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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
-2.59%
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
$4.42B
AUM Growth
+$85.4M
Cap. Flow
+$261M
Cap. Flow %
5.91%
Top 10 Hldgs %
55.21%
Holding
76
New
6
Increased
22
Reduced
14
Closed
3

Top Buys

Rank Stock Value
1
TRUE
TrueCar
TRUE
+$109M
2
LUV icon
Southwest Airlines
LUV
+$58.7M
3
CLH icon
Clean Harbors
CLH
+$53.7M
4
DAL icon
Delta Air Lines
DAL
+$48.5M
5
UAL icon
United Airlines
UAL
+$43.9M

Top Sells

Rank Stock Value
1
TRIP icon
TripAdvisor
TRIP
+$70.1M
2
GBX icon
The Greenbrier Companies
GBX
+$28.7M
3
THC icon
Tenet Healthcare
THC
+$25.5M
4
URI icon
United Rentals
URI
+$23.9M
5
SGY
Stone Energy
SGY
+$18.1M

Sector Composition

Rank Sector Weight
1 Industrials 43.35%
2 Consumer Discretionary 29.08%
3 Communication Services 4.81%
4 Real Estate 3.38%
5 Financials 1.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAL icon
1
Delta Air Lines
DAL
$57.6B
$508M 11.49%
12,365,809
+1,110,000
+10% +$48.5M
EXPE icon
2
Expedia Group
EXPE
$37.1B
$411M 9.3%
3,759,800
+100,000
+3% +$10.3M
ENT
3
DELISTED
Global Eagle Entertainment Inc.
ENT
$377M 8.53%
1,159,243
– –
ALK icon
4
Alaska Air
ALK
$5.21B
$293M 6.63%
4,552,364
– –
CHDN icon
5
Churchill Downs
CHDN
$6.16B
$161M 3.64%
7,719,264
– –
AAL icon
6
American Airlines Group
AAL
$9.94B
$160M 3.61%
4,000,000
– –
UAL icon
7
United Airlines
UAL
$39.5B
$140M 3.17%
2,642,632
+757,632
+40% +$43.9M
LUV icon
8
Southwest Airlines
LUV
$22B
$137M 3.1%
4,148,000
+1,500,000
+57% +$58.7M
GLPI icon
9
Gaming and Leisure Properties
GLPI
$13B
$135M 3.06%
3,688,863
-106,763
-3% -$3.92M
PENN icon
10
PENN Entertainment
PENN
$2.83B
$118M 2.67%
6,441,300
+54,670
+0.9% +$910K
BYD icon
11
Boyd Gaming
BYD
$6.72B
$115M 2.59%
7,664,055
+466,014
+6% +$6.58M
QUNR
12
DELISTED
Qunar Cayman Islands Limited
QUNR
$110M 2.48%
2,561,416
– –
TRIP icon
13
TripAdvisor
TRIP
$1.71B
$107M 2.43%
1,232,390
-861,652
-41% -$70.1M
TRUE
14
DELISTED
TrueCar
TRUE
$98.1M 2.22%
8,185,000
+7,599,209
+1,297% +$109M
BKNG icon
15
Booking.com
BKNG
$158B
$97.2M 2.2%
2,110,000
– –
CPA icon
16
Copa Holdings
CPA
$5.65B
$92.1M 2.08%
1,115,000
– –
MLCO icon
17
Melco Resorts & Entertainment
MLCO
$2.21B
$88.8M 2.01%
4,523,519
-250,000
-5% -$5.15M
GM icon
18
General Motors
GM
$82.1B
$76.8M 1.74%
2,303,550
+675,000
+41% +$24.1M
URI icon
19
United Rentals
URI
$66.3B
$72.7M 1.65%
830,184
-250,000
-23% -$23.9M
OC icon
20
Owens Corning
OC
$11.1B
$64.1M 1.45%
1,554,762
+135,000
+10% +$5.53M
VA
21
DELISTED
Virgin America Inc.
VA
$62.2M 1.41%
2,264,492
– –
CHGG icon
22
Chegg
CHGG
$118M
$58.8M 1.33%
7,500,000
– –
RAD
23
DELISTED
Rite Aid Corporation
RAD
$57.2M 1.29%
342,296
– –
CP icon
24
Canadian Pacific Kansas City
CP
$81.1B
$52.9M 1.2%
1,650,000
+200,000
+14% +$7.14M
CLH icon
25
Clean Harbors
CLH
$17.4B
$51.7M 1.17%
+962,337
New +$53.7M
1
2 3 4

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PAR Capital Management's Q2 2015 Portfolio in Review

As of Q2 2015, PAR Capital Management held 76 positions worth $4.42B, up 2% from $4.34B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

PAR Capital Management deployed $261M of net new capital in Q2 2015, opening 6 new positions and adding to 22 existing holdings. Its largest new stake was Clean Harbors: 962,337 shares worth $51.7M.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was TripAdvisor, an estimated $70.1M trimmed.

  • PAR Capital Management's largest Q2 2015 buy was Clean Harbors: 962,337 shares worth $51.7M.
  • PAR Capital Management added most to TrueCar in Q2 2015, an estimated $109M increase.
  • PAR Capital Management's biggest Q2 2015 reduction was TripAdvisor, cutting an estimated $70.1M.
  • PAR Capital Management fully exited ELONG, INC. AMERICAN DEPOSITARY SHARES in Q2 2015, selling an estimated $15M.
  • PAR Capital Management's ten largest holdings make up 55% of its $4.42B portfolio in Q2 2015.
  • PAR Capital Management opened 6 new positions and closed 3 in Q2 2015.
  • PAR Capital Management's portfolio value rose 2% quarter-over-quarter to $4.42B.

Based on PAR Capital Management's 13F filing for Q2 2015, filed 14 Aug 2015.