Knighthead Capital Management, LLC
CIK 1512397 · View on SEC EDGAR ↗
- Portfolio value
- $1.2B
- Positions
- 10
- As of
- June 30, 2026
Portfolio value QoQ: -11.7% 13F does not disclose cash
- Top 10 holdings weight
- 100.00%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 9
- Effective number of positions
- 4.0
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 28.62% Est. buys $628,761,836 · sells $359,329,396
Median holding: 1.0 quarters Tracked Q4 2024–Q2 2026 · 52.6% still held
- New positions
- 7
- Increased
- 0
- Decreased
- 1
- Closed
- 2
Put-notional exposure: 45.1% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +85.2% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 97.3% · Options excluded: 27.4%
Sector breakdown
Full portfolio 10 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| HTZ Hertz Global Holdings, Inc - Common Stock | $411,903,915 | 34.99% | 181,455,469 | $-424,605,797 | |||
| SPY SPY | $373,385,000 | 31.72% | 500,000 | Put option | |||
| HYG | $119,955,000 | 10.19% | 1,500,000 | Put option | $-39,165,000 | Down ×1 | |
| Unknown issuer (CUSIP: 96328L304) | $115,788,881 | 9.84% | 12,908,460 | Up ×1 | |||
| SATS EchoStar Corporation - Common stock | $48,212,500 | 4.10% | 475,000 | Call option | Up ×1 | ||
| SATS EchoStar Corporation - Common stock | $38,062,500 | 3.23% | 375,000 | Put option | Up ×1 | ||
| SRAD Sportradar Group AG - Class A Ordinary Shares | $29,940,000 | 2.54% | 2,000,000 | Call option | Up ×1 | ||
| TDS Telephone and Data Systems, Inc. Common Shares | $16,495,172 | 1.40% | 445,695 | $-2,268,588 | |||
| Unknown issuer (CUSIP: 05501U601) | $15,954,955 | 1.36% | 1,773,734 | Up ×1 | |||
| TDS Telephone and Data Systems, Inc. Common Shares | $7,418,000 | 0.63% | 200,000 | Call option | Up ×1 | ||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| SPY | $373,385,000 | 500,000 | 31.72% |
| Unknown issuer (CUSIP: 96328L304) | $115,788,881 | 12,908,460 | 9.84% |
| SATS | $48,212,500 | 475,000 | 4.10% |
| SATS | $38,062,500 | 375,000 | 3.23% |
| SRAD | $29,940,000 | 2,000,000 | 2.54% |
| Unknown issuer (CUSIP: 05501U601) | $15,954,955 | 1,773,734 | 1.36% |
| TDS | $7,418,000 | 200,000 | 0.63% |
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| SPY | June 30, 2025 | 500,000 | $279,695,000 | No longer tracked |
| EFA | Dec. 31, 2025 | 2,000,000 | $186,740,000 | No longer tracked |
| IWM | June 30, 2026 | 750,000 | $186,000,000 | No longer tracked |
| UP | June 30, 2026 | 258,169,208 | $133,344,396 | -45.3% |
| IWM | Dec. 31, 2025 | 500,000 | $120,980,000 | No longer tracked |
| TLT | Sept. 30, 2025 | 1,000,000 | $88,250,000 | |
| TLT | March 31, 2026 | 1,000,000 | $87,160,000 | |
| GB | Sept. 30, 2025 | 9,286,969 | $69,373,658 | No longer tracked |
| DAL | June 30, 2025 | 800,000 | $34,880,000 | 67.0% |
| SATS | March 31, 2026 | 125,031 | $13,590,870 | No longer tracked |