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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
+5.29%
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
$4.34B
AUM Growth
+$6.07M
Cap. Flow
-$153M
Cap. Flow %
-3.53%
Top 10 Hldgs %
56.61%
Holding
77
New
7
Increased
28
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$107M
2
HRI icon
Herc Holdings
HRI
+$45.7M
3
THC icon
Tenet Healthcare
THC
+$41.7M
4
EXPE icon
Expedia Group
EXPE
+$18.2M
5
URI icon
United Rentals
URI
+$12.2M

Top Sells

Rank Stock Value
1
OWW
ORBITZ WORLDWIDE, INC
OWW
+$136M
2
LUV icon
Southwest Airlines
LUV
+$119M
3
SAVE
Spirit Airlines, Inc.
SAVE
+$57.6M
4
ALGT icon
Allegiant Air
ALGT
+$34.9M
5
MGLN
Magellan Health Services, Inc.
MGLN
+$24.2M

Sector Composition

Rank Sector Weight
1 Industrials 44.44%
2 Consumer Discretionary 28.08%
3 Real Estate 3.56%
4 Communication Services 2.86%
5 Financials 1.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PNK
26
DELISTED
Pinnacle Entertainment Inc.
PNK
$45.5M 1.05%
1,259,407
+169,941
+16% +$4.54M
HRI icon
27
Herc Holdings
HRI
$4.78B
$44.5M 1.03%
+683,733
New +$45.7M
THC icon
28
Tenet Healthcare
THC
$22.2B
$44.2M 1.02%
+892,700
New +$41.7M
WMS icon
29
Advanced Drainage Systems
WMS
$10.6B
$42M 0.97%
1,402,300
+147,300
+12% +$3.83M
LNW
30
DELISTED
Light & Wonder
LNW
$32.1M 0.74%
3,067,900
– –
SGY
31
DELISTED
Stone Energy
SGY
$31M 0.71%
37,141
-1,590
-4% -$1.41M
PCYO icon
32
Pure Cycle
PCYO
$255M
$30.2M 0.7%
5,982,970
– –
POZN
33
DELISTED
POZEN INC
POZN
$29.8M 0.69%
3,863,699
– –
SAVE
34
DELISTED
Spirit Airlines, Inc.
SAVE
$27.1M 0.62%
349,900
-750,100
-68% -$57.6M
IMBI
35
DELISTED
iMedia Brands, Inc. Class A Common Stock
IMBI
$23.9M 0.55%
356,230
– –
IVZ icon
36
Invesco
IVZ
$12.4B
$21.8M 0.5%
550,000
+50,000
+10% +$1.95M
CZR icon
37
Caesars Entertainment
CZR
$6.06B
$19.1M 0.44%
3,800,595
+53,290
+1% +$239K
DOOR
38
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$18.3M 0.42%
272,000
+45,000
+20% +$2.85M
APAM icon
39
Artisan Partners
APAM
$2.86B
$18.2M 0.42%
400,000
-40,000
-9% -$1.89M
GWR
40
DELISTED
Genesee & Wyoming Inc.
GWR
$17.5M 0.4%
181,382
– –
V icon
41
Visa
V
$677B
$15.7M 0.36%
240,000
– –
APC
42
DELISTED
Anadarko Petroleum
APC
$15.5M 0.36%
187,444
+75,000
+67% +$6.14M
LONG
43
DELISTED
ELONG, INC. AMERICAN DEPOSITARY SHARES
LONG
$15M 0.35%
873,573
+9,359
+1% +$162K
MLI icon
44
Mueller Industries
MLI
$14.5B
$14.9M 0.34%
1,652,000
– –
ICE icon
45
Intercontinental Exchange
ICE
$87.2B
$14M 0.32%
300,000
+12,500
+4% +$563K
ENSG icon
46
The Ensign Group
ENSG
$10.6B
$11.7M 0.27%
+534,500
New +$10.9M
EXP icon
47
Eagle Materials
EXP
$6.49B
$11.7M 0.27%
139,600
– –
PGTI
48
DELISTED
PGT, Inc.
PGTI
$11.2M 0.26%
1,001,172
– –
CSGP icon
49
CoStar Group
CSGP
$12.2B
$10.7M 0.25%
540,000
+38,000
+8% +$718K
VLRS
50
Controladora Vuela Compania de Aviacion
VLRS
$869M
$10.5M 0.24%
945,808
+77,000
+9% +$766K
1
2
3 4

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PAR Capital Management's Q1 2015 Portfolio in Review

As of Q1 2015, PAR Capital Management held 77 positions worth $4.34B, up 0.14% from $4.33B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management withdrew a net $153M in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was ORBITZ WORLDWIDE, INC, an estimated $136M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 46% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, PAR Capital Management opened a new position in Herc Holdings worth $44.5M.

  • PAR Capital Management's largest Q1 2015 buy was Herc Holdings: 683,733 shares worth $44.5M.
  • PAR Capital Management added most to Copa Holdings in Q1 2015, an estimated $107M increase.
  • PAR Capital Management's biggest Q1 2015 reduction was Southwest Airlines, cutting an estimated $119M.
  • PAR Capital Management fully exited ORBITZ WORLDWIDE, INC in Q1 2015, selling an estimated $136M.
  • PAR Capital Management's ten largest holdings make up 57% of its $4.34B portfolio in Q1 2015.
  • PAR Capital Management opened 7 new positions and closed 7 in Q1 2015.
  • PAR Capital Management's portfolio value rose 0.14% quarter-over-quarter to $4.34B.

Based on PAR Capital Management's 13F filing for Q1 2015, filed 15 May 2015.