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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
+10.92%
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
$7.65B
AUM Growth
+$724M
Cap. Flow
+$162M
Cap. Flow %
2.12%
Top 10 Hldgs %
59.47%
Holding
88
New
4
Increased
27
Reduced
15
Closed
13

Top Buys

Rank Stock Value
1
MCK icon
McKesson
MCK
+$138M
2
CI icon
Cigna
CI
+$50M
3
AAL icon
American Airlines Group
AAL
+$29.1M
4
GLPI icon
Gaming and Leisure Properties
GLPI
+$25.9M
5
BYD icon
Boyd Gaming
BYD
+$22M

Top Sells

Rank Stock Value
1
CHDN icon
Churchill Downs
CHDN
+$88.7M
2
WYNN icon
Wynn Resorts
WYNN
+$28.6M
3
EXP icon
Eagle Materials
EXP
+$23.9M
4
DKS icon
Dick's Sporting Goods
DKS
+$19.9M
5
DAL icon
Delta Air Lines
DAL
+$18.2M

Sector Composition

Rank Sector Weight
1 Industrials 43.71%
2 Consumer Discretionary 26.63%
3 Healthcare 12.66%
4 Communication Services 3.76%
5 Real Estate 2.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.5B
$1.19B 15.53%
16,294,711
– –
EXPE icon
2
Expedia Group
EXPE
$37.1B
$804M 10.51%
7,100,027
– –
DAL icon
3
Delta Air Lines
DAL
$57.6B
$544M 7.12%
11,065,809
-400,000
-3% -$18.2M
CI icon
4
Cigna
CI
$78.6B
$454M 5.93%
3,400,000
+382,261
+13% +$50M
ALK icon
5
Alaska Air
ALK
$5.21B
$399M 5.22%
4,502,364
-50,000
-1% -$3.94M
MCK icon
6
McKesson
MCK
$105B
$281M 3.67%
2,000,650
+940,650
+89% +$138M
LUV icon
7
Southwest Airlines
LUV
$22B
$280M 3.66%
5,618,200
+125,000
+2% +$5.6M
GRUB
8
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$205M 2.68%
2,727,500
– –
BKNG icon
9
Booking.com
BKNG
$158B
$202M 2.65%
3,450,125
– –
MGM icon
10
MGM Resorts International
MGM
$11.8B
$192M 2.5%
6,644,800
-12,200
-0.2% -$338K
ENT
11
DELISTED
Global Eagle Entertainment Inc.
ENT
$187M 2.45%
1,159,243
– –
BYD icon
12
Boyd Gaming
BYD
$6.72B
$185M 2.41%
9,152,986
+1,143,786
+14% +$22M
TRIP icon
13
TripAdvisor
TRIP
$1.71B
$151M 1.98%
3,259,490
+21,500
+0.7% +$1.18M
HCA icon
14
HCA Healthcare
HCA
$90.5B
$148M 1.94%
2,000,000
– –
Z icon
15
Zillow
Z
$7.91B
$142M 1.85%
3,882,041
– –
GLPI icon
16
Gaming and Leisure Properties
GLPI
$13B
$141M 1.84%
4,596,797
+827,319
+22% +$25.9M
OC icon
17
Owens Corning
OC
$11.1B
$135M 1.76%
2,609,762
+20,000
+0.8% +$1.04M
CHDN icon
18
Churchill Downs
CHDN
$6.16B
$122M 1.6%
4,878,990
-3,632,526
-43% -$88.7M
ISLE
19
DELISTED
Isle of Capri Casinos Inc
ISLE
$99.9M 1.31%
4,046,000
+304,100
+8% +$6.85M
CP icon
20
Canadian Pacific Kansas City
CP
$81.1B
$84.4M 1.1%
2,957,250
-150,000
-5% -$4.43M
WMB icon
21
Williams Companies
WMB
$85.5B
$80.3M 1.05%
2,580,000
+120,000
+5% +$3.62M
CZR icon
22
Caesars Entertainment
CZR
$6.07B
$79.1M 1.03%
4,665,000
– –
AAL icon
23
American Airlines Group
AAL
$9.94B
$77.8M 1.02%
1,666,351
+669,252
+67% +$29.1M
RAD
24
DELISTED
Rite Aid Corporation
RAD
$74.2M 0.97%
450,000
+53,154
+13% +$8.03M
JBLU icon
25
JetBlue
JBLU
$2.17B
$73.8M 0.97%
3,292,490
-100,000
-3% -$1.98M
1
2 3 4

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PAR Capital Management's Q4 2016 Portfolio in Review

As of Q4 2016, PAR Capital Management held 88 positions worth $7.65B, up 10% from $6.92B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

PAR Capital Management's Q4 2016 filing shows 4 new, 27 increased, 15 reduced and 13 closed positions. Its largest new stake was trivago: 350,000 shares worth $20.6M. The largest sale was Churchill Downs, an estimated $88.7M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, up from 39% a quarter earlier, followed by Consumer Discretionary and Healthcare.

  • PAR Capital Management's largest Q4 2016 buy was trivago: 350,000 shares worth $20.6M.
  • PAR Capital Management added most to McKesson in Q4 2016, an estimated $138M increase.
  • PAR Capital Management's biggest Q4 2016 reduction was Churchill Downs, cutting an estimated $88.7M.
  • PAR Capital Management fully exited Dick's Sporting Goods in Q4 2016, selling an estimated $19.9M.
  • PAR Capital Management's ten largest holdings make up 59% of its $7.65B portfolio in Q4 2016.
  • PAR Capital Management opened 4 new positions and closed 13 in Q4 2016.
  • PAR Capital Management's portfolio value rose 10% quarter-over-quarter to $7.65B.

Based on PAR Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.