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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
-1.32%
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
$6.24B
AUM Growth
+$805M
Cap. Flow
+$836M
Cap. Flow %
13.4%
Top 10 Hldgs %
56.71%
Holding
92
New
12
Increased
33
Reduced
14
Closed
13

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$423M
2
MCK icon
McKesson
MCK
+$162M
3
CI icon
Cigna
CI
+$151M
4
TRIP icon
TripAdvisor
TRIP
+$100M
5
Z icon
Zillow
Z
+$81.2M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$180M
2
QUNR
Qunar Cayman Islands Limited
QUNR
+$145M
3
LUV icon
Southwest Airlines
LUV
+$80.5M
4
VA
Virgin America Inc.
VA
+$45.9M
5
AAL icon
American Airlines Group
AAL
+$44.3M

Sector Composition

Rank Sector Weight
1 Industrials 43.68%
2 Consumer Discretionary 27.86%
3 Healthcare 10.8%
4 Communication Services 2.61%
5 Real Estate 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RAD
26
DELISTED
Rite Aid Corporation
RAD
$59.8M 0.96%
366,846
+25,000
+7% +$3.94M
URI icon
27
United Rentals
URI
$65.7B
$47M 0.75%
755,000
– –
TCOM icon
28
Trip.com Group
TCOM
$29B
$46.5M 0.74%
1,050,000
– –
DVA icon
29
DaVita
DVA
$15.5B
$42.9M 0.69%
+584,335
New +$39.5M
WMS icon
30
Advanced Drainage Systems
WMS
$10.6B
$42.6M 0.68%
2,000,000
+597,700
+43% +$12.3M
TMX
31
DELISTED
Terminix Global Holdings, Inc.
TMX
$42.3M 0.68%
1,675,893
+276,205
+20% +$7.07M
ZG icon
32
Zillow
ZG
$7.85B
$41.3M 0.66%
+1,617,910
New +$36M
AAL icon
33
American Airlines Group
AAL
$9.82B
$41M 0.66%
1,000,000
-1,100,000
-52% -$44.3M
CZR icon
34
Caesars Entertainment
CZR
$6.06B
$40.6M 0.65%
3,551,839
+1,000,129
+39% +$10.4M
CHGG icon
35
Chegg
CHGG
$116M
$39.3M 0.63%
8,801,613
+601,613
+7% +$3.05M
CAR icon
36
Avis
CAR
$5.47B
$37.9M 0.61%
1,385,869
– –
EXP icon
37
Eagle Materials
EXP
$6.49B
$37.9M 0.61%
540,781
+315,000
+140% +$18.3M
LNW
38
DELISTED
Light & Wonder
LNW
$37.7M 0.6%
4,000,000
-110,955
-3% -$828K
CLH icon
39
Clean Harbors
CLH
$17.2B
$34.5M 0.55%
700,000
-955,000
-58% -$41.8M
WEX icon
40
WEX
WEX
$6.42B
$33.3M 0.53%
400,000
+220,000
+122% +$15.9M
VA
41
DELISTED
Virgin America Inc.
VA
$30.5M 0.49%
790,000
-1,474,492
-65% -$45.9M
GWR
42
DELISTED
Genesee & Wyoming Inc.
GWR
$29.6M 0.47%
471,382
– –
ISLE
43
DELISTED
Isle of Capri Casinos Inc
ISLE
$29.3M 0.47%
+2,091,500
New +$25.8M
WYNN icon
44
Wynn Resorts
WYNN
$10.3B
$28.6M 0.46%
305,668
-34,332
-10% -$2.53M
TRUE
45
DELISTED
TrueCar
TRUE
$28.1M 0.45%
5,031,568
+831,527
+20% +$5.02M
PCYO icon
46
Pure Cycle
PCYO
$255M
$27M 0.43%
5,982,970
– –
IVZ icon
47
Invesco
IVZ
$12.4B
$23.7M 0.38%
770,000
+170,000
+28% +$4.9M
V icon
48
Visa
V
$701B
$21.4M 0.34%
280,000
+22,000
+9% +$1.6M
HRI icon
49
Herc Holdings
HRI
$4.78B
$21.1M 0.34%
666,667
– –
ARLZ
50
DELISTED
Aralez Pharmaceuticals Inc.
ARLZ
$19M 0.31%
+5,365,000
New +$27.7M
1
2
3 4

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PAR Capital Management's Q1 2016 Portfolio in Review

As of Q1 2016, PAR Capital Management held 92 positions worth $6.24B, up 15% from $5.43B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $836M of net new capital in Q1 2016, opening 12 new positions and adding to 33 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $157M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Delta Air Lines, an estimated $180M trimmed.

  • PAR Capital Management's largest Q1 2016 buy was McKesson: 1,000,000 shares worth $157M.
  • PAR Capital Management added most to United Airlines in Q1 2016, an estimated $423M increase.
  • PAR Capital Management's biggest Q1 2016 reduction was Delta Air Lines, cutting an estimated $180M.
  • PAR Capital Management fully exited Qunar Cayman Islands Limited in Q1 2016, selling an estimated $145M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.24B portfolio in Q1 2016.
  • PAR Capital Management opened 12 new positions and closed 13 in Q1 2016.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $6.24B.

Based on PAR Capital Management's 13F filing for Q1 2016, filed 16 May 2016.