1y return−67.4%S&P 500 +20.9%
3y return−88.6%S&P 500 +68.5%
5y return−92.4%S&P 500 +74.5%
10y return−96.0%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $4 against $357 in the S&P 500.2
Knighthead Capital Management, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| HTZHertz Global Hldgs Inc | $411.9M | 73.5% | |
| UPWheels Up Experience Inc | $115.8M | 20.7% | New |
| TDSTelephone & Data Sys Inc | $16.5M | 2.9% | |
| AZULAzul S A | $16.0M | 2.8% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TDSTelephone & Data Sys Inc | September 30, 2025 | −5.7% | $16.5M |
| HTZHertz Global Hldgs Inc | December 31, 2021 | −90.9% | $411.9M |
Sold off last quarter
- Wheels Up Experience IncCUSIP 96328L205 was $133.3M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −50.0% | +14.8% |
| March 31, 2026 | −11.5% | −4.6% |
| December 31, 2025 | −34.9% | +2.4% |
| September 30, 2025 | +13.1% | +7.8% |
| June 30, 2025 | +51.7% | +10.5% |
| March 31, 2025 | −9.5% | −4.6% |
| December 31, 2024 | −6.2% | +2.1% |
| September 30, 2024 | +8.6% | +5.4% |
| June 30, 2024 | −46.9% | +4.0% |
| March 31, 2024 | −21.5% | +10.0% |
| December 31, 2023 | −11.2% | +11.2% |
| September 30, 2023 | −32.6% | −3.6% |
| June 30, 2023 | +12.3% | +8.3% |
| March 31, 2023 | +6.1% | +7.0% |
| December 31, 2022 | −4.9% | +7.1% |
| September 30, 2022 | +2.4% | −5.3% |
| June 30, 2022 | −28.6% | −16.5% |
| March 31, 2022 | −10.7% | −4.9% |
| December 31, 2021 | −1.1% | +10.7% |
| September 30, 2021 | −8.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Knighthead Capital Management, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1512397&type=13F-HR&dateb=&owner=include&count=40CIK 1512397
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1512397/000101297526000784/Filed August 14, 2026 · accession 0001012975-26-000784