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KING STREET CAPITAL MANAGEMENT, L.P.

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NEW YORK NY Investment Advisor Hedge Fund
13F Summary

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King Street Capital Management is based out of New York. King Street Capital Management is a hedge fund with 51 clients and discretionary assets under management (AUM) of $28,414,700,000 (Form ADV from 2024-08-15). Their last reported 13F filing for Q3 2024 included $144,837,591 in managed 13F securities and a top 10 holdings concentration of 100.0%. King Street Capital Management's largest holding is Surgery Partners Inc with shares held of 1,450,000. Whalewisdom has at least 99 13F filings, 5 13D filings, and 37 13G filings
Business Description
King Street manages a variety of Advisory Clients, each with its own set of governing documents, including organizational documents, offering memorandum, limited partnership agreement, memorandum and articles of association, investment management agreement, and subscription agreement. These documents outline the terms of any investor's investment in an Advisory Client, including the investment strategies, fees and expenses, and all other terms of each Advisory Client. An investment in the Advisory Clients is speculative and entails a significant degree of risk. Investors should be capable of evaluating the merits and risks of the Advisory Clients and bearing the risks they represent, including the potential loss of their entire investment. There is no assurance that the Advisory Clients will be able to achieve their investment objectives or that significant losses will not be incurred.
Investment Strategy
King Street aims to generate attractive, risk-adjusted returns across various market conditions by identifying and capitalizing on what they perceive as mispriced investment opportunities. Their approach is fundamentally driven by research and analysis, with a strong emphasis on assessing downside risk throughout the investment process. King Street employs a broad discretionary authority in determining the investments to be traded, the strategies employed, and the overall approach to meet the investment objectives of each Advisory Client. They generally invest in instruments across all levels of an issuer's capital structure, including bank debt, corporate bonds, trade claims, convertible securities, equities, credit default swaps, options, and other derivatives. This broad investment scope extends to a diverse range of companies, industries, and asset classes.
Owners
  • HIGGINS, BRIAN, JOSEPH - MANAGING MEMBER OF KING STREET CAPITAL MANAGEMENT GP, L.L.C.
  • KING STREET CAPITAL MANAGEMENT GP, L.L.C. - GENERAL PARTNER
  • KAUFMAN, BENNETT, JOSEPH - CHIEF FINANCIAL OFFICER AND MANAGING DIRECTOR
  • MASTRONARDI, KRISTERFOR, TOMIE - CHIEF OPERATING OFFICER AND MANAGING DIRECTOR
  • CHARNIN, DAVID, BENJAMIN - GENERAL COUNSEL AND MANAGING DIRECTOR
  • MARANO, RICARDO, NMN - CHIEF COMPLIANCE OFFICER; MANAGING DIRECTOR & COUNSEL
  • KING STREET MEMBERSHIP HOLDINGS IV, L.L.C. - LIMITED PARTNER
  • Click on the Ownership/Private Fund Data tab for more details.

2024-09-30

Top Buys (13F)

Name % Change
SGRY Surgery Partners Inc 32.28%
BLCO Bausch + Lomb Corp 9.75%
UNIT Uniti Group Inc 6.07%
CBL CBL& Associates Prop 0.08%

2024-09-30

Top Sells (13F)

2024-09-30

13F Holdings Summary

Name $ Change
SGRY Surgery Partners Inc 32.28%
AVAH Aveanna Healthcare H 22.98%
DEBT-UPST UPSTART HLDGS INC NO(PRN) 12.06%
DEBT-REAL REALOGY GRP LLC/REAL(PRN) 9.92%
BLCO Bausch + Lomb Corp 9.75%
Amendment no. 1 restates the 13F filed 11/13/24, SEC Accession No. 0000950142-24-002752

2024-09-30

13F Activity

Market Value $145m, Prior: $79.5m
Inflows (Outflows) as % of Total MV +23.0405%
New Purchases 4 stocks
Added To 0 stocks
Sold out of 2 stocks
Reduced holdings in 1 stocks
Top 10 Holdings % 100%
Turnover %[1] 50%
Turnover Alt %[2] 16.88%
Time Held Top 20 2 quarters
Time Held Top 10 1.7 quarters
Time Held All 2 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30

13F Sector Allocation Over Time

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2024-09-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30

Portfolio Performance