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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
-5.2%
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
$3.7B
AUM Growth
-$465M
Cap. Flow
-$207M
Cap. Flow %
-5.58%
Top 10 Hldgs %
72.15%
Holding
69
New
8
Increased
5
Reduced
10
Closed
13

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$59.8M
2
LYFT icon
Lyft
LYFT
+$47.6M
3
WEX icon
WEX
WEX
+$46.3M
4
HLT icon
Hilton Worldwide
HLT
+$26M
5
VCSA
Vacasa, Inc. Class A Common Stock
VCSA
+$22.7M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$117M
2
GRPN icon
Groupon
GRPN
+$63.5M
3
PFSI icon
PennyMac Financial
PFSI
+$42.3M
4
TFC icon
Truist Financial
TFC
+$39.6M
5
SAVE
Spirit Airlines, Inc.
SAVE
+$33.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.96%
2 Industrials 19.47%
3 Financials 18.51%
4 Technology 15.8%
5 Communication Services 2.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PL.WS
51
DELISTED
Planet Labs PBC Warrants
PL.WS
$39K ﹤0.01%
+20,000
New +$43.9K
ATAQ.WS
52
DELISTED
Altimar Acquisition Corp III Warrants
ATAQ.WS
$23K ﹤0.01%
25,000
– –
FRSGW
53
DELISTED
First Reserve Sustainable Growth Corp. Warrant
FRSGW
$21K ﹤0.01%
25,000
– –
FSNB.WS
54
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
$20K ﹤0.01%
33,333
– –
OHPAW
55
DELISTED
Orion Acquisition Corp. Warrant
OHPAW
$16K ﹤0.01%
25,000
– –
RXRAW
56
DELISTED
RXR Acquisition Corp. Warrants to purchase Class A common stock
RXRAW
$14K ﹤0.01%
20,000
– –
ABNB icon
57
Airbnb
ABNB
$89.9B
– –
-200,000
Closed -$33.5M
GRPN icon
58
Groupon
GRPN
$1.07B
– –
-2,783,500
Closed -$63.5M
MA icon
59
Mastercard
MA
$501B
– –
-50,000
Closed -$17.4M
PFSI icon
60
PennyMac Financial
PFSI
$3.95B
– –
-691,600
Closed -$42.3M
RRR icon
61
Red Rock Resorts
RRR
$3.8B
– –
-534,529
Closed -$27.4M
TFC icon
62
Truist Financial
TFC
$62.9B
– –
-675,000
Closed -$39.6M
WU icon
63
Western Union
WU
$2.04B
– –
-100,000
Closed -$2.02M
SAVE
64
DELISTED
Spirit Airlines, Inc.
SAVE
– –
-1,300,000
Closed -$33.7M
ASZ.WS
65
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
– –
-25,000
Closed -$42K
AUS.WS
66
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
– –
-25,000
Closed -$26K
ZIXI
67
DELISTED
Zix Corporation
ZIXI
– –
-71,900
Closed -$508K
DMYQ.WS
68
DELISTED
dMY Technology Group, Inc. IV Redeemable warrants, each whole warrant exercisable for one share of C
DMYQ.WS
– –
-20,000
Closed -$38K
DMYQ.U
69
DELISTED
dMY Technology Group, Inc. IV Units, each consisting of one share of Class A common stock and one-fi
DMYQ.U
– –
-100,000
Closed -$991K
1 2
3

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PAR Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, PAR Capital Management held 69 positions worth $3.7B, down 11% from $4.17B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

PAR Capital Management withdrew a net $207M in Q4 2021, closing 13 positions and reducing 10 holdings. Its most notable exit was Groupon, an estimated $63.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 44% of assets, up from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Lyft worth $43.5M.

  • PAR Capital Management's largest Q4 2021 buy was Lyft: 1,017,000 shares worth $43.5M.
  • PAR Capital Management added most to Expedia Group in Q4 2021, an estimated $59.8M increase.
  • PAR Capital Management's biggest Q4 2021 reduction was Booking.com, cutting an estimated $117M.
  • PAR Capital Management fully exited Groupon in Q4 2021, selling an estimated $63.5M.
  • PAR Capital Management's ten largest holdings make up 72% of its $3.7B portfolio in Q4 2021.
  • PAR Capital Management opened 8 new positions and closed 13 in Q4 2021.
  • PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $3.7B.

Based on PAR Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.