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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
+2.58%
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
$5.14B
AUM Growth
-$636M
Cap. Flow
-$630M
Cap. Flow %
-12.25%
Top 10 Hldgs %
75.7%
Holding
55
New
3
Increased
6
Reduced
14
Closed
12

Top Buys

Rank Stock Value
1
AAL icon
American Airlines Group
AAL
+$102M
2
TRIP icon
TripAdvisor
TRIP
+$36.2M
3
SAVE
Spirit Airlines, Inc.
SAVE
+$19.4M
4
HTZ
Hertz Global Holdings, Inc.
HTZ
+$16M
5
PENN icon
PENN Entertainment
PENN
+$9.58M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$252M
2
EXPE icon
Expedia Group
EXPE
+$192M
3
CHDN icon
Churchill Downs
CHDN
+$151M
4
PCYO icon
Pure Cycle
PCYO
+$40.5M
5
EHTH icon
eHealth
EHTH
+$35.5M

Sector Composition

Rank Sector Weight
1 Industrials 47.27%
2 Consumer Discretionary 31.44%
3 Communication Services 6.53%
4 Healthcare 6.33%
5 Financials 4.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$38.8B
$1.24B 24.16%
14,096,389
+50,000
+0.4% +$4.49M
EXPE icon
2
Expedia Group
EXPE
$36.5B
$854M 16.62%
7,898,413
-1,636,214
-17% -$192M
BKNG icon
3
Booking.com
BKNG
$156B
$324M 6.31%
3,946,600
– –
DVA icon
4
DaVita
DVA
$15.5B
$312M 6.07%
4,159,000
– –
ALGT icon
5
Allegiant Air
ALGT
$2.57B
$282M 5.5%
1,623,100
-1,900
-0.1% -$315K
DAL icon
6
Delta Air Lines
DAL
$56.7B
$234M 4.55%
4,000,000
-4,500,000
-53% -$252M
ALK icon
7
Alaska Air
ALK
$5.11B
$184M 3.57%
2,710,000
– –
JBLU icon
8
JetBlue
JBLU
$2.13B
$164M 3.2%
8,778,547
-1,200,053
-12% -$22.3M
WEX icon
9
WEX
WEX
$6.42B
$152M 2.95%
725,000
– –
HTZ
10
DELISTED
Hertz Global Holdings, Inc.
HTZ
$142M 2.77%
9,039,094
+1,064,487
+13% +$16M
CHDN icon
11
Churchill Downs
CHDN
$6.17B
$137M 2.67%
2,000,000
-2,311,902
-54% -$151M
GRPN icon
12
Groupon
GRPN
$1.03B
$135M 2.62%
2,818,025
-14,225
-0.5% -$789K
TRIP icon
13
TripAdvisor
TRIP
$1.7B
$103M 2%
3,379,017
+1,075,000
+47% +$36.2M
AAL icon
14
American Airlines Group
AAL
$9.82B
$102M 1.99%
+3,560,134
New +$102M
SYF icon
15
Synchrony
SYF
$24.4B
$101M 1.96%
2,795,000
– –
V icon
16
Visa
V
$701B
$84.6M 1.65%
450,000
– –
META icon
17
Meta Platforms (Facebook)
META
$1.49T
$73.3M 1.43%
357,300
-500
-0.1% -$96.8K
TRVG
18
trivago
TRVG
$385M
$55.1M 1.07%
4,205,959
– –
BYD icon
19
Boyd Gaming
BYD
$6.75B
$49.4M 0.96%
1,648,293
-775,902
-32% -$21.8M
TRUE
20
DELISTED
TrueCar
TRUE
$48.9M 0.95%
10,299,504
– –
BALY icon
21
Bally's
BALY
$708M
$48.9M 0.95%
1,905,580
+288,099
+18% +$6.94M
PFSI icon
22
PennyMac Financial
PFSI
$4.47B
$32.2M 0.63%
944,900
-5,100
-0.5% -$166K
PCYO icon
23
Pure Cycle
PCYO
$255M
$31.9M 0.62%
2,532,970
-3,450,000
-58% -$40.5M
CVNA icon
24
Carvana
CVNA
$47.5B
$31.8M 0.62%
1,725,000
– –
SKYW icon
25
Skywest
SKYW
$4.35B
$29.7M 0.58%
458,884
– –
1
2 3

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PAR Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, PAR Capital Management held 55 positions worth $5.14B, down 11% from $5.78B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

PAR Capital Management withdrew a net $630M in Q4 2019, closing 12 positions and reducing 14 holdings. Its most notable exit was eHealth, an estimated $35.5M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 43% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, PAR Capital Management opened a new position in American Airlines Group worth $102M.

  • PAR Capital Management's largest Q4 2019 buy was American Airlines Group: 3,560,134 shares worth $102M.
  • PAR Capital Management added most to TripAdvisor in Q4 2019, an estimated $36.2M increase.
  • PAR Capital Management's biggest Q4 2019 reduction was Delta Air Lines, cutting an estimated $252M.
  • PAR Capital Management fully exited eHealth in Q4 2019, selling an estimated $35.5M.
  • PAR Capital Management's ten largest holdings make up 76% of its $5.14B portfolio in Q4 2019.
  • PAR Capital Management opened 3 new positions and closed 12 in Q4 2019.
  • PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $5.14B.

Based on PAR Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.