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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
+1.78%
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
$9.11B
AUM Growth
+$161M
Cap. Flow
+$191M
Cap. Flow %
2.1%
Top 10 Hldgs %
56.67%
Holding
87
New
9
Increased
30
Reduced
6
Closed
5

Top Buys

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$106M
2
META icon
Meta Platforms (Facebook)
META
+$101M
3
CZR
Caesars Entertainment Corporation
CZR
+$83.8M
4
DVA icon
DaVita
DVA
+$77.1M
5
EVHC
Envision Healthcare Holdings Inc
EVHC
+$74.7M

Top Sells

Rank Stock Value
1
CI icon
Cigna
CI
+$203M
2
HCA icon
HCA Healthcare
HCA
+$176M
3
RRR icon
Red Rock Resorts
RRR
+$51.6M
4
MGM icon
MGM Resorts International
MGM
+$35.1M
5
CP icon
Canadian Pacific Kansas City
CP
+$29.2M

Sector Composition

Rank Sector Weight
1 Industrials 42.23%
2 Consumer Discretionary 30.28%
3 Healthcare 8.62%
4 Communication Services 5.78%
5 Real Estate 3.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$38.8B
$1.07B 11.8%
15,474,152
+75,000
+0.5% +$5.18M
EXPE icon
2
Expedia Group
EXPE
$36.5B
$896M 9.84%
8,117,944
+148,753
+2% +$17.3M
DAL icon
3
Delta Air Lines
DAL
$56.7B
$731M 8.03%
13,340,809
+285,000
+2% +$15.7M
MCK icon
4
McKesson
MCK
$104B
$588M 6.46%
4,176,500
– –
GRUB
5
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$504M 5.54%
2,484,150
– –
CAR icon
6
Avis
CAR
$5.47B
$290M 3.18%
6,181,608
– –
BKNG icon
7
Booking.com
BKNG
$156B
$288M 3.16%
3,462,625
+12,500
+0.4% +$983K
LUV icon
8
Southwest Airlines
LUV
$21.7B
$283M 3.11%
4,942,800
+100,000
+2% +$6.01M
GLPI icon
9
Gaming and Leisure Properties
GLPI
$13B
$258M 2.84%
7,719,478
+3,072,681
+66% +$106M
CZR icon
10
Caesars Entertainment
CZR
$6.06B
$247M 2.71%
7,474,779
– –
Z icon
11
Zillow
Z
$7.78B
$209M 2.29%
3,882,041
– –
CHDN icon
12
Churchill Downs
CHDN
$6.17B
$203M 2.22%
4,979,796
+100,806
+2% +$4.29M
BYD icon
13
Boyd Gaming
BYD
$6.75B
$197M 2.16%
6,174,101
-650,000
-10% -$23.3M
OC icon
14
Owens Corning
OC
$11B
$158M 1.73%
1,961,230
+20,215
+1% +$1.76M
ALK icon
15
Alaska Air
ALK
$5.11B
$155M 1.7%
2,500,000
– –
CZR
16
DELISTED
Caesars Entertainment Corporation
CZR
$141M 1.55%
12,528,939
+6,528,939
+109% +$83.8M
TRIP icon
17
TripAdvisor
TRIP
$1.7B
$136M 1.49%
3,316,569
– –
CHGG icon
18
Chegg
CHGG
$116M
$129M 1.42%
6,241,298
– –
BRSL
19
Brightstar Lottery PLC
BRSL
$1.9B
$120M 1.32%
4,485,000
+583,901
+15% +$16.2M
HTZ
20
DELISTED
Hertz Global Holdings, Inc.
HTZ
$117M 1.28%
6,777,751
– –
DY icon
21
Dycom Industries
DY
$11.2B
$111M 1.22%
1,032,000
+10,000
+1% +$1.14M
WLL
22
DELISTED
Whiting Petroleum Corporation
WLL
$108M 1.19%
42,583
+4,933
+13% +$10.6M
WEX icon
23
WEX
WEX
$6.42B
$107M 1.18%
685,000
– –
CONN
24
DELISTED
Conn's Inc.
CONN
$103M 1.13%
3,030,000
+2,500
+0.1% +$83.2K
WMB icon
25
Williams Companies
WMB
$85.8B
$97.2M 1.07%
3,910,000
+1,550,000
+66% +$45.7M
1
2 3 4

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PAR Capital Management's Q1 2018 Portfolio in Review

As of Q1 2018, PAR Capital Management held 87 positions worth $9.11B, up 1.8% from $8.95B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

PAR Capital Management's Q1 2018 filing shows 9 new, 30 increased, 6 reduced and 5 closed positions. Its largest new stake was DaVita: 1,050,000 shares worth $69.2M. The largest sale was Cigna, an estimated $203M.

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

  • PAR Capital Management's largest Q1 2018 buy was DaVita: 1,050,000 shares worth $69.2M.
  • PAR Capital Management added most to Gaming and Leisure Properties in Q1 2018, an estimated $106M increase.
  • PAR Capital Management's biggest Q1 2018 reduction was Red Rock Resorts, cutting an estimated $51.6M.
  • PAR Capital Management fully exited Cigna in Q1 2018, selling an estimated $203M.
  • PAR Capital Management's ten largest holdings make up 57% of its $9.11B portfolio in Q1 2018.
  • PAR Capital Management opened 9 new positions and closed 5 in Q1 2018.
  • PAR Capital Management's portfolio value rose 1.8% quarter-over-quarter to $9.11B.

Based on PAR Capital Management's 13F filing for Q1 2018, filed 15 May 2018.