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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
+28.34%
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
$2.61B
AUM Growth
+$250M
(+11%)
Cap. Flow
-$301M
Cap. Flow
% of AUM
-11.56%
Top 10 Holdings %
Top 10 Hldgs %
71.8%
Holding
57
New
6
Increased
10
Reduced
17
Closed
11
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Southwest Airlines
LUV
|
+$80M |
| 2 |
Sabre
SABR
|
+$33M |
| 3 |
Synchrony
SYF
|
+$29.2M |
| 4 |
American Airlines Group
AAL
|
+$18.8M |
| 5 |
PENN Entertainment
PENN
|
+$9.73M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DaVita
DVA
|
+$161M |
| 2 |
Expedia Group
EXPE
|
+$111M |
| 3 |
JetBlue
JBLU
|
+$44.1M |
| 4 |
Alaska Air
ALK
|
+$29.8M |
| 5 |
Allegiant Air
ALGT
|
+$29.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 42.21% |
| 2 | Industrials | 27.19% |
| 3 | Financials | 11.77% |
| 4 | Technology | 6.53% |
| 5 | Healthcare | 6.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Red Rock Resorts
RRR
$3.8B
| $17.8M | 0.68% |
1,627,248
-334,987
| -17% | -$3.79M |
|
27
Groupon
GRPN
$1.06B
| $17M | 0.65% |
940,775
-150,000
| -14% | -$3.34M |
|
28
Gaming and Leisure Properties
GLPI
$12.7B
| $13.5M | 0.52% |
390,056
-118,544
| -23% | -$3.69M |
|
29
Pure Cycle
PCYO
$258M
| $11.2M | 0.43% |
1,219,000
-740,926
| -38% | -$7.25M |
|
30
CarGurus
CARG
$3.25B
| $10.1M | 0.39% |
+400,000
| New | +$9.32M |
|
31
LendingTree
TREE
$445M
| $10.1M | 0.39% |
35,000
+8,600
| +33% | +$2.08M |
|
32
Chegg
CHGG
$118M
| $8.41M | 0.32% |
125,000
+25,000
| +25% | +$1.34M |
|
33
EverQuote
EVER
$886M
| $7.27M | 0.28% |
125,000
| – | – |
|
|
VLRS
34
Controladora Vuela Compania de Aviacion
VLRS
$914M
| $6.25M | 0.24% |
1,183,700
+233,700
| +25% | +$1.1M |
|
|
RDFN
35
DELISTED
Redfin
RDFN
| $5.36M | 0.21% |
+127,800
| New | +$3.37M |
|
36
Skywest
SKYW
$4.29B
| $4.7M | 0.18% |
143,984
-163,900
| -53% | -$4.85M |
|
37
Angi Inc
ANGI
$229M
| $2.43M | 0.09% |
+20,000
| New | +$1.82M |
|
38
MakeMyTrip
MMYT
$5.37B
| $2.01M | 0.08% |
131,288
| – | – |
|
|
MGP
39
DELISTED
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
| $1.72M | 0.07% |
+63,300
| New | +$1.63M |
|
|
DESP
40
DELISTED
Despegar.com
DESP
| $1.32M | 0.05% |
183,526
| – | – |
|
41
Plains GP Holdings
PAGP
$5.26B
| $1.07M | 0.04% |
120,000
-300,000
| -71% | -$2.64M |
|
|
DVD
42
DELISTED
Dover Motorsports
DVD
| $915K | 0.04% |
590,000
| – | – |
|
43
Trip.com Group
TCOM
$29.3B
| $518K | 0.02% |
20,000
| – | – |
|
|
ZIXI
44
DELISTED
Zix Corporation
ZIXI
| $496K | 0.02% |
71,900
| – | – |
|
45
Flex
FLEX
$41B
| $102K | ﹤0.01% |
+13,151
| New | +$94.8K |
|
46
Antero Midstream
AM
$10.2B
| – | – |
-22,950
| Closed | -$48K |
|
47
CALL
Carvana
CVNA
$67.6B
| – | – |
-15,085
| Closed | -$16.6M |
|
|
48
PUT
Southwest Airlines
LUV
$22.3B
| – | – |
-3,500
| Closed | -$9.4M |
|
49
CALL
Lyft
LYFT
$5.9B
| – | – |
-200
| Closed | -$712K |
|
50
Melco Resorts & Entertainment
MLCO
$2.24B
| – | – |
-85,000
| Closed | -$1.05M |
|
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OTPPB
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CIA
CCM
PAR Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, PAR Capital Management held 57 positions worth $2.61B, up 11% from $2.36B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
PAR Capital Management withdrew a net $301M in Q2 2020, closing 11 positions and reducing 17 holdings. Its most notable exit was Select Medical, an estimated $8.52M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, up from 39% a quarter earlier, followed by Industrials and Financials.
Against the trend, PAR Capital Management opened a new position in Sabre worth $37.5M.
- PAR Capital Management's largest Q2 2020 buy was Sabre: 4,656,406 shares worth $37.5M.
- PAR Capital Management added most to Southwest Airlines in Q2 2020, an estimated $80M increase.
- PAR Capital Management's biggest Q2 2020 reduction was DaVita, cutting an estimated $161M.
- PAR Capital Management fully exited Select Medical in Q2 2020, selling an estimated $8.52M.
- PAR Capital Management's ten largest holdings make up 72% of its $2.61B portfolio in Q2 2020.
- PAR Capital Management opened 6 new positions and closed 11 in Q2 2020.
- PAR Capital Management's portfolio value rose 11% quarter-over-quarter to $2.61B.
Based on PAR Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.