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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
-1.32%
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
$6.24B
AUM Growth
+$805M
Cap. Flow
+$836M
Cap. Flow %
13.4%
Top 10 Hldgs %
56.71%
Holding
92
New
12
Increased
33
Reduced
14
Closed
13

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$423M
2
MCK icon
McKesson
MCK
+$162M
3
CI icon
Cigna
CI
+$151M
4
TRIP icon
TripAdvisor
TRIP
+$100M
5
Z icon
Zillow
Z
+$81.2M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$180M
2
QUNR
Qunar Cayman Islands Limited
QUNR
+$145M
3
LUV icon
Southwest Airlines
LUV
+$80.5M
4
VA
Virgin America Inc.
VA
+$45.9M
5
AAL icon
American Airlines Group
AAL
+$44.3M

Sector Composition

Rank Sector Weight
1 Industrials 43.68%
2 Consumer Discretionary 27.86%
3 Healthcare 10.8%
4 Communication Services 2.61%
5 Real Estate 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DOOR
51
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$17.8M 0.29%
272,000
– –
CSGP icon
52
CoStar Group
CSGP
$12.2B
$15.2M 0.24%
810,000
+170,000
+27% +$3.01M
ITG
53
DELISTED
Investment Technology Group Inc
ITG
$14.2M 0.23%
642,800
+92,800
+17% +$1.7M
PAGP icon
54
Plains GP Holdings
PAGP
$5.28B
$11.3M 0.18%
488,161
+284,140
+139% +$5.84M
PGTI
55
DELISTED
PGT, Inc.
PGTI
$11.3M 0.18%
1,146,172
– –
STT icon
56
State Street
STT
$48.4B
$10.5M 0.17%
180,000
+90,000
+100% +$5.11M
SF
57
Stifel
SF
$12.4B
$8.88M 0.14%
675,000
+236,250
+54% +$3.36M
APC
58
DELISTED
Anadarko Petroleum
APC
$8.73M 0.14%
187,444
– –
MODV
59
DELISTED
ModivCare
MODV
$7.66M 0.12%
150,066
– –
SPLS
60
DELISTED
Staples Inc
SPLS
$7.17M 0.11%
+650,000
New +$6.11M
ICE icon
61
Intercontinental Exchange
ICE
$87.2B
$7.05M 0.11%
150,000
-50,000
-25% -$2.43M
TUES
62
DELISTED
Tuesday Morning Corp
TUES
$6.93M 0.11%
+847,000
New +$5.55M
NFX
63
DELISTED
Newfield Exploration
NFX
$6.73M 0.11%
202,500
– –
CMA
64
DELISTED
Comerica
CMA
$6.63M 0.11%
175,000
+80,000
+84% +$2.88M
APAM icon
65
Artisan Partners
APAM
$2.86B
$5.4M 0.09%
175,000
-125,000
-42% -$3.65M
FRC
66
DELISTED
First Republic Bank
FRC
$5.33M 0.09%
80,000
– –
FCX icon
67
Freeport-McMoran
FCX
$86.2B
$4.89M 0.08%
472,500
-327,500
-41% -$2.3M
WBS icon
68
Webster Financial
WBS
$12.3B
$4.22M 0.07%
+117,673
New +$4.03M
QTWO icon
69
Q2 Holdings
QTWO
$3.78B
$3.97M 0.06%
165,000
+10,000
+6% +$215K
PFSI icon
70
PennyMac Financial
PFSI
$4.47B
$3.94M 0.06%
335,000
+140,000
+72% +$1.68M
OLLI icon
71
Ollie's Bargain Outlet
OLLI
$4.31B
$3.41M 0.05%
+145,675
New +$2.99M
CSBR icon
72
Champions Oncology
CSBR
$75.9M
$3.03M 0.05%
833,333
– –
RMGN
73
DELISTED
RMG Networks Holding Corporation
RMGN
$3.03M 0.05%
646,823
-102,000
-14% -$349K
GDEN
74
DELISTED
Golden Entertainment
GDEN
$2.75M 0.04%
253,887
-223,829
-47% -$2.28M
PRTY
75
DELISTED
Party City Holdco Inc.
PRTY
$2.28M 0.04%
+151,300
New +$1.67M
1 2
3
4

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PAR Capital Management's Q1 2016 Portfolio in Review

As of Q1 2016, PAR Capital Management held 92 positions worth $6.24B, up 15% from $5.43B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $836M of net new capital in Q1 2016, opening 12 new positions and adding to 33 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $157M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Delta Air Lines, an estimated $180M trimmed.

  • PAR Capital Management's largest Q1 2016 buy was McKesson: 1,000,000 shares worth $157M.
  • PAR Capital Management added most to United Airlines in Q1 2016, an estimated $423M increase.
  • PAR Capital Management's biggest Q1 2016 reduction was Delta Air Lines, cutting an estimated $180M.
  • PAR Capital Management fully exited Qunar Cayman Islands Limited in Q1 2016, selling an estimated $145M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.24B portfolio in Q1 2016.
  • PAR Capital Management opened 12 new positions and closed 13 in Q1 2016.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $6.24B.

Based on PAR Capital Management's 13F filing for Q1 2016, filed 16 May 2016.