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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
+2.33%
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
$8.23B
AUM Growth
+$578M
Cap. Flow
+$532M
Cap. Flow %
6.47%
Top 10 Hldgs %
60.01%
Holding
89
New
14
Increased
26
Reduced
10
Closed
12

Top Buys

Rank Stock Value
1
HTZ
Hertz Global Holdings, Inc.
HTZ
+$123M
2
CAR icon
Avis
CAR
+$112M
3
SGI
Somnigroup International
SGI
+$105M
4
MCK icon
McKesson
MCK
+$99.5M
5
EXPE icon
Expedia Group
EXPE
+$87M

Top Sells

Rank Stock Value
1
WCG
Wellcare Health Plans, Inc.
WCG
+$64.9M
2
CP icon
Canadian Pacific Kansas City
CP
+$51.2M
3
LNW
Light & Wonder
LNW
+$41.8M
4
DVA icon
DaVita
DVA
+$38.5M
5
IVZ icon
Invesco
IVZ
+$37.2M

Sector Composition

Rank Sector Weight
1 Industrials 42.57%
2 Consumer Discretionary 29.45%
3 Healthcare 13.82%
4 Communication Services 4.14%
5 Energy 2.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.8B
$1.15B 13.99%
16,294,711
– –
EXPE icon
2
Expedia Group
EXPE
$37.1B
$986M 11.98%
7,812,983
+712,956
+10% +$87M
DAL icon
3
Delta Air Lines
DAL
$57.9B
$509M 6.18%
11,065,809
– –
CI icon
4
Cigna
CI
$78.5B
$505M 6.14%
3,450,000
+50,000
+1% +$7.37M
ALK icon
5
Alaska Air
ALK
$5.24B
$415M 5.05%
4,502,364
– –
MCK icon
6
McKesson
MCK
$104B
$397M 4.83%
2,680,000
+679,350
+34% +$99.5M
LUV icon
7
Southwest Airlines
LUV
$22.2B
$302M 3.67%
5,618,200
– –
BKNG icon
8
Booking.com
BKNG
$157B
$246M 2.99%
3,450,125
– –
GRUB
9
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$221M 2.69%
3,358,500
+631,000
+23% +$46.6M
TRIP icon
10
TripAdvisor
TRIP
$1.72B
$205M 2.5%
4,757,990
+1,498,500
+46% +$71.1M
BYD icon
11
Boyd Gaming
BYD
$6.73B
$204M 2.48%
9,256,701
+103,715
+1% +$2.11M
MGM icon
12
MGM Resorts International
MGM
$11.8B
$190M 2.31%
6,944,800
+300,000
+5% +$8.32M
HCA icon
13
HCA Healthcare
HCA
$91.3B
$178M 2.16%
2,000,000
– –
OC icon
14
Owens Corning
OC
$11.1B
$157M 1.91%
2,554,762
-55,000
-2% -$3.15M
GLPI icon
15
Gaming and Leisure Properties
GLPI
$13B
$155M 1.89%
4,646,797
+50,000
+1% +$1.58M
CAR icon
16
Avis
CAR
$5.31B
$137M 1.66%
4,621,960
+3,236,091
+234% +$112M
Z icon
17
Zillow
Z
$7.89B
$131M 1.59%
3,882,041
– –
CHDN icon
18
Churchill Downs
CHDN
$6.21B
$129M 1.57%
4,878,990
– –
WMB icon
19
Williams Companies
WMB
$85.5B
$124M 1.51%
4,190,000
+1,610,000
+62% +$46.5M
ISLE
20
DELISTED
Isle of Capri Casinos Inc
ISLE
$107M 1.3%
4,046,000
– –
HTZ
21
DELISTED
Hertz Global Holdings, Inc.
HTZ
$103M 1.26%
+6,777,751
New +$123M
SGI
22
Somnigroup International
SGI
$14.3B
$95.2M 1.16%
+8,192,000
New +$105M
ENT
23
DELISTED
Global Eagle Entertainment Inc.
ENT
$92.5M 1.12%
1,159,243
– –
CZR icon
24
Caesars Entertainment
CZR
$6.07B
$76M 0.92%
4,015,000
-650,000
-14% -$11M
TRUE
25
DELISTED
TrueCar
TRUE
$74.7M 0.91%
4,828,447
-100,000
-2% -$1.39M
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 Q1 2017 Portfolio in Review

As of Q1 2017, PAR Capital Management held 89 positions worth $8.23B, up 7.6% from $7.65B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

PAR Capital Management deployed $532M of net new capital in Q1 2017, opening 14 new positions and adding to 26 existing holdings. Its largest new stake was Hertz Global Holdings, Inc.: 6,777,751 shares worth $103M.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Canadian Pacific Kansas City, an estimated $51.2M trimmed.

  • PAR Capital Management's largest Q1 2017 buy was Hertz Global Holdings, Inc.: 6,777,751 shares worth $103M.
  • PAR Capital Management added most to Avis in Q1 2017, an estimated $112M increase.
  • PAR Capital Management's biggest Q1 2017 reduction was Canadian Pacific Kansas City, cutting an estimated $51.2M.
  • PAR Capital Management fully exited Wellcare Health Plans, Inc. in Q1 2017, selling an estimated $64.9M.
  • PAR Capital Management's ten largest holdings make up 60% of its $8.23B portfolio in Q1 2017.
  • PAR Capital Management opened 14 new positions and closed 12 in Q1 2017.
  • PAR Capital Management's portfolio value rose 7.6% quarter-over-quarter to $8.23B.

Based on PAR Capital Management's 13F filing for Q1 2017, filed 15 May 2017.