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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
-29.02%
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
$1.39B
AUM Growth
-$1.17B
Cap. Flow
+$13.4M
Cap. Flow %
0.97%
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 Miscellaneous 17.93%
3 Communication Services 2.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTZ icon
1
Hertz
HTZ
$720M
$933M 67.33%
181,455,469
– –
UP icon
2
Wheels Up
UP
$132M
$169M 12.23%
12,908,460
– –
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.2B
$161M 11.64%
2,000,000
– –
TLT icon
4
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
$87.2M 6.29%
+1,000,000
New +$89.4M
TDS icon
5
Telephone and Data Systems
TDS
$4.35B
$21.2M 1.53%
516,000
+344,061
+200% +$13.4M
ECHO
6
EchoStar
ECHO
$27.1B
$13.6M 0.98%
125,031
+31
+0% +$2.52K
EFA icon
7
PUT
iShares MSCI EAFE ETF
EFA
$78.4B
– –
-2,000,000
Closed -$187M
IWM icon
8
PUT
iShares Russell 2000 ETF
IWM
$77.7B
– –
-2,000,000
Closed -$484M

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TWM
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KBFS
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CA
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MI
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NFG
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FSWA
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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's Q4 2025 filing shows 1 new, 2 increased and 2 closed positions.

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

  • 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.