KS
King Street Capital Management, L.p. 13F Filing (Q2 2026) — Top Positions & Stock Picks
King Street Capital Management, L.p.CIK: 0001218199
High-turnover traderConcentrated strategySector-focused
Total reported value
$189.7M
Reporting period: 2026-06-30 · Number of holdings: 6
KING STREET CAPITAL MANAGEMENT, L.P. disclosed 6 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $189.7M and a quarterly turnover rate of 99.4%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 99.41
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 12
- Sizing Uniformity
- 88.57
King Street Capital Management, L.p.'s disclosed holdings carry a Herfindahl concentration index of 0.348 — mathematically equivalent to about 3 equally-sized positions, well below its 6 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.14), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 14.7 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 17% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy USHY
Add SGRY
-40.8% -$20.2M
Sold out BA
New buy HYG
Sold out BXSL
Sold out UWMC
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SGRY | Surgery Partners Inc | Stock-Other | 53.66% | +16.49% | -40.78% | |
| 2 | USHY | Ishares Broad Usd High Yield | ETF-High Yield | 19.50% | +19.50% | NEW | |
| 3 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 10.00% | +10.00% | NEW | |
| 4 | TLN | Talen Energy CORP | Stock-Utilities | 9.52% | +4.95% | — | |
| 5 | VST | Vistra CORP | Stock-Utilities | 4.93% | +2.23% | — | |
| 6 | OPTU | Optimum Communications Inc-a | Stock-Comm Services | 2.39% | -0.79% | -61.09% |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
-4%
Performance Last 4 Quarters
-15.3%
- Stdev
- +25.9%
- Beta
- +1.33
- Alpha
- -24%
- Max Drawdown
- -20.7%
- Annualized Perf
- +2.8%
- Batting Avg vs S&P
- +40.7%
- Sortino
- +0.37
- Stutzer
- +0.07
- Treynor
- +0.04
- Sterling
- +0.11
- Calmar
- +0.14
- Information Ratio
- -0.77
- Tracking Error
- +21.5%
- Stdev Down
- +16.2%
- Winning Months %
- +44.4%
- Losing Months %
- +55.6%
- Best 12 Months
- +22.2%
- Worst 12 Months
- -15.3%
- Efficiency Ratio
- +0.04
- Sharpe
- +0.23
- Stdev Sectors
- +35.8%
- Skewness
- +0.16
- Kurtosis
- -0.7
- Upside Potential
- +2.34
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 6 | $189.7M | 99 | ||
| 2026 Q1 | 11 | $328.0M | 100 | ||
| 2025 Q4 | 12 | $724.3M | 100 | ||
| 2025 Q3 | 18 | $2.3B | 100 | ||
| 2025 Q2 | 12 | $1.0B | 0 | ||
| 2025 Q1 | 14 | $861.7M | 100 | ||
| 2024 Q4 | 15 | $659.2M | 0 | ||
| 2024 Q3 | 10 | $144.8M | 0 | ||
| 2024 Q2 | 10 | $192.4M | 0 | ||
| 2024 Q1 | 8 | $344.7M | 0 | ||
| 2023 Q4 | 8 | $70.9M | 0 | ||
| 2023 Q3 | 10 | $160.1M | 0 | ||
| 2023 Q2 | 13 | $191.1M | 0 | ||
| 2023 Q1 | 11 | $212.6M | 0 | ||
| 2022 Q4 | 17 | $577.6M | 0 | ||
| 2022 Q3 | 39 | $522.1M | 0 | ||
| 2022 Q2 | 31 | $674.3M | 0 | ||
| 2022 Q1 | 50 | $1.1B | 0 | ||
| 2021 Q4 | 54 | $1.2B | 0 | ||
| 2021 Q3 | 85 | $1.2B | 0 | ||
| 2021 Q2 | 97 | $1.2B | 100 | ||
| 2021 Q1 | 110 | $1.3B | 100 | ||
| 2020 Q4 | 20 | $652.9M | 85 | ||
| 2020 Q3 | 28 | $928.4M | 100 | ||
| 2020 Q2 | 24 | $1.1B | 100 | ||
| 2020 Q1 | 17 | $895.6M | 100 | ||
| 2019 Q4 | 13 | $2.0B | 54 | ||
| 2019 Q3 | 13 | $1.3B | 31 | ||
| 2019 Q2 | 17 | $1.7B | 63 | ||
| 2019 Q1 | 19 | $2.1B | 29 | ||
| 2018 Q4 | 23 | $2.2B | 44 | ||
| 2018 Q3 | 21 | $2.6B | 51 | ||
| 2018 Q2 | 19 | $1.7B | 79 | ||
| 2018 Q1 | 16 | $1.1B | 61 | ||
| 2017 Q4 | 19 | $1.3B | 72 | ||
| 2017 Q3 | 16 | $797.4M | 63 | ||
| 2017 Q2 | 11 | $574.1M | 75 | ||
| 2017 Q1 | 12 | $504.4M | 81 | ||
| 2016 Q4 | 12 | $416.0M | 100 | ||
| 2015 Q3 | 8 | $101.4M | 69 | ||
| 2015 Q2 | 9 | $133.4M | 84 | ||
| 2015 Q1 | 11 | $179.1M | 100 | ||
| 2014 Q4 | 19 | $571.7M | 100 | ||
| 2014 Q3 | 22 | $752.5M | 47 | ||
| 2014 Q2 | 22 | $900.3M | 71 | ||
| 2014 Q1 | 19 | $612.2M | 41 | ||
| 2013 Q4 | 24 | $717.8M | 100 | ||
| 2013 Q3 | 19 | $610.6M | 0 | ||
| 2013 Q2 | 17 | $493.6M | 0 |
