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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
-1.32%
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
$6.24B
AUM Growth
+$805M
Cap. Flow
+$836M
Cap. Flow %
13.4%
Top 10 Hldgs %
56.71%
Holding
92
New
12
Increased
33
Reduced
14
Closed
13

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$423M
2
MCK icon
McKesson
MCK
+$162M
3
CI icon
Cigna
CI
+$151M
4
TRIP icon
TripAdvisor
TRIP
+$100M
5
Z icon
Zillow
Z
+$81.2M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$180M
2
QUNR
Qunar Cayman Islands Limited
QUNR
+$145M
3
LUV icon
Southwest Airlines
LUV
+$80.5M
4
VA
Virgin America Inc.
VA
+$45.9M
5
AAL icon
American Airlines Group
AAL
+$44.3M

Sector Composition

Rank Sector Weight
1 Industrials 43.68%
2 Consumer Discretionary 27.86%
3 Healthcare 10.8%
4 Communication Services 2.61%
5 Real Estate 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MLCO icon
76
Melco Resorts & Entertainment
MLCO
$2.21B
$1.65M 0.03%
100,000
– –
DVD
77
DELISTED
Dover Motorsports
DVD
$1.52M 0.02%
671,931
– –
MMYT icon
78
MakeMyTrip
MMYT
$5.38B
$1.45M 0.02%
79,973
– –
FMD
79
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$228K ﹤0.01%
+60,000
New +$227K
ANGI icon
80
Angi Inc
ANGI
$247M
– –
-55,100
Closed -$5.15M
APA icon
81
APA Corp
APA
$13B
– –
-90,000
Closed -$4M
CSX icon
82
CSX Corp
CSX
$94B
– –
-1,500,000
Closed -$13M
ENSG icon
83
The Ensign Group
ENSG
$10.6B
– –
-534,500
Closed -$11.3M
GBX icon
84
The Greenbrier Companies
GBX
$1.57B
– –
-422,275
Closed -$13.8M
MC icon
85
Moelis & Co
MC
$4.85B
– –
-75,000
Closed -$2.19M
NSC icon
86
Norfolk Southern
NSC
$75.4B
– –
-450,000
Closed -$38.1M
VRTS icon
87
Virtus Investment Partners
VRTS
$1.12B
– –
-45,000
Closed -$5.29M
IMBI
88
DELISTED
iMedia Brands, Inc. Class A Common Stock
IMBI
– –
-424,290
Closed -$7.55M
WP
89
DELISTED
Worldpay, Inc.
WP
– –
-73,300
Closed -$3.48M
POZN
90
DELISTED
POZEN INC
POZN
– –
-3,863,699
Closed -$26.4M
SGY
91
DELISTED
Stone Energy
SGY
– –
-3,784
Closed -$922K
QUNR
92
DELISTED
Qunar Cayman Islands Limited
QUNR
– –
-2,746,586
Closed -$145M
1 2 3
4

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PAR Capital Management's Q1 2016 Portfolio in Review

As of Q1 2016, PAR Capital Management held 92 positions worth $6.24B, up 15% from $5.43B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $836M of net new capital in Q1 2016, opening 12 new positions and adding to 33 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $157M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Delta Air Lines, an estimated $180M trimmed.

  • PAR Capital Management's largest Q1 2016 buy was McKesson: 1,000,000 shares worth $157M.
  • PAR Capital Management added most to United Airlines in Q1 2016, an estimated $423M increase.
  • PAR Capital Management's biggest Q1 2016 reduction was Delta Air Lines, cutting an estimated $180M.
  • PAR Capital Management fully exited Qunar Cayman Islands Limited in Q1 2016, selling an estimated $145M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.24B portfolio in Q1 2016.
  • PAR Capital Management opened 12 new positions and closed 13 in Q1 2016.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $6.24B.

Based on PAR Capital Management's 13F filing for Q1 2016, filed 16 May 2016.