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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
+28.34%
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
$2.61B
AUM Growth
+$250M
(+11%)
Cap. Flow
-$301M
Cap. Flow
% of AUM
-11.56%
Top 10 Holdings %
Top 10 Hldgs %
71.8%
Holding
57
New
6
Increased
10
Reduced
17
Closed
11
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Southwest Airlines
LUV
|
+$80M |
| 2 |
Sabre
SABR
|
+$33M |
| 3 |
Synchrony
SYF
|
+$29.2M |
| 4 |
American Airlines Group
AAL
|
+$18.8M |
| 5 |
PENN Entertainment
PENN
|
+$9.73M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DaVita
DVA
|
+$161M |
| 2 |
Expedia Group
EXPE
|
+$111M |
| 3 |
JetBlue
JBLU
|
+$44.1M |
| 4 |
Alaska Air
ALK
|
+$29.8M |
| 5 |
Allegiant Air
ALGT
|
+$29.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 42.21% |
| 2 | Industrials | 27.19% |
| 3 | Financials | 11.77% |
| 4 | Technology | 6.53% |
| 5 | Healthcare | 6.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Booking.com
BKNG
$156B
| $504M | 19.34% |
7,911,100
-125,000
| -2% | -$7.61M |
|
2
United Airlines
UAL
$38.8B
| $262M | 10.05% |
7,561,591
-314,200
| -4% | -$9.42M |
|
|
3
Expedia Group
EXPE
$36.5B
| $199M | 7.65% |
2,423,617
-1,529,022
| -39% | -$111M |
|
|
4
DaVita
DVA
$15.5B
| $166M | 6.35% |
2,091,400
-2,067,600
| -50% | -$161M |
|
|
5
Synchrony
SYF
$24.4B
| $144M | 5.53% |
6,500,000
+1,500,000
| +30% | +$29.2M |
|
6
Churchill Downs
CHDN
$6.17B
| $140M | 5.36% |
2,097,440
-2,560
| -0.1% | -$146K |
|
|
7
Allegiant Air
ALGT
$2.57B
| $139M | 5.33% |
1,270,676
-318,865
| -20% | -$29.1M |
|
8
WEX
WEX
$6.42B
| $132M | 5.07% |
800,000
| – | – |
|
9
Delta Air Lines
DAL
$56.7B
| $98.7M | 3.79% |
3,517,000
-516,500
| -13% | -$13.1M |
|
|
10
Southwest Airlines
LUV
$21.7B
| $87.1M | 3.34% |
2,548,000
+2,517,000
| +8,119% | +$80M |
|
11
Visa
V
$701B
| $86.9M | 3.34% |
450,000
| – | – |
|
12
Bally's
BALY
$708M
| $61.3M | 2.35% |
2,751,299
+17,519
| +0.6% | +$309K |
|
13
TripAdvisor
TRIP
$1.7B
| $49.7M | 1.91% |
2,613,100
-765,917
| -23% | -$14.6M |
|
14
Boyd Gaming
BYD
$6.75B
| $48.5M | 1.86% |
2,319,237
+414,772
| +22% | +$7.56M |
|
15
Carvana
CVNA
$47.5B
| $44.3M | 1.7% |
1,842,940
| – | – |
|
|
TRVG
16
trivago
TRVG
$385M
| $41.4M | 1.59% |
4,205,959
| – | – |
|
17
PennyMac Financial
PFSI
$4.47B
| $39.5M | 1.52% |
944,900
| – | – |
|
|
18
Sabre
SABR
$716M
| $37.5M | 1.44% |
+4,656,406
| New | +$33M |
|
|
19
Alaska Air
ALK
$5.11B
| $36.3M | 1.39% |
1,000,000
-915,361
| -48% | -$29.8M |
|
|
20
American Airlines Group
AAL
$9.82B
| $35.3M | 1.35% |
2,700,000
+1,550,000
| +135% | +$18.8M |
|
|
TRUE
21
DELISTED
TrueCar
TRUE
| $26.6M | 1.02% |
10,299,504
| – | – |
|
|
SCHW
22
Charles Schwab
SCHW
$182B
| $26.1M | 1% |
775,000
+75,000
| +11% | +$2.69M |
|
|
23
JetBlue
JBLU
$2.13B
| $21.8M | 0.84% |
2,000,000
-4,478,547
| -69% | -$44.1M |
|
|
24
PENN Entertainment
PENN
$2.84B
| $21.4M | 0.82% |
701,300
+425,000
| +154% | +$9.73M |
|
|
SAVE
25
DELISTED
Spirit Airlines, Inc.
SAVE
| $17.8M | 0.68% |
1,000,000
-639,921
| -39% | -$9.13M |
|
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PAR Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, PAR Capital Management held 57 positions worth $2.61B, up 11% from $2.36B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
PAR Capital Management withdrew a net $301M in Q2 2020, closing 11 positions and reducing 17 holdings. Its most notable exit was Select Medical, an estimated $8.52M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, up from 39% a quarter earlier, followed by Industrials and Financials.
Against the trend, PAR Capital Management opened a new position in Sabre worth $37.5M.
- PAR Capital Management's largest Q2 2020 buy was Sabre: 4,656,406 shares worth $37.5M.
- PAR Capital Management added most to Southwest Airlines in Q2 2020, an estimated $80M increase.
- PAR Capital Management's biggest Q2 2020 reduction was DaVita, cutting an estimated $161M.
- PAR Capital Management fully exited Select Medical in Q2 2020, selling an estimated $8.52M.
- PAR Capital Management's ten largest holdings make up 72% of its $2.61B portfolio in Q2 2020.
- PAR Capital Management opened 6 new positions and closed 11 in Q2 2020.
- PAR Capital Management's portfolio value rose 11% quarter-over-quarter to $2.61B.
Based on PAR Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.