13F Insight
DOSSIER · 13F-HR · Q2 2026

Knighthead Capital Management, LLC

$1.2B in tracked AUM across 10 positions as of Q2 2026.

KC
CIK 0001512397 · last filed Jun 30, 2026
Total AUM
$1.2B
as of Q2 2026
Holdings
10
—
positions
Whale Score
77
77
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026

Based on the SEC 13F filing data provided for Knighthead Capital Management, LLC as of September 30, 2025, here is a comprehensive analysis of the portfolio's composition, activity, and strategic orientation.

1. Portfolio Overview

Knighthead Capital Management manages a highly concentrated portfolio valued at approximately $2.56 billion, representing significant growth of 33.0% from the $1.92 billion reported in the prior year (September 30, 2024). The portfolio is exceptionally compact, co...

The structure of the portfolio is unique, characterized by a "barbell" approach. On one end, the manager holds massive, concentrated activist or control-style stakes in specific companies (Hertz Global, Wheels Up Experience). On the other end, the manager utilizes large, liquid ETF positions to manage liquidity and market exposure. The lack of "unchanged" positions across the entire portfolio suggests a dynamic management style where capital is actively redeployed based on evolving opportunities.

2. Key Holdings

The portfolio is dominated by three primary positions that account for over 85% of the total assets:

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
HTZ
HERTZ GLOBAL HLDGS INC
$412M181.5M35.0%02
SPY
STATE STREET SPDR S&P 500 ETF T
$373M500K31.7%03
HYG
ISHARES TR
$120M1.5M10.2%04
UP
WHEELS UP EXPERIENCE INC
$116M12.9M9.8%05
SATS
ECHOSTAR CORP
$86M850K7.3%06
H8088L103
SPORTRADAR GROUP AG
$30M2.0M2.5%07
TDS
TELEPHONE & DATA SYS INC
$24M646K2.0%08
AZUL
AZUL S A
$16M1.8M1.4%

Filing history

2026Q2Jun 30
$1.2B▼ 22.5%
10 positionsView →2026Q1Mar 31
$1.5B▲ 9.7%
6 positionsView →2025Q4Dec 31
$1.4B▼ 45.8%
6 positionsView →2025Q3Sep 30
$2.6B▲ 24.6%
8 positionsView →2025Q2Jun 30
$2.1B▲ 20.9%
7 positionsLocked2025Q1Mar 31
$1.7B▼ 19.2%
8 positionsLocked2024Q4Dec 31
$2.1B▲ 9.3%
9 positionsLocked2024Q3Sep 30
$1.9B▼ 8.3%
10 positionsLocked2024Q2Jun 30
$2.1B▼ 21.2%
9 positionsLocked2024Q1Mar 31
$2.7B▼ 28.1%
8 positionsLocked2023Q4Dec 31
$3.7B▲ 18.4%
9 positionsLocked2023Q3Sep 30
$3.1B▼ 35.5%
9 positionsLocked
Showing 12 of 61