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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
+9.38%
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
$5.97B
AUM Growth
+$581M
Cap. Flow
+$76.5M
Cap. Flow %
1.28%
Top 10 Hldgs %
78.63%
Holding
55
New
6
Increased
14
Reduced
8
Closed
3

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$190M
2
DVA icon
DaVita
DVA
+$62.2M
3
TRVG
trivago
TRVG
+$29.5M
4
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$23.8M
5
SYF icon
Synchrony
SYF
+$8.47M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$122M
2
UAL icon
United Airlines
UAL
+$47M
3
CZR
Caesars Entertainment Corporation
CZR
+$31.3M
4
ENT
Global Eagle Entertainment Inc.
ENT
+$20.6M
5
SGI
Somnigroup International
SGI
+$17.1M

Sector Composition

Rank Sector Weight
1 Industrials 44.01%
2 Consumer Discretionary 35.45%
3 Communication Services 7.73%
4 Financials 4.32%
5 Healthcare 4.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.8B
$1.32B 22.09%
15,063,683
-555,469
-4% -$47M
EXPE icon
2
Expedia Group
EXPE
$37.1B
$1.27B 21.19%
9,509,627
+1,545,373
+19% +$190M
DAL icon
3
Delta Air Lines
DAL
$57.8B
$561M 9.4%
9,891,190
-2,174,619
-18% -$122M
BKNG icon
4
Booking.com
BKNG
$157B
$296M 4.96%
3,946,600
-200,000
-5% -$14.4M
CHDN icon
5
Churchill Downs
CHDN
$6.19B
$248M 4.16%
4,311,902
– –
DVA icon
6
DaVita
DVA
$15.4B
$234M 3.92%
4,159,000
+1,201,300
+41% +$62.2M
ALGT icon
7
Allegiant Air
ALGT
$2.66B
$233M 3.91%
1,625,000
– –
GRPN icon
8
Groupon
GRPN
$1.09B
$203M 3.4%
2,832,250
+100,000
+4% +$7.06M
ALK icon
9
Alaska Air
ALK
$5.23B
$173M 2.9%
2,710,000
– –
JBLU icon
10
JetBlue
JBLU
$2.21B
$162M 2.72%
8,778,600
– –
WEX icon
11
WEX
WEX
$6.48B
$151M 2.53%
725,000
– –
TRIP icon
12
TripAdvisor
TRIP
$1.72B
$107M 1.79%
2,304,017
– –
HTZ
13
DELISTED
Hertz Global Holdings, Inc.
HTZ
$94M 1.57%
5,888,576
-889,175
-13% -$13.4M
SYF icon
14
Synchrony
SYF
$24.7B
$91.9M 1.54%
2,650,000
+250,000
+10% +$8.47M
TRVG
15
trivago
TRVG
$387M
$87M 1.46%
4,134,759
+1,443,759
+54% +$29.5M
V icon
16
Visa
V
$697B
$78.1M 1.31%
450,000
– –
META icon
17
Meta Platforms (Facebook)
META
$1.51T
$69.1M 1.16%
357,800
– –
BYD icon
18
Boyd Gaming
BYD
$6.73B
$63.6M 1.06%
2,359,195
+165,000
+8% +$4.51M
PCYO icon
19
Pure Cycle
PCYO
$256M
$63.4M 1.06%
5,982,970
– –
TRUE
20
DELISTED
TrueCar
TRUE
$56.2M 0.94%
10,299,504
+482,609
+5% +$2.96M
EHTH icon
21
eHealth
EHTH
$42.2M
$45.7M 0.77%
531,142
– –
BALY icon
22
Bally's
BALY
$716M
$43.6M 0.73%
1,467,232
+34,974
+2% +$1.09M
RRR icon
23
Red Rock Resorts
RRR
$3.84B
$35.4M 0.59%
1,646,257
+66,853
+4% +$1.62M
QNST icon
24
QuinStreet
QNST
$933M
$28M 0.47%
1,767,697
– –
SKYW icon
25
Skywest
SKYW
$4.36B
$27.8M 0.47%
458,884
– –
1
2 3

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PAR Capital Management's Q2 2019 Portfolio in Review

As of Q2 2019, PAR Capital Management held 55 positions worth $5.97B, up 11% from $5.39B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

PAR Capital Management's Q2 2019 filing shows 6 new, 14 increased, 8 reduced and 3 closed positions. Its largest new stake was Just Eat Takeaway.com N.V. American Depositary Shares: 175,000 shares worth $27.3M. The largest sale was Delta Air Lines, an estimated $122M.

By sector, the portfolio is most concentrated in Industrials at 44% of assets, down from 47% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • PAR Capital Management's largest Q2 2019 buy was Just Eat Takeaway.com N.V. American Depositary Shares: 175,000 shares worth $27.3M.
  • PAR Capital Management added most to Expedia Group in Q2 2019, an estimated $190M increase.
  • PAR Capital Management's biggest Q2 2019 reduction was Delta Air Lines, cutting an estimated $122M.
  • PAR Capital Management fully exited Caesars Entertainment Corporation in Q2 2019, selling an estimated $31.3M.
  • PAR Capital Management's ten largest holdings make up 79% of its $5.97B portfolio in Q2 2019.
  • PAR Capital Management opened 6 new positions and closed 3 in Q2 2019.
  • PAR Capital Management's portfolio value rose 11% quarter-over-quarter to $5.97B.

Based on PAR Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.