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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
+8.12%
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
$8.71B
AUM Growth
-$177M
Cap. Flow
-$722M
Cap. Flow %
-8.29%
Top 10 Hldgs %
57.58%
Holding
88
New
6
Increased
22
Reduced
15
Closed
11

Top Buys

Rank Stock Value
1
ALGT icon
Allegiant Air
ALGT
+$211M
2
TCOM icon
Trip.com Group
TCOM
+$204M
3
TRVG
trivago
TRVG
+$32.7M
4
BRSL
Brightstar Lottery PLC
BRSL
+$24.4M
5
YELP icon
Yelp
YELP
+$21.8M

Top Sells

Rank Stock Value
1
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$297M
2
Z icon
Zillow
Z
+$229M
3
CHGG icon
Chegg
CHGG
+$128M
4
MCK icon
McKesson
MCK
+$114M
5
ZG icon
Zillow
ZG
+$101M

Sector Composition

Rank Sector Weight
1 Industrials 39.76%
2 Consumer Discretionary 35.47%
3 Healthcare 7.26%
4 Communication Services 4.54%
5 Energy 3.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HRI icon
26
Herc Holdings
HRI
$4.78B
$97.7M 1.12%
1,907,400
+307,400
+19% +$16.6M
HTZ
27
DELISTED
Hertz Global Holdings, Inc.
HTZ
$96.2M 1.1%
6,777,751
– –
WMB icon
28
Williams Companies
WMB
$85.8B
$93.3M 1.07%
3,432,100
-230,000
-6% -$6.67M
WMS icon
29
Advanced Drainage Systems
WMS
$10.6B
$84.6M 0.97%
2,737,000
– –
ENT
30
DELISTED
Global Eagle Entertainment Inc.
ENT
$81.7M 0.94%
1,159,243
– –
TRVG
31
trivago
TRVG
$385M
$80.7M 0.93%
2,621,000
+1,400,000
+115% +$32.7M
META icon
32
Meta Platforms (Facebook)
META
$1.49T
$75.3M 0.86%
457,800
-240,000
-34% -$43.4M
PCYO icon
33
Pure Cycle
PCYO
$255M
$69.1M 0.79%
5,982,970
– –
V icon
34
Visa
V
$677B
$67.5M 0.78%
450,000
– –
JBLU icon
35
JetBlue
JBLU
$2.16B
$61.8M 0.71%
3,193,290
– –
PENN icon
36
PENN Entertainment
PENN
$2.84B
$61.2M 0.7%
1,859,904
– –
CSGP icon
37
CoStar Group
CSGP
$12.2B
$48.4M 0.56%
1,150,000
– –
DOOR
38
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$48M 0.55%
748,926
– –
HOME
39
DELISTED
At Home Group Inc.
HOME
$45M 0.52%
1,428,500
+500,000
+54% +$17.6M
RRR icon
40
Red Rock Resorts
RRR
$3.84B
$43.4M 0.5%
1,629,000
-280,000
-15% -$9.02M
TSG
41
DELISTED
The Stars Group Inc.
TSG
$40M 0.46%
1,604,843
+616,800
+62% +$18.8M
ORLY icon
42
O'Reilly Automotive
ORLY
$75.1B
$34.7M 0.4%
1,500,000
– –
SYF icon
43
Synchrony
SYF
$24.4B
$34.5M 0.4%
1,110,000
+63,258
+6% +$2.02M
MGM icon
44
MGM Resorts International
MGM
$11.7B
$34.3M 0.39%
1,230,000
– –
AAP icon
45
Advance Auto Parts
AAP
$3.53B
$30.3M 0.35%
180,000
– –
GRPN icon
46
Groupon
GRPN
$1.03B
$26.2M 0.3%
347,500
+103,990
+43% +$9.14M
YELP icon
47
Yelp
YELP
$1.54B
$24.6M 0.28%
+500,000
New +$21.8M
CIVI
48
DELISTED
Civitas Resources
CIVI
$24.2M 0.28%
813,000
+60,000
+8% +$2M
WYNN icon
49
Wynn Resorts
WYNN
$10.3B
$23.5M 0.27%
185,000
+85,000
+85% +$12.6M
EXP icon
50
Eagle Materials
EXP
$6.49B
$23.4M 0.27%
274,781
– –
1
2
3 4

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JGC
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PAR Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, PAR Capital Management held 88 positions worth $8.71B, down 2% from $8.89B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management withdrew a net $722M in Q3 2018, closing 11 positions and reducing 15 holdings. Its most notable exit was Just Eat Takeaway.com N.V. American Depositary Shares, an estimated $297M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 40% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, PAR Capital Management opened a new position in Allegiant Air worth $201M.

  • PAR Capital Management's largest Q3 2018 buy was Allegiant Air: 1,583,000 shares worth $201M.
  • PAR Capital Management added most to Trip.com Group in Q3 2018, an estimated $204M increase.
  • PAR Capital Management's biggest Q3 2018 reduction was McKesson, cutting an estimated $114M.
  • PAR Capital Management fully exited Just Eat Takeaway.com N.V. American Depositary Shares in Q3 2018, selling an estimated $297M.
  • PAR Capital Management's ten largest holdings make up 58% of its $8.71B portfolio in Q3 2018.
  • PAR Capital Management opened 6 new positions and closed 11 in Q3 2018.
  • PAR Capital Management's portfolio value fell 2% quarter-over-quarter to $8.71B.

Based on PAR Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.