M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management withdrew a net $298M in Q4 2019, closing 1 position and reducing 4 holdings. Its most notable exit was DISH Network Corp., an estimated $6.81M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 33% of assets, up from 20% a quarter earlier, followed by Materials and Communication Services.

  • Knighthead Capital Management's biggest Q4 2019 reduction was OI S.A. American Depositary Shares, each representing five shares of common stock, cutting an estimated $14.7M.
  • Knighthead Capital Management fully exited DISH Network Corp. in Q4 2019, selling an estimated $6.81M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $470M portfolio in Q4 2019.
  • Knighthead Capital Management opened 1 new position and closed 1 in Q4 2019.
  • Knighthead Capital Management's portfolio value fell 34% quarter-over-quarter to $470M.

Based on Knighthead Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.