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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
-3.69%
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
$674M
AUM Growth
+$131M
Cap. Flow
-$49.8M
Cap. Flow %
-7.38%
Top 10 Hldgs %
99.4%
Holding
17
New
2
Increased
5
Reduced
3
Closed
3

Top Buys

Rank Stock Value
1
SABR icon
Sabre
SABR
+$23.7M
2
ETRN
Equitrans Midstream Corporation Common Stock
ETRN
+$2.44M
3
GEL icon
Genesis Energy
GEL
+$1.53M
4
EPD icon
Enterprise Products Partners
EPD
+$481K

Top Sells

Rank Stock Value
1
PCG icon
PG&E
PCG
+$73.1M
2
HCA icon
HCA Healthcare
HCA
+$4.85M

Sector Composition

Rank Sector Weight
1 Miscellaneous 67.14%
2 Utilities 20.07%
3 Energy 8.16%
4 Technology 3.57%
5 Materials 1.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$77.8B
$180M 26.66%
+1,200,000
New +$181M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$803B
$151M 22.35%
450,000
-102,000
-18% -$33.8M
PCG icon
3
PG&E
PCG
$30.2B
$135M 20.07%
14,410,935
-7,885,921
-35% -$73.1M
PCG icon
4
CALL
PG&E
PCG
$30.2B
$101M 15.04%
10,800,000
+9,300,000
+620% +$86.2M
MPC icon
5
Marathon Petroleum
MPC
$110B
$42.6M 6.31%
1,450,555
– –
SABR icon
6
Sabre
SABR
$868M
$24.1M 3.57%
3,700,000
+3,200,000
+640% +$23.7M
SABR icon
7
CALL
Sabre
SABR
$868M
$16.3M 2.41%
2,500,000
+500,000
+25% +$3.7M
ETRN
8
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
$8.46M 1.25%
1,000,000
+250,000
+33% +$2.44M
MERC icon
9
Mercer International
MERC
$26.4M
$7.09M 1.05%
1,073,622
– –
ET icon
10
CALL
Energy Transfer Partners
ET
$73.9B
$4.6M 0.68%
849,400
-150,600
-15% -$956K
GEL icon
11
Genesis Energy
GEL
$1.89B
$2.38M 0.35%
528,222
+261,844
+98% +$1.53M
ET icon
12
Energy Transfer Partners
ET
$73.9B
$1.18M 0.17%
217,334
– –
EPD icon
13
Enterprise Products Partners
EPD
$84.3B
$433K 0.06%
+27,437
New +$481K
AMR icon
14
Alpha Metallurgical Resources
AMR
$2.53B
$73K 0.01%
10,000
– –
HCA icon
15
HCA Healthcare
HCA
$91.5B
– –
-50,000
Closed -$4.85M
JPM icon
16
CALL
JPMorgan Chase
JPM
$934B
– –
-150,000
Closed -$14.1M
LQD icon
17
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29.2B
– –
-500,000
Closed -$40.8M

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TWM
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Knighthead Capital Management's Q3 2020 Portfolio in Review

As of Q3 2020, Knighthead Capital Management held 17 positions worth $674M, up 24% from $543M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Knighthead Capital Management withdrew a net $49.8M in Q3 2020, closing 3 positions and reducing 3 holdings. Its most notable exit was HCA Healthcare, an estimated $4.85M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 67% of assets, up from 49% a quarter earlier, followed by Utilities and Energy.

Against the trend, Knighthead Capital Management opened a new position in Enterprise Products Partners worth $433K.

  • Knighthead Capital Management's largest Q3 2020 buy was Enterprise Products Partners: 27,437 shares worth $433K.
  • Knighthead Capital Management added most to Sabre in Q3 2020, an estimated $23.7M increase.
  • Knighthead Capital Management's biggest Q3 2020 reduction was PG&E, cutting an estimated $73.1M.
  • Knighthead Capital Management fully exited HCA Healthcare in Q3 2020, selling an estimated $4.85M.
  • Knighthead Capital Management's ten largest holdings make up 99% of its $674M portfolio in Q3 2020.
  • Knighthead Capital Management opened 2 new positions and closed 3 in Q3 2020.
  • Knighthead Capital Management's portfolio value rose 24% quarter-over-quarter to $674M.

Based on Knighthead Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.