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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
+5.58%
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
$8.89B
AUM Growth
-$218M
Cap. Flow
-$539M
Cap. Flow %
-6.06%
Top 10 Hldgs %
53.9%
Holding
84
New
2
Increased
30
Reduced
19
Closed
2

Top Buys

Rank Stock Value
1
BRSL
Brightstar Lottery PLC
BRSL
+$65.8M
2
DVA icon
DaVita
DVA
+$30.9M
3
TRVG
trivago
TRVG
+$26.3M
4
META icon
Meta Platforms (Facebook)
META
+$17.3M
5
TRUE
TrueCar
TRUE
+$16.2M

Top Sells

Rank Stock Value
1
CAR icon
Avis
CAR
+$262M
2
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$221M
3
CZR icon
Caesars Entertainment
CZR
+$84.7M
4
GLPI icon
Gaming and Leisure Properties
GLPI
+$55.7M
5
CHGG icon
Chegg
CHGG
+$40.7M

Sector Composition

Rank Sector Weight
1 Industrials 36.08%
2 Consumer Discretionary 32.63%
3 Healthcare 8.92%
4 Communication Services 7.39%
5 Energy 3.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.8B
$1.09B 12.22%
15,574,152
+100,000
+0.6% +$6.95M
EXPE icon
2
Expedia Group
EXPE
$37.1B
$964M 10.84%
8,017,944
-100,000
-1% -$11.5M
DAL icon
3
Delta Air Lines
DAL
$57.9B
$662M 7.45%
13,365,809
+25,000
+0.2% +$1.33M
MCK icon
4
McKesson
MCK
$104B
$557M 6.27%
4,176,500
– –
GRUB
5
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$297M 3.34%
1,415,700
-1,068,450
-43% -$221M
BKNG icon
6
Booking.com
BKNG
$157B
$281M 3.16%
3,462,625
– –
CHDN icon
7
Churchill Downs
CHDN
$6.21B
$249M 2.8%
5,039,796
+60,000
+1% +$2.81M
LUV icon
8
Southwest Airlines
LUV
$22.2B
$248M 2.79%
4,867,800
-75,000
-2% -$3.95M
Z icon
9
Zillow
Z
$7.89B
$229M 2.58%
3,882,041
– –
GLPI icon
10
Gaming and Leisure Properties
GLPI
$13B
$219M 2.46%
6,113,172
-1,606,306
-21% -$55.7M
BYD icon
11
Boyd Gaming
BYD
$6.73B
$215M 2.42%
6,209,101
+35,000
+0.6% +$1.23M
CZR icon
12
Caesars Entertainment
CZR
$6.07B
$212M 2.39%
5,426,940
-2,047,839
-27% -$84.7M
WLL
13
DELISTED
Whiting Petroleum Corporation
WLL
$170M 1.91%
42,917
+334
+0.8% +$1.15M
BRSL
14
Brightstar Lottery PLC
BRSL
$1.9B
$162M 1.82%
6,955,000
+2,470,000
+55% +$65.8M
TRIP icon
15
TripAdvisor
TRIP
$1.72B
$156M 1.76%
2,803,969
-512,600
-15% -$24.5M
ALK icon
16
Alaska Air
ALK
$5.24B
$151M 1.7%
2,500,000
– –
CZR
17
DELISTED
Caesars Entertainment Corporation
CZR
$146M 1.64%
13,613,257
+1,084,318
+9% +$12.7M
META icon
18
Meta Platforms (Facebook)
META
$1.51T
$136M 1.53%
697,800
+95,800
+16% +$17.3M
OC icon
19
Owens Corning
OC
$11.1B
$136M 1.52%
2,138,230
+177,000
+9% +$12.2M
WEX icon
20
WEX
WEX
$6.48B
$130M 1.47%
685,000
– –
CHGG icon
21
Chegg
CHGG
$118M
$128M 1.44%
4,621,948
-1,619,350
-26% -$40.7M
DVA icon
22
DaVita
DVA
$15.4B
$105M 1.18%
1,512,700
+462,700
+44% +$30.9M
STMP
23
DELISTED
Stamps.com, Inc.
STMP
$104M 1.17%
411,817
– –
DY icon
24
Dycom Industries
DY
$11.5B
$102M 1.15%
1,082,000
+50,000
+5% +$5.12M
ZG icon
25
Zillow
ZG
$7.95B
$101M 1.14%
1,693,600
+75,690
+5% +$4.18M
1
2 3 4

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PAR Capital Management's Q2 2018 Portfolio in Review

As of Q2 2018, PAR Capital Management held 84 positions worth $8.89B, down 2.4% from $9.11B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

PAR Capital Management withdrew a net $539M in Q2 2018, closing 2 positions and reducing 19 holdings. Its most notable exit was Surgery Partners, an estimated $2.37M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 36% of assets, down from 42% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, PAR Capital Management opened a new position in Despegar.com worth $3.85M.

  • PAR Capital Management's largest Q2 2018 buy was Despegar.com: 183,526 shares worth $3.85M.
  • PAR Capital Management added most to Brightstar Lottery PLC in Q2 2018, an estimated $65.8M increase.
  • PAR Capital Management's biggest Q2 2018 reduction was Avis, cutting an estimated $262M.
  • PAR Capital Management fully exited Surgery Partners in Q2 2018, selling an estimated $2.37M.
  • PAR Capital Management's ten largest holdings make up 54% of its $8.89B portfolio in Q2 2018.
  • PAR Capital Management opened 2 new positions and closed 2 in Q2 2018.
  • PAR Capital Management's portfolio value fell 2.4% quarter-over-quarter to $8.89B.

Based on PAR Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.