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PAR Capital Management Portfolio holdings

AUM $4.03B
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
+13.91%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$3.26B
AUM Growth
-$304M
Cap. Flow
-$715M
Cap. Flow %
-21.97%
Top 10 Hldgs %
64.68%
Holding
67
New
5
Increased
17
Reduced
16
Closed
6

Top Buys

Rank Stock Value
1
PENN icon
PENN Entertainment
PENN
+$48.4M
2
LCC
US AIRWAYS GROUP INC.
LCC
+$35.4M
3
EXPE icon
Expedia Group
EXPE
+$32.1M
4
FFIV icon
F5
FFIV
+$16.1M
5
SSYS icon
Stratasys
SSYS
+$15.1M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$165M
2
ELV icon
Elevance Health
ELV
+$150M
3
UNH icon
UnitedHealth
UNH
+$115M
4
OWW
ORBITZ WORLDWIDE, INC
OWW
+$79.9M
5
AET
Aetna Inc
AET
+$77M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 48.69%
2 Industrials 25.6%
3 Communication Services 8.97%
4 Technology 6.82%
5 Healthcare 3.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BKNG icon
1
Booking.com
BKNG
$130B
$507M 15.58%
12,542,500
– –
ALK icon
2
Alaska Air
ALK
$4.48B
$267M 8.21%
8,538,564
+115,232
+1% +$3.44M
ENT
3
DELISTED
Global Eagle Entertainment Inc.
ENT
$264M 8.1%
1,158,740
– –
PENN icon
4
PENN Entertainment
PENN
$2.39B
$244M 7.49%
19,492,117
+4,016,111
+26% +$48.4M
TRIP icon
5
TripAdvisor
TRIP
$1.06B
$176M 5.39%
2,314,887
-875,000
-27% -$62M
OWW
6
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$159M 4.88%
16,500,000
-8,105,094
-33% -$79.9M
CAR icon
7
Avis
CAR
$4.2B
$154M 4.73%
5,342,659
+41,900
+0.8% +$1.25M
DAL icon
8
Delta Air Lines
DAL
$52.1B
$128M 3.92%
5,405,000
-7,918,600
-59% -$165M
CHDN icon
9
Churchill Downs
CHDN
$5.73B
$111M 3.41%
7,689,264
+177,402
+2% +$2.46M
EXPE icon
10
Expedia Group
EXPE
$34.5B
$97.1M 2.98%
1,873,900
+600,000
+47% +$32.1M
MLCO icon
11
Melco Resorts & Entertainment
MLCO
$1.84B
$88.5M 2.72%
2,780,557
– –
BYD icon
12
Boyd Gaming
BYD
$5.6B
$82.3M 2.53%
5,816,500
-2,492,200
-30% -$30.6M
MGM icon
13
MGM Resorts International
MGM
$9.92B
$75.7M 2.32%
3,702,900
– –
AET
14
DELISTED
Aetna Inc
AET
$73.6M 2.26%
1,150,000
-1,200,000
-51% -$77M
BYI
15
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
$68.6M 2.11%
951,740
– –
ELV icon
16
Elevance Health
ELV
$91.4B
$62.9M 1.93%
752,100
-1,747,900
-70% -$150M
URI icon
17
United Rentals
URI
$61.5B
$59.6M 1.83%
1,022,813
-380,000
-27% -$21.1M
LCC
18
DELISTED
US AIRWAYS GROUP INC.
LCC
$47.4M 1.46%
2,500,000
+2,000,000
+400% +$35.4M
GBX icon
19
The Greenbrier Companies
GBX
$1.33B
$42.3M 1.3%
1,709,700
– –
KLAC icon
20
KLA
KLAC
$220B
$39.1M 1.2%
6,420,000
+920,000
+17% +$5.39M
SAVE
21
DELISTED
Spirit Airlines, Inc.
SAVE
$37.7M 1.16%
1,100,000
-840,124
-43% -$27.8M
WCG
22
DELISTED
Wellcare Health Plans, Inc.
WCG
$34.9M 1.07%
500,000
– –
OC icon
23
Owens Corning
OC
$10.2B
$34.7M 1.07%
914,762
+176,262
+24% +$6.87M
WOLF icon
24
Wolfspeed
WOLF
$1.24B
$32.5M 1%
539,300
+90,000
+20% +$5.73M
AIXG
25
DELISTED
Aixtron SE
AIXG
$28.4M 0.87%
1,676,108
– –
1
2 3

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PWP
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PAR Capital Management's Q3 2013 Portfolio in Review

As of Q3 2013, PAR Capital Management held 67 positions worth $3.26B, down 8.5% from $3.56B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

PAR Capital Management withdrew a net $715M in Q3 2013, closing 6 positions and reducing 16 holdings. Its most notable exit was UnitedHealth, an estimated $115M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 49% of assets, up from 40% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, PAR Capital Management opened a new position in F5 worth $16.2M.

  • PAR Capital Management's largest Q3 2013 buy was F5: 189,300 shares worth $16.2M.
  • PAR Capital Management added most to PENN Entertainment in Q3 2013, an estimated $48.4M increase.
  • PAR Capital Management's biggest Q3 2013 reduction was Delta Air Lines, cutting an estimated $165M.
  • PAR Capital Management fully exited UnitedHealth in Q3 2013, selling an estimated $115M.
  • PAR Capital Management's ten largest holdings make up 65% of its $3.26B portfolio in Q3 2013.
  • PAR Capital Management opened 5 new positions and closed 6 in Q3 2013.
  • PAR Capital Management's portfolio value fell 8.5% quarter-over-quarter to $3.26B.

Based on PAR Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.