Knighthead Capital Management, LLC

Knighthead Capital Management, LLC is a diversified fundamental manager, specialised in services_media (85% of the long book), running a $988.6M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: HERTZ GLOBAL HLDGS INC, WHEELS UP EXPERIENCE INC, TELEPHONE AND DATA SYSTEMS.

Over the last 9 quarters its long book ran on average 13.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.