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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
+5.29%
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
$4.34B
AUM Growth
+$6.07M
Cap. Flow
-$153M
Cap. Flow %
-3.53%
Top 10 Hldgs %
56.61%
Holding
77
New
7
Increased
28
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$107M
2
HRI icon
Herc Holdings
HRI
+$45.7M
3
THC icon
Tenet Healthcare
THC
+$41.7M
4
EXPE icon
Expedia Group
EXPE
+$18.2M
5
URI icon
United Rentals
URI
+$12.2M

Top Sells

Rank Stock Value
1
OWW
ORBITZ WORLDWIDE, INC
OWW
+$136M
2
LUV icon
Southwest Airlines
LUV
+$119M
3
SAVE
Spirit Airlines, Inc.
SAVE
+$57.6M
4
ALGT icon
Allegiant Air
ALGT
+$34.9M
5
MGLN
Magellan Health Services, Inc.
MGLN
+$24.2M

Sector Composition

Rank Sector Weight
1 Industrials 44.44%
2 Consumer Discretionary 28.08%
3 Real Estate 3.56%
4 Communication Services 2.86%
5 Financials 1.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAL icon
1
Delta Air Lines
DAL
$57.6B
$506M 11.67%
11,255,809
-170,200
-1% -$7.89M
ENT
2
DELISTED
Global Eagle Entertainment Inc.
ENT
$386M 8.9%
1,159,243
– –
EXPE icon
3
Expedia Group
EXPE
$37.2B
$344M 7.94%
3,659,800
+205,000
+6% +$18.2M
ALK icon
4
Alaska Air
ALK
$5.21B
$301M 6.95%
4,552,364
-150,000
-3% -$9.74M
AAL icon
5
American Airlines Group
AAL
$9.94B
$211M 4.87%
4,000,000
-125,000
-3% -$6.35M
TRIP icon
6
TripAdvisor
TRIP
$1.71B
$174M 4.02%
2,094,042
– –
CHDN icon
7
Churchill Downs
CHDN
$6.16B
$148M 3.41%
7,719,264
– –
GLPI icon
8
Gaming and Leisure Properties
GLPI
$13B
$140M 3.23%
3,795,626
+37,800
+1% +$1.28M
UAL icon
9
United Airlines
UAL
$39.5B
$127M 2.92%
1,885,000
+80,000
+4% +$5.42M
LUV icon
10
Southwest Airlines
LUV
$22B
$117M 2.71%
2,648,000
-2,719,500
-51% -$119M
CPA icon
11
Copa Holdings
CPA
$5.65B
$113M 2.6%
1,115,000
+990,000
+792% +$107M
QUNR
12
DELISTED
Qunar Cayman Islands Limited
QUNR
$106M 2.44%
2,561,416
– –
MLCO icon
13
Melco Resorts & Entertainment
MLCO
$2.21B
$102M 2.36%
4,773,519
+320,000
+7% +$7.66M
BYD icon
14
Boyd Gaming
BYD
$6.72B
$102M 2.36%
7,198,041
-1,165,014
-14% -$16M
PENN icon
15
PENN Entertainment
PENN
$2.83B
$100M 2.31%
6,386,630
-1,472,670
-19% -$23.1M
URI icon
16
United Rentals
URI
$66.4B
$98.5M 2.27%
1,080,184
+135,371
+14% +$12.2M
BKNG icon
17
Booking.com
BKNG
$158B
$98.3M 2.27%
2,110,000
-215,000
-9% -$9.62M
GBX icon
18
The Greenbrier Companies
GBX
$1.58B
$82.7M 1.91%
1,426,204
-267,496
-16% -$14.8M
VA
19
DELISTED
Virgin America Inc.
VA
$65.4M 1.51%
2,264,492
– –
OC icon
20
Owens Corning
OC
$11.1B
$61.6M 1.42%
1,419,762
+285,000
+25% +$11.3M
GM icon
21
General Motors
GM
$82.1B
$61.1M 1.41%
1,628,550
+210,000
+15% +$7.64M
CHGG icon
22
Chegg
CHGG
$118M
$59.6M 1.38%
7,500,000
– –
RAD
23
DELISTED
Rite Aid Corporation
RAD
$59.5M 1.37%
342,296
– –
CP icon
24
Canadian Pacific Kansas City
CP
$81.1B
$53M 1.22%
1,450,000
+300,000
+26% +$11.1M
WCG
25
DELISTED
Wellcare Health Plans, Inc.
WCG
$45.7M 1.05%
500,000
– –
1
2 3 4

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RBA
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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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CCM
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PAR Capital Management's Q1 2015 Portfolio in Review

As of Q1 2015, PAR Capital Management held 77 positions worth $4.34B, up 0.14% from $4.33B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management withdrew a net $153M in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was ORBITZ WORLDWIDE, INC, an estimated $136M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 46% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, PAR Capital Management opened a new position in Herc Holdings worth $44.5M.

  • PAR Capital Management's largest Q1 2015 buy was Herc Holdings: 683,733 shares worth $44.5M.
  • PAR Capital Management added most to Copa Holdings in Q1 2015, an estimated $107M increase.
  • PAR Capital Management's biggest Q1 2015 reduction was Southwest Airlines, cutting an estimated $119M.
  • PAR Capital Management fully exited ORBITZ WORLDWIDE, INC in Q1 2015, selling an estimated $136M.
  • PAR Capital Management's ten largest holdings make up 57% of its $4.34B portfolio in Q1 2015.
  • PAR Capital Management opened 7 new positions and closed 7 in Q1 2015.
  • PAR Capital Management's portfolio value rose 0.14% quarter-over-quarter to $4.34B.

Based on PAR Capital Management's 13F filing for Q1 2015, filed 15 May 2015.