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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
+8.12%
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
$8.71B
AUM Growth
-$177M
Cap. Flow
-$722M
Cap. Flow %
-8.29%
Top 10 Hldgs %
57.58%
Holding
88
New
6
Increased
22
Reduced
15
Closed
11

Top Buys

Rank Stock Value
1
ALGT icon
Allegiant Air
ALGT
+$211M
2
TCOM icon
Trip.com Group
TCOM
+$204M
3
TRVG
trivago
TRVG
+$32.7M
4
BRSL
Brightstar Lottery PLC
BRSL
+$24.4M
5
YELP icon
Yelp
YELP
+$21.8M

Top Sells

Rank Stock Value
1
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$297M
2
Z icon
Zillow
Z
+$229M
3
CHGG icon
Chegg
CHGG
+$128M
4
MCK icon
McKesson
MCK
+$114M
5
ZG icon
Zillow
ZG
+$101M

Sector Composition

Rank Sector Weight
1 Industrials 39.76%
2 Consumer Discretionary 35.47%
3 Healthcare 7.26%
4 Communication Services 4.54%
5 Energy 3.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.6B
$1.39B 15.97%
15,624,152
+50,000
+0.3% +$4.12M
EXPE icon
2
Expedia Group
EXPE
$36.8B
$1.04B 11.93%
7,964,254
-53,690
-0.7% -$6.97M
DAL icon
3
Delta Air Lines
DAL
$57.5B
$767M 8.81%
13,265,809
-100,000
-0.7% -$5.51M
MCK icon
4
McKesson
MCK
$105B
$438M 5.02%
3,300,000
-876,500
-21% -$114M
LUV icon
5
Southwest Airlines
LUV
$22.1B
$304M 3.49%
4,867,800
– –
BKNG icon
6
Booking.com
BKNG
$156B
$275M 3.15%
3,462,625
– –
BYD icon
7
Boyd Gaming
BYD
$6.7B
$218M 2.5%
6,427,071
+217,970
+4% +$7.79M
ALGT icon
8
Allegiant Air
ALGT
$2.64B
$201M 2.3%
+1,583,000
New +$211M
CHDN icon
9
Churchill Downs
CHDN
$6.21B
$193M 2.21%
4,163,796
-876,000
-17% -$41.5M
CZR icon
10
Caesars Entertainment
CZR
$6.07B
$191M 2.19%
3,926,940
-1,500,000
-28% -$68.1M
TCOM icon
11
Trip.com Group
TCOM
$29.2B
$188M 2.16%
5,056,200
+5,016,200
+12,541% +$204M
GLPI icon
12
Gaming and Leisure Properties
GLPI
$13B
$175M 2%
4,951,040
-1,162,132
-19% -$41.1M
ALK icon
13
Alaska Air
ALK
$5.2B
$172M 1.98%
2,500,000
– –
WLL
14
DELISTED
Whiting Petroleum Corporation
WLL
$171M 1.96%
42,917
– –
CZR
15
DELISTED
Caesars Entertainment Corporation
CZR
$160M 1.84%
15,614,986
+2,001,729
+15% +$21.1M
BRSL
16
Brightstar Lottery PLC
BRSL
$1.89B
$159M 1.83%
8,075,694
+1,120,694
+16% +$24.4M
WEX icon
17
WEX
WEX
$6.46B
$138M 1.58%
685,000
– –
DVA icon
18
DaVita
DVA
$15.5B
$130M 1.49%
1,812,700
+300,000
+20% +$21.2M
TRUE
19
DELISTED
TrueCar
TRUE
$126M 1.45%
8,968,152
– –
OC icon
20
Owens Corning
OC
$11.1B
$123M 1.41%
2,263,230
+125,000
+6% +$7.53M
TRIP icon
21
TripAdvisor
TRIP
$1.71B
$122M 1.4%
2,387,893
-416,076
-15% -$22.7M
CONN
22
DELISTED
Conn's Inc.
CONN
$109M 1.25%
3,077,166
+45,200
+1% +$1.62M
SGI
23
Somnigroup International
SGI
$14.3B
$108M 1.24%
8,192,000
– –
STMP
24
DELISTED
Stamps.com, Inc.
STMP
$104M 1.2%
461,817
+50,000
+12% +$12.5M
DY icon
25
Dycom Industries
DY
$11.4B
$100M 1.15%
1,183,200
+101,200
+9% +$8.76M
1
2 3 4

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PAR Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, PAR Capital Management held 88 positions worth $8.71B, down 2% from $8.89B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management withdrew a net $722M in Q3 2018, closing 11 positions and reducing 15 holdings. Its most notable exit was Just Eat Takeaway.com N.V. American Depositary Shares, an estimated $297M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 40% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, PAR Capital Management opened a new position in Allegiant Air worth $201M.

  • PAR Capital Management's largest Q3 2018 buy was Allegiant Air: 1,583,000 shares worth $201M.
  • PAR Capital Management added most to Trip.com Group in Q3 2018, an estimated $204M increase.
  • PAR Capital Management's biggest Q3 2018 reduction was McKesson, cutting an estimated $114M.
  • PAR Capital Management fully exited Just Eat Takeaway.com N.V. American Depositary Shares in Q3 2018, selling an estimated $297M.
  • PAR Capital Management's ten largest holdings make up 58% of its $8.71B portfolio in Q3 2018.
  • PAR Capital Management opened 6 new positions and closed 11 in Q3 2018.
  • PAR Capital Management's portfolio value fell 2% quarter-over-quarter to $8.71B.

Based on PAR Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.