Knighthead Capital Management, LLC

Concentrated strategySector-focusedContrarian

Total reported value

$1.5B

Reporting period: 2026-03-31 · Number of holdings: 6

Knighthead Capital Management, LLC disclosed 6 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.5B and a quarterly turnover rate of 42.0%.

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Personality snowflake

Concentration: 100
Portfolio Stability: 41.97
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 10
Sizing Uniformity: 89.34

Recent moves

Trim HTZ
0.0%　-$96.2M
Trim 2CH
0.0%　-$36.1M
Trim HYG
0.0%　-$2.1M
Trim TDS
-13.6%　-$2.4M
New buy IWM
Sold out TLT

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 5 holdings (of 6 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	HTZ	Hertz Global Hldgs INC	Stock-Other	55.04%	-12.29%	—
2	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	24.48%	+24.48%	NEW
3	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	ETF-High Yield	10.47%	-1.17%	—
4	2CH	Wheels Up Experience INC	Stock-Other	8.77%	-3.46%	—
5	TDS	Telephone And Data Systems	Stock-Comm Services	1.23%	-0.30%	-13.63%

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	6	$1.5B	42	1HTZ 2IWM 3HYG Top holdings2026-03-31 1.HTZ 2.IWM 3.HYG 4.2CH 5.TDS
2025-12-31	6	$1.4B	70	1HTZ 22CH 3HYG Top holdings2025-12-31 1.HTZ 2.2CH 3.HYG 4.TLT 5.TDS 6.ECHO
2025-09-30	8	$2.6B	77	1HTZ 2IWM 32CH Top holdings2025-09-30 1.HTZ 2.IWM 3.2CH 4.EFA 5.HYG 6.ECHO 7.TDS
2025-06-30	7	$2.1B	0	1HTZ 22CH 3IWM Top holdings2025-06-30 1.HTZ 2.2CH 3.IWM 4.HYG 5.TLT 6.OBDC 7.ECHO
2025-03-31	8	$1.7B	100	1HTZ 2SPY 32CH Top holdings2025-03-31 1.HTZ 2.SPY 3.2CH 4.HYG 5.IWM 6.OBDC 7.DAL 8.ECHO
2024-12-31	9	$2.1B	0	1HTZ 22CH 3IWM Top holdings2024-12-31 1.HTZ 2.2CH 3.IWM 4.HYG 5.SPY 6.OBDC 7.BHR 4.5 06-01-26 8.ECHO
2024-09-30	10	$1.9B	0	12CH 2HTZ 3SPY Top holdings2024-09-30 1.2CH 2.HTZ 3.SPY 4.HYG 5.IWM 6.OBDC 7.BHR 4.5 06-01-26 8.ECHO 9.ATIP
2024-06-30	9	$2.1B	0	1HTZ 2SPY 32CH Top holdings2024-06-30 1.HTZ 2.SPY 3.2CH 4.IWM 5.TLT 6.HYG 7.OBDC 8.BHR 4.5 06-01-26 9.ATIP
2024-03-31	8	$2.7B	0	1HTZ 22CH 3SPY Top holdings2024-03-31 1.HTZ 2.2CH 3.SPY 4.IWM 5.HYG 6.OBDC 7.BHR 4.5 06-01-26 8.ATIP
2023-12-31	9	$3.7B	0	1HTZ 22CH 3SPY Top holdings2023-12-31 1.HTZ 2.2CH 3.SPY 4.IWM 5.OBDC 6.BHR 4.5 06-01-26 7.DISH 3.375 08-15-26 8.ATIP
2023-09-30	9	$3.1B	0	1HTZ 2SPY 3IWM Top holdings2023-09-30 1.HTZ 2.SPY 3.IWM 4.2CH 5.OBDC 6.COIN 0.5 06-01-26 7.DISH 3.375 08-15-26 8.BHR 4.5 06-01-26 9.ATIP
2023-06-30	12	$4.8B	0	1HTZ 2SPY 3IWM Top holdings2023-06-30 1.HTZ 2.SPY 3.IWM 4.COIN 0.5 06-01-26 5.OBDC 6.SABR 7.BHR 8.BHR 4.5 06-01-26 9.ATI 10.96209A
2023-03-31	13	$4.6B	0	1HTZ 2SPY 3HYG Top holdings2023-03-31 1.HTZ 2.SPY 3.HYG 4.OBDC 5.SABR 6.COIN 0.5 06-01-26 7.KRE 8.FRCB 9.BHR 10.BHR 4.5 06-01-26
