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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
-1.49%
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
$4.74B
AUM Growth
+$321M
Cap. Flow
+$579M
Cap. Flow %
12.22%
Top 10 Hldgs %
61.03%
Holding
83
New
10
Increased
35
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$154M
2
DAL icon
Delta Air Lines
DAL
+$117M
3
BKNG icon
Booking.com
BKNG
+$58.7M
4
LUV icon
Southwest Airlines
LUV
+$57.6M
5
CLH icon
Clean Harbors
CLH
+$49.9M

Top Sells

Rank Stock Value
1
MLCO icon
Melco Resorts & Entertainment
MLCO
+$81.4M
2
AAL icon
American Airlines Group
AAL
+$78M
3
THC icon
Tenet Healthcare
THC
+$22.7M
4
MLI icon
Mueller Industries
MLI
+$11.1M
5
PENN icon
PENN Entertainment
PENN
+$9.14M

Sector Composition

Rank Sector Weight
1 Industrials 49.49%
2 Consumer Discretionary 28.52%
3 Real Estate 2.83%
4 Communication Services 2.68%
5 Financials 1.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRUE
26
DELISTED
TrueCar
TRUE
$42.9M 0.9%
8,225,324
+40,324
+0.5% +$286K
RAD
27
DELISTED
Rite Aid Corporation
RAD
$41.5M 0.88%
341,846
-450
-0.1% -$75K
WMS icon
28
Advanced Drainage Systems
WMS
$10.6B
$40.6M 0.86%
1,402,300
– –
HRI icon
29
Herc Holdings
HRI
$4.78B
$34.3M 0.72%
683,733
– –
LNW
30
DELISTED
Light & Wonder
LNW
$32.5M 0.68%
3,108,400
+40,500
+1% +$531K
MGM icon
31
MGM Resorts International
MGM
$11.7B
$32.5M 0.68%
1,760,000
+1,399,900
+389% +$28M
TMX
32
DELISTED
Terminix Global Holdings, Inc.
TMX
$30.8M 0.65%
1,369,828
+14,930
+1% +$357K
PCYO icon
33
Pure Cycle
PCYO
$255M
$29.6M 0.62%
5,982,970
– –
TCOM icon
34
Trip.com Group
TCOM
$29B
$28.7M 0.61%
+910,000
New +$31.6M
GBX icon
35
The Greenbrier Companies
GBX
$1.57B
$27.8M 0.59%
865,614
-80,000
-8% -$3.35M
GWR
36
DELISTED
Genesee & Wyoming Inc.
GWR
$27.3M 0.57%
461,382
+100,000
+28% +$6.9M
CZR icon
37
Caesars Entertainment
CZR
$6.06B
$25.7M 0.54%
2,852,335
-923,060
-24% -$8.31M
POZN
38
DELISTED
POZEN INC
POZN
$22.5M 0.48%
3,863,699
– –
WYNN icon
39
Wynn Resorts
WYNN
$10.3B
$18M 0.38%
338,500
+288,500
+577% +$25.1M
V icon
40
Visa
V
$701B
$18M 0.38%
258,000
– –
IVZ icon
41
Invesco
IVZ
$12.4B
$17.6M 0.37%
565,000
+55,000
+11% +$1.96M
DOOR
42
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$16.5M 0.35%
272,000
– –
VLRS
43
Controladora Vuela Compania de Aviacion
VLRS
$869M
$16.4M 0.35%
1,102,487
+9,425
+0.9% +$130K
BRSL
44
Brightstar Lottery PLC
BRSL
$1.9B
$15.3M 0.32%
1,000,000
+825,900
+474% +$14.7M
SAVE
45
DELISTED
Spirit Airlines, Inc.
SAVE
$15.1M 0.32%
318,827
-31,073
-9% -$1.74M
PGTI
46
DELISTED
PGT, Inc.
PGTI
$13.8M 0.29%
1,126,172
+125,000
+12% +$1.73M
CI icon
47
Cigna
CI
$78.4B
$13.5M 0.28%
+100,000
New +$14.5M
WEX icon
48
WEX
WEX
$6.42B
$13.1M 0.28%
151,000
+69,000
+84% +$6.87M
EXP icon
49
Eagle Materials
EXP
$6.49B
$13.1M 0.28%
190,781
+1,181
+0.6% +$92.2K
APC
50
DELISTED
Anadarko Petroleum
APC
$11.3M 0.24%
187,444
– –
1
2
3 4

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PAR Capital Management's Q3 2015 Portfolio in Review

As of Q3 2015, PAR Capital Management held 83 positions worth $4.74B, up 7.3% from $4.42B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

PAR Capital Management deployed $579M of net new capital in Q3 2015, opening 10 new positions and adding to 35 existing holdings. Its largest new stake was Trip.com Group: 910,000 shares worth $28.7M.

By sector, the portfolio is most concentrated in Industrials at 49% of assets, up from 43% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was Melco Resorts & Entertainment, an estimated $81.4M trimmed.

  • PAR Capital Management's largest Q3 2015 buy was Trip.com Group: 910,000 shares worth $28.7M.
  • PAR Capital Management added most to United Airlines in Q3 2015, an estimated $154M increase.
  • PAR Capital Management's biggest Q3 2015 reduction was Melco Resorts & Entertainment, cutting an estimated $81.4M.
  • PAR Capital Management fully exited Tenet Healthcare in Q3 2015, selling an estimated $22.7M.
  • PAR Capital Management's ten largest holdings make up 61% of its $4.74B portfolio in Q3 2015.
  • PAR Capital Management opened 10 new positions and closed 3 in Q3 2015.
  • PAR Capital Management's portfolio value rose 7.3% quarter-over-quarter to $4.74B.

Based on PAR Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.