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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
-38.97%
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
$2.36B
AUM Growth
-$2.78B
Cap. Flow
-$765M
Cap. Flow %
-32.46%
Top 10 Hldgs %
76.82%
Holding
57
New
14
Increased
11
Reduced
13
Closed
7

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$287M
2
SYF icon
Synchrony
SYF
+$64.3M
3
SAVE
Spirit Airlines, Inc.
SAVE
+$36.3M
4
SCHW
Charles Schwab
SCHW
+$29.4M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$20.8M

Top Sells

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$411M
2
EXPE icon
Expedia Group
EXPE
+$379M
3
HTZ
Hertz Global Holdings, Inc.
HTZ
+$122M
4
META icon
Meta Platforms (Facebook)
META
+$73.3M
5
GRPN icon
Groupon
GRPN
+$68.1M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.46%
2 Industrials 27.81%
3 Healthcare 13.79%
4 Financials 8.62%
5 Technology 3.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BKNG icon
1
Booking.com
BKNG
$157B
$432M 18.36%
8,036,100
+4,089,500
+104% +$287M
DVA icon
2
DaVita
DVA
$15.4B
$316M 13.43%
4,159,000
– –
UAL icon
3
United Airlines
UAL
$39.8B
$248M 10.55%
7,875,791
-6,220,598
-44% -$411M
EXPE icon
4
Expedia Group
EXPE
$37.2B
$222M 9.44%
3,952,639
-3,945,774
-50% -$379M
ALGT icon
5
Allegiant Air
ALGT
$2.66B
$130M 5.52%
1,589,541
-33,559
-2% -$4.82M
DAL icon
6
Delta Air Lines
DAL
$57.9B
$115M 4.89%
4,033,500
+33,500
+0.8% +$1.66M
CHDN icon
7
Churchill Downs
CHDN
$6.21B
$108M 4.59%
2,100,000
+100,000
+5% +$6.45M
WEX icon
8
WEX
WEX
$6.48B
$83.6M 3.55%
800,000
+75,000
+10% +$14M
SYF icon
9
Synchrony
SYF
$24.8B
$80.5M 3.42%
5,000,000
+2,205,000
+79% +$64.3M
V icon
10
Visa
V
$698B
$72.5M 3.08%
450,000
– –
TRIP icon
11
TripAdvisor
TRIP
$1.72B
$58.8M 2.49%
3,379,017
– –
JBLU icon
12
JetBlue
JBLU
$2.21B
$58M 2.46%
6,478,547
-2,300,000
-26% -$38.1M
ALK icon
13
Alaska Air
ALK
$5.24B
$54.5M 2.32%
1,915,361
-794,639
-29% -$43.2M
BALY icon
14
Bally's
BALY
$716M
$35.6M 1.51%
2,733,780
+828,200
+43% +$19.1M
TRVG
15
trivago
TRVG
$387M
$30.7M 1.3%
4,205,959
– –
BYD icon
16
Boyd Gaming
BYD
$6.73B
$27.5M 1.17%
1,904,465
+256,172
+16% +$6.56M
TRUE
17
DELISTED
TrueCar
TRUE
$24.9M 1.06%
10,299,504
– –
SCHW
18
Charles Schwab
SCHW
$184B
$23.5M 1%
+700,000
New +$29.4M
PCYO icon
19
Pure Cycle
PCYO
$256M
$21.9M 0.93%
1,959,926
-573,044
-23% -$6.95M
GRPN icon
20
Groupon
GRPN
$1.09B
$21.4M 0.91%
1,090,775
-1,727,250
-61% -$68.1M
SAVE
21
DELISTED
Spirit Airlines, Inc.
SAVE
$21.1M 0.9%
1,639,921
+1,129,721
+221% +$36.3M
PFSI icon
22
PennyMac Financial
PFSI
$4.5B
$20.9M 0.89%
944,900
– –
CVNA icon
23
Carvana
CVNA
$49B
$20.3M 0.86%
1,842,940
+117,940
+7% +$1.83M
RRR icon
24
Red Rock Resorts
RRR
$3.84B
$16.8M 0.71%
1,962,235
+810,465
+70% +$16.1M
CVNA icon
25
CALL
Carvana
CVNA
$49B
$16.6M 0.71%
+15,085
New +$233K
1
2 3

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DAM
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PWP
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OTPPB
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JGC
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PAR Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, PAR Capital Management held 57 positions worth $2.36B, down 54% from $5.14B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

PAR Capital Management withdrew a net $765M in Q1 2020, closing 7 positions and reducing 13 holdings. Its most notable exit was Hertz Global Holdings, Inc., an estimated $122M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, up from 31% a quarter earlier, followed by Industrials and Healthcare.

Against the trend, PAR Capital Management opened a new position in Charles Schwab worth $23.5M.

  • PAR Capital Management's largest Q1 2020 buy was Charles Schwab: 700,000 shares worth $23.5M.
  • PAR Capital Management added most to Booking.com in Q1 2020, an estimated $287M increase.
  • PAR Capital Management's biggest Q1 2020 reduction was United Airlines, cutting an estimated $411M.
  • PAR Capital Management fully exited Hertz Global Holdings, Inc. in Q1 2020, selling an estimated $122M.
  • PAR Capital Management's ten largest holdings make up 77% of its $2.36B portfolio in Q1 2020.
  • PAR Capital Management opened 14 new positions and closed 7 in Q1 2020.
  • PAR Capital Management's portfolio value fell 54% quarter-over-quarter to $2.36B.

Based on PAR Capital Management's 13F filing for Q1 2020, filed 15 May 2020.