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PAR Capital Management Portfolio holdings

AUM $4.03B
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
-14.72%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$5.98B
AUM Growth
-$2.73B
Cap. Flow
-$1.59B
Cap. Flow %
-26.58%
Top 10 Hldgs %
69.66%
Holding
79
New
2
Increased
13
Reduced
24
Closed
19

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$150M
2
GRPN icon
Groupon
GRPN
+$137M
3
JBLU icon
JetBlue
JBLU
+$95.5M
4
IVV icon
iShares Core S&P 500 ETF
IVV
+$41M
5
SYF icon
Synchrony
SYF
+$29.6M

Top Sells

Rank Stock Value
1
MCK icon
McKesson
MCK
+$438M
2
CZR icon
Caesars Entertainment
CZR
+$191M
3
TCOM icon
Trip.com Group
TCOM
+$188M
4
WLL
Whiting Petroleum Corporation
WLL
+$171M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$133M

Sector Composition

Rank Sector Weight
1 Industrials 46.64%
2 Consumer Discretionary 34.84%
3 Communication Services 7.76%
4 Financials 2.83%
5 Healthcare 2.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$35.9B
$1.31B 21.88%
15,624,152
– –
EXPE icon
2
Expedia Group
EXPE
$39.5B
$897M 15%
7,964,254
– –
DAL icon
3
Delta Air Lines
DAL
$52.7B
$605M 10.11%
12,115,809
-1,150,000
-9% -$62.6M
BKNG icon
4
Booking.com
BKNG
$155B
$380M 6.35%
5,509,775
+2,047,150
+59% +$150M
LUV icon
5
Southwest Airlines
LUV
$19.4B
$226M 3.78%
4,867,800
– –
CHDN icon
6
Churchill Downs
CHDN
$6.27B
$166M 2.78%
4,085,796
-78,000
-2% -$3.44M
ALGT icon
7
Allegiant Air
ALGT
$2.16B
$161M 2.7%
1,610,000
+27,000
+2% +$3.22M
GRPN icon
8
Groupon
GRPN
$794M
$159M 2.66%
2,480,881
+2,133,381
+614% +$137M
JBLU icon
9
JetBlue
JBLU
$1.81B
$139M 2.33%
8,675,000
+5,481,710
+172% +$95.5M
TRIP icon
10
TripAdvisor
TRIP
$1.16B
$124M 2.08%
2,304,017
-83,876
-4% -$4.64M
ALK icon
11
Alaska Air
ALK
$4.72B
$122M 2.05%
2,010,000
-490,000
-20% -$31.7M
BYD icon
12
Boyd Gaming
BYD
$5.77B
$121M 2.02%
5,815,376
-611,695
-10% -$16.1M
DVA icon
13
DaVita
DVA
$11.5B
$110M 1.84%
2,137,700
+325,000
+18% +$20.8M
BRSL
14
Brightstar Lottery PLC
BRSL
$2.11B
$109M 1.83%
7,470,694
-605,000
-7% -$10M
WEX icon
15
WEX
WEX
$6.72B
$102M 1.7%
725,000
+40,000
+6% +$6.58M
SGI
16
Somnigroup International
SGI
$13.5B
$84.8M 1.42%
8,192,000
– –
HTZ
17
DELISTED
Hertz Global Holdings, Inc.
HTZ
$80.4M 1.34%
6,777,751
– –
TRUE
18
DELISTED
TrueCar
TRUE
$75M 1.25%
8,275,395
-692,757
-8% -$7.48M
TRVG
19
trivago
TRVG
$423M
$73.8M 1.23%
2,621,000
– –
OC icon
20
Owens Corning
OC
$11.3B
$70.5M 1.18%
1,602,144
-661,086
-29% -$32M
WMS icon
21
Advanced Drainage Systems
WMS
$10.3B
$66.4M 1.11%
2,737,000
– –
ENT
22
DELISTED
Global Eagle Entertainment Inc.
ENT
$64.6M 1.08%
1,159,243
– –
META icon
23
Meta Platforms (Facebook)
META
$1.47T
$60M 1%
457,800
– –
PCYO icon
24
Pure Cycle
PCYO
$275M
$59.4M 0.99%
5,982,970
– –
V icon
25
Visa
V
$712B
$59.4M 0.99%
450,000
– –
1
2 3 4

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PWP
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WB
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PAR Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, PAR Capital Management held 79 positions worth $5.98B, down 31% from $8.71B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

PAR Capital Management withdrew a net $1.59B in Q4 2018, closing 19 positions and reducing 24 holdings. Its most notable exit was McKesson, an estimated $438M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, PAR Capital Management opened a new position in iShares Core S&P 500 ETF worth $38M.

  • PAR Capital Management's largest Q4 2018 buy was iShares Core S&P 500 ETF: 151,000 shares worth $38M.
  • PAR Capital Management added most to Booking.com in Q4 2018, an estimated $150M increase.
  • PAR Capital Management's biggest Q4 2018 reduction was Gaming and Leisure Properties, cutting an estimated $133M.
  • PAR Capital Management fully exited McKesson in Q4 2018, selling an estimated $438M.
  • PAR Capital Management's ten largest holdings make up 70% of its $5.98B portfolio in Q4 2018.
  • PAR Capital Management opened 2 new positions and closed 19 in Q4 2018.
  • PAR Capital Management's portfolio value fell 31% quarter-over-quarter to $5.98B.

Based on PAR Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.