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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
+5.58%
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
$8.89B
AUM Growth
-$218M
Cap. Flow
-$539M
Cap. Flow %
-6.06%
Top 10 Hldgs %
53.9%
Holding
84
New
2
Increased
30
Reduced
19
Closed
2

Top Buys

Rank Stock Value
1
BRSL
Brightstar Lottery PLC
BRSL
+$65.8M
2
DVA icon
DaVita
DVA
+$30.9M
3
TRVG
trivago
TRVG
+$26.3M
4
META icon
Meta Platforms (Facebook)
META
+$17.3M
5
TRUE
TrueCar
TRUE
+$16.2M

Top Sells

Rank Stock Value
1
CAR icon
Avis
CAR
+$262M
2
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$221M
3
CZR icon
Caesars Entertainment
CZR
+$84.7M
4
GLPI icon
Gaming and Leisure Properties
GLPI
+$55.7M
5
CHGG icon
Chegg
CHGG
+$40.7M

Sector Composition

Rank Sector Weight
1 Industrials 36.08%
2 Consumer Discretionary 32.63%
3 Healthcare 8.92%
4 Communication Services 7.39%
5 Energy 3.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CONN
26
DELISTED
Conn's Inc.
CONN
$100M 1.13%
3,031,966
+1,966
+0.1% +$56.4K
WMB icon
27
Williams Companies
WMB
$85.5B
$99.3M 1.12%
3,662,100
-247,900
-6% -$6.54M
SGI
28
Somnigroup International
SGI
$14.4B
$98.4M 1.11%
8,192,000
– –
TRUE
29
DELISTED
TrueCar
TRUE
$90.5M 1.02%
8,968,152
+1,644,400
+22% +$16.2M
HTZ
30
DELISTED
Hertz Global Holdings, Inc.
HTZ
$90.3M 1.02%
6,777,751
– –
HRI icon
31
Herc Holdings
HRI
$4.84B
$90.1M 1.01%
1,600,000
+271,000
+20% +$15.8M
EVHC
32
DELISTED
Envision Healthcare Holdings Inc
EVHC
$81.4M 0.92%
1,850,000
-150,000
-8% -$6.16M
WMS icon
33
Advanced Drainage Systems
WMS
$10.7B
$78.1M 0.88%
2,737,000
– –
ENT
34
DELISTED
Global Eagle Entertainment Inc.
ENT
$73M 0.82%
1,159,243
– –
RRR icon
35
Red Rock Resorts
RRR
$3.84B
$64M 0.72%
1,909,000
-720,000
-27% -$23.4M
TMX
36
DELISTED
Terminix Global Holdings, Inc.
TMX
$63.8M 0.72%
1,601,243
– –
PENN icon
37
PENN Entertainment
PENN
$2.82B
$62.5M 0.7%
1,859,904
+51,791
+3% +$1.62M
JBLU icon
38
JetBlue
JBLU
$2.14B
$60.6M 0.68%
3,193,290
– –
V icon
39
Visa
V
$703B
$59.6M 0.67%
450,000
+50,000
+13% +$6.44M
PCYO icon
40
Pure Cycle
PCYO
$258M
$57.1M 0.64%
5,982,970
– –
DOOR
41
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$53.8M 0.61%
748,926
+10,000
+1% +$655K
AAL icon
42
American Airlines Group
AAL
$9.91B
$50.1M 0.56%
1,318,851
– –
CSGP icon
43
CoStar Group
CSGP
$12.2B
$47.5M 0.53%
1,150,000
– –
APC
44
DELISTED
Anadarko Petroleum
APC
$36.6M 0.41%
500,000
– –
HOME
45
DELISTED
At Home Group Inc.
HOME
$36.4M 0.41%
928,500
– –
TSG
46
DELISTED
The Stars Group Inc.
TSG
$35.9M 0.4%
988,043
+146,643
+17% +$4.89M
MGM icon
47
MGM Resorts International
MGM
$11.8B
$35.7M 0.4%
1,230,000
-732,700
-37% -$23.7M
SYF icon
48
Synchrony
SYF
$24.6B
$34.9M 0.39%
1,046,742
+96,742
+10% +$3.32M
TVTY
49
DELISTED
Tivity Health, Inc. Common Stock
TVTY
$33.5M 0.38%
951,683
+276,683
+41% +$10.2M
EXP icon
50
Eagle Materials
EXP
$6.48B
$28.8M 0.32%
274,781
– –
1
2
3 4

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PAR Capital Management's Q2 2018 Portfolio in Review

As of Q2 2018, PAR Capital Management held 84 positions worth $8.89B, down 2.4% from $9.11B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

PAR Capital Management withdrew a net $539M in Q2 2018, closing 2 positions and reducing 19 holdings. Its most notable exit was Surgery Partners, an estimated $2.37M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 36% of assets, down from 42% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, PAR Capital Management opened a new position in Despegar.com worth $3.85M.

  • PAR Capital Management's largest Q2 2018 buy was Despegar.com: 183,526 shares worth $3.85M.
  • PAR Capital Management added most to Brightstar Lottery PLC in Q2 2018, an estimated $65.8M increase.
  • PAR Capital Management's biggest Q2 2018 reduction was Avis, cutting an estimated $262M.
  • PAR Capital Management fully exited Surgery Partners in Q2 2018, selling an estimated $2.37M.
  • PAR Capital Management's ten largest holdings make up 54% of its $8.89B portfolio in Q2 2018.
  • PAR Capital Management opened 2 new positions and closed 2 in Q2 2018.
  • PAR Capital Management's portfolio value fell 2.4% quarter-over-quarter to $8.89B.

Based on PAR Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.