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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
-5.2%
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
$3.7B
AUM Growth
-$465M
Cap. Flow
-$207M
Cap. Flow %
-5.58%
Top 10 Hldgs %
72.15%
Holding
69
New
8
Increased
5
Reduced
10
Closed
13

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$59.8M
2
LYFT icon
Lyft
LYFT
+$47.6M
3
WEX icon
WEX
WEX
+$46.3M
4
HLT icon
Hilton Worldwide
HLT
+$26M
5
VCSA
Vacasa, Inc. Class A Common Stock
VCSA
+$22.7M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$117M
2
GRPN icon
Groupon
GRPN
+$63.5M
3
PFSI icon
PennyMac Financial
PFSI
+$42.3M
4
TFC icon
Truist Financial
TFC
+$39.6M
5
SAVE
Spirit Airlines, Inc.
SAVE
+$33.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.96%
2 Industrials 19.47%
3 Financials 18.51%
4 Technology 15.8%
5 Communication Services 2.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JBLU icon
26
JetBlue
JBLU
$2.28B
$28.5M 0.77%
2,000,000
– –
HLT icon
27
Hilton Worldwide
HLT
$72.1B
$28.2M 0.76%
+180,600
New +$26M
VCSA
28
DELISTED
Vacasa, Inc. Class A Common Stock
VCSA
$23.4M 0.63%
+140,378
New +$22.7M
GRAB icon
29
Grab
GRAB
$14.3B
$17.8M 0.48%
+2,500,000
New +$19.1M
DFS
30
DELISTED
Discover Financial Services
DFS
$13.4M 0.36%
115,761
– –
COF icon
31
Capital One
COF
$128B
$8.71M 0.24%
60,000
– –
WH icon
32
Wyndham Hotels & Resorts
WH
$5.56B
$7.62M 0.21%
85,000
– –
WPCB
33
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
$7.32M 0.2%
750,000
– –
WPCA
34
DELISTED
Warburg Pincus Capital Corporation I-A
WPCA
$4.9M 0.13%
500,000
– –
GROV icon
35
Grove Collaborative
GROV
$46.2M
$3.95M 0.11%
80,000
– –
APLE icon
36
Apple Hospitality REIT
APLE
$3.9B
$3.35M 0.09%
+207,701
New +$3.29M
TREE icon
37
LendingTree
TREE
$447M
$2.94M 0.08%
+24,000
New +$3.19M
CND
38
DELISTED
Concord Acquisition Corp.
CND
$1.04M 0.03%
100,000
– –
FRSG
39
DELISTED
First Reserve Sustainable Growth Corp. Class A Common Stock
FRSG
$990K 0.03%
100,000
– –
OHPA
40
DELISTED
Orion Acquisition Corp. Class A common stock
OHPA
$978K 0.03%
100,000
– –
ATAQ
41
DELISTED
Altimar Acquisition Corp III
ATAQ
$976K 0.03%
100,000
– –
RXRA
42
DELISTED
RXR Acquisition Corp. Class A Common Stock
RXRA
$975K 0.03%
100,000
– –
ASZ
43
DELISTED
Austerlitz Acquisition Corporation II
ASZ
$972K 0.03%
100,000
– –
AUS
44
DELISTED
Austerlitz Acquisition Corporation I
AUS
$971K 0.03%
100,000
– –
FSNB
45
DELISTED
Fusion Acquisition Corp. II
FSNB
$970K 0.03%
99,999
-1
-0% -$10
PL icon
46
Planet Labs
PL
$7.3B
$615K 0.02%
+100,000
New +$947K
ETSY icon
47
Etsy
ETSY
$7.75B
$328K 0.01%
1,500
– –
WPCA.WS
48
DELISTED
Warburg Pincus Capital Corporation I-A Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
WPCA.WS
$150K ﹤0.01%
150,000
+50,000
+50% +$50.2K
WPCB.WS
49
DELISTED
Warburg Pincus Capital Corporation I-B Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
WPCB.WS
$99K ﹤0.01%
100,000
-50,000
-33% -$49.6K
VGII.WS
50
DELISTED
Virgin Group Acquisition Corp. II Redeemable Warrants, each whole warrant exercisable for one Class
VGII.WS
$67K ﹤0.01%
80,000
– –
1
2
3

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RBA
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DAM
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PWP
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OTPPB
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JGC
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CIA
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CCM
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PAR Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, PAR Capital Management held 69 positions worth $3.7B, down 11% from $4.17B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

PAR Capital Management withdrew a net $207M in Q4 2021, closing 13 positions and reducing 10 holdings. Its most notable exit was Groupon, an estimated $63.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 44% of assets, up from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Lyft worth $43.5M.

  • PAR Capital Management's largest Q4 2021 buy was Lyft: 1,017,000 shares worth $43.5M.
  • PAR Capital Management added most to Expedia Group in Q4 2021, an estimated $59.8M increase.
  • PAR Capital Management's biggest Q4 2021 reduction was Booking.com, cutting an estimated $117M.
  • PAR Capital Management fully exited Groupon in Q4 2021, selling an estimated $63.5M.
  • PAR Capital Management's ten largest holdings make up 72% of its $3.7B portfolio in Q4 2021.
  • PAR Capital Management opened 8 new positions and closed 13 in Q4 2021.
  • PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $3.7B.

Based on PAR Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.