Knighthead Capital Management, LLC

CIK 0001512397 · Q2 2026

13F Equity AUM

$1.2B

-11.7% QoQ

Positions

+3 QoQ

AUM Rank

#3,089

Top 25%

Skill Alpha (FF)

-9.7%/yr^ns

No Clear Edge

Rank #8,054 · Top 97%

vs S&P -20.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 94.1%Top 10: 100.0%Top 20: 100.0%

HTZ35.0%

SPY31.7%

HYG10.2%

WHEELS UP EXPERIENCE INC9.8%

SATS7.3%

SRAD2.5%

TDS2.0%

AZUL S A1.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services41.9%

Industrials35.0%

Unclassified11.2%

Technology9.9%

Communication Services2.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 8Median: 8.58%Avg: 12.50%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

3(5.9%)

3–5%

0(0.0%)

5%+

5(94.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 8vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased1Decreased1Exited2

New Positions

SPY31.7%

+500K

WHEELS UP EXPERIENCE…9.8%

+12.9M

SATS7.3%

+850K

SRAD2.5%

+2.0M

AZUL S A1.4%

+1.8M

Increased

TDS2.0%

+200K(+45%)

Decreased

HYG10.2%

-500,000(-25%)

Exited

IWM

-750,000

-258,169,208

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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