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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
+42.74%
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
$1.7B
AUM Growth
+$1.02B
(+152%)
Cap. Flow
+$741M
Cap. Flow
% of AUM
43.65%
Top 10 Holdings %
Top 10 Hldgs %
95.91%
Holding
20
New
6
Increased
3
Reduced
4
Closed
3
Top Buys
No buys this quarter
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$41.2M |
| 2 |
Marathon Petroleum
MPC
|
+$25.1M |
| 3 |
Mercer International
MERC
|
+$3.19M |
| 4 |
Sabre
SABR
|
+$2.53M |
| 5 |
Energy Transfer Partners
ET
|
+$1.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 7.9% |
| 2 | Energy | 2.52% |
| 3 | Technology | 2.42% |
| 4 | Materials | 0.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$80.2B
| $785M | 46.2% |
4,000,000
+2,800,000
| +233% | +$490M |
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
| $187M | 11% |
500,000
+50,000
| +11% | +$17.7M |
|
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
| $175M | 10.28% |
+2,000,000
| New | +$171M |
|
|
4
CALL
PG&E
PCG
$39.2B
| $135M | 7.92% |
10,800,000
| – | – |
|
|
5
PG&E
PCG
$39.2B
| $134M | 7.9% |
10,767,346
-3,643,589
| -25% | -$41.2M |
|
6
CALL
Wynn Resorts
WYNN
$10.5B
| $56.4M | 3.32% |
+500,000
| New | +$46.1M |
|
|
7
CALL
Sabre
SABR
$739M
| $42.1M | 2.48% |
3,500,000
+1,000,000
| +40% | +$9.25M |
|
|
8
Sabre
SABR
$739M
| $41.2M | 2.42% |
3,426,474
-273,526
| -7% | -$2.53M |
|
|
9
PUT
PG&E
PCG
$39.2B
| $37.4M | 2.2% |
+3,000,000
| New | +$33.9M |
|
10
CALL
Sysco
SYY
$40.6B
| $37.1M | 2.19% |
+500,000
| New | +$34.4M |
|
|
11
Marathon Petroleum
MPC
$91.7B
| $31M | 1.83% |
750,000
-700,555
| -48% | -$25.1M |
|
|
12
PUT
Marathon Petroleum
MPC
$91.7B
| $15.5M | 0.91% |
+375,000
| New | +$13.5M |
|
|
ETRN
13
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $8.04M | 0.47% |
1,000,000
| – | – |
|
|
14
Mercer International
MERC
$39.5M
| $6.92M | 0.41% |
675,244
-398,378
| -37% | -$3.19M |
|
|
15
PUT
Sabre
SABR
$739M
| $4.21M | 0.25% |
+350,000
| New | +$3.24M |
|
16
Genesis Energy
GEL
$1.87B
| $3.28M | 0.19% |
528,222
| – | – |
|
17
Enterprise Products Partners
EPD
$82.5B
| $537K | 0.03% |
27,437
| – | – |
|
18
Alpha Metallurgical Resources
AMR
$1.82B
| – | – |
-10,000
| Closed | -$73K |
|
|
19
CALL
Energy Transfer Partners
ET
$69.6B
| – | – |
-849,400
| Closed | -$4.6M |
|
|
20
Energy Transfer Partners
ET
$69.6B
| – | – |
-217,334
| Closed | -$1.18M |
|
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Knighthead Capital Management's Q4 2020 Portfolio in Review
As of Q4 2020, Knighthead Capital Management held 20 positions worth $1.7B, up 152% from $674M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Knighthead Capital Management deployed $741M of net new capital in Q4 2020, opening 6 new positions and adding to 3 existing holdings.
By sector, the portfolio is most concentrated in Utilities at 7.9% of assets, down from 20% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was PG&E, an estimated $41.2M trimmed.
- Knighthead Capital Management's biggest Q4 2020 reduction was PG&E, cutting an estimated $41.2M.
- Knighthead Capital Management fully exited Energy Transfer Partners in Q4 2020, selling an estimated $1.18M.
- Knighthead Capital Management's ten largest holdings make up 96% of its $1.7B portfolio in Q4 2020.
- Knighthead Capital Management opened 6 new positions and closed 3 in Q4 2020.
- Knighthead Capital Management's portfolio value rose 152% quarter-over-quarter to $1.7B.
Based on Knighthead Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.