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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
+8.67%
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
$5.43B
AUM Growth
+$692M
Cap. Flow
+$374M
Cap. Flow %
6.87%
Top 10 Hldgs %
58.19%
Holding
84
New
4
Increased
30
Reduced
16
Closed
4

Top Buys

Rank Stock Value
1
CI icon
Cigna
CI
+$124M
2
HCA icon
HCA Healthcare
HCA
+$74.5M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$63.2M
4
UAL icon
United Airlines
UAL
+$60.3M
5
NSC icon
Norfolk Southern
NSC
+$38.5M

Top Sells

Rank Stock Value
1
CPA icon
Copa Holdings
CPA
+$61.9M
2
TRUE
TrueCar
TRUE
+$29.7M
3
GBX icon
The Greenbrier Companies
GBX
+$15.2M
4
SAVE
Spirit Airlines, Inc.
SAVE
+$15.1M
5
CLH icon
Clean Harbors
CLH
+$13.6M

Sector Composition

Rank Sector Weight
1 Industrials 48.22%
2 Consumer Discretionary 27.81%
3 Healthcare 4.42%
4 Communication Services 3.53%
5 Real Estate 2.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAL icon
1
Delta Air Lines
DAL
$57.7B
$776M 14.28%
15,315,809
+350,000
+2% +$17.3M
EXPE icon
2
Expedia Group
EXPE
$37.3B
$471M 8.67%
3,792,840
+33,040
+0.9% +$4.18M
UAL icon
3
United Airlines
UAL
$39.6B
$368M 6.77%
6,423,600
+1,043,600
+19% +$60.3M
ALK icon
4
Alaska Air
ALK
$5.22B
$367M 6.74%
4,552,364
– –
ENT
5
DELISTED
Global Eagle Entertainment Inc.
ENT
$286M 5.26%
1,159,243
– –
LUV icon
6
Southwest Airlines
LUV
$22.1B
$245M 4.51%
5,687,500
-22,500
-0.4% -$996K
CHDN icon
7
Churchill Downs
CHDN
$6.18B
$182M 3.35%
7,722,864
+3,600
+0% +$85.5K
BKNG icon
8
Booking.com
BKNG
$158B
$168M 3.09%
3,291,375
– –
BYD icon
9
Boyd Gaming
BYD
$6.72B
$153M 2.81%
7,684,555
– –
CI icon
10
Cigna
CI
$78.6B
$147M 2.7%
1,001,753
+901,753
+902% +$124M
QUNR
11
DELISTED
Qunar Cayman Islands Limited
QUNR
$145M 2.67%
2,746,586
+94,072
+4% +$4.07M
TRIP icon
12
TripAdvisor
TRIP
$1.71B
$143M 2.64%
1,682,390
– –
GLPI icon
13
Gaming and Leisure Properties
GLPI
$13B
$126M 2.33%
4,546,805
+393,842
+9% +$11.3M
PENN icon
14
PENN Entertainment
PENN
$2.83B
$95.2M 1.75%
5,941,300
– –
OC icon
15
Owens Corning
OC
$11.1B
$93.1M 1.71%
1,979,762
+35,000
+2% +$1.61M
CP icon
16
Canadian Pacific Kansas City
CP
$81.2B
$89.5M 1.65%
3,507,250
+525,000
+18% +$14.7M
AAL icon
17
American Airlines Group
AAL
$9.96B
$88.9M 1.64%
2,100,000
– –
VA
18
DELISTED
Virgin America Inc.
VA
$81.5M 1.5%
2,264,492
– –
GM icon
19
General Motors
GM
$82B
$78.3M 1.44%
2,303,550
– –
HCA icon
20
HCA Healthcare
HCA
$90.5B
$72.2M 1.33%
+1,067,529
New +$74.5M
PNK
21
DELISTED
Pinnacle Entertainment Inc.
PNK
$69.4M 1.28%
2,228,528
+706,228
+46% +$23.8M
CLH icon
22
Clean Harbors
CLH
$17.4B
$68.9M 1.27%
1,655,000
-313,027
-16% -$13.6M
GRUB
23
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$63.9M 1.18%
1,319,936
+1,209,936
+1,100% +$63.2M
CHGG icon
24
Chegg
CHGG
$119M
$55.2M 1.02%
8,200,000
+200,000
+3% +$1.43M
URI icon
25
United Rentals
URI
$66.6B
$54.8M 1.01%
755,000
– –
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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PAR Capital Management's Q4 2015 Portfolio in Review

As of Q4 2015, PAR Capital Management held 84 positions worth $5.43B, up 15% from $4.74B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $374M of net new capital in Q4 2015, opening 4 new positions and adding to 30 existing holdings. Its largest new stake was HCA Healthcare: 1,067,529 shares worth $72.2M.

By sector, the portfolio is most concentrated in Industrials at 48% of assets, down from 49% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was TrueCar, an estimated $29.7M trimmed.

  • PAR Capital Management's largest Q4 2015 buy was HCA Healthcare: 1,067,529 shares worth $72.2M.
  • PAR Capital Management added most to Cigna in Q4 2015, an estimated $124M increase.
  • PAR Capital Management's biggest Q4 2015 reduction was TrueCar, cutting an estimated $29.7M.
  • PAR Capital Management fully exited Copa Holdings in Q4 2015, selling an estimated $61.9M.
  • PAR Capital Management's ten largest holdings make up 58% of its $5.43B portfolio in Q4 2015.
  • PAR Capital Management opened 4 new positions and closed 4 in Q4 2015.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $5.43B.

Based on PAR Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.