2022-12-31	11	$3.8B	0	1HTZ 2SPY 3HYG Top holdings2022-12-31 1.HTZ 2.SPY 3.HYG 4.XLE 5.SABR 6.OBDC 7.COIN 0.5 06-01-26 8.BHR 9.BHR 4.5 06-01-26 10.ATI
2022-09-30	14	$4.0B	0	1HTZ 2SPY 3HYG Top holdings2022-09-30 1.HTZ 2.SPY 3.HYG 4.IWM 5.EFA 6.XLU 7.SABR 8.OBDC 9.ALIT 10.COIN 0.5 06-01-26
2022-06-30	14	$5.4B	0	1HTZ 2SPY 3HYG Top holdings2022-06-30 1.HTZ 2.SPY 3.HYG 4.TCOM 5.SABR 6.OBDC 7.ALIT 8.COIN 0.5 06-01-26 9.ATI 10.BHR
2022-03-31	15	$8.5B	0	1HTZ 2SPY 3IWM Top holdings2022-03-31 1.HTZ 2.SPY 3.IWM 4.HYG 5.SABR 6.TCOM 7.PCG 8.XLE 9.ALIT 10.ATI
2021-12-31	13	$6.0B	0	1HTZ 2SPY 3HYG Top holdings2021-12-31 1.HTZ 2.SPY 3.HYG 4.PCG 5.TCOM 6.SABR 7.ALIT 8.CAR 9.ATI 10.GEL
2021-09-30	13	$1.7B	0	1SPY 2HYG 3PCG Top holdings2021-09-30 1.SPY 2.HYG 3.PCG 4.SABR 5.CAR 6.ALIT 7.TCOM 8.ATI 9.GEL 10.BABA
2021-06-30	12	$1.4B	100	1SPY 2HYG 3PCG Top holdings2021-06-30 1.SPY 2.HYG 3.PCG 4.SABR 5.CAR 6.WPF 7.META 8.GEL 9.AMZN 10.BHR
2021-03-31	14	$649.4M	100	1HYG 2SABR 3PCG Top holdings2021-03-31 1.HYG 2.SABR 3.PCG 4.WYNN 5.SYY 6.META 7.AMZN 8.ETRNUSD 9.GEL 10.EPR
2020-12-31	17	$1.7B	87	1IWM 2PCG 3SPY Top holdings2020-12-31 1.IWM 2.PCG 3.SPY 4.HYG 5.SABR 6.WYNN 7.MPC 8.SYY 9.ETRNUSD 10.MERC
2020-09-30	14	$674.3M	54	1PCG 2IWM 3SPY Top holdings2020-09-30 1.PCG 2.IWM 3.SPY 4.MPC 5.SABR 6.ETRNUSD 7.MERC 8.ET 9.GEL 10.EPD
2020-06-30	16	$542.9M	66	1PCG 2SPY 3MPC Top holdings2020-06-30 1.PCG 2.SPY 3.MPC 4.LQD 5.SABR 6.JPM 7.MERC 8.ET 9.ETRNUSD 10.HCA
2020-03-31	12	$513.5M	64	1SPY 2PCG 3LQD Top holdings2020-03-31 1.SPY 2.PCG 3.LQD 4.UAL 5.HCA 6.SHO 7.MERC 8.ET 9.BXMT 4.375 05-05-22 10.TRTX
2019-12-31	8	$469.6M	68	1SPY 2PCG 3XLU Top holdings2019-12-31 1.SPY 2.PCG 3.XLU 4.TSLA 2 05-15-24 5.MERC 6.OIBR-USD 7.21241B
2019-09-30	8	$712.7M	85	1SPY 2PCG 3MERC Top holdings2019-09-30 1.SPY 2.PCG 3.MERC 4.OIBR-USD 5.TSLA 2 05-15-24 6.DISH 7.21241B
2019-06-30	11	$719.0M	45	1PCG 2SPY 3TSLA 2 05-15-24 Top holdings2019-06-30 1.PCG 2.SPY 3.TSLA 2 05-15-24 4.OIBR-USD 5.MERC 6.AVYAUSD 7.84861U 8.DISH 9.HUM 10.21241B
2019-03-31	13	$539.3M	62	1PCG 2SPY 3OIBR-USD Top holdings2019-03-31 1.PCG 2.SPY 3.OIBR-USD 4.MERC 5.AVYAUSD 6.YPF 7.TSLA 2.375 03-15-22 8.84861U 9.CHAPQ 10.DISH
2018-12-31	10	$298.5M	100	1SPY 2PCG 3AVYAUSD Top holdings2018-12-31 1.SPY 2.PCG 3.AVYAUSD 4.YPF 5.MERC 6.TSLA 2.375 03-15-22 7.OIBR-USD 8.84861U 9.CHAPQ
2018-09-30	15	$2.8B	100	1SPY 2PCG384860W Top holdings2018-09-30 1.SPY 2.PCG 3.84860W 4.AVYAUSD 5.MERC 6.CHAPQ 7.YPF 8.GM 9.AKRXEUR 10.OIBR-USD
2018-06-30	12	$602.2M	19	1SPY284860W3PCG Top holdings2018-06-30 1.SPY 2.84860W 3.PCG 4.MERC 5.AVYAUSD 6.GM 7.YPF 8.CRK 7.75 04-01-19 * 9.AKRXEUR 10.84861U
