GRUPO AEROMEXICO SAB DE CV

The concentration at the top is striking. Apollo Management holds roughly $385 million — about 34% of the entire disclosed book — followed by Silver Point Capital ($194M) and Strategic Value Partners ($133M). All three are credit and special-situations shops, not traditional airline investors. Together the top three control more than half the institutional value.

For AERO readers, the takeaway is that this is a restructuring-driven equity: the holders are the distressed funds that converted claims into stock, and their concentrated positions mean the float is effectively controlled by a handful of sophisticated managers rather than a diversified institutional base.