Holding changes this quarter
King Street Capital Management, L.p.'s most significant position changes for 2026-06-30: Sold out: Boeing Co/the (BA); New buy: Ishares Broad Usd High Yield (USHY); Sold out: Blackstone Secured Lending F (BXSL); Sold out: Uwm Holdings CORP (UWMC); Sold out: Uniti Group Inc (UNIT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | USHY | Ishares Broad Usd High Yield | +19.5% | NEW | New buy |
| 2 | SGRY | Surgery Partners Inc | +16.5% | -40.78% | Trim |
| 3 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +10% | NEW | New buy |
| 4 | TLN | Talen Energy CORP | +5% | — | Unchanged |
| 5 | VST | Vistra CORP | +2.2% | — | Unchanged |
| 6 | OPTU | Optimum Communications Inc-a | -0.8% | -61.09% | Trim |
| 7 | AGNC | Agnc Investment CORP | -1.9% | EXIT | Sold out |
| 8 | VG | Venture Global Inc-cl A | -4.3% | EXIT | Sold out |
| 9 | XLI | Ss Industrial Select Sector | -5.8% | EXIT | Sold out |
| 10 | UNIT | Uniti Group Inc | -7.1% | EXIT | Sold out |
| 11 | UWMC | Uwm Holdings CORP | -8.6% | EXIT | Sold out |
| 12 | BXSL | Blackstone Secured Lending F | -9% | EXIT | Sold out |
| 13 | BA | Boeing Co/the | -15.7% | EXIT | Sold out |
Filing History
FAQ
What is King Street Capital Management, L.p. and what type of investor is it?
King Street Capital Management, L.p. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $189.7M, spread across 6 disclosed positions.
What are King Street Capital Management, L.p.'s largest equity positions?
Based on the latest 13F filing, King Street Capital Management, L.p.'s top holdings by market value are:
1. Surgery Partners Inc (SGRY) — $101.8M (53.7%)
2. Ishares Broad Usd High Yield (USHY) — $37.0M (19.5%)
3. Ishr Ibx Usd Hiyld Cb Etf-ui (HYG) — $19.0M (10.0%)
4. Talen Energy CORP (TLN) — $18.1M (9.5%)
5. Vistra CORP (VST) — $9.4M (4.9%)
What changes did King Street Capital Management, L.p. make in its most recent portfolio filing?
In the latest reported quarter, King Street Capital Management, L.p. made 11 notable position adjustments: 2 new positions were initiated, 0 existing holdings were added to, 2 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Boeing Co/the (BA); New buy: Ishares Broad Usd High Yield (USHY); Sold out: Blackstone Secured Lending F (BXSL); Sold out: Uwm Holdings CORP (UWMC); Sold out: Uniti Group Inc (UNIT)
What sectors does King Street Capital Management, L.p. focus on?
King Street Capital Management, L.p. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Utilities: 85.8%
• Communication Services: 14.2%
Investment Profile
King Street Capital Management, L.p. returned an annualized 2.8% over the trailing 27 months — underperforming the S&P 500 by 24.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.33 (more volatile than the market) and a 41% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 85.8% of the portfolio concentrated in Utilities.
Its turnover score has risen from 0 to 99 over the past 4 quarters — a shift toward more active trading.
It has trimmed its SGRY position for two straight quarters, cutting it by $56.3M while still holding $101.8M.
Peer Institutions
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NE
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Total reported value
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Sector conviction100.0
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MS
Mayfield Select Management (UGP), Ltd.
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Total reported value
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D|
Dahring | Cusmano LLC
CIK 0002053669
Total reported value
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62 stks
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Concentration21.1
Portfolio Stability18.1
Sector conviction66.0
AUM within 0.0% of this institution
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Developer Access
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