Knighthead Capital Management, LLC holds a concentrated book of 4 reported positions worth $560.1M as of Q2 2026 (disclosed Aug 14, 2026, a ~45-day 13F lag). This quarter they opened Wheels Up Experience Inc. Their largest long position is Hertz Global Hldgs Inc at 74% of the reported non-option book. They also disclosed $531.4M in put options (a bearish bet) and $85.6M in call options (bullish), shown separately below and excluded from the non-option book.
Top-heavy: concentrated book
Excluding Hertz Global Hldgs Inc (74% of the book), the rest is a concentrated book:
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
100% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis
Other tracked managers holding the same core names as Knighthead Capital Management, LLC
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| VR Advisory Services Ltd | 2 / 4 | $109.2M |
| Redwood Capital Management, LLC | 2 / 4 | $54.5M |
| Whitebox Advisors LLC | 2 / 4 | $84.3M |
| Gamco Investors, Inc. Et Al | 2 / 4 | $66.0M |
| Gabelli Funds LLC | 2 / 4 | $71.7M |
| CSS LLC | 2 / 4 | $6.8M |
| Oxford Asset Management LLP | 2 / 4 | $454K |
| Caitong International Asset Management Co., Ltd | 3 / 4 | $858K |
Ranked by the share of each fund's own book sitting in the names it shares with Knighthead Capital Management, LLC: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.
Bars show each position's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Hertz Global Hldgs Inc COM NEW | $411.9M | 181.46M | 73.5% | —Held | |
| 2 | Wheels Up Experience Inc COM CL A | $115.8M | 12.91M | 20.7% | ▲New New position | |
| 3 | Telephone & Data Sys Inc COM NEW | $16.5M | 445.7K | 2.9% | —Held | |
| 4 | Azul S A SPONSORED ADS | $16.0M | 1.77M | 2.8% | ▲New New position |
This fund page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
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Use Arkolith to show Knighthead Capital Management, LLC's latest holdings, largest changes, and filing provenance.
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SS SPDR S&P 500 ETF TRUST-USSPY | $373.4M | 500K |
| PUT · bearish | ISHR IBX USD HIYLD CB ETF-UIHYG | $120.0M | 1.5M |
| CALL · bullish | ECHOSTAR CORP-ASATS | $48.2M | 475K |
| PUT · bearish | ECHOSTAR CORP-ASATS | $38.1M | 375K |
| CALL · bullish | SPORTRADAR GROUP AG-ASRAD | $29.9M | 2.0M |
| CALL · bullish | TELEPHONE AND DATA SYSTEMSTDS | $7.4M | 200K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the non-option book, weighting, concentration and sector figures above.
As-of date vs the date the SEC received each filing
Reported 13F total per quarter. Raw filing totals can include option notional.
| Quarter | As of | Filed | Lag | Positions | Value | Form |
|---|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Aug 14, 2026 | 45d | 10 | $1.2B | 13F-HR |
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 45d | 6 | $1.5B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 45d | 10 | $1.9B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 14, 2024 | 45d | 9 | $2.1B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 15, 2024 | 45d | 8 | $2.7B | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 14, 2024 | 45d | 9 | $3.7B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 15, 2023 | 46d | 9 | $3.1B | 13F-HR/A |
| Q2 2023 | Jun 30, 2023 | Aug 14, 2023 | 45d | 12 | $4.8B | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 15, 2023 | 45d | 13 | $4.6B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 14, 2023 | 45d | 11 | $3.8B | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 45d | 14 | $4.0B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 15, 2022 | 46d | 14 | $5.4B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 16, 2022 | 46d | 15 | $8.5B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 14, 2022 | 45d | 13 | $6.0B | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 15, 2021 | 46d | 13 | $1.7B | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Aug 16, 2021 | 47d | 12 | $1.4B | 13F-HR |
| Q1 2021 | Mar 31, 2021 | May 17, 2021 | 47d | 14 | $649.4M | 13F-HR |
| Q4 2020 | Dec 31, 2020 | Feb 16, 2021 | 47d | 17 | $1.7B | 13F-HR |
| Q3 2020 | Sep 30, 2020 | Nov 16, 2020 | 47d | 14 | $674.3M | 13F-HR |
| Q2 2020 | Jun 30, 2020 | Aug 14, 2020 | 45d | 16 | $542.9M | 13F-HR |
| Q1 2020 | Mar 31, 2020 | May 15, 2020 | 45d | 12 | $513.5M | 13F-HR |
| Q4 2019 | Dec 31, 2019 | Feb 14, 2020 | 45d | 8 | $469.6M | 13F-HR |
| Q3 2019 | Sep 30, 2019 | Nov 14, 2019 | 45d | 8 | $712.7M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. Price-derived performance is withheld until the price-source policy and freshness gate are green.