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PAR Capital Management Portfolio holdings

AUM $4.03B
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
+8.67%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$8.95B
AUM Growth
+$145M
Cap. Flow
-$436M
Cap. Flow %
-4.87%
Top 10 Hldgs %
56.41%
Holding
92
New
9
Increased
18
Reduced
18
Closed
14

Top Buys

Rank Stock Value
1
CZR
Caesars Entertainment Corporation
CZR
+$76.1M
2
MCK icon
McKesson
MCK
+$59.3M
3
STMP
Stamps.com, Inc.
STMP
+$36.3M
4
TRIP icon
TripAdvisor
TRIP
+$22.4M
5
EXPE icon
Expedia Group
EXPE
+$20.8M

Top Sells

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$282M
2
CI icon
Cigna
CI
+$99.5M
3
BYD icon
Boyd Gaming
BYD
+$73.6M
4
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$64.1M
5
LUV icon
Southwest Airlines
LUV
+$46M

Sector Composition

Rank Sector Weight
1 Industrials 42.31%
2 Consumer Discretionary 31.43%
3 Healthcare 12.1%
4 Communication Services 4.23%
5 Energy 2.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MGM icon
26
MGM Resorts International
MGM
$9.88B
$98.9M 1.11%
2,962,700
– –
WEX icon
27
WEX
WEX
$6.85B
$96.7M 1.08%
685,000
+25,000
+4% +$3.13M
HRI icon
28
Herc Holdings
HRI
$4.63B
$83.2M 0.93%
1,329,000
– –
CZR
29
DELISTED
Caesars Entertainment Corporation
CZR
$75.9M 0.85%
+6,000,000
New +$76.1M
WLL
30
DELISTED
Whiting Petroleum Corporation
WLL
$74.8M 0.84%
37,650
+7,767
+26% +$13.6M
STMP
31
DELISTED
Stamps.com, Inc.
STMP
$73.6M 0.82%
391,717
+188,000
+92% +$36.3M
WMB icon
32
Williams Companies
WMB
$87.7B
$72M 0.8%
2,360,000
+25,000
+1% +$727K
JBLU icon
33
JetBlue
JBLU
$1.62B
$71.3M 0.8%
3,193,290
– –
AAL icon
34
American Airlines Group
AAL
$8.46B
$68.6M 0.77%
1,318,851
-347,500
-21% -$17.3M
ENT
35
DELISTED
Global Eagle Entertainment Inc.
ENT
$66.4M 0.74%
1,159,243
– –
ZG icon
36
Zillow
ZG
$7.45B
$65.9M 0.74%
1,617,910
– –
WMS icon
37
Advanced Drainage Systems
WMS
$9.61B
$65.3M 0.73%
2,737,000
– –
PENN icon
38
PENN Entertainment
PENN
$2.37B
$56.6M 0.63%
1,808,113
– –
TMX
39
DELISTED
Terminix Global Holdings, Inc.
TMX
$55M 0.61%
1,601,243
– –
DOOR
40
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$54.8M 0.61%
738,926
– –
TRUE
41
DELISTED
TrueCar
TRUE
$54.1M 0.6%
4,828,447
– –
PCYO icon
42
Pure Cycle
PCYO
$266M
$50M 0.56%
5,982,970
– –
V icon
43
Visa
V
$701B
$45.6M 0.51%
400,000
– –
CSGP icon
44
CoStar Group
CSGP
$12.8B
$34.1M 0.38%
1,150,000
– –
CSX icon
45
CSX Corp
CSX
$90.2B
$33.8M 0.38%
1,845,000
-330,000
-15% -$5.84M
EXP icon
46
Eagle Materials
EXP
$5.6B
$31.1M 0.35%
274,781
– –
CP icon
47
Canadian Pacific Kansas City
CP
$78.2B
$29.2M 0.33%
800,000
-432,250
-35% -$15.1M
SEMG
48
DELISTED
SEMGROUP CORPORATION
SEMG
$29.2M 0.33%
967,600
+90,000
+10% +$2.37M
APC
49
DELISTED
Anadarko Petroleum
APC
$26.8M 0.3%
500,000
– –
ORLY icon
50
O'Reilly Automotive
ORLY
$68.9B
$26.5M 0.3%
1,650,000
-225,000
-12% -$3.35M
1
2
3 4

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PAR Capital Management's Q4 2017 Portfolio in Review

As of Q4 2017, PAR Capital Management held 92 positions worth $8.95B, up 1.6% from $8.8B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

PAR Capital Management withdrew a net $436M in Q4 2017, closing 14 positions and reducing 18 holdings. Its most notable exit was ModivCare, an estimated $18.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 42% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, PAR Capital Management opened a new position in Caesars Entertainment Corporation worth $75.9M.

  • PAR Capital Management's largest Q4 2017 buy was Caesars Entertainment Corporation: 6,000,000 shares worth $75.9M.
  • PAR Capital Management added most to McKesson in Q4 2017, an estimated $59.3M increase.
  • PAR Capital Management's biggest Q4 2017 reduction was United Airlines, cutting an estimated $282M.
  • PAR Capital Management fully exited ModivCare in Q4 2017, selling an estimated $18.9M.
  • PAR Capital Management's ten largest holdings make up 56% of its $8.95B portfolio in Q4 2017.
  • PAR Capital Management opened 9 new positions and closed 14 in Q4 2017.
  • PAR Capital Management's portfolio value rose 1.6% quarter-over-quarter to $8.95B.

Based on PAR Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.