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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
+21.48%
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
$3.01B
AUM Growth
-$250M
(-7.7%)
Cap. Flow
-$760M
Cap. Flow
% of AUM
-25.29%
Top 10 Holdings %
Top 10 Hldgs %
62.59%
Holding
69
New
8
Increased
9
Reduced
17
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gaming and Leisure Properties
GLPI
|
+$101M |
| 2 |
Southwest Airlines
LUV
|
+$57.5M |
| 3 |
American Airlines Group
AAL
|
+$51.5M |
| 4 |
INVN
Invensense Inc
INVN
|
+$20.4M |
| 5 |
Silicon Laboratories
SLAB
|
+$14.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$288M |
| 2 |
PENN Entertainment
PENN
|
+$220M |
| 3 |
Alaska Air
ALK
|
+$136M |
| 4 |
MGM Resorts International
MGM
|
+$75.7M |
| 5 |
AET
Aetna Inc
AET
|
+$73.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.15% |
| 2 | Industrials | 31.05% |
| 3 | Technology | 7.64% |
| 4 | Real Estate | 3.58% |
| 5 | Utilities | 1.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ENT
1
DELISTED
Global Eagle Entertainment Inc.
ENT
| $430M | 14.3% |
1,158,740
| – | – |
|
|
2
Booking.com
BKNG
$156B
| $283M | 9.4% |
6,080,000
-6,462,500
| -52% | -$288M |
|
3
Avis
CAR
$5.47B
| $216M | 7.18% |
5,342,659
| – | – |
|
4
TripAdvisor
TRIP
$1.7B
| $173M | 5.75% |
2,087,742
-227,145
| -10% | -$18.6M |
|
|
5
Alaska Air
ALK
$5.11B
| $173M | 5.74% |
4,702,364
-3,836,200
| -45% | -$136M |
|
6
Delta Air Lines
DAL
$56.7B
| $148M | 4.94% |
5,405,000
| – | – |
|
|
OWW
7
DELISTED
ORBITZ WORLDWIDE, INC
OWW
| $118M | 3.94% |
16,500,000
| – | – |
|
8
Expedia Group
EXPE
$36.5B
| $118M | 3.92% |
1,694,000
-179,900
| -10% | -$10.6M |
|
9
Churchill Downs
CHDN
$6.17B
| $115M | 3.84% |
7,719,264
+30,000
| +0.4% | +$436K |
|
|
10
Gaming and Leisure Properties
GLPI
$13B
| $108M | 3.58% |
+2,120,082
| New | +$101M |
|
11
Melco Resorts & Entertainment
MLCO
$2.21B
| $84.3M | 2.8% |
2,150,000
-630,557
| -23% | -$22.3M |
|
12
Boyd Gaming
BYD
$6.75B
| $77.8M | 2.59% |
6,907,300
+1,090,800
| +19% | +$12.9M |
|
|
BYI
13
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
| $74.7M | 2.48% |
951,740
| – | – |
|
14
United Rentals
URI
$65.7B
| $72.7M | 2.42% |
932,813
-90,000
| -9% | -$6.03M |
|
|
15
Southwest Airlines
LUV
$21.7B
| $62.1M | 2.07% |
+3,298,576
| New | +$57.5M |
|
16
The Greenbrier Companies
GBX
$1.57B
| $55.2M | 1.83% |
1,679,700
-30,000
| -2% | -$882K |
|
|
17
American Airlines Group
AAL
$9.82B
| $50.5M | 1.68% |
+2,000,000
| New | +$51.5M |
|
|
SAVE
18
DELISTED
Spirit Airlines, Inc.
SAVE
| $50M | 1.66% |
1,100,000
| – | – |
|
|
19
PENN Entertainment
PENN
$2.84B
| $49.4M | 1.64% |
3,446,385
-16,045,732
| -82% | -$220M |
|
20
Owens Corning
OC
$11B
| $42.5M | 1.42% |
1,044,762
+130,000
| +14% | +$4.93M |
|
21
KLA
KLAC
$222B
| $41.4M | 1.38% |
6,420,000
| – | – |
|
22
Pure Cycle
PCYO
$255M
| $37.9M | 1.26% |
5,982,970
| – | – |
|
23
Wolfspeed
WOLF
$1.04B
| $34.7M | 1.15% |
555,300
+16,000
| +3% | +$988K |
|
|
POZN
24
DELISTED
POZEN INC
POZN
| $27M | 0.9% |
3,356,299
| – | – |
|
|
VVTV
25
DELISTED
VALUEVISION MEDIA INC
VVTV
| $24.9M | 0.83% |
3,562,300
| – | – |
|
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CIA
CCM
PAR Capital Management's Q4 2013 Portfolio in Review
As of Q4 2013, PAR Capital Management held 69 positions worth $3.01B, down 7.7% from $3.26B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
PAR Capital Management withdrew a net $760M in Q4 2013, closing 13 positions and reducing 17 holdings. Its most notable exit was MGM Resorts International, an estimated $75.7M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 48% a quarter earlier, followed by Industrials and Technology.
Against the trend, PAR Capital Management opened a new position in Gaming and Leisure Properties worth $108M.
- PAR Capital Management's largest Q4 2013 buy was Gaming and Leisure Properties: 2,120,082 shares worth $108M.
- PAR Capital Management added most to Boyd Gaming in Q4 2013, an estimated $12.9M increase.
- PAR Capital Management's biggest Q4 2013 reduction was Booking.com, cutting an estimated $288M.
- PAR Capital Management fully exited MGM Resorts International in Q4 2013, selling an estimated $75.7M.
- PAR Capital Management's ten largest holdings make up 63% of its $3.01B portfolio in Q4 2013.
- PAR Capital Management opened 8 new positions and closed 13 in Q4 2013.
- PAR Capital Management's portfolio value fell 7.7% quarter-over-quarter to $3.01B.
Based on PAR Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.