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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
-14.72%
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
$5.98B
AUM Growth
-$2.73B
Cap. Flow
-$1.59B
Cap. Flow %
-26.58%
Top 10 Hldgs %
69.66%
Holding
79
New
2
Increased
13
Reduced
24
Closed
19

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$150M
2
GRPN icon
Groupon
GRPN
+$137M
3
JBLU icon
JetBlue
JBLU
+$95.5M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$41M
5
SYF icon
Synchrony
SYF
+$29.6M

Top Sells

Rank Stock Value
1
MCK icon
McKesson
MCK
+$438M
2
CZR icon
Caesars Entertainment
CZR
+$191M
3
TCOM icon
Trip.com Group
TCOM
+$188M
4
WLL
Whiting Petroleum Corporation
WLL
+$171M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$133M

Sector Composition

Rank Sector Weight
1 Industrials 46.64%
2 Consumer Discretionary 34.74%
3 Communication Services 6.68%
4 Financials 2.83%
5 Healthcare 2.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COR icon
51
Cencora
COR
$62B
$3.72M 0.06%
50,000
– –
DDE
52
DELISTED
Dover Downs Gaming & Entertain
DDE
$2.54M 0.04%
915,000
– –
STAY
53
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$2.47M 0.04%
159,500
-315,500
-66% -$5.56M
MMYT icon
54
MakeMyTrip
MMYT
$5.38B
$2.46M 0.04%
101,200
– –
DESP
55
DELISTED
Despegar.com
DESP
$2.28M 0.04%
183,526
– –
SWN
56
DELISTED
Southwestern Energy Company
SWN
$2.04M 0.03%
599,800
-500,200
-45% -$2.46M
DVD
57
DELISTED
Dover Motorsports
DVD
$1.26M 0.02%
671,931
– –
EVER icon
58
EverQuote
EVER
$949M
$1.03M 0.02%
+246,300
New +$2.28M
MLCO icon
59
Melco Resorts & Entertainment
MLCO
$2.21B
$881K 0.01%
50,000
-225,000
-82% -$4.01M
AAP icon
60
Advance Auto Parts
AAP
$3.53B
– –
-180,000
Closed -$30.3M
ANGI icon
61
Angi Inc
ANGI
$247M
– –
-80,204
Closed -$18.8M
CSGP icon
62
CoStar Group
CSGP
$12.2B
– –
-1,150,000
Closed -$48.4M
CZR icon
63
Caesars Entertainment
CZR
$6.06B
– –
-3,926,940
Closed -$191M
DKS icon
64
Dick's Sporting Goods
DKS
$18.4B
– –
-150,000
Closed -$5.32M
DY icon
65
Dycom Industries
DY
$11.2B
– –
-1,183,200
Closed -$100M
EXP icon
66
Eagle Materials
EXP
$6.49B
– –
-274,781
Closed -$23.4M
HRI icon
67
Herc Holdings
HRI
$4.78B
– –
-1,907,400
Closed -$97.7M
MCK icon
68
McKesson
MCK
$104B
– –
-3,300,000
Closed -$438M
ORLY icon
69
O'Reilly Automotive
ORLY
$75.1B
– –
-1,500,000
Closed -$34.7M
PENN icon
70
PENN Entertainment
PENN
$2.84B
– –
-1,859,904
Closed -$61.2M
TCOM icon
71
Trip.com Group
TCOM
$29B
– –
-5,056,200
Closed -$188M
YELP icon
72
Yelp
YELP
$1.54B
– –
-500,000
Closed -$24.6M
DOOR
73
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
– –
-748,926
Closed -$48M
TVTY
74
DELISTED
Tivity Health, Inc. Common Stock
TVTY
– –
-477,042
Closed -$15.3M
HOME
75
DELISTED
At Home Group Inc.
HOME
– –
-1,428,500
Closed -$45M
1 2
3
4

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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 Q4 2018 Portfolio in Review

As of Q4 2018, PAR Capital Management held 79 positions worth $5.98B, down 31% from $8.71B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

PAR Capital Management withdrew a net $1.59B in Q4 2018, closing 19 positions and reducing 24 holdings. Its most notable exit was McKesson, an estimated $438M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, PAR Capital Management opened a new position in iShares Core S&P 500 ETF worth $38M.

  • PAR Capital Management's largest Q4 2018 buy was iShares Core S&P 500 ETF: 151,000 shares worth $38M.
  • PAR Capital Management added most to Booking.com in Q4 2018, an estimated $150M increase.
  • PAR Capital Management's biggest Q4 2018 reduction was Gaming and Leisure Properties, cutting an estimated $133M.
  • PAR Capital Management fully exited McKesson in Q4 2018, selling an estimated $438M.
  • PAR Capital Management's ten largest holdings make up 70% of its $5.98B portfolio in Q4 2018.
  • PAR Capital Management opened 2 new positions and closed 19 in Q4 2018.
  • PAR Capital Management's portfolio value fell 31% quarter-over-quarter to $5.98B.

Based on PAR Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.