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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
-0.71%
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
$2.7B
AUM Growth
-$286M
Cap. Flow
-$213M
Cap. Flow %
-7.91%
Top 10 Hldgs %
74.46%
Holding
47
New
7
Increased
11
Reduced
15
Closed
5

Top Buys

Rank Stock Value
1
QUAL icon
iShares MSCI USA Quality Factor ETF
QUAL
+$203M
2
CARG icon
CarGurus
CARG
+$44.5M
3
ABNB icon
Airbnb
ABNB
+$33.1M
4
UAL icon
United Airlines
UAL
+$16.6M
5
AXP icon
American Express
AXP
+$15.1M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$106M
2
SAVE
Spirit Airlines, Inc.
SAVE
+$102M
3
UBER icon
Uber
UBER
+$93.4M
4
BKNG icon
Booking.com
BKNG
+$65.9M
5
LUV icon
Southwest Airlines
LUV
+$54.5M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 34.47%
2 Technology 20.01%
3 Industrials 17.51%
4 Financials 17.02%
5 Communication Services 3.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVDX
26
DELISTED
AvidXchange
AVDX
$16.8M 0.62%
2,000,000
– –
GDOT icon
27
Green Dot
GDOT
$743M
$16.1M 0.6%
850,000
+107,618
+14% +$2.48M
JBLU icon
28
JetBlue
JBLU
$2.28B
$13.3M 0.49%
2,000,000
– –
VLRS
29
Controladora Vuela Compania de Aviacion
VLRS
$900M
$11.2M 0.41%
1,600,000
– –
VCSA
30
DELISTED
Vacasa, Inc. Class A Common Stock
VCSA
$8.6M 0.32%
140,000
-378
-0.3% -$26.2K
TRUE
31
DELISTED
TrueCar
TRUE
$8.11M 0.3%
5,370,000
-3,087,142
-37% -$7.04M
H icon
32
Hyatt Hotels
H
$16.4B
$7.82M 0.29%
96,634
+91,634
+1,833% +$7.79M
BAC icon
33
Bank of America
BAC
$435B
$6.04M 0.22%
200,000
– –
ARKF icon
34
ARK Blockchain & Fintech Innovation ETF
ARKF
$722M
$5.39M 0.2%
350,000
– –
SABR icon
35
Sabre
SABR
$731M
$5.19M 0.19%
+1,007,000
New +$6.72M
QQQ icon
36
Invesco QQQ Trust
QQQ
$453B
$4.44M 0.16%
+16,600
New +$5.01M
SOFI icon
37
SoFi Technologies
SOFI
$21B
$3.94M 0.15%
807,000
+57,000
+8% +$361K
APLE icon
38
Apple Hospitality REIT
APLE
$3.9B
$3.07M 0.11%
218,087
-62,414
-22% -$990K
ETSY icon
39
Etsy
ETSY
$7.75B
$1.42M 0.05%
14,150
+7,400
+110% +$755K
SPOT icon
40
Spotify
SPOT
$103B
$561K 0.02%
+6,500
New +$696K
WFC icon
41
Wells Fargo
WFC
$261B
$467K 0.02%
+11,600
New +$498K
SKYW icon
42
Skywest
SKYW
$4.24B
$163K 0.01%
+10,000
New +$212K
CAR icon
43
Avis
CAR
$4.86B
– –
-18,000
Closed -$2.65M
HST icon
44
Host Hotels & Resorts
HST
$17.2B
– –
-15,000
Closed -$235K
STT icon
45
State Street
STT
$50.6B
– –
-450,000
Closed -$27.7M
SAVE
46
DELISTED
Spirit Airlines, Inc.
SAVE
– –
-4,262,977
Closed -$102M
SIX
47
DELISTED
Six Flags Entertainment Corp.
SIX
– –
-10,000
Closed -$217K
1
2

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LNC
Lincoln National Corp Radnor, Pennsylvania $3.45B AUM 12.55% 1-Year Est. Return
RBA
Richard Bernstein Advisors New York $3.45B AUM 16.24% 1-Year Est. Return
DAM
Davis Asset Management Sausalito, California $3.46B AUM 9.77% 1-Year Est. Return
PWP
Perfromance Wealth Partners Hinsdale, Illinois $3.45B AUM 29.14% 1-Year Est. Return
OTPPB
Ontario Teachers' Pension Plan Board Toronto, Ontario, Canada $3.46B AUM 7.79% 1-Year Est. Return
JGC
J. Goldman & Co New York $3.44B AUM 33.8% 1-Year Est. Return
CIA
Caledonia Investments (Australia) Sydney NSW, Australia $3.44B AUM 20.03% 1-Year Est. Return
CCM
Check Capital Management Costa Mesa, California $3.44B AUM 9.15% 1-Year Est. Return

PAR Capital Management's Q3 2022 Portfolio in Review

As of Q3 2022, PAR Capital Management held 47 positions worth $2.7B, down 9.6% from $2.98B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

PAR Capital Management withdrew a net $213M in Q3 2022, closing 5 positions and reducing 15 holdings. Its most notable exit was Spirit Airlines, Inc., an estimated $102M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, up from 33% a quarter earlier, followed by Technology and Industrials.

Against the trend, PAR Capital Management opened a new position in iShares MSCI USA Quality Factor ETF worth $180M.

  • PAR Capital Management's largest Q3 2022 buy was iShares MSCI USA Quality Factor ETF: 1,732,600 shares worth $180M.
  • PAR Capital Management added most to CarGurus in Q3 2022, an estimated $44.5M increase.
  • PAR Capital Management's biggest Q3 2022 reduction was Meta Platforms (Facebook), cutting an estimated $106M.
  • PAR Capital Management fully exited Spirit Airlines, Inc. in Q3 2022, selling an estimated $102M.
  • PAR Capital Management's ten largest holdings make up 74% of its $2.7B portfolio in Q3 2022.
  • PAR Capital Management opened 7 new positions and closed 5 in Q3 2022.
  • PAR Capital Management's portfolio value fell 9.6% quarter-over-quarter to $2.7B.

Based on PAR Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.