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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
-21.32%
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
$514M
AUM Growth
+$43.9M
Cap. Flow
+$195M
Cap. Flow %
37.99%
Top 10 Hldgs %
99.94%
Holding
15
New
7
Increased
2
Reduced
1
Closed
3

Top Buys

Rank Stock Value
1
ET icon
Energy Transfer Partners
ET
+$12.6M
2
SHO icon
Sunstone Hotel Investors
SHO
+$11.6M
3
PCG icon
PG&E
PCG
+$6.64M
4
HCA icon
HCA Healthcare
HCA
+$6.47M
5
TRTX
TPG RE Finance Trust
TRTX
+$856K

Top Sells

Rank Stock Value
1
OIBR.C
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
+$5.94M
2
MERC icon
Mercer International
MERC
+$973K

Sector Composition

Rank Sector Weight
1 Utilities 26.06%
2 Real Estate 1.75%
3 Materials 1.52%
4 Energy 1.06%
5 Healthcare 0.87%
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
$284M 55.21%
1,100,000
+500,000
+83% +$153M
PCG icon
2
PG&E
PCG
$39.2B
$134M 26.06%
14,883,521
+500,000
+3% +$6.64M
LQD icon
3
CALL
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.3B
$30.9M 6.01%
+250,000
New +$31.9M
UAL icon
4
CALL
United Airlines
UAL
$40.1B
$23.7M 4.61%
+750,000
New +$49.6M
HCA icon
5
CALL
HCA Healthcare
HCA
$85.7B
$11M 2.14%
+100,000
New +$12.9M
SHO icon
6
Sunstone Hotel Investors
SHO
$2.18B
$8.71M 1.7%
+1,000,000
New +$11.6M
MERC icon
7
Mercer International
MERC
$39.5M
$7.77M 1.51%
1,073,622
-97,100
-8% -$973K
ET icon
8
Energy Transfer Partners
ET
$69.6B
$5.43M 1.06%
+1,181,000
New +$12.6M
HCA icon
9
HCA Healthcare
HCA
$85.7B
$4.49M 0.88%
+50,000
New +$6.47M
TRTX
10
TPG RE Finance Trust
TRTX
$628M
$272K 0.05%
+49,522
New +$856K
AMR icon
11
Alpha Metallurgical Resources
AMR
$1.82B
$24K ﹤0.01%
10,000
– –
PCG icon
12
CALL
PG&E
PCG
$39.2B
– –
-1,698,200
Closed -$18.5M
XLU icon
13
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$23B
– –
-2,000,000
Closed -$64.6M
OIBR.C
14
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
– –
-6,374,140
Closed -$5.94M

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Knighthead Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, Knighthead Capital Management held 15 positions worth $514M, up 9.4% from $470M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management deployed $195M of net new capital in Q1 2020, opening 7 new positions and adding to 2 existing holdings. Its largest new stake was Energy Transfer Partners: 1,181,000 shares worth $5.43M.

By sector, the portfolio is most concentrated in Utilities at 26% of assets, down from 33% a quarter earlier, followed by Real Estate and Materials.

On the sell side, the largest reduction was Mercer International, an estimated $973K trimmed.

  • Knighthead Capital Management's largest Q1 2020 buy was Energy Transfer Partners: 1,181,000 shares worth $5.43M.
  • Knighthead Capital Management added most to PG&E in Q1 2020, an estimated $6.64M increase.
  • Knighthead Capital Management's biggest Q1 2020 reduction was Mercer International, cutting an estimated $973K.
  • Knighthead Capital Management fully exited OI S.A. American Depositary Shares, each representing five shares of common stock in Q1 2020, selling an estimated $5.94M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $514M portfolio in Q1 2020.
  • Knighthead Capital Management opened 7 new positions and closed 3 in Q1 2020.
  • Knighthead Capital Management's portfolio value rose 9.4% quarter-over-quarter to $514M.

Based on Knighthead Capital Management's 13F filing for Q1 2020, filed 15 May 2020.