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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
+41.35%
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
$3.43B
AUM Growth
+$791M
(+30%)
Cap. Flow
-$139M
Cap. Flow
% of AUM
-4.05%
Top 10 Holdings %
Top 10 Hldgs %
73.39%
Holding
46
New
3
Increased
9
Reduced
11
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expedia Group
EXPE
|
+$90.5M |
| 2 |
TripAdvisor
TRIP
|
+$79.1M |
| 3 |
American Airlines Group
AAL
|
+$37.9M |
| 4 |
Alaska Air
ALK
|
+$33.8M |
| 5 |
WEX
WEX
|
+$22.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Churchill Downs
CHDN
|
+$168M |
| 2 |
Allegiant Air
ALGT
|
+$68.9M |
| 3 |
Boyd Gaming
BYD
|
+$52.3M |
| 4 |
United Airlines
UAL
|
+$23.6M |
| 5 |
Red Rock Resorts
RRR
|
+$22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 38.12% |
| 2 | Industrials | 30% |
| 3 | Financials | 13.28% |
| 4 | Technology | 11.38% |
| 5 | Healthcare | 4.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Capital One
COF
$126B
| $5.93M | 0.17% |
+60,000
| New | +$5.1M |
|
|
DFS
27
DELISTED
Discover Financial Services
DFS
| $5.88M | 0.17% |
+65,000
| New | +$4.85M |
|
28
American Express
AXP
$219B
| $5.44M | 0.16% |
+45,000
| New | +$4.98M |
|
29
Avis
CAR
$4.22B
| $2.45M | 0.07% |
65,800
-456,050
| -87% | -$16M |
|
30
CarGurus
CARG
$3.12B
| $2.38M | 0.07% |
75,000
-325,000
| -81% | -$8.03M |
|
31
Angi Inc
ANGI
$203M
| – | – |
-20,000
| Closed | -$2.22M |
|
|
32
Boyd Gaming
BYD
$5.56B
| – | – |
-1,704,537
| Closed | -$52.3M |
|
|
33
Churchill Downs
CHDN
$5.7B
| – | – |
-2,047,440
| Closed | -$168M |
|
34
Chegg
CHGG
$83.6M
| – | – |
-125,000
| Closed | -$8.93M |
|
|
DESP
35
DELISTED
Despegar.com
DESP
| – | – |
-183,526
| Closed | -$1.17M |
|
36
EverQuote
EVER
$864M
| – | – |
-125,000
| Closed | -$4.83M |
|
37
Flex
FLEX
$39.6B
| – | – |
-13,151
| Closed | -$110K |
|
38
Gaming and Leisure Properties
GLPI
$11.8B
| – | – |
-243,869
| Closed | -$9.01M |
|
39
Groupon
GRPN
$760M
| – | – |
-940,775
| Closed | -$19.2M |
|
40
MakeMyTrip
MMYT
$4.52B
| – | – |
-131,288
| Closed | -$2.02M |
|
41
PENN Entertainment
PENN
$2.39B
| – | – |
-201,300
| Closed | -$14.6M |
|
42
Skywest
SKYW
$3.73B
| – | – |
-143,984
| Closed | -$4.3M |
|
43
Trip.com Group
TCOM
$24.7B
| – | – |
-20,000
| Closed | -$623K |
|
44
LendingTree
TREE
$374M
| – | – |
-30,000
| Closed | -$9.21M |
|
|
MGP
45
DELISTED
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
| – | – |
-43,300
| Closed | -$1.21M |
|
|
ZIXI
46
DELISTED
Zix Corporation
ZIXI
| – | – |
-71,900
| Closed | -$420K |
|
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PAR Capital Management's Q4 2020 Portfolio in Review
As of Q4 2020, PAR Capital Management held 46 positions worth $3.43B, up 30% from $2.64B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
PAR Capital Management withdrew a net $139M in Q4 2020, closing 16 positions and reducing 11 holdings. Its most notable exit was Churchill Downs, an estimated $168M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, down from 39% a quarter earlier, followed by Industrials and Financials.
Against the trend, PAR Capital Management opened a new position in Capital One worth $5.93M.
- PAR Capital Management's largest Q4 2020 buy was Capital One: 60,000 shares worth $5.93M.
- PAR Capital Management added most to Expedia Group in Q4 2020, an estimated $90.5M increase.
- PAR Capital Management's biggest Q4 2020 reduction was Allegiant Air, cutting an estimated $68.9M.
- PAR Capital Management fully exited Churchill Downs in Q4 2020, selling an estimated $168M.
- PAR Capital Management's ten largest holdings make up 73% of its $3.43B portfolio in Q4 2020.
- PAR Capital Management opened 3 new positions and closed 16 in Q4 2020.
- PAR Capital Management's portfolio value rose 30% quarter-over-quarter to $3.43B.
Based on PAR Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.