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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
-29.02%
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
$1.39B
AUM Growth
-$1.17B
Cap. Flow
-$568M
Cap. Flow %
-40.99%
Top 10 Hldgs %
100%
Holding
8
New
1
Increased
2
Reduced
–
Closed
2

Top Buys

Rank Stock Value
1
TDS icon
Telephone and Data Systems
TDS
+$13.4M
2
ECHO
EchoStar
ECHO
+$2.52K

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Industrials 79.56%
2 Communication Services 2.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTZ icon
1
Hertz
HTZ
$556M
$933M 67.33%
181,455,469
– –
UP icon
2
Wheels Up
UP
$200M
$169M 12.23%
12,908,460
– –
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$161M 11.64%
2,000,000
– –
TLT icon
4
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$43.1B
$87.2M 6.29%
+1,000,000
New +$89.4M
TDS icon
5
Telephone and Data Systems
TDS
$3.87B
$21.2M 1.53%
516,000
+344,061
+200% +$13.4M
ECHO
6
EchoStar
ECHO
$24.9B
$13.6M 0.98%
125,031
+31
+0% +$2.52K
EFA icon
7
PUT
iShares MSCI EAFE ETF
EFA
$76.8B
– –
-2,000,000
Closed -$187M
IWM icon
8
PUT
iShares Russell 2000 ETF
IWM
$80.4B
– –
-2,000,000
Closed -$484M

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ARAM
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AM
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PAG
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Knighthead Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Knighthead Capital Management held 8 positions worth $1.39B, down 46% from $2.56B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Knighthead Capital Management withdrew a net $568M in Q4 2025, closing 2 positions.

By sector, the portfolio is most concentrated in Industrials at 80% of assets, up from 67% a quarter earlier, followed by Communication Services.

Against the trend, Knighthead Capital Management added an estimated $13.4M to Telephone and Data Systems.

  • Knighthead Capital Management added most to Telephone and Data Systems in Q4 2025, an estimated $13.4M increase.
  • Knighthead Capital Management's ten largest holdings make up 100% of its $1.39B portfolio in Q4 2025.
  • Knighthead Capital Management opened 1 new position and closed 2 in Q4 2025.
  • Knighthead Capital Management's portfolio value fell 46% quarter-over-quarter to $1.39B.

Based on Knighthead Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.