2018-03-31	11	$583.9M	57	1SPY284860W3PCG Top holdings2018-03-31 1.SPY 2.84860W 3.PCG 4.AVYAUSD 5.CRK 7.75 04-01-19 * 6.YPF 7.MERC 8.GM 9.CRK 9.5 06-15-20 * 10.DISH
2017-12-31	11	$701.7M	25	1SPY284860W3CAR Top holdings2017-12-31 1.SPY 2.84860W 3.CAR 4.YPF 5.CRK 7.75 04-01-19 * 6.MERC 7.TECK 8.Y26889 9.CRK 9.5 06-15-20 * 10.DISH
2017-09-30	12	$700.0M	22	1SPY284860W3YPF Top holdings2017-09-30 1.SPY 2.84860W 3.YPF 4.88104M 5.EQT 6.CRK 7.75 04-01-19 * 7.MERC 8.TECK 9.Y26889 10.DISH
2017-06-30	11	$601.0M	20	1SPY 2YPF388104M Top holdings2017-06-30 1.SPY 2.YPF 3.88104M 4.EQT 5.CRK 7.75 04-01-19 * 6.MERC 7.Y26889 8.DAL 9.DISH 10.CRK 9.5 06-15-20 *
2017-03-31	11	$682.9M	29	1SPY 2YPF388104M Top holdings2017-03-31 1.SPY 2.YPF 3.88104M 4.CRK 7.75 04-01-19 * 5.EQT 6.MERC 7.DAL 8.Y26889 9.DISH 10.ENVA
2016-12-31	10	$605.6M	40	1SPY 2DAL 3YPF Top holdings2016-12-31 1.SPY 2.DAL 3.YPF 4.88104M 5.MERC 6.HYG 7.ARCH1EUR 8.DISH 9.ENVA
2016-09-30	10	$696.8M	100	1SPY 2YPF3131347 Top holdings2016-09-30 1.SPY 2.YPF 3.131347 4.MERC 5.DAL 6.GM 7.Y26889 8.88104M 9.DISH 10.26817R
2016-06-30	7	$177.5M	64	1YPF21313473GM Top holdings2016-06-30 1.YPF 2.131347 3.GM 4.MERC 5.DAL 6.Y26889 7.26817R
2016-03-31	10	$246.7M	80	1YPF 2GM302503Y Top holdings2016-03-31 1.YPF 2.GM 3.02503Y 4.AAL 5.MERC 6.131347 7.Y26889 8.UAL 9.37045V 10.37045V
2015-12-31	12	$537.0M	42	1HYG 2AAL 3YPF Top holdings2015-12-31 1.HYG 2.AAL 3.YPF 4.GM 5.02503Y 6.MERC 7.131347 8.UAL 9.Y26889 10.HTZ
2015-09-30	12	$384.0M	95	1HYG 2AAL 3YPF Top holdings2015-09-30 1.HYG 2.AAL 3.YPF 4.MERC 5.GM 6.UAL 7.Y26889 8.02503Y 9.131347 10.HTZ
2015-06-30	14	$1.1B	100	1SPY 2AAL 3YPF Top holdings2015-06-30 1.SPY 2.AAL 3.YPF 4.HYG 5.MERC 6.GM 7.Y26889 8.UAL 9.02503Y 10.131347
2015-03-31	12	$475.2M	81	1AAL 2YPF 3MERC Top holdings2015-03-31 1.AAL 2.YPF 3.MERC 4.GM 5.UAL 6.02503Y 7.BPOP 8.HTZ 9.131347 10.37045V
2014-12-31	20	$1.0B	67	1AAL 2UAL 3YPF Top holdings2014-12-31 1.AAL 2.UAL 3.YPF 4.MERC 5.GM 6.02503Y 7.26817R 8.HTZ 9.BPOP 10.DISH
2014-09-30	18	$671.1M	22	1AAL 2YPF 3UAL Top holdings2014-09-30 1.AAL 2.YPF 3.UAL 4.GM 5.MERC 6.02503Y 7.881609 8.26817R 9.DISH 10.NE
2014-06-30	18	$764.0M	47	1AAL 2YPF 3UAL Top holdings2014-06-30 1.AAL 2.YPF 3.UAL 4.881609 5.GM 6.MERC 7.02503Y 8.NE 9.26817R 10.HMHCUSD
2014-03-31	25	$944.2M	54	1AAL 2SPY 3YPF Top holdings2014-03-31 1.AAL 2.SPY 3.YPF 4.UAL 5.02503Y 6.HMHCUSD 7.26817R 8.881609 9.EXC 10.GM
2013-12-31	27	$703.9M	53	1YPF202503Y3UAL Top holdings2013-12-31 1.YPF 2.02503Y 3.UAL 4.HMHCUSD 5.GM 6.881609 7.26817R 8.AAPL 9.NE 10.CLDEUR
2013-09-30	23	$523.2M	25	1YPF202503Y3UAL Top holdings2013-09-30 1.YPF 2.02503Y 3.UAL 4.GM 5.26817R 6.AAPL 7.881609 8.H5833N 9.CLDEUR 10.CLW
2013-06-30	24	$515.7M	0	1UAL202503Y3GPK Top holdings2013-06-30 1.UAL 2.02503Y 3.GPK 4.YPF 5.26817R 6.GM 7.AAPL 8.881609 9.H5833N 10.CLW

