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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
+6.82%
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
$649M
AUM Growth
-$1.05B
Cap. Flow
-$1.07B
Cap. Flow %
-165.52%
Top 10 Hldgs %
98.32%
Holding
22
New
5
Increased
2
Reduced
1
Closed
8

Top Buys

Rank Stock Value
1
SABR icon
Sabre
SABR
+$26.7M
2
META icon
Meta Platforms (Facebook)
META
+$3.15M
3
AMZN icon
Amazon
AMZN
+$2.28M

Top Sells

Rank Stock Value
1
MPC icon
Marathon Petroleum
MPC
+$31M
2
PCG icon
PG&E
PCG
+$12.1M
3
MERC icon
Mercer International
MERC
+$6.92M

Sector Composition

Rank Sector Weight
1 Utilities 17.54%
2 Technology 12.31%
3 Energy 2.11%
4 Communication Services 0.53%
5 Consumer Discretionary 0.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HYG icon
1
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$240M 36.9%
2,750,000
+750,000
+38% +$65.3M
PCG icon
2
PG&E
PCG
$39.2B
$114M 17.54%
9,728,846
-1,038,500
-10% -$12.1M
SABR icon
3
Sabre
SABR
$739M
$79.9M 12.31%
5,396,124
+1,969,650
+57% +$26.7M
WYNN icon
4
CALL
Wynn Resorts
WYNN
$10.5B
$62.7M 9.65%
500,000
– –
SABR icon
5
CALL
Sabre
SABR
$739M
$51.8M 7.98%
3,500,000
– –
SYY icon
6
CALL
Sysco
SYY
$40.6B
$39.4M 6.06%
500,000
– –
META icon
7
CALL
Meta Platforms (Facebook)
META
$1.37T
$19.4M 2.99%
+66,000
New +$17.8M
AMZN icon
8
CALL
Amazon
AMZN
$2.53T
$18.6M 2.86%
+120,000
New +$19M
ETRN
9
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
$8.16M 1.26%
1,000,000
– –
GEL icon
10
Genesis Energy
GEL
$1.87B
$4.93M 0.76%
528,222
– –
EPR icon
11
CALL
EPR Properties
EPR
$4.9B
$4.66M 0.72%
+100,000
New +$4.22M
META icon
12
Meta Platforms (Facebook)
META
$1.37T
$3.45M 0.53%
+11,715
New +$3.15M
AMZN icon
13
Amazon
AMZN
$2.53T
$2.23M 0.34%
+14,400
New +$2.28M
EPD icon
14
Enterprise Products Partners
EPD
$82.5B
$604K 0.09%
27,437
– –
IWM icon
15
PUT
iShares Russell 2000 ETF
IWM
$80.2B
– –
-4,000,000
Closed -$785M
MERC icon
16
Mercer International
MERC
$39.5M
– –
-675,244
Closed -$6.92M
MPC icon
17
Marathon Petroleum
MPC
$91.7B
– –
-750,000
Closed -$31M
MPC icon
18
PUT
Marathon Petroleum
MPC
$91.7B
– –
-375,000
Closed -$15.5M
PCG icon
19
CALL
PG&E
PCG
$39.2B
– –
-10,800,000
Closed -$135M
PCG icon
20
PUT
PG&E
PCG
$39.2B
– –
-3,000,000
Closed -$37.4M
SABR icon
21
PUT
Sabre
SABR
$739M
– –
-350,000
Closed -$4.21M
SPY icon
22
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
– –
-500,000
Closed -$187M

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Knighthead Capital Management's Q1 2021 Portfolio in Review

As of Q1 2021, Knighthead Capital Management held 22 positions worth $649M, down 62% from $1.7B the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Knighthead Capital Management withdrew a net $1.07B in Q1 2021, closing 8 positions and reducing 1 holding. Its most notable exit was Marathon Petroleum, an estimated $31M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 18% of assets, up from 7.9% a quarter earlier, followed by Technology and Energy.

Against the trend, Knighthead Capital Management opened a new position in Meta Platforms (Facebook) worth $3.45M.

  • Knighthead Capital Management's largest Q1 2021 buy was Meta Platforms (Facebook): 11,715 shares worth $3.45M.
  • Knighthead Capital Management added most to Sabre in Q1 2021, an estimated $26.7M increase.
  • Knighthead Capital Management's biggest Q1 2021 reduction was PG&E, cutting an estimated $12.1M.
  • Knighthead Capital Management fully exited Marathon Petroleum in Q1 2021, selling an estimated $31M.
  • Knighthead Capital Management's ten largest holdings make up 98% of its $649M portfolio in Q1 2021.
  • Knighthead Capital Management opened 5 new positions and closed 8 in Q1 2021.
  • Knighthead Capital Management's portfolio value fell 62% quarter-over-quarter to $649M.

Based on Knighthead Capital Management's 13F filing for Q1 2021, filed 17 May 2021.