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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
+2.58%
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
$5.14B
AUM Growth
-$636M
(-11%)
Cap. Flow
-$630M
Cap. Flow
% of AUM
-12.25%
Top 10 Holdings %
Top 10 Hldgs %
75.7%
Holding
55
New
3
Increased
6
Reduced
14
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Airlines Group
AAL
|
+$102M |
| 2 |
TripAdvisor
TRIP
|
+$36.2M |
| 3 |
SAVE
Spirit Airlines, Inc.
SAVE
|
+$19.4M |
| 4 |
HTZ
Hertz Global Holdings, Inc.
HTZ
|
+$16M |
| 5 |
PENN Entertainment
PENN
|
+$9.58M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Delta Air Lines
DAL
|
+$252M |
| 2 |
Expedia Group
EXPE
|
+$192M |
| 3 |
Churchill Downs
CHDN
|
+$151M |
| 4 |
Pure Cycle
PCYO
|
+$40.5M |
| 5 |
eHealth
EHTH
|
+$35.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 47.27% |
| 2 | Consumer Discretionary | 31.44% |
| 3 | Communication Services | 6.53% |
| 4 | Healthcare | 6.33% |
| 5 | Financials | 4.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Red Rock Resorts
RRR
$3.84B
| $27.6M | 0.54% |
1,151,770
-619,487
| -35% | -$13.8M |
|
|
SAVE
27
DELISTED
Spirit Airlines, Inc.
SAVE
| $20.6M | 0.4% |
+510,200
| New | +$19.4M |
|
|
BRSL
28
Brightstar Lottery PLC
BRSL
$1.9B
| $20.4M | 0.4% |
1,361,347
-771,400
| -36% | -$11M |
|
29
QuinStreet
QNST
$927M
| $18M | 0.35% |
1,176,100
-591,597
| -33% | -$8.44M |
|
|
VLRS
30
Controladora Vuela Compania de Aviacion
VLRS
$869M
| $15.3M | 0.3% |
1,465,886
| – | – |
|
|
31
PENN Entertainment
PENN
$2.84B
| $15.1M | 0.29% |
591,300
+431,300
| +270% | +$9.58M |
|
|
CIVI
32
DELISTED
Civitas Resources
CIVI
| $14M | 0.27% |
601,714
| – | – |
|
|
SEM
33
DELISTED
Select Medical
SEM
| $13.3M | 0.26% |
1,053,666
| – | – |
|
34
LendingTree
TREE
$551M
| $8.01M | 0.16% |
26,400
| – | – |
|
35
Avis
CAR
$5.47B
| $7.25M | 0.14% |
225,000
| – | – |
|
|
GSKY
36
DELISTED
GreenSky, Inc. Class A Common Stock
GSKY
| $6.23M | 0.12% |
700,000
-112,871
| -14% | -$848K |
|
37
EverQuote
EVER
$949M
| $4.29M | 0.08% |
125,000
| – | – |
|
38
Chegg
CHGG
$116M
| $3.79M | 0.07% |
100,000
+50,000
| +100% | +$1.75M |
|
|
HOUS
39
DELISTED
Anywhere Real Estate
HOUS
| $3.39M | 0.07% |
350,000
| – | – |
|
40
Antero Midstream
AM
$10.2B
| $2.66M | 0.05% |
+350,000
| New | +$2.21M |
|
|
DESP
41
DELISTED
Despegar.com
DESP
| $2.47M | 0.05% |
183,526
| – | – |
|
42
MakeMyTrip
MMYT
$5.38B
| $2.32M | 0.05% |
101,200
| – | – |
|
|
DVD
43
DELISTED
Dover Motorsports
DVD
| $1.1M | 0.02% |
590,000
| – | – |
|
|
44
PUT
Avis
CAR
$5.47B
| – | – |
-4,547
| Closed | -$12.8M |
|
45
Cencora
COR
$62B
| – | – |
-75,000
| Closed | -$6.17M |
|
|
46
eHealth
EHTH
$41.9M
| – | – |
-531,142
| Closed | -$35.5M |
|
47
Elevance Health
ELV
$81.5B
| – | – |
-20,000
| Closed | -$4.8M |
|
48
Flex
FLEX
$37.7B
| – | – |
-13,151
| Closed | -$104K |
|
49
PUT
iShares Russell 2000 ETF
IWM
$79.1B
| – | – |
-200
| Closed | -$3.18M |
|
50
MGM Resorts International
MGM
$11.7B
| – | – |
-70,000
| Closed | -$1.94M |
|
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PWP
OTPPB
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CIA
CCM
PAR Capital Management's Q4 2019 Portfolio in Review
As of Q4 2019, PAR Capital Management held 55 positions worth $5.14B, down 11% from $5.78B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
PAR Capital Management withdrew a net $630M in Q4 2019, closing 12 positions and reducing 14 holdings. Its most notable exit was eHealth, an estimated $35.5M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 43% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, PAR Capital Management opened a new position in American Airlines Group worth $102M.
- PAR Capital Management's largest Q4 2019 buy was American Airlines Group: 3,560,134 shares worth $102M.
- PAR Capital Management added most to TripAdvisor in Q4 2019, an estimated $36.2M increase.
- PAR Capital Management's biggest Q4 2019 reduction was Delta Air Lines, cutting an estimated $252M.
- PAR Capital Management fully exited eHealth in Q4 2019, selling an estimated $35.5M.
- PAR Capital Management's ten largest holdings make up 76% of its $5.14B portfolio in Q4 2019.
- PAR Capital Management opened 3 new positions and closed 12 in Q4 2019.
- PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $5.14B.
Based on PAR Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.