We are live on ! Find out more
PCM

PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
+15.89%
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
$4.33B
AUM Growth
+$582M
Cap. Flow
+$187M
Cap. Flow %
4.32%
Top 10 Hldgs %
58.11%
Holding
83
New
14
Increased
27
Reduced
9
Closed
13

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$159M
2
VA
Virgin America Inc.
VA
+$81.8M
3
QUNR
Qunar Cayman Islands Limited
QUNR
+$65.2M
4
UAL icon
United Airlines
UAL
+$55.7M
5
AAL icon
American Airlines Group
AAL
+$50.6M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$134M
2
BYI
BALLY TECHNOLOGIES, INC.
BYI
+$76.8M
3
AYI icon
Acuity Brands
AYI
+$35.5M
4
VECO icon
Veeco
VECO
+$32.7M
5
CRM icon
Salesforce
CRM
+$25.7M

Sector Composition

Rank Sector Weight
1 Industrials 46.2%
2 Consumer Discretionary 29.83%
3 Real Estate 2.85%
4 Financials 1.94%
5 Communication Services 1.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAL icon
1
Delta Air Lines
DAL
$57.8B
$562M 12.98%
11,426,009
+3,786,209
+50% +$159M
ENT
2
DELISTED
Global Eagle Entertainment Inc.
ENT
$394M 9.11%
1,159,243
– –
EXPE icon
3
Expedia Group
EXPE
$37.1B
$295M 6.81%
3,454,800
+30,000
+0.9% +$2.54M
ALK icon
4
Alaska Air
ALK
$5.23B
$281M 6.49%
4,702,364
– –
LUV icon
5
Southwest Airlines
LUV
$22.2B
$227M 5.25%
5,367,500
-167,500
-3% -$6.25M
AAL icon
6
American Airlines Group
AAL
$10B
$221M 5.11%
4,125,000
+1,175,000
+40% +$50.6M
TRIP icon
7
TripAdvisor
TRIP
$1.72B
$156M 3.61%
2,094,042
+6,300
+0.3% +$492K
OWW
8
DELISTED
ORBITZ WORLDWIDE, INC
OWW
$136M 3.14%
16,500,000
– –
CHDN icon
9
Churchill Downs
CHDN
$6.19B
$123M 2.83%
7,719,264
– –
UAL icon
10
United Airlines
UAL
$39.8B
$121M 2.79%
1,805,000
+1,005,000
+126% +$55.7M
MLCO icon
11
Melco Resorts & Entertainment
MLCO
$2.22B
$113M 2.61%
4,453,519
+285,000
+7% +$7.13M
GLPI icon
12
Gaming and Leisure Properties
GLPI
$12.9B
$110M 2.55%
3,757,826
+555,110
+17% +$17.1M
PENN icon
13
PENN Entertainment
PENN
$2.82B
$108M 2.49%
7,859,300
– –
BYD icon
14
Boyd Gaming
BYD
$6.73B
$107M 2.47%
8,363,055
-50,000
-0.6% -$562K
BKNG icon
15
Booking.com
BKNG
$157B
$106M 2.45%
2,325,000
-2,975,000
-56% -$134M
URI icon
16
United Rentals
URI
$66.6B
$96.4M 2.23%
944,813
+10,000
+1% +$1.07M
VA
17
DELISTED
Virgin America Inc.
VA
$93M 2.15%
+2,264,492
New +$81.8M
GBX icon
18
The Greenbrier Companies
GBX
$1.58B
$91M 2.1%
1,693,700
– –
SAVE
19
DELISTED
Spirit Airlines, Inc.
SAVE
$83.1M 1.92%
1,100,000
-150,000
-12% -$10.7M
QUNR
20
DELISTED
Qunar Cayman Islands Limited
QUNR
$72.8M 1.68%
2,561,416
+2,452,573
+2,253% +$65.2M
CHGG icon
21
Chegg
CHGG
$118M
$51.8M 1.2%
7,500,000
+987,300
+15% +$6.39M
RAD
22
DELISTED
Rite Aid Corporation
RAD
$51.5M 1.19%
342,296
+92,296
+37% +$10.2M
GM icon
23
General Motors
GM
$82.2B
$49.5M 1.14%
1,418,550
– –
CP icon
24
Canadian Pacific Kansas City
CP
$80.8B
$44.3M 1.02%
1,150,000
+325,000
+39% +$12.9M
WCG
25
DELISTED
Wellcare Health Plans, Inc.
WCG
$41M 0.95%
500,000
– –
1
2 3 4

Similar funds

LNC
Lincoln National Corp Radnor, Pennsylvania $3.45B AUM 12.55% 1-Year Est. Return
RBA
Richard Bernstein Advisors New York $3.45B AUM 16.24% 1-Year Est. Return
DAM
Davis Asset Management Sausalito, California $3.46B AUM 9.77% 1-Year Est. Return
PWP
Perfromance Wealth Partners Hinsdale, Illinois $3.45B AUM 29.14% 1-Year Est. Return
OTPPB
Ontario Teachers' Pension Plan Board Toronto, Ontario, Canada $3.46B AUM 7.79% 1-Year Est. Return
JGC
J. Goldman & Co New York $3.44B AUM 33.8% 1-Year Est. Return
CIA
Caledonia Investments (Australia) Sydney NSW, Australia $3.44B AUM 20.03% 1-Year Est. Return
CCM
Check Capital Management Costa Mesa, California $3.44B AUM 9.15% 1-Year Est. Return

PAR Capital Management's Q4 2014 Portfolio in Review

As of Q4 2014, PAR Capital Management held 83 positions worth $4.33B, up 16% from $3.75B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $187M of net new capital in Q4 2014, opening 14 new positions and adding to 27 existing holdings. Its largest new stake was Virgin America Inc.: 2,264,492 shares worth $93M.

By sector, the portfolio is most concentrated in Industrials at 46% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was Booking.com, an estimated $134M trimmed.

  • PAR Capital Management's largest Q4 2014 buy was Virgin America Inc.: 2,264,492 shares worth $93M.
  • PAR Capital Management added most to Delta Air Lines in Q4 2014, an estimated $159M increase.
  • PAR Capital Management's biggest Q4 2014 reduction was Booking.com, cutting an estimated $134M.
  • PAR Capital Management fully exited BALLY TECHNOLOGIES, INC. in Q4 2014, selling an estimated $76.8M.
  • PAR Capital Management's ten largest holdings make up 58% of its $4.33B portfolio in Q4 2014.
  • PAR Capital Management opened 14 new positions and closed 13 in Q4 2014.
  • PAR Capital Management's portfolio value rose 16% quarter-over-quarter to $4.33B.

Based on PAR Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.