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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
+5.79%
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
$5.39B
AUM Growth
-$591M
Cap. Flow
-$820M
Cap. Flow %
-15.22%
Top 10 Hldgs %
77.22%
Holding
64
New
5
Increased
13
Reduced
15
Closed
15

Top Buys

Rank Stock Value
1
DVA icon
DaVita
DVA
+$45.4M
2
BALY icon
Bally's
BALY
+$42.9M
3
ALK icon
Alaska Air
ALK
+$42.7M
4
SKYW icon
Skywest
SKYW
+$23.5M
5
GRPN icon
Groupon
GRPN
+$17.7M

Top Sells

Rank Stock Value
1
LUV icon
Southwest Airlines
LUV
+$226M
2
BYD icon
Boyd Gaming
BYD
+$98.9M
3
BKNG icon
Booking.com
BKNG
+$97.3M
4
SGI
Somnigroup International
SGI
+$93.8M
5
BRSL
Brightstar Lottery PLC
BRSL
+$83.6M

Sector Composition

Rank Sector Weight
1 Industrials 46.85%
2 Consumer Discretionary 33.32%
3 Communication Services 7.67%
4 Financials 4.02%
5 Healthcare 3.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$38.8B
$1.25B 23.12%
15,619,152
-5,000
-0% -$422K
EXPE icon
2
Expedia Group
EXPE
$36.5B
$948M 17.59%
7,964,254
– –
DAL icon
3
Delta Air Lines
DAL
$56.7B
$623M 11.56%
12,065,809
-50,000
-0.4% -$2.48M
BKNG icon
4
Booking.com
BKNG
$156B
$289M 5.37%
4,146,600
-1,363,175
-25% -$97.3M
ALGT icon
5
Allegiant Air
ALGT
$2.57B
$210M 3.9%
1,625,000
+15,000
+0.9% +$1.91M
CHDN icon
6
Churchill Downs
CHDN
$6.17B
$195M 3.61%
4,311,902
+226,106
+6% +$10.1M
GRPN icon
7
Groupon
GRPN
$1.03B
$194M 3.6%
2,732,250
+251,369
+10% +$17.7M
DVA icon
8
DaVita
DVA
$15.5B
$161M 2.98%
2,957,700
+820,000
+38% +$45.4M
ALK icon
9
Alaska Air
ALK
$5.11B
$152M 2.82%
2,710,000
+700,000
+35% +$42.7M
JBLU icon
10
JetBlue
JBLU
$2.13B
$144M 2.66%
8,778,600
+103,600
+1% +$1.77M
WEX icon
11
WEX
WEX
$6.42B
$139M 2.58%
725,000
– –
TRIP icon
12
TripAdvisor
TRIP
$1.7B
$119M 2.2%
2,304,017
– –
HTZ
13
DELISTED
Hertz Global Holdings, Inc.
HTZ
$102M 1.9%
6,777,751
– –
SYF icon
14
Synchrony
SYF
$24.4B
$76.6M 1.42%
2,400,000
+195,000
+9% +$5.87M
V icon
15
Visa
V
$701B
$70.3M 1.3%
450,000
– –
TRUE
16
DELISTED
TrueCar
TRUE
$65.2M 1.21%
9,816,895
+1,541,500
+19% +$12.9M
BYD icon
17
Boyd Gaming
BYD
$6.75B
$60M 1.11%
2,194,195
-3,621,181
-62% -$98.9M
META icon
18
Meta Platforms (Facebook)
META
$1.49T
$59.6M 1.11%
357,800
-100,000
-22% -$15.9M
PCYO icon
19
Pure Cycle
PCYO
$255M
$59M 1.09%
5,982,970
– –
TRVG
20
trivago
TRVG
$385M
$58.1M 1.08%
2,691,000
+70,000
+3% +$1.92M
BALY icon
21
Bally's
BALY
$708M
$42.9M 0.8%
+1,432,258
New +$42.9M
RRR icon
22
Red Rock Resorts
RRR
$3.84B
$40.8M 0.76%
1,579,404
-87,896
-5% -$2.27M
EHTH icon
23
eHealth
EHTH
$41.9M
$33.1M 0.61%
531,142
-171,200
-24% -$9.44M
CZR
24
DELISTED
Caesars Entertainment Corporation
CZR
$31.3M 0.58%
3,603,967
-4,344,000
-55% -$37.7M
BRSL
25
Brightstar Lottery PLC
BRSL
$1.9B
$26.5M 0.49%
2,042,747
-5,427,947
-73% -$83.6M
1
2 3

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PAR Capital Management's Q1 2019 Portfolio in Review

As of Q1 2019, PAR Capital Management held 64 positions worth $5.39B, down 9.9% from $5.98B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

PAR Capital Management withdrew a net $820M in Q1 2019, closing 15 positions and reducing 15 holdings. Its most notable exit was Southwest Airlines, an estimated $226M position sold in full.

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

Against the trend, PAR Capital Management opened a new position in Bally's worth $42.9M.

  • PAR Capital Management's largest Q1 2019 buy was Bally's: 1,432,258 shares worth $42.9M.
  • PAR Capital Management added most to DaVita in Q1 2019, an estimated $45.4M increase.
  • PAR Capital Management's biggest Q1 2019 reduction was Boyd Gaming, cutting an estimated $98.9M.
  • PAR Capital Management fully exited Southwest Airlines in Q1 2019, selling an estimated $226M.
  • PAR Capital Management's ten largest holdings make up 77% of its $5.39B portfolio in Q1 2019.
  • PAR Capital Management opened 5 new positions and closed 15 in Q1 2019.
  • PAR Capital Management's portfolio value fell 9.9% quarter-over-quarter to $5.39B.

Based on PAR Capital Management's 13F filing for Q1 2019, filed 15 May 2019.