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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
+20.51%
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
$2.56B
AUM Growth
+$504M
Cap. Flow
-$62.8M
Cap. Flow %
-2.45%
Top 10 Hldgs %
100%
Holding
9
New
2
Increased
1
Reduced
–
Closed
2

Top Buys

Rank Stock Value
1
TDS icon
Telephone and Data Systems
TDS
+$6.62M

Top Sells

Rank Stock Value
1
GB
Global Blue Group Holding
GB
+$69.4M

Sector Composition

Rank Sector Weight
1 Industrials 66.8%
2 Miscellaneous 32.56%
3 Communication Services 0.64%
4 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTZ icon
1
Hertz
HTZ
$720M
$1.23B 48.23%
181,455,469
– –
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$77.7B
$484M 18.92%
2,000,000
+1,000,000
+100% +$229M
UP icon
3
Wheels Up
UP
$132M
$475M 18.57%
12,908,460
– –
EFA icon
4
PUT
iShares MSCI EAFE ETF
EFA
$78.4B
$187M 7.3%
+2,000,000
New +$182M
HYG icon
5
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.2B
$162M 6.35%
2,000,000
– –
ECHO
6
EchoStar
ECHO
$27.1B
$9.54M 0.37%
125,000
– –
TDS icon
7
Telephone and Data Systems
TDS
$4.35B
$6.75M 0.26%
+171,939
New +$6.62M
GB
8
DELISTED
Global Blue Group Holding
GB
– –
-9,286,969
Closed -$69.4M
TLT icon
9
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
– –
-1,000,000
Closed -$88.3M

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TWM
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KBFS
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CA
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Knighthead Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Knighthead Capital Management held 9 positions worth $2.56B, up 25% from $2.05B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management's Q3 2025 filing shows 2 new, 1 increased and 2 closed positions. Its largest new stake was Telephone and Data Systems: 171,939 shares worth $6.75M. The largest sale was Global Blue Group Holding, an estimated $69.4M.

By sector, the portfolio is most concentrated in Industrials at 67% of assets, down from 74% a quarter earlier, followed by Miscellaneous and Communication Services.

  • Knighthead Capital Management's largest Q3 2025 buy was Telephone and Data Systems: 171,939 shares worth $6.75M.
  • Knighthead Capital Management fully exited Global Blue Group Holding in Q3 2025, selling an estimated $69.4M.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $2.56B portfolio in Q3 2025.
  • Knighthead Capital Management opened 2 new positions and closed 2 in Q3 2025.
  • Knighthead Capital Management's portfolio value rose 25% quarter-over-quarter to $2.56B.

Based on Knighthead Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.