PCM

PAR Capital Management Portfolio holdings

AUM $4.03B Turnover 28.57%
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
Avg Time Held Equity + Options
0.5 years
Top 10 Avg Time Held Equity + Options
0.6 years
Top 20 Avg Time Held Equity + Options
0.6 years
Avg Time Held Equity only
0.5 years
Top 10 Avg Time Held Equity only
0.6 years
Top 20 Avg Time Held Equity only
0.6 years

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 Held Since
ENT
1
DELISTED
Global Eagle Entertainment Inc.
ENT
$457M 13.8%
1,158,740
– –
2013 Q2
3 quarters
ALK icon
2
Alaska Air
ALK
$3.99B
$219M 6.63%
4,702,364
– –
2013 Q2
3 quarters
EXPE icon
3
Expedia Group
EXPE
$33B
$192M 5.8%
2,649,000
+955,000
+56% +$69.2M
2013 Q2
3 quarters
TRIP icon
4
TripAdvisor
TRIP
$1.05B
$189M 5.72%
2,087,742
– –
2013 Q2
3 quarters
DAL icon
5
Delta Air Lines
DAL
$50.4B
$189M 5.7%
5,445,000
+40,000
+0.7% +$1.29M
2013 Q2
3 quarters
OWW
6
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$129M 3.91%
16,500,000
– –
2013 Q2
3 quarters
CAR icon
7
Avis
CAR
$3.77B
$122M 3.68%
2,502,660
-2,839,999
-53% -$122M
2013 Q2
3 quarters
CHDN icon
8
Churchill Downs
CHDN
$5.58B
$117M 3.55%
7,719,264
– –
2013 Q2
3 quarters
LUV icon
9
Southwest Airlines
LUV
$19.2B
$114M 3.44%
4,815,000
+1,516,424
+46% +$33.2M
2013 Q4
1 quarter
BKNG icon
10
Booking.com
BKNG
$121B
$108M 3.27%
2,270,000
-3,810,000
-63% -$188M
2013 Q2
3 quarters
BYD icon
11
Boyd Gaming
BYD
$5.06B
$106M 3.2%
8,016,850
+1,109,550
+16% +$12.8M
2013 Q2
3 quarters
MLCO icon
12
Melco Resorts & Entertainment
MLCO
$1.6B
$96.6M 2.92%
2,500,000
+350,000
+16% +$14.5M
2013 Q2
3 quarters
PENN icon
13
PENN Entertainment
PENN
$1.95B
$94.9M 2.87%
7,700,300
+4,253,915
+123% +$52.5M
2013 Q2
3 quarters
AAL icon
14
American Airlines Group
AAL
$7.8B
$91.5M 2.77%
2,500,000
+500,000
+25% +$17M
2013 Q4
1 quarter
URI icon
15
United Rentals
URI
$64.4B
$88.8M 2.68%
934,813
+2,000
+0.2% +$170K
2013 Q2
3 quarters
GLPI icon
16
Gaming and Leisure Properties
GLPI
$11.1B
$80.7M 2.44%
2,213,943
+93,861
+4% +$3.55M
2013 Q4
1 quarter
GBX icon
17
The Greenbrier Companies
GBX
$1.21B
$77.2M 2.33%
1,693,700
+14,000
+0.8% +$553K
2013 Q2
3 quarters
SAVE icon
18
DELISTED
Spirit Airlines, Inc.
SAVE
$74.3M 2.24%
1,250,000
+150,000
+14% +$7.87M
2013 Q2
3 quarters
BYI
19
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
$63.1M 1.91%
951,740
– –
2013 Q2
3 quarters
OC icon
20
Owens Corning
OC
$8.79B
$47M 1.42%
1,089,762
+45,000
+4% +$1.89M
2013 Q2
3 quarters
KLAC icon
21
KLA
KLAC
$233B
$44.4M 1.34%
6,420,000
– –
2013 Q2
3 quarters
VECO icon
22
Veeco
VECO
$2.8B
$41.3M 1.25%
+985,465
New +$38.1M
2014 Q1
0 quarters
PCYO icon
23
Pure Cycle
PCYO
$270M
$36.2M 1.09%
5,982,970
– –
2013 Q2
3 quarters
SGY
24
DELISTED
Stone Energy
SGY
$34.6M 1.05%
14,529
+7,547
+108% +$14.8M
2013 Q2
3 quarters
WOLF icon
25
Wolfspeed
WOLF
$1.3B
$33.7M 1.02%
595,300
+40,000
+7% +$2.44M
2013 Q2
3 quarters
1
2 3

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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.