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Knighthead Capital Management, LLC
Thomas Wagner · Hedge Fund · Distressed
Knighthead Capital Management, LLC, founded in 2008 by Thomas Wagner and Ara Cohen, is a New York-based investment firm specializing in event-driven, distressed credit, and special situation opportunities. The firm operates as a registered investment adviser, managing a diverse asset management platform that includes hedge funds, insurance asset management, and real estate lending. Knighthead is well-known for its expertise in fundamental analysis and operational turnarounds, having played significant roles in high-profile restructurings such as Hertz Global Holdings. With a focus on capital preservation and attractive risk-adjusted returns, the firm invests across a broad range of industries, including sports, aviation, and financial services, utilizing a small, experienced team to navigate complex market dislocations and idiosyncratic opportunities.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -67.9% |
| YTD return | -58.3% |
| Sharpe ratio | -3.02 |
| Win rate | 33% |
| AUM | $1.0B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | http://knighthead.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| HTZ | Hertz Global Holdings Inc | 98.2% | -69.0% |
| TDS | Telephone and Data Systems Inc | 1.8% | -11.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| May 25, 2026 | BUY | TDS | 1.0% → 1.8% |
| May 25, 2026 | SELL | SATS | 2.9% → 0.0% |
| May 25, 2026 | BUY | HTZ | 96.1% → 98.2% |
| Oct 1, 2025 | BUY | HTZ | 0.0% → 97.8% |
| Oct 1, 2025 | BUY | SATS | 0.0% → 1.4% |
Investment Style Analysis
Knighthead Capital Management, LLC is widely recognized for employing a Distressed strategy. As of Aug 20, 2026, the firm oversees approximately $1.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the Rental & Leasing Services and Telecom Services sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending May 25, Knighthead Capital Management, LLC made a significant move by increasing exposure to TDS. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Knighthead employs a flexible, fundamental-driven investment approach targeting stressed and distressed situations where it can unlock value through operational or financial turnarounds. The firm seeks to generate superior risk-adjusted returns by investing in debt and equity securities, typically focusing on positions at the top of a company's capital structure. Its strategy emphasizes rigorous risk management and capital preservation while maintaining the agility to capitalize on idiosyncratic opportunities and market-wide dislocations across various sectors and geographies.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Knighthead Capital Management, LLC.
Similar Investment Style
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Frequently asked questions
How is the simulated portfolio for Knighthead Capital Management, LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Knighthead Capital Management, LLC's largest holding?
As of the latest filing, Knighthead Capital Management, LLC's top position is Hertz Global Holdings Inc (HTZ), representing 98.2% of the portfolio. This reflects a high-conviction bet by the institution.
What is Knighthead Capital Management, LLC's historical performance and risk profile?
Our simulation indicates a total return of -67.9% with a win rate of 33%. Notably, the portfolio maintains a Sharpe Ratio of -3.02, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Knighthead Capital Management, LLC primarily invest in?
Knighthead Capital Management, LLC has a strong preference for the Rental & Leasing Services sector, which makes up 98.2% of their disclosed assets. The portfolio also has exposure to Telecom Services, indicating a specific thematic focus.
Is Knighthead Capital Management, LLC's portfolio concentrated or diversified?
Knighthead Capital Management, LLC runs a highly concentrated portfolio with 2 disclosed positions. The top 3 holdings alone account for 100.0% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Knighthead Capital Management, LLC performed in 2026?
Our AI-simulated model portfolio for Knighthead Capital Management, LLC tracks a Year-to-Date (YTD) return of -58.3%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Thomas Wagner manage Knighthead Capital Management, LLC directly?
Yes, Thomas Wagner serves as the key portfolio manager for Knighthead Capital Management, LLC, overseeing the investment strategy and final capital allocation decisions.