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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
+2.58%
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
$5.14B
AUM Growth
-$636M
Cap. Flow
-$630M
Cap. Flow %
-12.25%
Top 10 Hldgs %
75.7%
Holding
55
New
3
Increased
6
Reduced
14
Closed
12

Top Buys

Rank Stock Value
1
AAL icon
American Airlines Group
AAL
+$102M
2
TRIP icon
TripAdvisor
TRIP
+$36.2M
3
SAVE
Spirit Airlines, Inc.
SAVE
+$19.4M
4
HTZ
Hertz Global Holdings, Inc.
HTZ
+$16M
5
PENN icon
PENN Entertainment
PENN
+$9.58M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$252M
2
EXPE icon
Expedia Group
EXPE
+$192M
3
CHDN icon
Churchill Downs
CHDN
+$151M
4
PCYO icon
Pure Cycle
PCYO
+$40.5M
5
EHTH icon
eHealth
EHTH
+$35.5M

Sector Composition

Rank Sector Weight
1 Industrials 47.27%
2 Consumer Discretionary 31.44%
3 Communication Services 6.53%
4 Healthcare 6.33%
5 Financials 4.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WBS icon
51
Webster Financial
WBS
$12.3B
– –
-210,100
Closed -$9.85M
ZIXI
52
DELISTED
Zix Corporation
ZIXI
– –
-71,900
Closed -$521K
GRUB
53
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
– –
-175,000
Closed -$19.7M
HTZ
54
CALL
DELISTED
Hertz Global Holdings, Inc.
HTZ
– –
-8,000
Closed -$11.3M
TSG
55
DELISTED
The Stars Group Inc.
TSG
– –
-454,100
Closed -$6.8M
1 2
3

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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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PAR Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, PAR Capital Management held 55 positions worth $5.14B, down 11% from $5.78B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

PAR Capital Management withdrew a net $630M in Q4 2019, closing 12 positions and reducing 14 holdings. Its most notable exit was eHealth, an estimated $35.5M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 43% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, PAR Capital Management opened a new position in American Airlines Group worth $102M.

  • PAR Capital Management's largest Q4 2019 buy was American Airlines Group: 3,560,134 shares worth $102M.
  • PAR Capital Management added most to TripAdvisor in Q4 2019, an estimated $36.2M increase.
  • PAR Capital Management's biggest Q4 2019 reduction was Delta Air Lines, cutting an estimated $252M.
  • PAR Capital Management fully exited eHealth in Q4 2019, selling an estimated $35.5M.
  • PAR Capital Management's ten largest holdings make up 76% of its $5.14B portfolio in Q4 2019.
  • PAR Capital Management opened 3 new positions and closed 12 in Q4 2019.
  • PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $5.14B.

Based on PAR Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.