Knighthead Capital Management, LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Knighthead Capital Management, LLC initiated 1 new position, trimmed 2 positions, and exited 6 positions entirely. The fund's 13F equity book declined from $1.92B to $0.99B (-48.6% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $1.92BPrior quarter
- $0.99BCurrent quarter
- $-0.93BNet delta
- -48.6%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| TELEPHONE & DATA SYS INC | TDS | 1.90% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| IP STRATEGY HOLDINGS INC | UNKNOWN | -19.32% | -2.44% | History → |
| HERTZ GLOBAL HLDGS INC | HTZ | 53.47% | -0.00% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| STATE STREET SPDR S&P 500 ETF | SPY | 14.92% |
| ISHARES TR | HYG | 12.53% |
| ISHARES TR | IWM | 5.74% |
| GLOBAL BLUE GROUP HOLDING AG | SYN_H33700107 | 2.64% |
| ECHOSTAR CORP | SATS | 0.14% |
| ATI PHYSICAL THERAPY INC | ATIP | 0.08% |
Methodology & FAQ
How Knighthead Capital Management, LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Knighthead Capital Management, LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
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, 1.90%).
Which existing positions saw the largest allocation increases for Knighthead Capital Management, LLC in Q1 2026?
Knighthead Capital Management, LLC reported no material allocation increases in existing positions in Q1 2026.
Which positions did Knighthead Capital Management, LLC fully exit in Q1 2026?
Knighthead Capital Management, LLC fully exited 6 positions in Q1 2026: STATE STREET SPDR S&P 500 ETF (SPY, last-reported weight 14.92%), ISHARES TR (HYG, last-reported weight 12.53%), ISHARES TR (IWM, last-reported weight 5.74%), GLOBAL BLUE GROUP HOLDING AG (SYN_H33700107, last-reported weight 2.64%), ECHOSTAR CORP (SATS, last-reported weight 0.14%), ATI PHYSICAL THERAPY INC (ATIP, last-reported weight 0.08%).
Which existing positions saw the largest allocation reductions for Knighthead Capital Management, LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: IP STRATEGY HOLDINGS INC (UNKNOWN, -19.32% weight, -2.44% shares), HERTZ GLOBAL HLDGS INC (HTZ, 53.47% weight, -0.00% 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.