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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
+2.33%
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
$8.23B
AUM Growth
+$578M
Cap. Flow
+$532M
Cap. Flow %
6.47%
Top 10 Hldgs %
60.01%
Holding
89
New
14
Increased
26
Reduced
10
Closed
12

Top Buys

Rank Stock Value
1
HTZ
Hertz Global Holdings, Inc.
HTZ
+$123M
2
CAR icon
Avis
CAR
+$112M
3
SGI
Somnigroup International
SGI
+$105M
4
MCK icon
McKesson
MCK
+$99.5M
5
EXPE icon
Expedia Group
EXPE
+$87M

Top Sells

Rank Stock Value
1
WCG
Wellcare Health Plans, Inc.
WCG
+$64.9M
2
CP icon
Canadian Pacific Kansas City
CP
+$51.2M
3
LNW
Light & Wonder
LNW
+$41.8M
4
DVA icon
DaVita
DVA
+$38.5M
5
IVZ icon
Invesco
IVZ
+$37.2M

Sector Composition

Rank Sector Weight
1 Industrials 42.57%
2 Consumer Discretionary 29.45%
3 Healthcare 13.82%
4 Communication Services 4.14%
5 Energy 2.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SEMG
51
DELISTED
SEMGROUP CORPORATION
SEMG
$17.2M 0.21%
477,500
+100,000
+26% +$3.8M
TUES
52
DELISTED
Tuesday Morning Corp
TUES
$16.3M 0.2%
4,338,114
+833,959
+24% +$3.39M
OLLI icon
53
Ollie's Bargain Outlet
OLLI
$4.31B
$13.7M 0.17%
409,265
+25,000
+7% +$786K
ARLZ
54
DELISTED
Aralez Pharmaceuticals Inc.
ARLZ
$13.7M 0.17%
6,400,000
– –
PGTI
55
DELISTED
PGT, Inc.
PGTI
$12.5M 0.15%
1,161,394
+15,222
+1% +$168K
TREE icon
56
LendingTree
TREE
$551M
$10.3M 0.13%
82,469
– –
THC icon
57
Tenet Healthcare
THC
$22.2B
$9.74M 0.12%
+550,000
New +$10.2M
PFSI icon
58
PennyMac Financial
PFSI
$4.47B
$8.44M 0.1%
495,000
+48,000
+11% +$831K
XHR
59
Xenia Hotels & Resorts
XHR
$2.01B
$8.1M 0.1%
474,211
– –
WBS icon
60
Webster Financial
WBS
$12.3B
$8.01M 0.1%
160,000
– –
FRC
61
DELISTED
First Republic Bank
FRC
$7.5M 0.09%
80,000
– –
SEM
62
DELISTED
Select Medical
SEM
$7.04M 0.09%
+978,220
New +$7.09M
PIR
63
DELISTED
Pier 1 Imports, Inc.
PIR
$6.38M 0.08%
+44,520
New +$6.52M
SGY
64
DELISTED
Stone Energy
SGY
$6.29M 0.08%
+288,141
New +$9.47M
PNK
65
DELISTED
Pinnacle Entertainment Inc.
PNK
$6.12M 0.07%
313,428
– –
QTWO icon
66
Q2 Holdings
QTWO
$3.78B
$5.75M 0.07%
165,000
– –
META icon
67
Meta Platforms (Facebook)
META
$1.49T
$5.68M 0.07%
40,000
– –
PGEN icon
68
Precigen
PGEN
$1.94B
$3.5M 0.04%
+176,410
New +$3.94M
VLRS
69
Controladora Vuela Compania de Aviacion
VLRS
$869M
$3.48M 0.04%
250,000
-2,219,670
-90% -$29.8M
RATE
70
DELISTED
Bankrate Inc
RATE
$2.02M 0.02%
+208,794
New +$2.26M
TCOM icon
71
Trip.com Group
TCOM
$29B
$1.97M 0.02%
40,000
– –
DVD
72
DELISTED
Dover Motorsports
DVD
$1.48M 0.02%
+671,931
New +$1.52M
RRTS
73
DELISTED
RoadRunner Transportation Systems, Inc.
RRTS
$433K 0.01%
2,520
-10,680
-81% -$2.21M
BV
74
DELISTED
Bazaarvoice, Inc.
BV
$387K ﹤0.01%
+90,000
New +$404K
WIX icon
75
WIX.com
WIX
$2.56B
$272K ﹤0.01%
+4,000
New +$235K
1 2
3
4

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RBA
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DAM
Davis Asset Management Sausalito, California $3.46B AUM 9.77% 1-Year Est. Return
PWP
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OTPPB
Ontario Teachers' Pension Plan Board Toronto, Ontario, Canada $3.46B AUM 7.79% 1-Year Est. Return
JGC
J. Goldman & Co New York $3.44B AUM 33.8% 1-Year Est. Return
CIA
Caledonia Investments (Australia) Sydney NSW, Australia $3.44B AUM 20.03% 1-Year Est. Return
CCM
Check Capital Management Costa Mesa, California $3.44B AUM 9.15% 1-Year Est. Return

PAR Capital Management's Q1 2017 Portfolio in Review

As of Q1 2017, PAR Capital Management held 89 positions worth $8.23B, up 7.6% from $7.65B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

PAR Capital Management deployed $532M of net new capital in Q1 2017, opening 14 new positions and adding to 26 existing holdings. Its largest new stake was Hertz Global Holdings, Inc.: 6,777,751 shares worth $103M.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Canadian Pacific Kansas City, an estimated $51.2M trimmed.

  • PAR Capital Management's largest Q1 2017 buy was Hertz Global Holdings, Inc.: 6,777,751 shares worth $103M.
  • PAR Capital Management added most to Avis in Q1 2017, an estimated $112M increase.
  • PAR Capital Management's biggest Q1 2017 reduction was Canadian Pacific Kansas City, cutting an estimated $51.2M.
  • PAR Capital Management fully exited Wellcare Health Plans, Inc. in Q1 2017, selling an estimated $64.9M.
  • PAR Capital Management's ten largest holdings make up 60% of its $8.23B portfolio in Q1 2017.
  • PAR Capital Management opened 14 new positions and closed 12 in Q1 2017.
  • PAR Capital Management's portfolio value rose 7.6% quarter-over-quarter to $8.23B.

Based on PAR Capital Management's 13F filing for Q1 2017, filed 15 May 2017.