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PAR Capital Management Portfolio holdings

AUM $4.03B
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
-1.32%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$6.24B
AUM Growth
+$805M
Cap. Flow
+$836M
Cap. Flow %
13.4%
Top 10 Hldgs %
56.71%
Holding
92
New
12
Increased
33
Reduced
14
Closed
13

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$423M
2
MCK icon
McKesson
MCK
+$162M
3
CI icon
Cigna
CI
+$151M
4
TRIP icon
TripAdvisor
TRIP
+$100M
5
Z icon
Zillow
Z
+$81.2M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$180M
2
QUNR
Qunar Cayman Islands Limited
QUNR
+$145M
3
LUV icon
Southwest Airlines
LUV
+$80.5M
4
VA
Virgin America Inc.
VA
+$45.9M
5
AAL icon
American Airlines Group
AAL
+$44.3M

Sector Composition

Rank Sector Weight
1 Industrials 43.68%
2 Consumer Discretionary 29.34%
3 Healthcare 13.21%
4 Communication Services 6.57%
5 Real Estate 2.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$34.4B
$861M 13.8%
14,389,711
+7,966,111
+124% +$423M
DAL icon
2
Delta Air Lines
DAL
$51.9B
$558M 8.94%
11,465,809
-3,850,000
-25% -$180M
EXPE icon
3
Expedia Group
EXPE
$35B
$466M 7.46%
4,319,840
+527,000
+14% +$56.2M
ALK icon
4
Alaska Air
ALK
$4.44B
$373M 5.98%
4,552,364
– –
CI icon
5
Cigna
CI
$76.7B
$288M 4.62%
2,100,000
+1,098,247
+110% +$151M
ENT
6
DELISTED
Global Eagle Entertainment Inc.
ENT
$247M 3.96%
1,159,243
– –
TRIP icon
7
TripAdvisor
TRIP
$1.07B
$213M 3.41%
3,197,990
+1,515,600
+90% +$100M
CHDN icon
8
Churchill Downs
CHDN
$5.73B
$190M 3.05%
7,722,864
– –
BKNG icon
9
Booking.com
BKNG
$129B
$176M 2.82%
3,416,375
+125,000
+4% +$5.99M
LUV icon
10
Southwest Airlines
LUV
$19.1B
$166M 2.66%
3,710,000
-1,977,500
-35% -$80.5M
MCK icon
11
McKesson
MCK
$105B
$157M 2.52%
+1,000,000
New +$162M
HCA icon
12
HCA Healthcare
HCA
$91.8B
$156M 2.5%
2,000,000
+932,471
+87% +$65.1M
BYD icon
13
Boyd Gaming
BYD
$5.56B
$154M 2.46%
7,441,246
-243,309
-3% -$4.3M
GLPI icon
14
Gaming and Leisure Properties
GLPI
$11.8B
$146M 2.34%
4,727,763
+180,958
+4% +$4.91M
GRUB
15
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$137M 2.2%
2,727,500
+1,407,564
+107% +$62.2M
MGM icon
16
MGM Resorts International
MGM
$9.98B
$126M 2.01%
5,857,000
+4,057,000
+225% +$80.2M
OC icon
17
Owens Corning
OC
$10.2B
$111M 1.78%
2,344,762
+365,000
+18% +$16.2M
CP icon
18
Canadian Pacific Kansas City
CP
$78.4B
$93.1M 1.49%
3,507,250
– –
Z icon
19
Zillow
Z
$7.27B
$92.1M 1.48%
+3,882,041
New +$81.2M
WCG
20
DELISTED
Wellcare Health Plans, Inc.
WCG
$90.3M 1.45%
973,701
+473,701
+95% +$39.3M
PNK
21
DELISTED
Pinnacle Entertainment Inc.
PNK
$83.4M 1.34%
2,375,058
+146,530
+7% +$4.42M
PENN icon
22
PENN Entertainment
PENN
$2.41B
$79.6M 1.28%
4,772,013
-1,169,287
-20% -$16.8M
GM icon
23
General Motors
GM
$75.1B
$78.7M 1.26%
2,503,550
+200,000
+9% +$6.02M
VLRS
24
Controladora Vuela Compania de Aviacion
VLRS
$726M
$66.8M 1.07%
3,170,844
+85,057
+3% +$1.57M
BRSL
25
Brightstar Lottery PLC
BRSL
$1.94B
$60.4M 0.97%
3,310,328
+1,637,247
+98% +$24.9M
1
2 3 4

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PAR Capital Management's Q1 2016 Portfolio in Review

As of Q1 2016, PAR Capital Management held 92 positions worth $6.24B, up 15% from $5.43B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $836M of net new capital in Q1 2016, opening 12 new positions and adding to 33 existing holdings. Its largest new stake was McKesson: 1,000,000 shares worth $157M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 48% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Delta Air Lines, an estimated $180M trimmed.

  • PAR Capital Management's largest Q1 2016 buy was McKesson: 1,000,000 shares worth $157M.
  • PAR Capital Management added most to United Airlines in Q1 2016, an estimated $423M increase.
  • PAR Capital Management's biggest Q1 2016 reduction was Delta Air Lines, cutting an estimated $180M.
  • PAR Capital Management fully exited Qunar Cayman Islands Limited in Q1 2016, selling an estimated $145M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.24B portfolio in Q1 2016.
  • PAR Capital Management opened 12 new positions and closed 13 in Q1 2016.
  • PAR Capital Management's portfolio value rose 15% quarter-over-quarter to $6.24B.

Based on PAR Capital Management's 13F filing for Q1 2016, filed 16 May 2016.