Knighthead Capital Management, LLC
Knighthead Capital Management, LLC reported 4 US-listed holdings worth $560.1 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Hertz Global Hldgs Inc. (73.5%), Wheels Up Experience Inc. (20.7%) and Telephone & Data Systems Inc. (2.9%). Against the quarter before, it opened 2 positions, added to 0, trimmed 0 and sold out of 1.
The 4 largest of its 4 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -58.1% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 2
- Wheels Up Experience Inc. UP$115.8 million
- Azul Sa-Spon ADR AZUL$16.0 million
Sold out of 1
- Wheels Up Experience Inc. UP$133.3 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Hertz Global Hldgs Inc. HTZ | 181.5M | $411.9 million | 73.54% | no change |
| Wheels Up Experience Inc. UP | 12.9M | $115.8 million | 20.67% | new |
| Telephone & Data Systems Inc. TDS | 445.7K | $16.5 million | 2.94% | no change |
| Azul Sa-Spon ADR AZUL | 1.8M | $16.0 million | 2.85% | new |
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Change is shares against its 13F for the quarter before; the 1 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| SPDR S&P 500 SPY | Puts | 500.0K | $373.4 million |
| iShares Trust HYG | Puts | 1.5M | $120.0 million |
| EchoStar Corp. ECHO | Calls | 475.0K | $48.2 million |
| EchoStar Corp. ECHO | Puts | 375.0K | $38.1 million |
| Sportradar Group AG SRAD | Calls | 2.0M | $29.9 million |
| Telephone & Data Systems Inc. TDS | Calls | 200.0K | $7.4 million |
6 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.