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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
+10.41%
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
$3.31B
AUM Growth
+$302M
Cap. Flow
+$46.7M
Cap. Flow %
1.41%
Top 10 Hldgs %
55.51%
Holding
70
New
14
Increased
22
Reduced
9
Closed
6

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$69.2M
2
PENN icon
PENN Entertainment
PENN
+$52.5M
3
VECO icon
Veeco
VECO
+$38.1M
4
LUV icon
Southwest Airlines
LUV
+$33.2M
5
IVZ icon
Invesco
IVZ
+$17.3M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$188M
2
CAR icon
Avis
CAR
+$122M
3
WCG
Wellcare Health Plans, Inc.
WCG
+$21.1M
4
AYI icon
Acuity Brands
AYI
+$9.3M
5
ISLE
Isle of Capri Casinos Inc
ISLE
+$8.57M

Sector Composition

Rank Sector Weight
1 Industrials 33.04%
2 Consumer Discretionary 32.56%
3 Communication Services 14.33%
4 Technology 9.13%
5 Real Estate 2.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENT
1
DELISTED
Global Eagle Entertainment Inc.
ENT
$457M 13.8%
1,158,740
– –
ALK icon
2
Alaska Air
ALK
$4.72B
$219M 6.63%
4,702,364
– –
EXPE icon
3
Expedia Group
EXPE
$39.5B
$192M 5.8%
2,649,000
+955,000
+56% +$69.2M
TRIP icon
4
TripAdvisor
TRIP
$1.16B
$189M 5.72%
2,087,742
– –
DAL icon
5
Delta Air Lines
DAL
$52.7B
$189M 5.7%
5,445,000
+40,000
+0.7% +$1.29M
OWW
6
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$129M 3.91%
16,500,000
– –
CAR icon
7
Avis
CAR
$4.88B
$122M 3.68%
2,502,660
-2,839,999
-53% -$122M
CHDN icon
8
Churchill Downs
CHDN
$6.27B
$117M 3.55%
7,719,264
– –
LUV icon
9
Southwest Airlines
LUV
$19.4B
$114M 3.44%
4,815,000
+1,516,424
+46% +$33.2M
BKNG icon
10
Booking.com
BKNG
$155B
$108M 3.27%
2,270,000
-3,810,000
-63% -$188M
BYD icon
11
Boyd Gaming
BYD
$5.77B
$106M 3.2%
8,016,850
+1,109,550
+16% +$12.8M
MLCO icon
12
Melco Resorts & Entertainment
MLCO
$2.02B
$96.6M 2.92%
2,500,000
+350,000
+16% +$14.5M
PENN icon
13
PENN Entertainment
PENN
$2.33B
$94.9M 2.87%
7,700,300
+4,253,915
+123% +$52.5M
AAL icon
14
American Airlines Group
AAL
$9.03B
$91.5M 2.77%
2,500,000
+500,000
+25% +$17M
URI icon
15
United Rentals
URI
$64.1B
$88.8M 2.68%
934,813
+2,000
+0.2% +$170K
GLPI icon
16
Gaming and Leisure Properties
GLPI
$12.4B
$80.7M 2.44%
2,213,943
+93,861
+4% +$3.55M
GBX icon
17
The Greenbrier Companies
GBX
$1.42B
$77.2M 2.33%
1,693,700
+14,000
+0.8% +$553K
SAVE
18
DELISTED
Spirit Airlines, Inc.
SAVE
$74.3M 2.24%
1,250,000
+150,000
+14% +$7.87M
BYI
19
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
$63.1M 1.91%
951,740
– –
OC icon
20
Owens Corning
OC
$11.3B
$47M 1.42%
1,089,762
+45,000
+4% +$1.89M
KLAC icon
21
KLA
KLAC
$229B
$44.4M 1.34%
6,420,000
– –
VECO icon
22
Veeco
VECO
$2.71B
$41.3M 1.25%
+985,465
New +$38.1M
PCYO icon
23
Pure Cycle
PCYO
$275M
$36.2M 1.09%
5,982,970
– –
SGY
24
DELISTED
Stone Energy
SGY
$34.6M 1.05%
14,529
+7,547
+108% +$14.8M
WOLF icon
25
Wolfspeed
WOLF
$1.34B
$33.7M 1.02%
595,300
+40,000
+7% +$2.44M
1
2 3

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PWP
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HA
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WB
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PAR Capital Management's Q1 2014 Portfolio in Review

As of Q1 2014, PAR Capital Management held 70 positions worth $3.31B, up 10% from $3.01B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

PAR Capital Management's Q1 2014 filing shows 14 new, 22 increased, 9 reduced and 6 closed positions. Its largest new stake was Veeco: 985,465 shares worth $41.3M. The largest sale was Booking.com, an estimated $188M.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • PAR Capital Management's largest Q1 2014 buy was Veeco: 985,465 shares worth $41.3M.
  • PAR Capital Management added most to Expedia Group in Q1 2014, an estimated $69.2M increase.
  • PAR Capital Management's biggest Q1 2014 reduction was Booking.com, cutting an estimated $188M.
  • PAR Capital Management fully exited Wellcare Health Plans, Inc. in Q1 2014, selling an estimated $21.1M.
  • PAR Capital Management's ten largest holdings make up 56% of its $3.31B portfolio in Q1 2014.
  • PAR Capital Management opened 14 new positions and closed 6 in Q1 2014.
  • PAR Capital Management's portfolio value rose 10% quarter-over-quarter to $3.31B.

Based on PAR Capital Management's 13F filing for Q1 2014, filed 15 May 2014.