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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
+13.91%
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
$3.26B
AUM Growth
-$304M
Cap. Flow
-$715M
Cap. Flow %
-21.97%
Top 10 Hldgs %
64.68%
Holding
67
New
5
Increased
17
Reduced
16
Closed
6

Top Buys

Rank Stock Value
1
PENN icon
PENN Entertainment
PENN
+$48.4M
2
LCC
US AIRWAYS GROUP INC.
LCC
+$35.4M
3
EXPE icon
Expedia Group
EXPE
+$32.1M
4
FFIV icon
F5
FFIV
+$16.1M
5
SSYS icon
Stratasys
SSYS
+$15.1M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$165M
2
ELV icon
Elevance Health
ELV
+$150M
3
UNH icon
UnitedHealth
UNH
+$115M
4
OWW
ORBITZ WORLDWIDE, INC
OWW
+$79.9M
5
AET
Aetna Inc
AET
+$77M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 48.38%
2 Industrials 25.6%
3 Technology 5.94%
4 Healthcare 2.32%
5 Financials 2.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXP icon
51
Eagle Materials
EXP
$6.49B
$4.9M 0.15%
67,600
– –
ARMH
52
DELISTED
ARM HOLDINGS PLC ADS
ARMH
$3.86M 0.12%
80,300
-755,000
-90% -$31.9M
MGLN
53
DELISTED
Magellan Health Services, Inc.
MGLN
$3.85M 0.12%
64,148
-250,000
-80% -$14.5M
HZO icon
54
MarineMax
HZO
$748M
$3.75M 0.12%
307,283
– –
RHP icon
55
Ryman Hospitality Properties
RHP
$8.56B
$3.45M 0.11%
100,000
+30,000
+43% +$1.07M
TARO
56
DELISTED
Taro Pharmaceutical Industries Ltd.
TARO
$2.92M 0.09%
38,437
– –
SHW icon
57
Sherwin-Williams
SHW
$84.8B
$2.73M 0.08%
+45,000
New +$2.64M
DVD
58
DELISTED
Dover Motorsports
DVD
$1.61M 0.05%
671,931
– –
JIVE
59
DELISTED
Jive Software, Inc.
JIVE
$813K 0.03%
65,000
-641,015
-91% -$9.21M
FMD
60
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$492K 0.02%
60,000
– –
LPR
61
DELISTED
LONE PINE RES INC
LPR
$2K ﹤0.01%
392,886
– –
CNI icon
62
Canadian National Railway
CNI
$78.5B
– –
-1,500,000
Closed -$21.2M
FCX icon
63
Freeport-McMoran
FCX
$86.2B
– –
-150,000
Closed -$4.14M
UNH icon
64
UnitedHealth
UNH
$382B
– –
-1,750,000
Closed -$115M
SKH
65
DELISTED
SKILLED HEALTHCARE GROUP, INC. CLASS A COM STK
SKH
– –
-554,715
Closed -$3.71M
ACTV
66
DELISTED
Active Network Inc
ACTV
– –
-100,000
Closed -$757K
ASCA
67
DELISTED
AMERISTAR CASINOS INC
ASCA
– –
-2,109,538
Closed -$55.5M
1 2
3

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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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PAR Capital Management's Q3 2013 Portfolio in Review

As of Q3 2013, PAR Capital Management held 67 positions worth $3.26B, down 8.5% from $3.56B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

PAR Capital Management withdrew a net $715M in Q3 2013, closing 6 positions and reducing 16 holdings. Its most notable exit was UnitedHealth, an estimated $115M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 48% of assets, up from 40% a quarter earlier, followed by Industrials and Technology.

Against the trend, PAR Capital Management opened a new position in F5 worth $16.2M.

  • PAR Capital Management's largest Q3 2013 buy was F5: 189,300 shares worth $16.2M.
  • PAR Capital Management added most to PENN Entertainment in Q3 2013, an estimated $48.4M increase.
  • PAR Capital Management's biggest Q3 2013 reduction was Delta Air Lines, cutting an estimated $165M.
  • PAR Capital Management fully exited UnitedHealth in Q3 2013, selling an estimated $115M.
  • PAR Capital Management's ten largest holdings make up 65% of its $3.26B portfolio in Q3 2013.
  • PAR Capital Management opened 5 new positions and closed 6 in Q3 2013.
  • PAR Capital Management's portfolio value fell 8.5% quarter-over-quarter to $3.26B.

Based on PAR Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.