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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
-2.69%
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
$3.75B
AUM Growth
+$125M
Cap. Flow
+$289M
Cap. Flow %
7.72%
Top 10 Hldgs %
56.26%
Holding
78
New
14
Increased
22
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$87M
2
ALGT icon
Allegiant Air
ALGT
+$47.2M
3
UAL icon
United Airlines
UAL
+$37.1M
4
WCG
Wellcare Health Plans, Inc.
WCG
+$33.2M
5
RAD
Rite Aid Corporation
RAD
+$32.3M

Top Sells

Rank Stock Value
1
KLAC icon
KLA
KLAC
+$42.3M
2
CRM icon
Salesforce
CRM
+$23.1M
3
INVN
Invensense Inc
INVN
+$22.5M
4
SLAB icon
Silicon Laboratories
SLAB
+$19M
5
MNTG
M T R GAMING GROUP INC
MNTG
+$15M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 36.99%
2 Industrials 35.91%
3 Technology 4.02%
4 Real Estate 2.87%
5 Financials 1.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENT
1
DELISTED
Global Eagle Entertainment Inc.
ENT
$325M 8.67%
1,159,243
+503
+0% +$146K
EXPE icon
2
Expedia Group
EXPE
$37.1B
$300M 8%
3,424,800
+110,000
+3% +$9.22M
DAL icon
3
Delta Air Lines
DAL
$57.9B
$276M 7.37%
7,639,800
+2,276,000
+42% +$87M
BKNG icon
4
Booking.com
BKNG
$157B
$246M 6.55%
5,300,000
– –
ALK icon
5
Alaska Air
ALK
$5.24B
$205M 5.46%
4,702,364
– –
TRIP icon
6
TripAdvisor
TRIP
$1.72B
$191M 5.09%
2,087,742
– –
LUV icon
7
Southwest Airlines
LUV
$22.2B
$187M 4.99%
5,535,000
+175,000
+3% +$5.34M
OWW
8
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$130M 3.46%
16,500,000
– –
CHDN icon
9
Churchill Downs
CHDN
$6.21B
$125M 3.35%
7,719,264
– –
GBX icon
10
The Greenbrier Companies
GBX
$1.57B
$124M 3.32%
1,693,700
– –
MLCO icon
11
Melco Resorts & Entertainment
MLCO
$2.22B
$110M 2.92%
4,168,519
+341,877
+9% +$10.3M
AAL icon
12
American Airlines Group
AAL
$10B
$105M 2.79%
2,950,000
+450,000
+18% +$17.7M
URI icon
13
United Rentals
URI
$66.7B
$104M 2.77%
934,813
– –
GLPI icon
14
Gaming and Leisure Properties
GLPI
$13B
$99M 2.64%
3,202,716
+634,118
+25% +$21.4M
PENN icon
15
PENN Entertainment
PENN
$2.83B
$88.1M 2.35%
7,859,300
+159,000
+2% +$1.79M
SAVE
16
DELISTED
Spirit Airlines, Inc.
SAVE
$86.4M 2.31%
1,250,000
– –
BYD icon
17
Boyd Gaming
BYD
$6.73B
$85.5M 2.28%
8,413,055
+176,400
+2% +$1.91M
BYI
18
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
$76.8M 2.05%
951,740
– –
ALGT icon
19
Allegiant Air
ALGT
$2.66B
$47.6M 1.27%
+385,000
New +$47.2M
GM icon
20
General Motors
GM
$82.3B
$45.3M 1.21%
1,418,550
+650,000
+85% +$22.7M
CHGG icon
21
Chegg
CHGG
$118M
$40.6M 1.08%
6,512,700
+1,862,700
+40% +$12.3M
SGY
22
DELISTED
Stone Energy
SGY
$39.7M 1.06%
22,305
+10,322
+86% +$21.2M
PCYO icon
23
Pure Cycle
PCYO
$256M
$38.7M 1.03%
5,982,970
– –
UAL icon
24
United Airlines
UAL
$39.8B
$37.4M 1%
+800,000
New +$37.1M
OC icon
25
Owens Corning
OC
$11.1B
$36M 0.96%
1,134,762
+20,000
+2% +$706K
1
2 3 4

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DAM
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PWP
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OTPPB
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JGC
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CIA
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PAR Capital Management's Q3 2014 Portfolio in Review

As of Q3 2014, PAR Capital Management held 78 positions worth $3.75B, up 3.4% from $3.62B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

PAR Capital Management deployed $289M of net new capital in Q3 2014, opening 14 new positions and adding to 22 existing holdings. Its largest new stake was Allegiant Air: 385,000 shares worth $47.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, down from 39% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was KLA, an estimated $42.3M trimmed.

  • PAR Capital Management's largest Q3 2014 buy was Allegiant Air: 385,000 shares worth $47.6M.
  • PAR Capital Management added most to Delta Air Lines in Q3 2014, an estimated $87M increase.
  • PAR Capital Management's biggest Q3 2014 reduction was KLA, cutting an estimated $42.3M.
  • PAR Capital Management fully exited Invensense Inc in Q3 2014, selling an estimated $22.5M.
  • PAR Capital Management's ten largest holdings make up 56% of its $3.75B portfolio in Q3 2014.
  • PAR Capital Management opened 14 new positions and closed 9 in Q3 2014.
  • PAR Capital Management's portfolio value rose 3.4% quarter-over-quarter to $3.75B.

Based on PAR Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.