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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
-4.22%
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
$6.03B
AUM Growth
-$214M
Cap. Flow
+$330M
Cap. Flow %
5.47%
Top 10 Hldgs %
56.52%
Holding
90
New
11
Increased
24
Reduced
12
Closed
10

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$242M
2
CI icon
Cigna
CI
+$121M
3
UAL icon
United Airlines
UAL
+$90.1M
4
LUV icon
Southwest Airlines
LUV
+$67.9M
5
WMB icon
Williams Companies
WMB
+$35.3M

Top Sells

Rank Stock Value
1
GM icon
General Motors
GM
+$78.7M
2
URI icon
United Rentals
URI
+$47M
3
TCOM icon
Trip.com Group
TCOM
+$44.1M
4
PNK
Pinnacle Entertainment Inc.
PNK
+$39.8M
5
CLH icon
Clean Harbors
CLH
+$34.5M

Sector Composition

Rank Sector Weight
1 Industrials 37.63%
2 Consumer Discretionary 30.62%
3 Healthcare 13.35%
4 Communication Services 4%
5 Real Estate 2.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$37.1B
$696M 11.55%
6,546,727
+2,226,887
+52% +$242M
UAL icon
2
United Airlines
UAL
$39.8B
$669M 11.1%
16,294,711
+1,905,000
+13% +$90.1M
DAL icon
3
Delta Air Lines
DAL
$57.8B
$418M 6.93%
11,465,809
– –
CI icon
4
Cigna
CI
$78.5B
$386M 6.41%
3,017,739
+917,739
+44% +$121M
ALK icon
5
Alaska Air
ALK
$5.23B
$265M 4.4%
4,552,364
– –
LUV icon
6
Southwest Airlines
LUV
$22.2B
$208M 3.45%
5,297,500
+1,587,500
+43% +$67.9M
TRIP icon
7
TripAdvisor
TRIP
$1.72B
$206M 3.41%
3,197,990
– –
ENT
8
DELISTED
Global Eagle Entertainment Inc.
ENT
$192M 3.19%
1,159,243
– –
MCK icon
9
McKesson
MCK
$104B
$187M 3.1%
1,000,000
– –
CHDN icon
10
Churchill Downs
CHDN
$6.19B
$179M 2.97%
8,511,516
+788,652
+10% +$17.4M
BKNG icon
11
Booking.com
BKNG
$157B
$171M 2.83%
3,416,375
– –
GRUB
12
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$169M 2.81%
2,727,500
– –
HCA icon
13
HCA Healthcare
HCA
$91.4B
$154M 2.56%
2,000,000
– –
MGM icon
14
MGM Resorts International
MGM
$11.8B
$151M 2.5%
6,657,000
+800,000
+14% +$18.2M
Z icon
15
Zillow
Z
$7.88B
$141M 2.34%
3,882,041
– –
GLPI icon
16
Gaming and Leisure Properties
GLPI
$13B
$140M 2.33%
4,063,661
-664,102
-14% -$22M
BYD icon
17
Boyd Gaming
BYD
$6.73B
$140M 2.32%
7,605,685
+164,439
+2% +$3.19M
OC icon
18
Owens Corning
OC
$11.2B
$133M 2.21%
2,589,762
+245,000
+10% +$12.2M
WCG
19
DELISTED
Wellcare Health Plans, Inc.
WCG
$104M 1.73%
973,701
– –
CP icon
20
Canadian Pacific Kansas City
CP
$80.8B
$81.3M 1.35%
3,157,250
-350,000
-10% -$9.44M
WMS icon
21
Advanced Drainage Systems
WMS
$10.7B
$69.5M 1.15%
2,540,000
+540,000
+27% +$13.1M
BRSL
22
Brightstar Lottery PLC
BRSL
$1.9B
$62M 1.03%
3,310,328
– –
VLRS
23
Controladora Vuela Compania de Aviacion
VLRS
$887M
$60.5M 1%
3,238,670
+67,826
+2% +$1.34M
ZG icon
24
Zillow
ZG
$7.93B
$59.3M 0.98%
1,617,910
– –
RAD
25
DELISTED
Rite Aid Corporation
RAD
$55M 0.91%
366,846
– –
1
2 3 4

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PAR Capital Management's Q2 2016 Portfolio in Review

As of Q2 2016, PAR Capital Management held 90 positions worth $6.03B, down 3.4% from $6.24B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management deployed $330M of net new capital in Q2 2016, opening 11 new positions and adding to 24 existing holdings. Its largest new stake was Williams Companies: 1,760,000 shares worth $38.1M.

By sector, the portfolio is most concentrated in Industrials at 38% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Trip.com Group, an estimated $44.1M trimmed.

  • PAR Capital Management's largest Q2 2016 buy was Williams Companies: 1,760,000 shares worth $38.1M.
  • PAR Capital Management added most to Expedia Group in Q2 2016, an estimated $242M increase.
  • PAR Capital Management's biggest Q2 2016 reduction was Trip.com Group, cutting an estimated $44.1M.
  • PAR Capital Management fully exited General Motors in Q2 2016, selling an estimated $78.7M.
  • PAR Capital Management's ten largest holdings make up 57% of its $6.03B portfolio in Q2 2016.
  • PAR Capital Management opened 11 new positions and closed 10 in Q2 2016.
  • PAR Capital Management's portfolio value fell 3.4% quarter-over-quarter to $6.03B.

Based on PAR Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.