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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
-14.72%
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
$5.98B
AUM Growth
-$2.73B
Cap. Flow
-$1.59B
Cap. Flow %
-26.58%
Top 10 Hldgs %
69.66%
Holding
79
New
2
Increased
13
Reduced
24
Closed
19

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$150M
2
GRPN icon
Groupon
GRPN
+$137M
3
JBLU icon
JetBlue
JBLU
+$95.5M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$41M
5
SYF icon
Synchrony
SYF
+$29.6M

Top Sells

Rank Stock Value
1
MCK icon
McKesson
MCK
+$438M
2
CZR icon
Caesars Entertainment
CZR
+$191M
3
TCOM icon
Trip.com Group
TCOM
+$188M
4
WLL
Whiting Petroleum Corporation
WLL
+$171M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$133M

Sector Composition

Rank Sector Weight
1 Industrials 46.64%
2 Consumer Discretionary 34.74%
3 Communication Services 6.68%
4 Financials 2.83%
5 Healthcare 2.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CONN
26
DELISTED
Conn's Inc.
CONN
$56M 0.94%
2,967,920
-109,246
-4% -$2.96M
CZR
27
DELISTED
Caesars Entertainment Corporation
CZR
$54M 0.9%
7,947,967
-7,667,019
-49% -$64.6M
SYF icon
28
Synchrony
SYF
$24.4B
$51.7M 0.87%
2,205,000
+1,095,000
+99% +$29.6M
WMB icon
29
Williams Companies
WMB
$85.8B
$38.8M 0.65%
1,757,798
-1,674,302
-49% -$41.9M
IVV icon
30
iShares Core S&P 500 ETF
IVV
$858B
$38M 0.64%
+151,000
New +$41M
RRR icon
31
Red Rock Resorts
RRR
$3.84B
$33.9M 0.57%
1,667,300
+38,300
+2% +$901K
GLPI icon
32
Gaming and Leisure Properties
GLPI
$13B
$32.5M 0.54%
1,006,600
-3,944,440
-80% -$133M
EHTH icon
33
eHealth
EHTH
$41.9M
$27M 0.45%
702,342
-9,175
-1% -$309K
ELV icon
34
Elevance Health
ELV
$81.5B
$19.7M 0.33%
75,000
+5,000
+7% +$1.37M
CIVI
35
DELISTED
Civitas Resources
CIVI
$19.2M 0.32%
929,400
+116,400
+14% +$3.06M
QNST icon
36
QuinStreet
QNST
$927M
$18M 0.3%
1,110,229
+930,229
+517% +$14M
WYNN icon
37
Wynn Resorts
WYNN
$10.3B
$15.3M 0.26%
155,000
-30,000
-16% -$3.24M
PFSI icon
38
PennyMac Financial
PFSI
$4.47B
$14.9M 0.25%
700,000
– –
MGM icon
39
MGM Resorts International
MGM
$11.7B
$14.6M 0.24%
600,000
-630,000
-51% -$16.4M
CI icon
40
Cigna
CI
$78.4B
$13.3M 0.22%
70,000
– –
TSG
41
DELISTED
The Stars Group Inc.
TSG
$11.6M 0.19%
704,100
-900,743
-56% -$17.6M
CVNA icon
42
Carvana
CVNA
$47.5B
$11.3M 0.19%
1,725,000
-5,815
-0.3% -$48.9K
WBS icon
43
Webster Financial
WBS
$12.3B
$10.4M 0.17%
210,100
– –
STMP
44
DELISTED
Stamps.com, Inc.
STMP
$10.2M 0.17%
65,717
-396,100
-86% -$70.5M
SEMG
45
DELISTED
SEMGROUP CORPORATION
SEMG
$9.75M 0.16%
707,779
-55,000
-7% -$989K
SEM
46
DELISTED
Select Medical
SEM
$8.71M 0.15%
1,053,666
-92,243
-8% -$882K
TUES
47
DELISTED
Tuesday Morning Corp
TUES
$6.14M 0.1%
3,614,118
-954,482
-21% -$2.57M
TREE icon
48
LendingTree
TREE
$551M
$5.8M 0.1%
26,400
– –
CAR icon
49
Avis
CAR
$5.47B
$5.06M 0.08%
225,000
+21,000
+10% +$609K
VLRS
50
Controladora Vuela Compania de Aviacion
VLRS
$869M
$4.84M 0.08%
904,600
+175,000
+24% +$1.11M
1
2
3 4

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DAM
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PWP
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OTPPB
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PAR Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, PAR Capital Management held 79 positions worth $5.98B, down 31% from $8.71B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

PAR Capital Management withdrew a net $1.59B in Q4 2018, closing 19 positions and reducing 24 holdings. Its most notable exit was McKesson, an estimated $438M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, PAR Capital Management opened a new position in iShares Core S&P 500 ETF worth $38M.

  • PAR Capital Management's largest Q4 2018 buy was iShares Core S&P 500 ETF: 151,000 shares worth $38M.
  • PAR Capital Management added most to Booking.com in Q4 2018, an estimated $150M increase.
  • PAR Capital Management's biggest Q4 2018 reduction was Gaming and Leisure Properties, cutting an estimated $133M.
  • PAR Capital Management fully exited McKesson in Q4 2018, selling an estimated $438M.
  • PAR Capital Management's ten largest holdings make up 70% of its $5.98B portfolio in Q4 2018.
  • PAR Capital Management opened 2 new positions and closed 19 in Q4 2018.
  • PAR Capital Management's portfolio value fell 31% quarter-over-quarter to $5.98B.

Based on PAR Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.