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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
-2.59%
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
$4.42B
AUM Growth
+$85.4M
Cap. Flow
+$261M
Cap. Flow %
5.91%
Top 10 Hldgs %
55.21%
Holding
76
New
6
Increased
22
Reduced
14
Closed
3

Top Buys

Rank Stock Value
1
TRUE
TrueCar
TRUE
+$109M
2
LUV icon
Southwest Airlines
LUV
+$58.7M
3
CLH icon
Clean Harbors
CLH
+$53.7M
4
DAL icon
Delta Air Lines
DAL
+$48.5M
5
UAL icon
United Airlines
UAL
+$43.9M

Top Sells

Rank Stock Value
1
TRIP icon
TripAdvisor
TRIP
+$70.1M
2
GBX icon
The Greenbrier Companies
GBX
+$28.7M
3
THC icon
Tenet Healthcare
THC
+$25.5M
4
URI icon
United Rentals
URI
+$23.9M
5
SGY
Stone Energy
SGY
+$18.1M

Sector Composition

Rank Sector Weight
1 Industrials 43.35%
2 Consumer Discretionary 29.08%
3 Communication Services 4.81%
4 Real Estate 3.38%
5 Financials 1.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNW
26
DELISTED
Light & Wonder
LNW
$47.7M 1.08%
3,067,900
– –
PNK
27
DELISTED
Pinnacle Entertainment Inc.
PNK
$47M 1.06%
1,259,407
– –
GBX icon
28
The Greenbrier Companies
GBX
$1.57B
$44.3M 1%
945,614
-480,590
-34% -$28.7M
WCG
29
DELISTED
Wellcare Health Plans, Inc.
WCG
$42.4M 0.96%
500,000
– –
WMS icon
30
Advanced Drainage Systems
WMS
$10.6B
$41.1M 0.93%
1,402,300
– –
POZN
31
DELISTED
POZEN INC
POZN
$39.8M 0.9%
3,863,699
– –
HRI icon
32
Herc Holdings
HRI
$4.78B
$37.2M 0.84%
683,733
– –
TMX
33
DELISTED
Terminix Global Holdings, Inc.
TMX
$32.8M 0.74%
+1,354,898
New +$31.5M
PCYO icon
34
Pure Cycle
PCYO
$255M
$31.1M 0.7%
5,982,970
– –
CZR icon
35
Caesars Entertainment
CZR
$6.06B
$29.5M 0.67%
3,775,395
-25,200
-0.7% -$187K
GWR
36
DELISTED
Genesee & Wyoming Inc.
GWR
$27.5M 0.62%
361,382
+180,000
+99% +$15.9M
THC icon
37
Tenet Healthcare
THC
$22.2B
$22.7M 0.51%
392,700
-500,000
-56% -$25.5M
SAVE
38
DELISTED
Spirit Airlines, Inc.
SAVE
$21.7M 0.49%
349,900
– –
APAM icon
39
Artisan Partners
APAM
$2.86B
$21.4M 0.48%
460,000
+60,000
+15% +$2.74M
IVZ icon
40
Invesco
IVZ
$12.4B
$19.1M 0.43%
510,000
-40,000
-7% -$1.6M
DOOR
41
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$19.1M 0.43%
272,000
– –
V icon
42
Visa
V
$701B
$17.3M 0.39%
258,000
+18,000
+8% +$1.22M
CAR icon
43
Avis
CAR
$5.47B
$17M 0.38%
+385,869
New +$20.4M
APC
44
DELISTED
Anadarko Petroleum
APC
$14.6M 0.33%
187,444
– –
PGTI
45
DELISTED
PGT, Inc.
PGTI
$14.5M 0.33%
1,001,172
– –
EXP icon
46
Eagle Materials
EXP
$6.49B
$14.5M 0.33%
189,600
+50,000
+36% +$4.13M
VLRS
47
Controladora Vuela Compania de Aviacion
VLRS
$869M
$13.1M 0.3%
1,093,062
+147,254
+16% +$1.81M
ENSG icon
48
The Ensign Group
ENSG
$10.6B
$12.8M 0.29%
534,500
– –
IMBI
49
DELISTED
iMedia Brands, Inc. Class A Common Stock
IMBI
$11.4M 0.26%
424,290
+68,060
+19% +$3.24M
ICE icon
50
Intercontinental Exchange
ICE
$87.2B
$11.4M 0.26%
255,000
-45,000
-15% -$2.09M
1
2
3 4

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PAR Capital Management's Q2 2015 Portfolio in Review

As of Q2 2015, PAR Capital Management held 76 positions worth $4.42B, up 2% from $4.34B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

PAR Capital Management deployed $261M of net new capital in Q2 2015, opening 6 new positions and adding to 22 existing holdings. Its largest new stake was Clean Harbors: 962,337 shares worth $51.7M.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was TripAdvisor, an estimated $70.1M trimmed.

  • PAR Capital Management's largest Q2 2015 buy was Clean Harbors: 962,337 shares worth $51.7M.
  • PAR Capital Management added most to TrueCar in Q2 2015, an estimated $109M increase.
  • PAR Capital Management's biggest Q2 2015 reduction was TripAdvisor, cutting an estimated $70.1M.
  • PAR Capital Management fully exited ELONG, INC. AMERICAN DEPOSITARY SHARES in Q2 2015, selling an estimated $15M.
  • PAR Capital Management's ten largest holdings make up 55% of its $4.42B portfolio in Q2 2015.
  • PAR Capital Management opened 6 new positions and closed 3 in Q2 2015.
  • PAR Capital Management's portfolio value rose 2% quarter-over-quarter to $4.42B.

Based on PAR Capital Management's 13F filing for Q2 2015, filed 14 Aug 2015.