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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
-1.49%
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
$4.74B
AUM Growth
+$321M
Cap. Flow
+$579M
Cap. Flow %
12.22%
Top 10 Hldgs %
61.03%
Holding
83
New
10
Increased
35
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$154M
2
DAL icon
Delta Air Lines
DAL
+$117M
3
BKNG icon
Booking.com
BKNG
+$58.7M
4
LUV icon
Southwest Airlines
LUV
+$57.6M
5
CLH icon
Clean Harbors
CLH
+$49.9M

Top Sells

Rank Stock Value
1
MLCO icon
Melco Resorts & Entertainment
MLCO
+$81.4M
2
AAL icon
American Airlines Group
AAL
+$78M
3
THC icon
Tenet Healthcare
THC
+$22.7M
4
MLI icon
Mueller Industries
MLI
+$11.1M
5
PENN icon
PENN Entertainment
PENN
+$9.14M

Sector Composition

Rank Sector Weight
1 Industrials 49.49%
2 Consumer Discretionary 28.52%
3 Real Estate 2.83%
4 Communication Services 2.68%
5 Financials 1.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAL icon
1
Delta Air Lines
DAL
$57.9B
$672M 14.16%
14,965,809
+2,600,000
+21% +$117M
EXPE icon
2
Expedia Group
EXPE
$37.1B
$442M 9.33%
3,759,800
– –
ALK icon
3
Alaska Air
ALK
$5.24B
$362M 7.63%
4,552,364
– –
ENT
4
DELISTED
Global Eagle Entertainment Inc.
ENT
$333M 7.02%
1,159,243
– –
UAL icon
5
United Airlines
UAL
$39.8B
$285M 6.02%
5,380,000
+2,737,368
+104% +$154M
LUV icon
6
Southwest Airlines
LUV
$22.2B
$217M 4.58%
5,710,000
+1,562,000
+38% +$57.6M
CHDN icon
7
Churchill Downs
CHDN
$6.21B
$172M 3.63%
7,719,264
– –
BKNG icon
8
Booking.com
BKNG
$157B
$163M 3.43%
3,291,375
+1,181,375
+56% +$58.7M
BYD icon
9
Boyd Gaming
BYD
$6.73B
$125M 2.64%
7,684,555
+20,500
+0.3% +$339K
GLPI icon
10
Gaming and Leisure Properties
GLPI
$13B
$123M 2.6%
4,152,963
+464,100
+13% +$15.1M
TRIP icon
11
TripAdvisor
TRIP
$1.72B
$106M 2.24%
1,682,390
+450,000
+37% +$34.1M
PENN icon
12
PENN Entertainment
PENN
$2.83B
$99.7M 2.1%
5,941,300
-500,000
-8% -$9.14M
CLH icon
13
Clean Harbors
CLH
$17.5B
$86.5M 1.82%
1,968,027
+1,005,690
+105% +$49.9M
CP icon
14
Canadian Pacific Kansas City
CP
$80.8B
$85.6M 1.81%
2,982,250
+1,332,250
+81% +$40.2M
AAL icon
15
American Airlines Group
AAL
$10B
$81.5M 1.72%
2,100,000
-1,900,000
-48% -$78M
OC icon
16
Owens Corning
OC
$11.1B
$81.5M 1.72%
1,944,762
+390,000
+25% +$17.2M
QUNR
17
DELISTED
Qunar Cayman Islands Limited
QUNR
$79.8M 1.68%
2,652,514
+91,098
+4% +$3.33M
VA
18
DELISTED
Virgin America Inc.
VA
$77.5M 1.63%
2,264,492
– –
GM icon
19
General Motors
GM
$82.3B
$69.2M 1.46%
2,303,550
– –
CPA icon
20
Copa Holdings
CPA
$5.7B
$61.9M 1.31%
1,477,200
+362,200
+32% +$22.8M
CAR icon
21
Avis
CAR
$5.34B
$60.5M 1.28%
1,385,869
+1,000,000
+259% +$43.4M
CHGG icon
22
Chegg
CHGG
$118M
$57.7M 1.22%
8,000,000
+500,000
+7% +$3.96M
PNK
23
DELISTED
Pinnacle Entertainment Inc.
PNK
$51.5M 1.09%
1,522,300
+262,893
+21% +$9.95M
URI icon
24
United Rentals
URI
$66.7B
$45.3M 0.96%
755,000
-75,184
-9% -$5.22M
WCG
25
DELISTED
Wellcare Health Plans, Inc.
WCG
$43.1M 0.91%
500,000
– –
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 2015 Portfolio in Review

As of Q3 2015, PAR Capital Management held 83 positions worth $4.74B, up 7.3% from $4.42B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

PAR Capital Management deployed $579M of net new capital in Q3 2015, opening 10 new positions and adding to 35 existing holdings. Its largest new stake was Trip.com Group: 910,000 shares worth $28.7M.

By sector, the portfolio is most concentrated in Industrials at 49% of assets, up from 43% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was Melco Resorts & Entertainment, an estimated $81.4M trimmed.

  • PAR Capital Management's largest Q3 2015 buy was Trip.com Group: 910,000 shares worth $28.7M.
  • PAR Capital Management added most to United Airlines in Q3 2015, an estimated $154M increase.
  • PAR Capital Management's biggest Q3 2015 reduction was Melco Resorts & Entertainment, cutting an estimated $81.4M.
  • PAR Capital Management fully exited Tenet Healthcare in Q3 2015, selling an estimated $22.7M.
  • PAR Capital Management's ten largest holdings make up 61% of its $4.74B portfolio in Q3 2015.
  • PAR Capital Management opened 10 new positions and closed 3 in Q3 2015.
  • PAR Capital Management's portfolio value rose 7.3% quarter-over-quarter to $4.74B.

Based on PAR Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.