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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
+8.67%
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
$5.43B
AUM Growth
+$692M
Cap. Flow
+$374M
Cap. Flow %
6.87%
Top 10 Hldgs %
58.19%
Holding
84
New
4
Increased
30
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
CI icon
Cigna
CI
+$124M
2
HCA icon
HCA Healthcare
HCA
+$74.5M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$63.2M
4
UAL icon
United Airlines
UAL
+$60.3M
5
NSC icon
Norfolk Southern
NSC
+$38.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$61.9M
2
TRUE
TrueCar
TRUE
+$29.7M
3
GBX icon
The Greenbrier Companies
GBX
+$15.2M
4
SAVE
Spirit Airlines, Inc.
SAVE
+$15.1M
5
CLH icon
Clean Harbors
CLH
+$13.6M

Sector Composition

Rank Sector Weight
1 Industrials 48.22%
2 Consumer Discretionary 27.81%
3 Healthcare 4.42%
4 Communication Services 3.53%
5 Real Estate 2.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RAD
26
DELISTED
Rite Aid Corporation
RAD
$53.6M 0.99%
341,846
– –
VLRS
27
Controladora Vuela Compania de Aviacion
VLRS
$869M
$53M 0.97%
3,085,787
+1,983,300
+180% +$33.9M
CAR icon
28
Avis
CAR
$5.47B
$50.3M 0.93%
1,385,869
– –
TCOM icon
29
Trip.com Group
TCOM
$29B
$48.6M 0.9%
1,050,000
+140,000
+15% +$6.4M
MGM icon
30
MGM Resorts International
MGM
$11.7B
$40.9M 0.75%
1,800,000
+40,000
+2% +$882K
TRUE
31
DELISTED
TrueCar
TRUE
$40.1M 0.74%
4,200,041
-4,025,283
-49% -$29.7M
WCG
32
DELISTED
Wellcare Health Plans, Inc.
WCG
$39.1M 0.72%
500,000
– –
NSC icon
33
Norfolk Southern
NSC
$75.4B
$38.1M 0.7%
+450,000
New +$38.5M
LNW
34
DELISTED
Light & Wonder
LNW
$36.9M 0.68%
4,110,955
+1,002,555
+32% +$9.66M
TMX
35
DELISTED
Terminix Global Holdings, Inc.
TMX
$36.8M 0.68%
1,399,688
+29,860
+2% +$725K
WMS icon
36
Advanced Drainage Systems
WMS
$10.6B
$33.7M 0.62%
1,402,300
– –
PCYO icon
37
Pure Cycle
PCYO
$255M
$28.7M 0.53%
5,982,970
– –
HRI icon
38
Herc Holdings
HRI
$4.78B
$28.5M 0.52%
666,667
-17,066
-2% -$857K
CZR icon
39
Caesars Entertainment
CZR
$6.06B
$28.1M 0.52%
2,551,710
-300,625
-11% -$2.9M
BRSL
40
Brightstar Lottery PLC
BRSL
$1.9B
$27.1M 0.5%
1,673,081
+673,081
+67% +$10.8M
POZN
41
DELISTED
POZEN INC
POZN
$26.4M 0.49%
3,863,699
– –
GWR
42
DELISTED
Genesee & Wyoming Inc.
GWR
$25.3M 0.47%
471,382
+10,000
+2% +$633K
WYNN icon
43
Wynn Resorts
WYNN
$10.3B
$23.5M 0.43%
340,000
+1,500
+0.4% +$100K
IVZ icon
44
Invesco
IVZ
$12.4B
$20.1M 0.37%
600,000
+35,000
+6% +$1.15M
V icon
45
Visa
V
$701B
$20M 0.37%
258,000
– –
DOOR
46
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$16.7M 0.31%
272,000
– –
WEX icon
47
WEX
WEX
$6.42B
$15.9M 0.29%
180,000
+29,000
+19% +$2.63M
GBX icon
48
The Greenbrier Companies
GBX
$1.57B
$13.8M 0.25%
422,275
-443,339
-51% -$15.2M
EXP icon
49
Eagle Materials
EXP
$6.49B
$13.6M 0.25%
225,781
+35,000
+18% +$2.33M
CSGP icon
50
CoStar Group
CSGP
$12.2B
$13.2M 0.24%
640,000
– –
1
2
3 4

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PWP
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OTPPB
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PAR Capital Management's Q4 2015 Portfolio in Review

As of Q4 2015, PAR Capital Management held 84 positions worth $5.43B, up 15% from $4.74B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $374M of net new capital in Q4 2015, opening 4 new positions and adding to 30 existing holdings. Its largest new stake was HCA Healthcare: 1,067,529 shares worth $72.2M.

By sector, the portfolio is most concentrated in Industrials at 48% of assets, down from 49% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was TrueCar, an estimated $29.7M trimmed.

  • PAR Capital Management's largest Q4 2015 buy was HCA Healthcare: 1,067,529 shares worth $72.2M.
  • PAR Capital Management added most to Cigna in Q4 2015, an estimated $124M increase.
  • PAR Capital Management's biggest Q4 2015 reduction was TrueCar, cutting an estimated $29.7M.
  • PAR Capital Management fully exited Copa Holdings in Q4 2015, selling an estimated $61.9M.
  • PAR Capital Management's ten largest holdings make up 58% of its $5.43B portfolio in Q4 2015.
  • PAR Capital Management opened 4 new positions and closed 4 in Q4 2015.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $5.43B.

Based on PAR Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.