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Hedge fund

Knighthead Capital Management, LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1512397

Reported value
$560.1m
97% in companies we cover
Positions we cover
3
Largest HTZ 73.5%
Copy, a year
−15.7%
S&P 500 +14.1%
Copy Sharpe ratio
0.00
S&P 500 0.78

How copying its 13F would have done

$1.0k$2.5k$5.0k$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$1.0k
CopyS&P 500 $10,000 copying Knighthead Capital Management, LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −96.3% (S&P 500 −31.8%); beta 1.48; alpha −18.7% a year (t = −1.14); last 12 months −62.7% against +12.1%.

Reported value by quarter

Knighthead Capital Management, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-06-30: $514.4M Reported value, 2013-09-30: $522M Reported value, 2013-12-31: $696M Reported value, 2014-03-31: $817.8M Reported value, 2014-06-30: $759.6M Reported value, 2014-09-30: $667.6M Reported value, 2014-12-31: $745M Reported value, 2015-03-31: $470.4M Reported value, 2015-06-30: $421.7M Reported value, 2015-09-30: $293.3M Reported value, 2015-12-31: $270.9M Reported value, 2016-03-31: $243.3M Reported value, 2016-06-30: $177.5M Reported value, 2016-09-30: $163.9M Reported value, 2016-12-31: $144.6M Reported value, 2017-03-31: $201.9M Reported value, 2017-06-30: $200.5M Reported value, 2017-09-30: $262.9M Reported value, 2017-12-31: $186.3M Reported value, 2018-03-31: $248.8M Reported value, 2018-06-30: $273.6M Reported value, 2018-09-30: $326.4M Reported value, 2018-12-31: $126M Reported value, 2019-03-31: $315.5M Reported value, 2019-06-30: $421M Reported value, 2019-09-30: $200.5M Reported value, 2019-12-31: $176.8M Reported value, 2020-03-31: $160.5M Reported value, 2020-06-30: $279.4M Reported value, 2020-09-30: $221.6M Reported value, 2020-12-31: $225.1M Reported value, 2021-03-31: $213.2M Reported value, 2021-06-30: $235.2M Reported value, 2021-09-30: $253.6M Reported value, 2021-12-31: $4.8B Reported value, 2022-03-31: $4.2B Reported value, 2022-06-30: $3B Reported value, 2022-09-30: $3.1B Reported value, 2022-12-31: $2.8T Reported value, 2023-03-31: $3B Reported value, 2023-06-30: $3.4B Reported value, 2023-09-30: $2.4B Reported value, 2023-12-31: $2.8B Reported value, 2024-03-31: $2.2B Reported value, 2024-06-30: $1.2B Reported value, 2024-09-30: $1.9B Reported value, 2024-12-31: $1.2B Reported value, 2025-03-31: $1B Reported value, 2025-06-30: $1.6B Reported value, 2025-09-30: $1.7B Reported value, 2025-12-31: $1.1B Reported value, 2026-03-31: $988.6M Reported value, 2026-06-30: $560.1M 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $560.1M
View chart data
Period Reported value
2013-06-30 $514.4M
2013-09-30 $522M
2013-12-31 $696M
2014-03-31 $817.8M
2014-06-30 $759.6M
2014-09-30 $667.6M
2014-12-31 $745M
2015-03-31 $470.4M
2015-06-30 $421.7M
2015-09-30 $293.3M
2015-12-31 $270.9M
2016-03-31 $243.3M
2016-06-30 $177.5M
2016-09-30 $163.9M
2016-12-31 $144.6M
2017-03-31 $201.9M
2017-06-30 $200.5M
2017-09-30 $262.9M
2017-12-31 $186.3M
2018-03-31 $248.8M
2018-06-30 $273.6M
2018-09-30 $326.4M
2018-12-31 $126M
2019-03-31 $315.5M
2019-06-30 $421M
2019-09-30 $200.5M
2019-12-31 $176.8M
2020-03-31 $160.5M
2020-06-30 $279.4M
2020-09-30 $221.6M
2020-12-31 $225.1M
2021-03-31 $213.2M
2021-06-30 $235.2M
2021-09-30 $253.6M
2021-12-31 $4.8B
2022-03-31 $4.2B
2022-06-30 $3B
2022-09-30 $3.1B
2022-12-31 $2.8T
2023-03-31 $3B
2023-06-30 $3.4B
2023-09-30 $2.4B
2023-12-31 $2.8B
2024-03-31 $2.2B
2024-06-30 $1.2B
2024-09-30 $1.9B
2024-12-31 $1.2B
2025-03-31 $1B
2025-06-30 $1.6B
2025-09-30 $1.7B
2025-12-31 $1.1B
2026-03-31 $988.6M
2026-06-30 $560.1M

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
HTZHertz Global Holdings, Inc73.54%$411.9m181.46M0.0%
UPWheels Up Experience Inc.20.67%$115.8m12.91MNew
TDSTelephone & Data Systems Inc2.94%$16.5m445.7K0.0%
CompanyBought (value)Shares
UPWheels Up Experience Inc.$115.8m12.91M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

  • Industrials97.0%
  • Communication Services3.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026−15.7%+14.1%0.000.78−96.3%1.48
2018 onwardsJanuary 5, 2018 to November 2, 2026−27.7%+13.9%−0.110.66−96.3%1.50
Last three yearsNovember 3, 2023 to November 2, 2026−40.9%+21.8%−0.141.16−84.1%1.11
Last yearNovember 7, 2025 to November 2, 2026−71.4%+14.2%−0.950.84−77.7%3.54

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.