Knighthead Capital Management, LLC 13F: Quarter-over-Quarter Portfolio Changes
Knighthead Capital Management, LLC reported a disclosed portfolio value of approximately $988.6 million in its latest SEC Form 13F-HR filing for Q1 2026, down 48.6% quarter on quarter. Over the quarter, the fund initiated 1 new position, bought more shares in 1 holding, trimmed 1 holding, and exited 7 positions.
Knighthead Capital Management, LLC's top buy was Wheels Up Experience INC (2CH) . The fund bought 0.0% more shares, lifting the position's portfolio weight by -19.0 percentage points. Its top sell was Hertz Global Hldgs INC (HTZ) . The fund sold 0.0% of its previously reported shares, reducing the position's portfolio weight by 53.5 percentage points.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| TELEPHONE & DATA SYS INC | TDS | 1.9% | History → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| WHEELS UP EXPERIENCE INC | 2CH | +-19.0% | +0.0% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| HERTZ GLOBAL HLDGS INC | HTZ | 53.5% | 0.0% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| STATE STR SPDR S&P 500 ETF T | SPY | 14.9% |
| ISHARES TR | HYG | 12.5% |
| ISHARES TR | IWM | 5.7% |
| GLOBAL BLUE GROUP HOLDING AG | SYN_H33700107 | 2.6% |
| BRAEMAR HOTELS & RESORTS INC | BHR 4.5 06/01/26 | 0.3% |
| ECHOSTAR CORP | SATS | 0.1% |
| ATI PHYSICAL THERAPY INC | ATIP | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $1.9BPrior quarter
- $1.0BCurrent quarter
- $-0.9BNet delta
- -48.6%% change
Methodology & FAQ
How Knighthead Capital Management, LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Knighthead Capital Management, LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Knighthead Capital Management, LLC buy in Q1 2026?
In Q1 2026, Knighthead Capital Management, LLC initiated 1 new position (TELEPHONE & DATA SYS INC (TDS)); bought more shares of WHEELS UP EXPERIENCE INC (2CH).
What stocks did Knighthead Capital Management, LLC sell in Q1 2026?
In Q1 2026, Knighthead Capital Management, LLC fully sold 7 positions (STATE STR SPDR S&P 500 ETF T (SPY), ISHARES TR (HYG), ISHARES TR (IWM), GLOBAL BLUE GROUP HOLDING AG (SYN_H33700107), BRAEMAR HOTELS & RESORTS INC (BHR 4.5 06/01/26), ECHOSTAR CORP (SATS), ATI PHYSICAL THERAPY INC (ATIP)); reduced holdings in HERTZ GLOBAL HLDGS INC (HTZ).
Which positions did Knighthead Capital Management, LLC initiate in Q1 2026?
Knighthead Capital Management, LLC established 1 new position in Q1 2026: TELEPHONE & DATA SYS INC (TDS, 1.9%).
Which existing positions saw the largest allocation increases for Knighthead Capital Management, LLC in Q1 2026?
Of 1 existing position with share-count increases in Q1 2026, the largest were: WHEELS UP EXPERIENCE INC (2CH, +-19.0% weight, +0.0% shares).
Which positions did Knighthead Capital Management, LLC fully exit in Q1 2026?
Knighthead Capital Management, LLC fully exited 7 positions in Q1 2026: STATE STR SPDR S&P 500 ETF T (SPY, last-reported weight 14.9%), ISHARES TR (HYG, last-reported weight 12.5%), ISHARES TR (IWM, last-reported weight 5.7%), GLOBAL BLUE GROUP HOLDING AG (SYN_H33700107, last-reported weight 2.6%), BRAEMAR HOTELS & RESORTS INC (BHR 4.5 06/01/26, last-reported weight 0.3%), ECHOSTAR CORP (SATS, last-reported weight 0.1%), ATI PHYSICAL THERAPY INC (ATIP, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for Knighthead Capital Management, LLC in Q1 2026?
Of 1 existing position with share-count reductions in Q1 2026, the largest were: HERTZ GLOBAL HLDGS INC (HTZ, 53.5% weight, -0.0% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.