Holding changes this quarter

Knighthead Capital Management, LLC's most significant position changes for 2026-03-31: New buy: Ishares Russell 2000 ETF (IWM); Sold out: Ishares 20+ Year Treasury Bd (TLT); Sold out: Echostar Corp-a (ECHO); Trim: Telephone And Data Systems (TDS) — shares -13.63%.

Position changes disclosed by Knighthead Capital Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TDS	Telephone And Data Systems	-0.3%	-13.63%	Trim
2	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	-1.2%	—	Unchanged
3	2CH	Wheels Up Experience INC	-3.5%	—	Unchanged
4	HTZ	Hertz Global Hldgs INC	-12.3%	—	Unchanged
5	IWM	Ishares Russell 2000 ETF	—	NEW	New buy
6	TLT	Ishares 20+ Year Treasury Bd	—	EXIT	Sold out
7	ECHO	Echostar Corp-a	—	EXIT	Sold out

FAQ

What is Knighthead Capital Management, LLC and what type of investor is it?

Knighthead Capital Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.5B, spread across 6 disclosed positions.

What are Knighthead Capital Management, LLC's largest equity positions?

Based on the latest 13F filing, Knighthead Capital Management, LLC's top holdings by market value are: 1. Hertz Global Hldgs INC (HTZ) — $836.5M (55.0%) 2. Ishares Russell 2000 ETF (IWM) — $372.0M (24.5%) 3. Ishr Ibx Usd Hiyld Cb Etf-ui (HYG) — $159.1M (10.5%) 4. Wheels Up Experience INC (2CH) — $133.3M (8.8%) 5. Telephone And Data Systems (TDS) — $18.8M (1.2%)

What changes did Knighthead Capital Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Knighthead Capital Management, LLC made 4 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 1 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Ishares Russell 2000 ETF (IWM); Sold out: Ishares 20+ Year Treasury Bd (TLT); Sold out: Echostar Corp-a (ECHO); Trim: Telephone And Data Systems (TDS) — shares -13.63%

What sectors does Knighthead Capital Management, LLC focus on?

Knighthead Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Communication Services: 100.0%