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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
-4.22%
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
$6.03B
AUM Growth
-$214M
Cap. Flow
+$330M
Cap. Flow %
5.47%
Top 10 Hldgs %
56.52%
Holding
90
New
11
Increased
24
Reduced
12
Closed
10

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$242M
2
CI icon
Cigna
CI
+$121M
3
UAL icon
United Airlines
UAL
+$90.1M
4
LUV icon
Southwest Airlines
LUV
+$67.9M
5
WMB icon
Williams Companies
WMB
+$35.3M

Top Sells

Rank Stock Value
1
GM icon
General Motors
GM
+$78.7M
2
URI icon
United Rentals
URI
+$47M
3
TCOM icon
Trip.com Group
TCOM
+$44.1M
4
PNK
Pinnacle Entertainment Inc.
PNK
+$39.8M
5
CLH icon
Clean Harbors
CLH
+$34.5M

Sector Composition

Rank Sector Weight
1 Industrials 37.63%
2 Consumer Discretionary 30.62%
3 Healthcare 13.35%
4 Communication Services 4%
5 Real Estate 2.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CZR icon
26
Caesars Entertainment
CZR
$6.06B
$54M 0.9%
3,551,839
– –
PENN icon
27
PENN Entertainment
PENN
$2.84B
$52.6M 0.87%
3,772,013
-1,000,000
-21% -$15.7M
EXP icon
28
Eagle Materials
EXP
$6.49B
$47.1M 0.78%
610,781
+70,000
+13% +$5.29M
DVA icon
29
DaVita
DVA
$15.5B
$45.2M 0.75%
584,335
– –
CAR icon
30
Avis
CAR
$5.47B
$44.7M 0.74%
1,385,869
– –
CHGG icon
31
Chegg
CHGG
$116M
$43.5M 0.72%
8,701,613
-100,000
-1% -$464K
TMX
32
DELISTED
Terminix Global Holdings, Inc.
TMX
$42.7M 0.71%
1,601,243
-74,650
-4% -$1.9M
TRUE
33
DELISTED
TrueCar
TRUE
$39.5M 0.66%
5,031,568
– –
ISLE
34
DELISTED
Isle of Capri Casinos Inc
ISLE
$38.3M 0.64%
2,091,500
– –
WMB icon
35
Williams Companies
WMB
$85.8B
$38.1M 0.63%
+1,760,000
New +$35.3M
WEX icon
36
WEX
WEX
$6.42B
$37.2M 0.62%
420,000
+20,000
+5% +$1.78M
LNW
37
DELISTED
Light & Wonder
LNW
$36.8M 0.61%
4,000,000
– –
AAL icon
38
American Airlines Group
AAL
$9.82B
$28.2M 0.47%
997,099
-2,901
-0.3% -$98K
PCYO icon
39
Pure Cycle
PCYO
$255M
$28.2M 0.47%
5,982,970
– –
WYNN icon
40
Wynn Resorts
WYNN
$10.3B
$27.7M 0.46%
305,668
– –
IVZ icon
41
Invesco
IVZ
$12.4B
$23.5M 0.39%
920,000
+150,000
+19% +$4.45M
HRI icon
42
Herc Holdings
HRI
$4.78B
$22.1M 0.37%
666,667
– –
V icon
43
Visa
V
$701B
$21.1M 0.35%
285,000
+5,000
+2% +$391K
ARLZ
44
DELISTED
Aralez Pharmaceuticals Inc.
ARLZ
$21.1M 0.35%
6,400,000
+1,035,000
+19% +$3.91M
CSGP icon
45
CoStar Group
CSGP
$12.2B
$18.6M 0.31%
850,000
+40,000
+5% +$791K
DOOR
46
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$16.3M 0.27%
247,000
-25,000
-9% -$1.71M
BMCH
47
DELISTED
BMC Stock Holdings, Inc
BMCH
$13.5M 0.22%
+760,000
New +$13.7M
ITG
48
DELISTED
Investment Technology Group Inc
ITG
$13.1M 0.22%
785,000
+142,200
+22% +$2.67M
TUES
49
DELISTED
Tuesday Morning Corp
TUES
$12.9M 0.21%
1,835,517
+988,517
+117% +$7.23M
PGTI
50
DELISTED
PGT, Inc.
PGTI
$11.8M 0.2%
1,146,172
– –
1
2
3 4

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PAR Capital Management's Q2 2016 Portfolio in Review

As of Q2 2016, PAR Capital Management held 90 positions worth $6.03B, down 3.4% from $6.24B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $330M of net new capital in Q2 2016, opening 11 new positions and adding to 24 existing holdings. Its largest new stake was Williams Companies: 1,760,000 shares worth $38.1M.

By sector, the portfolio is most concentrated in Industrials at 38% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Trip.com Group, an estimated $44.1M trimmed.

  • PAR Capital Management's largest Q2 2016 buy was Williams Companies: 1,760,000 shares worth $38.1M.
  • PAR Capital Management added most to Expedia Group in Q2 2016, an estimated $242M increase.
  • PAR Capital Management's biggest Q2 2016 reduction was Trip.com Group, cutting an estimated $44.1M.
  • PAR Capital Management fully exited General Motors in Q2 2016, selling an estimated $78.7M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.03B portfolio in Q2 2016.
  • PAR Capital Management opened 11 new positions and closed 10 in Q2 2016.
  • PAR Capital Management's portfolio value fell 3.4% quarter-over-quarter to $6.03B.

Based on PAR Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.