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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
+8.67%
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
$5.43B
AUM Growth
+$692M
Cap. Flow
+$374M
Cap. Flow %
6.87%
Top 10 Hldgs %
58.19%
Holding
84
New
4
Increased
30
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
CI icon
Cigna
CI
+$124M
2
HCA icon
HCA Healthcare
HCA
+$74.5M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$63.2M
4
UAL icon
United Airlines
UAL
+$60.3M
5
NSC icon
Norfolk Southern
NSC
+$38.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$61.9M
2
TRUE
TrueCar
TRUE
+$29.7M
3
GBX icon
The Greenbrier Companies
GBX
+$15.2M
4
SAVE
Spirit Airlines, Inc.
SAVE
+$15.1M
5
CLH icon
Clean Harbors
CLH
+$13.6M

Sector Composition

Rank Sector Weight
1 Industrials 48.22%
2 Consumer Discretionary 27.81%
3 Healthcare 4.42%
4 Communication Services 3.53%
5 Real Estate 2.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PGTI
51
DELISTED
PGT, Inc.
PGTI
$13.1M 0.24%
1,146,172
+20,000
+2% +$237K
CSX icon
52
CSX Corp
CSX
$94B
$13M 0.24%
+1,500,000
New +$13.6M
ENSG icon
53
The Ensign Group
ENSG
$10.6B
$11.3M 0.21%
534,500
– –
APAM icon
54
Artisan Partners
APAM
$2.86B
$10.8M 0.2%
300,000
– –
ICE icon
55
Intercontinental Exchange
ICE
$87.2B
$10.3M 0.19%
200,000
-40,000
-17% -$2.01M
ITG
56
DELISTED
Investment Technology Group Inc
ITG
$9.36M 0.17%
550,000
+275,000
+100% +$4.78M
APC
57
DELISTED
Anadarko Petroleum
APC
$9.11M 0.17%
187,444
– –
SF
58
Stifel
SF
$12.4B
$8.26M 0.15%
438,750
+101,250
+30% +$1.97M
IMBI
59
DELISTED
iMedia Brands, Inc. Class A Common Stock
IMBI
$7.55M 0.14%
424,290
– –
MODV
60
DELISTED
ModivCare
MODV
$7.04M 0.13%
150,066
– –
NFX
61
DELISTED
Newfield Exploration
NFX
$6.59M 0.12%
202,500
– –
STT icon
62
State Street
STT
$48.4B
$5.97M 0.11%
90,000
+19,000
+27% +$1.32M
FCX icon
63
Freeport-McMoran
FCX
$86.2B
$5.42M 0.1%
800,000
+375,000
+88% +$3.57M
VRTS icon
64
Virtus Investment Partners
VRTS
$1.12B
$5.29M 0.1%
45,000
-8,000
-15% -$959K
FRC
65
DELISTED
First Republic Bank
FRC
$5.29M 0.1%
80,000
-30,000
-27% -$1.98M
ANGI icon
66
Angi Inc
ANGI
$247M
$5.15M 0.09%
55,100
– –
PAGP icon
67
Plains GP Holdings
PAGP
$5.28B
$5.13M 0.09%
+204,021
New +$7.14M
GDEN
68
DELISTED
Golden Entertainment
GDEN
$4.89M 0.09%
477,716
-180,741
-27% -$1.77M
QTWO icon
69
Q2 Holdings
QTWO
$3.78B
$4.09M 0.08%
155,000
– –
APA icon
70
APA Corp
APA
$13B
$4M 0.07%
90,000
-160,000
-64% -$7.45M
CMA
71
DELISTED
Comerica
CMA
$3.97M 0.07%
95,000
+30,000
+46% +$1.31M
WP
72
DELISTED
Worldpay, Inc.
WP
$3.48M 0.06%
73,300
-16,700
-19% -$823K
PFSI icon
73
PennyMac Financial
PFSI
$4.47B
$3M 0.06%
195,000
+25,000
+15% +$404K
CSBR icon
74
Champions Oncology
CSBR
$75.9M
$2.98M 0.05%
833,333
– –
RMGN
75
DELISTED
RMG Networks Holding Corporation
RMGN
$2.25M 0.04%
748,823
-104,196
-12% -$317K
1 2
3
4

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PAR Capital Management's Q4 2015 Portfolio in Review

As of Q4 2015, PAR Capital Management held 84 positions worth $5.43B, up 15% from $4.74B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $374M of net new capital in Q4 2015, opening 4 new positions and adding to 30 existing holdings. Its largest new stake was HCA Healthcare: 1,067,529 shares worth $72.2M.

By sector, the portfolio is most concentrated in Industrials at 48% of assets, down from 49% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was TrueCar, an estimated $29.7M trimmed.

  • PAR Capital Management's largest Q4 2015 buy was HCA Healthcare: 1,067,529 shares worth $72.2M.
  • PAR Capital Management added most to Cigna in Q4 2015, an estimated $124M increase.
  • PAR Capital Management's biggest Q4 2015 reduction was TrueCar, cutting an estimated $29.7M.
  • PAR Capital Management fully exited Copa Holdings in Q4 2015, selling an estimated $61.9M.
  • PAR Capital Management's ten largest holdings make up 58% of its $5.43B portfolio in Q4 2015.
  • PAR Capital Management opened 4 new positions and closed 4 in Q4 2015.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $5.43B.

Based on PAR Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.