Knighthead Capital Management
NEW YORK, NYfiles as Knighthead Capital Management, LLC
$560m in 4 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 24.6% of the portfolio this quarter.
Value
$560m
Stocks
4
Top 10 share
100.0%
Turnover
24.6%
What changed this quarter
New
Bought for the first time this quarter.
- Wheels Up ExperienceUP20.7% of the fund
- Azul S AAZUL2.8% of the fund
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
None this quarter.
Sold out
Sold their entire stake.
- Wheels UP Experience-100%
Holdings
- Azul S AAZUL
- Share
- 2.8%
- Value
- $16m
- Shares
- 1,773,734
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Hertz Global HoldingsHTZ | 73.5% | $412m | 181,455,469 | Held |
| Wheels Up ExperienceUP | 20.7% | $116m | 12,908,460 | New |
| Telephone & Data SystemsTDS | 2.9% | $16m | 445,695 | Held |
| Azul S AAZUL | 2.8% | $16m | 1,773,734 | New |
Options (6)
- State STR Spdr S&P 500 ETF TSPY
- Type
- Put
- Value
- $373m
- Contracts
- 500,000
- Ishares TRHYG
- Type
- Put
- Value
- $120m
- Contracts
- 1,500,000
- EchoStarECHO
- Type
- Call
- Value
- $48m
- Contracts
- 475,000
- EchoStarECHO
- Type
- Put
- Value
- $38m
- Contracts
- 375,000
- Sportradar Group AGSRAD
- Type
- Call
- Value
- $30m
- Contracts
- 2,000,000
- Telephone & Data SystemsTDS
- Type
- Call
- Value
- $7m
- Contracts
- 200,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | Put | $373m | 500,000 |
| Ishares TRHYG | Put | $120m | 1,500,000 |
| EchoStarECHO | Call | $48m | 475,000 |
| EchoStarECHO | Put | $38m | 375,000 |
| Sportradar Group AGSRAD | Call | $30m | 2,000,000 |
| Telephone & Data SystemsTDS | Call | $7m | 200,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 64.7% since 30 June 2025.
Where the money is
Retail & consumer73.5%
Industrials20.7%
Media & telecom2.9%
Other2.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.