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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
-2.69%
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
$3.75B
AUM Growth
+$125M
Cap. Flow
+$289M
Cap. Flow %
7.72%
Top 10 Hldgs %
56.26%
Holding
78
New
14
Increased
22
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$87M
2
ALGT icon
Allegiant Air
ALGT
+$47.2M
3
UAL icon
United Airlines
UAL
+$37.1M
4
WCG
Wellcare Health Plans, Inc.
WCG
+$33.2M
5
RAD
Rite Aid Corporation
RAD
+$32.3M

Top Sells

Rank Stock Value
1
KLAC icon
KLA
KLAC
+$42.3M
2
CRM icon
Salesforce
CRM
+$23.1M
3
INVN
Invensense Inc
INVN
+$22.5M
4
SLAB icon
Silicon Laboratories
SLAB
+$19M
5
MNTG
M T R GAMING GROUP INC
MNTG
+$15M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 36.99%
2 Industrials 35.91%
3 Technology 4.02%
4 Real Estate 2.87%
5 Financials 1.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXP icon
51
Eagle Materials
EXP
$6.49B
$9.63M 0.26%
94,600
+16,000
+20% +$1.55M
LVS icon
52
CALL
Las Vegas Sands
LVS
$32.2B
$9.33M 0.25%
+150,000
New +$10.3M
V icon
53
Visa
V
$701B
$9.18M 0.24%
+172,000
New +$9.24M
SLAB icon
54
Silicon Laboratories
SLAB
$7.14B
$9.1M 0.24%
224,000
-432,000
-66% -$19M
PGTI
55
DELISTED
PGT, Inc.
PGTI
$8.87M 0.24%
951,172
+10,000
+1% +$94.3K
DOOR
56
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$7.2M 0.19%
+130,000
New +$7.12M
ISLE
57
DELISTED
Isle of Capri Casinos Inc
ISLE
$7.01M 0.19%
934,839
-1,628,161
-64% -$13.2M
KLAC icon
58
KLA
KLAC
$222B
$6.38M 0.17%
810,000
-5,610,000
-87% -$42.3M
CSGP icon
59
CoStar Group
CSGP
$12.2B
$5.29M 0.14%
+340,000
New +$5.06M
VLRS
60
Controladora Vuela Compania de Aviacion
VLRS
$869M
$5.24M 0.14%
603,370
+58,370
+11% +$516K
FNCX
61
DELISTED
Function(x) Inc.
FNCX
$4.87M 0.13%
68,750
– –
JPM icon
62
JPMorgan Chase
JPM
$916B
$4.82M 0.13%
80,000
-60,000
-43% -$3.51M
FRC
63
DELISTED
First Republic Bank
FRC
$3.46M 0.09%
+70,000
New +$3.43M
BHR
64
Braemar Hotels & Resorts
BHR
$163M
$3.45M 0.09%
228,521
+159,942
+233% +$2.62M
QUNR
65
DELISTED
Qunar Cayman Islands Limited
QUNR
$3.01M 0.08%
+108,843
New +$3.14M
HRI icon
66
Herc Holdings
HRI
$4.78B
$2.54M 0.07%
+33,333
New +$2.85M
RMGN
67
DELISTED
RMG Networks Holding Corporation
RMGN
$1.83M 0.05%
278,073
– –
DVD
68
DELISTED
Dover Motorsports
DVD
$1.55M 0.04%
671,931
– –
FMD
69
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$170K ﹤0.01%
60,000
– –
GDEN
70
DELISTED
Golden Entertainment
GDEN
– –
-658,457
Closed -$6.2M
BRSL
71
Brightstar Lottery PLC
BRSL
$1.9B
– –
-263,100
Closed -$4.19M
MAS icon
72
Masco
MAS
$14.6B
– –
-299,180
Closed -$5.84M
SSYS icon
73
Stratasys
SSYS
$666M
– –
-106,940
Closed -$12.2M
WOLF icon
74
Wolfspeed
WOLF
$1.04B
– –
-254,300
Closed -$12.7M
INVN
75
DELISTED
Invensense Inc
INVN
– –
-992,402
Closed -$22.5M
1 2
3
4

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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 Q3 2014 Portfolio in Review

As of Q3 2014, PAR Capital Management held 78 positions worth $3.75B, up 3.4% from $3.62B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

PAR Capital Management deployed $289M of net new capital in Q3 2014, opening 14 new positions and adding to 22 existing holdings. Its largest new stake was Allegiant Air: 385,000 shares worth $47.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, down from 39% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was KLA, an estimated $42.3M trimmed.

  • PAR Capital Management's largest Q3 2014 buy was Allegiant Air: 385,000 shares worth $47.6M.
  • PAR Capital Management added most to Delta Air Lines in Q3 2014, an estimated $87M increase.
  • PAR Capital Management's biggest Q3 2014 reduction was KLA, cutting an estimated $42.3M.
  • PAR Capital Management fully exited Invensense Inc in Q3 2014, selling an estimated $22.5M.
  • PAR Capital Management's ten largest holdings make up 56% of its $3.75B portfolio in Q3 2014.
  • PAR Capital Management opened 14 new positions and closed 9 in Q3 2014.
  • PAR Capital Management's portfolio value rose 3.4% quarter-over-quarter to $3.75B.

Based on PAR Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.