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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
+8.67%
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
$5.43B
AUM Growth
+$692M
Cap. Flow
+$374M
Cap. Flow %
6.87%
Top 10 Hldgs %
58.19%
Holding
84
New
4
Increased
30
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
CI icon
Cigna
CI
+$124M
2
HCA icon
HCA Healthcare
HCA
+$74.5M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$63.2M
4
UAL icon
United Airlines
UAL
+$60.3M
5
NSC icon
Norfolk Southern
NSC
+$38.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$61.9M
2
TRUE
TrueCar
TRUE
+$29.7M
3
GBX icon
The Greenbrier Companies
GBX
+$15.2M
4
SAVE
Spirit Airlines, Inc.
SAVE
+$15.1M
5
CLH icon
Clean Harbors
CLH
+$13.6M

Sector Composition

Rank Sector Weight
1 Industrials 48.22%
2 Consumer Discretionary 27.81%
3 Healthcare 4.42%
4 Communication Services 3.53%
5 Real Estate 2.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MC icon
76
Moelis & Co
MC
$4.85B
$2.19M 0.04%
75,000
-25,000
-25% -$716K
MLCO icon
77
Melco Resorts & Entertainment
MLCO
$2.21B
$1.68M 0.03%
100,000
-195,400
-66% -$3.33M
DVD
78
DELISTED
Dover Motorsports
DVD
$1.57M 0.03%
671,931
– –
MMYT icon
79
MakeMyTrip
MMYT
$5.38B
$1.37M 0.03%
79,973
– –
SGY
80
DELISTED
Stone Energy
SGY
$922K 0.02%
3,784
-13,816
-79% -$4.74M
CPA icon
81
Copa Holdings
CPA
$5.56B
– –
-1,477,200
Closed -$61.9M
SAVE
82
DELISTED
Spirit Airlines, Inc.
SAVE
– –
-318,827
Closed -$15.1M
FMD
83
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
– –
-60,000
Closed -$206K
1 2 3
4

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PAR Capital Management's Q4 2015 Portfolio in Review

As of Q4 2015, PAR Capital Management held 84 positions worth $5.43B, up 15% from $4.74B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $374M of net new capital in Q4 2015, opening 4 new positions and adding to 30 existing holdings. Its largest new stake was HCA Healthcare: 1,067,529 shares worth $72.2M.

By sector, the portfolio is most concentrated in Industrials at 48% of assets, down from 49% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was TrueCar, an estimated $29.7M trimmed.

  • PAR Capital Management's largest Q4 2015 buy was HCA Healthcare: 1,067,529 shares worth $72.2M.
  • PAR Capital Management added most to Cigna in Q4 2015, an estimated $124M increase.
  • PAR Capital Management's biggest Q4 2015 reduction was TrueCar, cutting an estimated $29.7M.
  • PAR Capital Management fully exited Copa Holdings in Q4 2015, selling an estimated $61.9M.
  • PAR Capital Management's ten largest holdings make up 58% of its $5.43B portfolio in Q4 2015.
  • PAR Capital Management opened 4 new positions and closed 4 in Q4 2015.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $5.43B.

Based on PAR Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.