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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
+13.14%
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
$8.9B
AUM Growth
+$676M
Cap. Flow
-$187M
Cap. Flow %
-2.11%
Top 10 Hldgs %
61.06%
Holding
91
New
14
Increased
20
Reduced
12
Closed
6

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$98M
2
MCK icon
McKesson
MCK
+$88.9M
3
CZR icon
Caesars Entertainment
CZR
+$69.2M
4
CAR icon
Avis
CAR
+$49.4M
5
BRSL
Brightstar Lottery PLC
BRSL
+$40.7M

Top Sells

Rank Stock Value
1
ALK icon
Alaska Air
ALK
+$176M
2
CI icon
Cigna
CI
+$120M
3
ISLE
Isle of Capri Casinos Inc
ISLE
+$107M
4
MGM icon
MGM Resorts International
MGM
+$92.7M
5
TRIP icon
TripAdvisor
TRIP
+$85.3M

Sector Composition

Rank Sector Weight
1 Industrials 41.92%
2 Consumer Discretionary 28.73%
3 Healthcare 13.81%
4 Communication Services 5.91%
5 Real Estate 2.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.5B
$1.23B 13.77%
16,294,711
– –
EXPE icon
2
Expedia Group
EXPE
$37B
$1.16B 13.07%
7,814,983
+2,000
+0% +$281K
DAL icon
3
Delta Air Lines
DAL
$57.6B
$702M 7.89%
13,065,809
+2,000,000
+18% +$98M
MCK icon
4
McKesson
MCK
$105B
$537M 6.04%
3,266,200
+586,200
+22% +$88.9M
CI icon
5
Cigna
CI
$78.5B
$452M 5.08%
2,700,000
-750,000
-22% -$120M
LUV icon
6
Southwest Airlines
LUV
$22B
$349M 3.92%
5,618,200
– –
GRUB
7
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$293M 3.29%
3,358,500
– –
BKNG icon
8
Booking.com
BKNG
$158B
$258M 2.9%
3,450,125
– –
BYD icon
9
Boyd Gaming
BYD
$6.72B
$230M 2.58%
9,256,701
– –
ALK icon
10
Alaska Air
ALK
$5.2B
$224M 2.52%
2,500,000
-2,002,364
-44% -$176M
Z icon
11
Zillow
Z
$7.91B
$190M 2.14%
3,882,041
– –
CAR icon
12
Avis
CAR
$5.34B
$178M 2%
6,540,608
+1,918,648
+42% +$49.4M
GLPI icon
13
Gaming and Leisure Properties
GLPI
$13B
$175M 1.97%
4,646,797
– –
HCA icon
14
HCA Healthcare
HCA
$90.5B
$174M 1.96%
2,000,000
– –
OC icon
15
Owens Corning
OC
$11.1B
$164M 1.84%
2,444,762
-110,000
-4% -$6.9M
CZR icon
16
Caesars Entertainment
CZR
$6.07B
$149M 1.68%
7,474,779
+3,459,779
+86% +$69.2M
CHDN icon
17
Churchill Downs
CHDN
$6.15B
$149M 1.67%
4,878,990
– –
TRVG
18
trivago
TRVG
$388M
$147M 1.66%
1,246,800
+122,542
+11% +$10.7M
MGM icon
19
MGM Resorts International
MGM
$11.8B
$123M 1.39%
3,944,800
-3,000,000
-43% -$92.7M
SGI
20
Somnigroup International
SGI
$14.4B
$109M 1.23%
8,192,000
– –
ENT
21
DELISTED
Global Eagle Entertainment Inc.
ENT
$103M 1.16%
1,159,243
– –
TRIP icon
22
TripAdvisor
TRIP
$1.71B
$103M 1.16%
2,695,569
-2,062,421
-43% -$85.3M
WMB icon
23
Williams Companies
WMB
$85.5B
$102M 1.15%
3,385,000
-805,000
-19% -$24M
TRUE
24
DELISTED
TrueCar
TRUE
$96.2M 1.08%
4,828,447
– –
AAL icon
25
American Airlines Group
AAL
$9.94B
$83.9M 0.94%
1,666,351
– –
1
2 3 4

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PAR Capital Management's Q2 2017 Portfolio in Review

As of Q2 2017, PAR Capital Management held 91 positions worth $8.9B, up 8.2% from $8.23B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

PAR Capital Management's Q2 2017 filing shows 14 new, 20 increased, 12 reduced and 6 closed positions. Its largest new stake was O'Reilly Automotive: 1,125,000 shares worth $16.4M. The largest sale was Alaska Air, an estimated $176M.

By sector, the portfolio is most concentrated in Industrials at 42% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Healthcare.

  • PAR Capital Management's largest Q2 2017 buy was O'Reilly Automotive: 1,125,000 shares worth $16.4M.
  • PAR Capital Management added most to Delta Air Lines in Q2 2017, an estimated $98M increase.
  • PAR Capital Management's biggest Q2 2017 reduction was Alaska Air, cutting an estimated $176M.
  • PAR Capital Management fully exited Isle of Capri Casinos Inc in Q2 2017, selling an estimated $107M.
  • PAR Capital Management's ten largest holdings make up 61% of its $8.9B portfolio in Q2 2017.
  • PAR Capital Management opened 14 new positions and closed 6 in Q2 2017.
  • PAR Capital Management's portfolio value rose 8.2% quarter-over-quarter to $8.9B.

Based on PAR Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.