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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
+21.48%
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
$3.01B
AUM Growth
-$250M
Cap. Flow
-$760M
Cap. Flow %
-25.29%
Top 10 Hldgs %
62.59%
Holding
69
New
8
Increased
9
Reduced
17
Closed
13

Top Buys

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$101M
2
LUV icon
Southwest Airlines
LUV
+$57.5M
3
AAL icon
American Airlines Group
AAL
+$51.5M
4
INVN
Invensense Inc
INVN
+$20.4M
5
SLAB icon
Silicon Laboratories
SLAB
+$14.4M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$288M
2
PENN icon
PENN Entertainment
PENN
+$220M
3
ALK icon
Alaska Air
ALK
+$136M
4
MGM icon
MGM Resorts International
MGM
+$75.7M
5
AET
Aetna Inc
AET
+$73.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 35.15%
2 Industrials 31.05%
3 Technology 7.64%
4 Real Estate 3.58%
5 Utilities 1.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MGLN
51
DELISTED
Magellan Health Services, Inc.
MGLN
$3.84M 0.13%
64,148
– –
TARO
52
DELISTED
Taro Pharmaceutical Industries Ltd.
TARO
$3.8M 0.13%
38,437
– –
MYGN icon
53
Myriad Genetics
MYGN
$476M
$2.94M 0.1%
+140,000
New +$3.54M
DVD
54
DELISTED
Dover Motorsports
DVD
$1.69M 0.06%
671,931
– –
SHW icon
55
Sherwin-Williams
SHW
$84.8B
$1.65M 0.05%
27,000
-18,000
-40% -$1.1M
AET
56
DELISTED
Aetna Inc
AET
$1.51M 0.05%
22,000
-1,128,000
-98% -$73.6M
ANGI icon
57
Angi Inc
ANGI
$247M
– –
-25,000
Closed -$5.62M
GOGO icon
58
Gogo Inc
GOGO
$525M
– –
-793,800
Closed -$14.1M
HZO icon
59
MarineMax
HZO
$748M
– –
-307,283
Closed -$3.75M
MGM icon
60
MGM Resorts International
MGM
$11.7B
– –
-3,702,900
Closed -$75.7M
RHP icon
61
Ryman Hospitality Properties
RHP
$8.56B
– –
-100,000
Closed -$3.45M
UHS icon
62
Universal Health Services
UHS
$10.2B
– –
-76,900
Closed -$5.77M
JIVE
63
DELISTED
Jive Software, Inc.
JIVE
– –
-65,000
Closed -$813K
FMD
64
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
– –
-60,000
Closed -$492K
ARUN
65
DELISTED
ARUBA NETWORKS, INC.
ARUN
– –
-509,851
Closed -$8.48M
LCC
66
DELISTED
US AIRWAYS GROUP INC.
LCC
– –
-2,500,000
Closed -$47.4M
LPR
67
DELISTED
LONE PINE RES INC
LPR
– –
-392,886
Closed -$2K
EXXI
68
DELISTED
ENERGY XXI LTD COM SHS
EXXI
– –
-200,000
Closed -$6.04M
ARMH
69
DELISTED
ARM HOLDINGS PLC ADS
ARMH
– –
-80,300
Closed -$3.86M
1 2
3

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PWP
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OTPPB
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JGC
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PAR Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, PAR Capital Management held 69 positions worth $3.01B, down 7.7% from $3.26B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

PAR Capital Management withdrew a net $760M in Q4 2013, closing 13 positions and reducing 17 holdings. Its most notable exit was MGM Resorts International, an estimated $75.7M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 48% a quarter earlier, followed by Industrials and Technology.

Against the trend, PAR Capital Management opened a new position in Gaming and Leisure Properties worth $108M.

  • PAR Capital Management's largest Q4 2013 buy was Gaming and Leisure Properties: 2,120,082 shares worth $108M.
  • PAR Capital Management added most to Boyd Gaming in Q4 2013, an estimated $12.9M increase.
  • PAR Capital Management's biggest Q4 2013 reduction was Booking.com, cutting an estimated $288M.
  • PAR Capital Management fully exited MGM Resorts International in Q4 2013, selling an estimated $75.7M.
  • PAR Capital Management's ten largest holdings make up 63% of its $3.01B portfolio in Q4 2013.
  • PAR Capital Management opened 8 new positions and closed 13 in Q4 2013.
  • PAR Capital Management's portfolio value fell 7.7% quarter-over-quarter to $3.01B.

Based on PAR Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.