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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
-38.97%
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
$2.36B
AUM Growth
-$2.78B
(-54%)
Cap. Flow
-$765M
Cap. Flow
% of AUM
-32.49%
Top 10 Holdings %
Top 10 Hldgs %
76.82%
Holding
57
New
14
Increased
11
Reduced
13
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$287M |
| 2 |
Synchrony
SYF
|
+$64.3M |
| 3 |
SAVE
Spirit Airlines, Inc.
SAVE
|
+$36.3M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$29.4M |
| 5 |
Gaming and Leisure Properties
GLPI
|
+$20.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Airlines
UAL
|
+$411M |
| 2 |
Expedia Group
EXPE
|
+$379M |
| 3 |
HTZ
Hertz Global Holdings, Inc.
HTZ
|
+$122M |
| 4 |
Meta Platforms (Facebook)
META
|
+$73.3M |
| 5 |
Groupon
GRPN
|
+$68.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 39.46% |
| 2 | Industrials | 27.81% |
| 3 | Healthcare | 13.79% |
| 4 | Financials | 8.62% |
| 5 | Technology | 3.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Gaming and Leisure Properties
GLPI
$11.7B
| $14.1M | 0.6% |
+508,600
| New | +$20.8M |
|
27
American Airlines Group
AAL
$8.67B
| $14M | 0.6% |
1,150,000
-2,410,134
| -68% | -$54.9M |
|
28
PUT
Southwest Airlines
LUV
$19.3B
| $9.4M | 0.4% |
+3,500
| New | +$173K |
|
|
SEM
29
DELISTED
Select Medical
SEM
| $8.52M | 0.36% |
1,053,666
| – | – |
|
30
Skywest
SKYW
$3.73B
| $8.06M | 0.34% |
307,884
-151,000
| -33% | -$7.37M |
|
31
LendingTree
TREE
$377M
| $4.84M | 0.21% |
26,400
| – | – |
|
32
Ryman Hospitality Properties
RHP
$8.42B
| $4.64M | 0.2% |
+129,512
| New | +$8.95M |
|
|
HTZ
33
CALL
DELISTED
Hertz Global Holdings, Inc.
HTZ
| $4.33M | 0.18% |
+7,000
| New | +$94.6K |
|
34
Chegg
CHGG
$84.7M
| $3.58M | 0.15% |
100,000
| – | – |
|
35
PENN Entertainment
PENN
$2.39B
| $3.5M | 0.15% |
276,300
-315,000
| -53% | -$7.92M |
|
36
EverQuote
EVER
$845M
| $3.28M | 0.14% |
125,000
| – | – |
|
|
VLRS
37
Controladora Vuela Compania de Aviacion
VLRS
$749M
| $3.26M | 0.14% |
950,000
-515,886
| -35% | -$5.02M |
|
38
Plains GP Holdings
PAGP
$5.54B
| $2.36M | 0.1% |
+420,000
| New | +$5.91M |
|
39
MakeMyTrip
MMYT
$4.75B
| $1.57M | 0.07% |
131,288
+30,088
| +30% | +$651K |
|
|
GSKY
40
DELISTED
GreenSky, Inc. Class A Common Stock
GSKY
| $1.33M | 0.06% |
349,000
-351,000
| -50% | -$2.6M |
|
|
41
Southwest Airlines
LUV
$19.3B
| $1.1M | 0.05% |
+31,000
| New | +$1.54M |
|
42
Melco Resorts & Entertainment
MLCO
$1.92B
| $1.05M | 0.04% |
+85,000
| New | +$1.62M |
|
|
DESP
43
DELISTED
Despegar.com
DESP
| $1.04M | 0.04% |
183,526
| – | – |
|
44
SEI Investments
SEIC
$12.7B
| $740K | 0.03% |
+15,965
| New | +$950K |
|
|
DVD
45
DELISTED
Dover Motorsports
DVD
| $738K | 0.03% |
590,000
| – | – |
|
46
CALL
Lyft
LYFT
$6.02B
| $712K | 0.03% |
+200
| New | +$7.95K |
|
47
Trip.com Group
TCOM
$24.6B
| $469K | 0.02% |
+20,000
| New | +$623K |
|
|
48
PUT
United Airlines
UAL
$35.4B
| $426K | 0.02% |
+135
| New | +$8.93K |
|
|
ZIXI
49
DELISTED
Zix Corporation
ZIXI
| $310K | 0.01% |
+71,900
| New | +$484K |
|
50
Antero Midstream
AM
$10.5B
| $48K | ﹤0.01% |
22,950
-327,050
| -93% | -$1.56M |
|
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PWP
HA
VI
WB
SCTC
APP
PAR Capital Management's Q1 2020 Portfolio in Review
As of Q1 2020, PAR Capital Management held 57 positions worth $2.36B, down 54% from $5.14B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
PAR Capital Management withdrew a net $765M in Q1 2020, closing 7 positions and reducing 13 holdings. Its most notable exit was Hertz Global Holdings, Inc., an estimated $122M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, up from 31% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, PAR Capital Management opened a new position in Charles Schwab worth $23.5M.
- PAR Capital Management's largest Q1 2020 buy was Charles Schwab: 700,000 shares worth $23.5M.
- PAR Capital Management added most to Booking.com in Q1 2020, an estimated $287M increase.
- PAR Capital Management's biggest Q1 2020 reduction was United Airlines, cutting an estimated $411M.
- PAR Capital Management fully exited Hertz Global Holdings, Inc. in Q1 2020, selling an estimated $122M.
- PAR Capital Management's ten largest holdings make up 77% of its $2.36B portfolio in Q1 2020.
- PAR Capital Management opened 14 new positions and closed 7 in Q1 2020.
- PAR Capital Management's portfolio value fell 54% quarter-over-quarter to $2.36B.
Based on PAR Capital Management's 13F filing for Q1 2020, filed 15 May 2020.