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PCM

PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
-5.99%
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
$4.08B
AUM Growth
-$231M
Cap. Flow
+$208M
Cap. Flow %
5.1%
Top 10 Hldgs %
69.15%
Holding
71
New
24
Increased
13
Reduced
9
Closed
10

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$85.2M
2
CARG icon
CarGurus
CARG
+$48.9M
3
WEX icon
WEX
WEX
+$30.8M
4
TFC icon
Truist Financial
TFC
+$29.4M
5
GDOT icon
Green Dot
GDOT
+$15.1M

Top Sells

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$36.9M
2
BALY icon
Bally's
BALY
+$25M
3
LUV icon
Southwest Airlines
LUV
+$22.9M
4
ALGT icon
Allegiant Air
ALGT
+$11.2M
5
WPCA.U
Warburg Pincus Capital Corporation I-A Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCA.U
+$7.49M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 40.8%
2 Industrials 24.04%
3 Financials 18.97%
4 Technology 10.15%
5 Communication Services 4.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WPCB.WS
51
DELISTED
Warburg Pincus Capital Corporation I-B Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
WPCB.WS
$195K ﹤0.01%
+150,000
New +$169K
WPCA.WS
52
DELISTED
Warburg Pincus Capital Corporation I-A Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
WPCA.WS
$135K ﹤0.01%
+100,000
New +$113K
VGII.WS
53
DELISTED
Virgin Group Acquisition Corp. II Redeemable Warrants, each whole warrant exercisable for one Class
VGII.WS
$102K ﹤0.01%
+80,000
New +$94.2K
ASZ.WS
54
DELISTED
Austerlitz Acquisition Corporation II Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
ASZ.WS
$43K ﹤0.01%
+25,000
New +$27.4K
FSNB.WS
55
DELISTED
Fusion Acquisition Corp. II Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
FSNB.WS
$33K ﹤0.01%
+33,333
New +$26.3K
AUS.WS
56
DELISTED
Austerlitz Acquisition Corporation I Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
AUS.WS
$31K ﹤0.01%
+25,000
New +$36.2K
FRSGW
57
DELISTED
First Reserve Sustainable Growth Corp. Warrant
FRSGW
$29K ﹤0.01%
+25,000
New +$26.4K
ATAQ.WS
58
DELISTED
Altimar Acquisition Corp III Warrants
ATAQ.WS
$28K ﹤0.01%
+25,000
New +$24.5K
DMYQ.WS
59
DELISTED
dMY Technology Group, Inc. IV Redeemable warrants, each whole warrant exercisable for one share of C
DMYQ.WS
$28K ﹤0.01%
+20,000
New +$26.4K
OHPAW
60
DELISTED
Orion Acquisition Corp. Warrant
OHPAW
$24K ﹤0.01%
+25,000
New +$22.3K
RXRAW
61
DELISTED
RXR Acquisition Corp. Warrants to purchase Class A common stock
RXRAW
$21K ﹤0.01%
+20,000
New +$16.4K
ML
62
DELISTED
MoneyLion Inc.
ML
– –
-3,333
Closed -$993K
WPCB.U
63
DELISTED
Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCB.U
– –
-500,000
Closed -$5.04M
WPCA.U
64
DELISTED
Warburg Pincus Capital Corporation I-A Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCA.U
– –
-750,000
Closed -$7.49M
FRSGU
65
DELISTED
First Reserve Sustainable Growth Corp. Unit
FRSGU
– –
-100,000
Closed -$1M
RXRAU
66
DELISTED
RXR Acquisition Corp. Units
RXRAU
– –
-100,000
Closed -$985K
OHPAU
67
DELISTED
Orion Acquisition Corp. Unit
OHPAU
– –
-100,000
Closed -$1M
AUS.U
68
DELISTED
Austerlitz Acquisition Corporation I Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
AUS.U
– –
-100,000
Closed -$1M
ASZ.U
69
DELISTED
Austerlitz Acquisition Corporation II Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
ASZ.U
– –
-100,000
Closed -$1M
VGII.U
70
DELISTED
Virgin Group Acquisition Corp. II Units, each consisting of one Class A ordinary share and one-fifth
VGII.U
– –
-400,000
Closed -$3.97M
ATAQ.U
71
DELISTED
Altimar Acquisition Corp III Units
ATAQ.U
– –
-100,000
Closed -$1M
1 2
3

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PAR Capital Management's Q2 2021 Portfolio in Review

As of Q2 2021, PAR Capital Management held 71 positions worth $4.08B, down 5.4% from $4.31B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

PAR Capital Management deployed $208M of net new capital in Q2 2021, opening 24 new positions and adding to 13 existing holdings. Its largest new stake was Truist Financial: 500,000 shares worth $27.8M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 41% of assets, down from 42% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was United Airlines, an estimated $36.9M trimmed.

  • PAR Capital Management's largest Q2 2021 buy was Truist Financial: 500,000 shares worth $27.8M.
  • PAR Capital Management added most to Expedia Group in Q2 2021, an estimated $85.2M increase.
  • PAR Capital Management's biggest Q2 2021 reduction was United Airlines, cutting an estimated $36.9M.
  • PAR Capital Management fully exited Warburg Pincus Capital Corporation I-A Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant in Q2 2021, selling an estimated $7.49M.
  • PAR Capital Management's ten largest holdings make up 69% of its $4.08B portfolio in Q2 2021.
  • PAR Capital Management opened 24 new positions and closed 10 in Q2 2021.
  • PAR Capital Management's portfolio value fell 5.4% quarter-over-quarter to $4.08B.

Based on PAR Capital Management's 13F filing for Q2 2021, filed 16 Aug 2021.