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PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
+13.91%
1 Year Est. Return
+28.5%
3 Year Est. Return
+123.74%
5 Year Est. Return
+64.51%
10 Year Est. Return
+369.64%
AUM
$3.26B
AUM Growth
-$304M
Cap. Flow
-$715M
Cap. Flow %
-21.97%
Top 10 Hldgs %
64.68%
Holding
67
New
5
Increased
17
Reduced
16
Closed
6

Top Buys

Rank Stock Value
1
PENN icon
PENN Entertainment
PENN
+$48.4M
2
LCC
US AIRWAYS GROUP INC.
LCC
+$35.4M
3
EXPE icon
Expedia Group
EXPE
+$32.1M
4
FFIV icon
F5
FFIV
+$16.1M
5
SSYS icon
Stratasys
SSYS
+$15.1M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$165M
2
ELV icon
Elevance Health
ELV
+$150M
3
UNH icon
UnitedHealth
UNH
+$115M
4
OWW
ORBITZ WORLDWIDE, INC
OWW
+$79.9M
5
AET
Aetna Inc
AET
+$77M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 48.38%
2 Industrials 25.6%
3 Technology 5.94%
4 Healthcare 2.32%
5 Financials 2.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCYO icon
26
Pure Cycle
PCYO
$255M
$27.6M 0.85%
5,982,970
– –
CRM icon
27
Salesforce
CRM
$154B
$20.6M 0.63%
397,000
-245,000
-38% -$11.1M
AYI icon
28
Acuity Brands
AYI
$9.99B
$20.5M 0.63%
223,183
-158,212
-41% -$13.8M
POZN
29
DELISTED
POZEN INC
POZN
$19.2M 0.59%
3,356,299
+90,000
+3% +$497K
ATML
30
DELISTED
ATMEL CORP
ATML
$17.7M 0.54%
2,375,000
– –
ISLE
31
DELISTED
Isle of Capri Casinos Inc
ISLE
$17M 0.52%
2,251,736
+396,208
+21% +$3.04M
FFIV icon
32
F5
FFIV
$22B
$16.2M 0.5%
+189,300
New +$16.1M
SSYS icon
33
Stratasys
SSYS
$666M
$15.8M 0.49%
+156,000
New +$15.1M
VVTV
34
DELISTED
VALUEVISION MEDIA INC
VVTV
$15.5M 0.48%
3,562,300
-1,181,100
-25% -$6.25M
GOGO icon
35
Gogo Inc
GOGO
$525M
$14.1M 0.43%
+793,800
New +$10.4M
SGY
36
DELISTED
Stone Energy
SGY
$12.8M 0.39%
6,952
– –
GWR
37
DELISTED
Genesee & Wyoming Inc.
GWR
$11.9M 0.37%
128,382
+10,000
+8% +$903K
MAS icon
38
Masco
MAS
$14.6B
$11.3M 0.35%
603,140
+227,600
+61% +$4.05M
MLI icon
39
Mueller Industries
MLI
$14.5B
$11.2M 0.34%
1,612,000
– –
PNK
40
DELISTED
Pinnacle Entertainment Inc.
PNK
$10M 0.31%
400,000
– –
GM icon
41
General Motors
GM
$80.9B
$9.3M 0.29%
258,550
– –
NFX
42
DELISTED
Newfield Exploration
NFX
$9.17M 0.28%
335,000
+20,000
+6% +$501K
ARUN
43
DELISTED
ARUBA NETWORKS, INC.
ARUN
$8.48M 0.26%
509,851
-458,200
-47% -$8M
MNTG
44
DELISTED
M T R GAMING GROUP INC
MNTG
$7.61M 0.23%
1,615,648
+680,977
+73% +$2.62M
RMGN
45
DELISTED
RMG Networks Holding Corporation
RMGN
$7.51M 0.23%
+250,000
New +$8.87M
META icon
46
Meta Platforms (Facebook)
META
$1.49T
$7.03M 0.22%
140,000
+90,000
+180% +$3.35M
EXXI
47
DELISTED
ENERGY XXI LTD COM SHS
EXXI
$6.04M 0.19%
200,000
– –
UHS icon
48
Universal Health Services
UHS
$10.2B
$5.77M 0.18%
76,900
-254,600
-77% -$17.8M
ANGI icon
49
Angi Inc
ANGI
$247M
$5.62M 0.17%
25,000
– –
GDEN
50
DELISTED
Golden Entertainment
GDEN
$5.45M 0.17%
658,457
– –
1
2
3

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DAM
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PWP
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OTPPB
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JGC
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CIA
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CCM
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PAR Capital Management's Q3 2013 Portfolio in Review

As of Q3 2013, PAR Capital Management held 67 positions worth $3.26B, down 8.5% from $3.56B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

PAR Capital Management withdrew a net $715M in Q3 2013, closing 6 positions and reducing 16 holdings. Its most notable exit was UnitedHealth, an estimated $115M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 48% of assets, up from 40% a quarter earlier, followed by Industrials and Technology.

Against the trend, PAR Capital Management opened a new position in F5 worth $16.2M.

  • PAR Capital Management's largest Q3 2013 buy was F5: 189,300 shares worth $16.2M.
  • PAR Capital Management added most to PENN Entertainment in Q3 2013, an estimated $48.4M increase.
  • PAR Capital Management's biggest Q3 2013 reduction was Delta Air Lines, cutting an estimated $165M.
  • PAR Capital Management fully exited UnitedHealth in Q3 2013, selling an estimated $115M.
  • PAR Capital Management's ten largest holdings make up 65% of its $3.26B portfolio in Q3 2013.
  • PAR Capital Management opened 5 new positions and closed 6 in Q3 2013.
  • PAR Capital Management's portfolio value fell 8.5% quarter-over-quarter to $3.26B.

Based on PAR Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.