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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
+3.13%
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
$3.62B
AUM Growth
+$316M
Cap. Flow
+$250M
Cap. Flow %
6.91%
Top 10 Hldgs %
57.3%
Holding
71
New
7
Increased
23
Reduced
6
Closed
7

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$145M
2
EXPE icon
Expedia Group
EXPE
+$48.5M
3
MLCO icon
Melco Resorts & Entertainment
MLCO
+$45.8M
4
AYI icon
Acuity Brands
AYI
+$25.9M
5
CP icon
Canadian Pacific Kansas City
CP
+$24.6M

Top Sells

Rank Stock Value
1
CAR icon
Avis
CAR
+$122M
2
WOLF icon
Wolfspeed
WOLF
+$16.9M
3
ATML
ATMEL CORP
ATML
+$11.1M
4
ELV icon
Elevance Health
ELV
+$9.96M
5
GRPN icon
Groupon
GRPN
+$7.45M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 38.63%
2 Industrials 31.16%
3 Technology 7.6%
4 Real Estate 2.44%
5 Financials 1.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENT
1
DELISTED
Global Eagle Entertainment Inc.
ENT
$359M 9.91%
1,158,740
– –
EXPE icon
2
Expedia Group
EXPE
$37.1B
$261M 7.2%
3,314,800
+665,800
+25% +$48.5M
BKNG icon
3
Booking.com
BKNG
$158B
$255M 7.04%
5,300,000
+3,030,000
+133% +$145M
TRIP icon
4
TripAdvisor
TRIP
$1.71B
$227M 6.26%
2,087,742
– –
ALK icon
5
Alaska Air
ALK
$5.21B
$223M 6.17%
4,702,364
– –
DAL icon
6
Delta Air Lines
DAL
$57.6B
$208M 5.73%
5,363,800
-81,200
-1% -$3.06M
OWW
7
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$147M 4.05%
16,500,000
– –
LUV icon
8
Southwest Airlines
LUV
$22B
$144M 3.97%
5,360,000
+545,000
+11% +$13.7M
MLCO icon
9
Melco Resorts & Entertainment
MLCO
$2.21B
$137M 3.77%
3,826,642
+1,326,642
+53% +$45.8M
CHDN icon
10
Churchill Downs
CHDN
$6.16B
$116M 3.2%
7,719,264
– –
AAL icon
11
American Airlines Group
AAL
$9.94B
$107M 2.96%
2,500,000
– –
BYD icon
12
Boyd Gaming
BYD
$6.72B
$99.9M 2.76%
8,236,655
+219,805
+3% +$2.54M
URI icon
13
United Rentals
URI
$66.4B
$97.9M 2.7%
934,813
– –
GBX icon
14
The Greenbrier Companies
GBX
$1.58B
$97.6M 2.69%
1,693,700
– –
PENN icon
15
PENN Entertainment
PENN
$2.83B
$93.5M 2.58%
7,700,300
– –
GLPI icon
16
Gaming and Leisure Properties
GLPI
$13B
$87.3M 2.41%
2,568,598
+354,655
+16% +$12.4M
SAVE
17
DELISTED
Spirit Airlines, Inc.
SAVE
$79M 2.18%
1,250,000
– –
BYI
18
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
$62.5M 1.73%
951,740
– –
CRM icon
19
Salesforce
CRM
$155B
$49.7M 1.37%
856,000
+300,000
+54% +$16.2M
AYI icon
20
Acuity Brands
AYI
$10.1B
$49.3M 1.36%
356,783
+204,000
+134% +$25.9M
KLAC icon
21
KLA
KLAC
$231B
$46.6M 1.29%
6,420,000
– –
OC icon
22
Owens Corning
OC
$11.1B
$43.1M 1.19%
1,114,762
+25,000
+2% +$1.03M
PCYO icon
23
Pure Cycle
PCYO
$258M
$40.5M 1.12%
5,982,970
– –
VECO icon
24
Veeco
VECO
$2.7B
$36.7M 1.01%
985,465
– –
CHGG icon
25
Chegg
CHGG
$118M
$32.7M 0.9%
4,650,000
+3,650,000
+365% +$22.2M
1
2 3

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OTPPB
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JGC
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PAR Capital Management's Q2 2014 Portfolio in Review

As of Q2 2014, PAR Capital Management held 71 positions worth $3.62B, up 9.5% from $3.31B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $250M of net new capital in Q2 2014, opening 7 new positions and adding to 23 existing holdings. Its largest new stake was Canadian Pacific Kansas City: 750,000 shares worth $27.2M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, up from 32% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was Wolfspeed, an estimated $16.9M trimmed.

  • PAR Capital Management's largest Q2 2014 buy was Canadian Pacific Kansas City: 750,000 shares worth $27.2M.
  • PAR Capital Management added most to Booking.com in Q2 2014, an estimated $145M increase.
  • PAR Capital Management's biggest Q2 2014 reduction was Wolfspeed, cutting an estimated $16.9M.
  • PAR Capital Management fully exited Avis in Q2 2014, selling an estimated $122M.
  • PAR Capital Management's ten largest holdings make up 57% of its $3.62B portfolio in Q2 2014.
  • PAR Capital Management opened 7 new positions and closed 7 in Q2 2014.
  • PAR Capital Management's portfolio value rose 9.5% quarter-over-quarter to $3.62B.

Based on PAR Capital Management's 13F filing for Q2 2014, filed 14 Aug 2014.