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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
+10.88%
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
$2.64B
AUM Growth
+$31.9M
Cap. Flow
-$191M
Cap. Flow %
-7.24%
Top 10 Hldgs %
66.81%
Holding
46
New
1
Increased
14
Reduced
13
Closed
3

Top Buys

Rank Stock Value
1
TRIP icon
TripAdvisor
TRIP
+$122M
2
SABR icon
Sabre
SABR
+$75M
3
ALK icon
Alaska Air
ALK
+$39.7M
4
CAR icon
Avis
CAR
+$15.7M
5
WEX icon
WEX
WEX
+$10.7M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$271M
2
DVA icon
DaVita
DVA
+$74.8M
3
CVNA icon
Carvana
CVNA
+$51.2M
4
PENN icon
PENN Entertainment
PENN
+$24.5M
5
BYD icon
Boyd Gaming
BYD
+$15.4M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.08%
2 Industrials 29.93%
3 Financials 13.2%
4 Technology 8.24%
5 Communication Services 4.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SAVE
26
DELISTED
Spirit Airlines, Inc.
SAVE
$16.1M 0.61%
1,000,000
– –
PENN icon
27
PENN Entertainment
PENN
$2.39B
$14.6M 0.55%
201,300
-500,000
-71% -$24.5M
CAR icon
28
Avis
CAR
$4.23B
$13.7M 0.52%
+521,850
New +$15.7M
VLRS
29
Controladora Vuela Compania de Aviacion
VLRS
$722M
$12.5M 0.47%
1,735,000
+551,300
+47% +$3.66M
TREE icon
30
LendingTree
TREE
$373M
$9.21M 0.35%
30,000
-5,000
-14% -$1.59M
PCYO icon
31
Pure Cycle
PCYO
$265M
$9.01M 0.34%
1,000,000
-219,000
-18% -$2.06M
GLPI icon
32
Gaming and Leisure Properties
GLPI
$11.8B
$9.01M 0.34%
243,869
-146,187
-37% -$5.32M
CHGG icon
33
Chegg
CHGG
$83.3M
$8.93M 0.34%
125,000
– –
CARG icon
34
CarGurus
CARG
$3.11B
$8.65M 0.33%
400,000
– –
EVER icon
35
EverQuote
EVER
$864M
$4.83M 0.18%
125,000
– –
SKYW icon
36
Skywest
SKYW
$3.73B
$4.3M 0.16%
143,984
– –
ANGI icon
37
Angi Inc
ANGI
$203M
$2.22M 0.08%
20,000
– –
MMYT icon
38
MakeMyTrip
MMYT
$4.52B
$2.02M 0.08%
131,288
– –
MGP
39
DELISTED
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
$1.21M 0.05%
43,300
-20,000
-32% -$556K
DESP
40
DELISTED
Despegar.com
DESP
$1.17M 0.04%
183,526
– –
TCOM icon
41
Trip.com Group
TCOM
$24.8B
$623K 0.02%
20,000
– –
ZIXI
42
DELISTED
Zix Corporation
ZIXI
$420K 0.02%
71,900
– –
FLEX icon
43
Flex
FLEX
$39.5B
$110K ﹤0.01%
13,151
– –
PAGP icon
44
Plains GP Holdings
PAGP
$5.54B
– –
-120,000
Closed -$1.07M
RDFN
45
DELISTED
Redfin
RDFN
– –
-127,800
Closed -$5.36M
DVD
46
DELISTED
Dover Motorsports
DVD
– –
-590,000
Closed -$915K
1
2

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KRS
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PWP
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HA
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VI
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WB
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SCTC
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APP
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PAR Capital Management's Q3 2020 Portfolio in Review

As of Q3 2020, PAR Capital Management held 46 positions worth $2.64B, up 1.2% from $2.61B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

PAR Capital Management withdrew a net $191M in Q3 2020, closing 3 positions and reducing 13 holdings. Its most notable exit was Redfin, an estimated $5.36M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, down from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Avis worth $13.7M.

  • PAR Capital Management's largest Q3 2020 buy was Avis: 521,850 shares worth $13.7M.
  • PAR Capital Management added most to TripAdvisor in Q3 2020, an estimated $122M increase.
  • PAR Capital Management's biggest Q3 2020 reduction was Booking.com, cutting an estimated $271M.
  • PAR Capital Management fully exited Redfin in Q3 2020, selling an estimated $5.36M.
  • PAR Capital Management's ten largest holdings make up 67% of its $2.64B portfolio in Q3 2020.
  • PAR Capital Management opened 1 new position and closed 3 in Q3 2020.
  • PAR Capital Management's portfolio value rose 1.2% quarter-over-quarter to $2.64B.

Based on PAR Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.