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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
+10.88%
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
$2.64B
AUM Growth
+$31.9M
Cap. Flow
-$191M
Cap. Flow %
-7.24%
Top 10 Hldgs %
66.81%
Holding
46
New
1
Increased
14
Reduced
13
Closed
3

Top Buys

Rank Stock Value
1
TRIP icon
TripAdvisor
TRIP
+$122M
2
SABR icon
Sabre
SABR
+$75M
3
ALK icon
Alaska Air
ALK
+$39.7M
4
CAR icon
Avis
CAR
+$15.7M
5
WEX icon
WEX
WEX
+$10.7M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$271M
2
DVA icon
DaVita
DVA
+$74.8M
3
CVNA icon
Carvana
CVNA
+$51.2M
4
PENN icon
PENN Entertainment
PENN
+$24.5M
5
BYD icon
Boyd Gaming
BYD
+$15.4M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.41%
2 Industrials 29.93%
3 Financials 13.2%
4 Technology 8.24%
5 Communication Services 4.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BKNG icon
1
Booking.com
BKNG
$157B
$277M 10.51%
4,052,500
-3,858,600
-49% -$271M
UAL icon
2
United Airlines
UAL
$39.8B
$265M 10.06%
7,638,291
+76,700
+1% +$2.65M
EXPE icon
3
Expedia Group
EXPE
$37.2B
$231M 8.77%
2,523,617
+100,000
+4% +$8.99M
SYF icon
4
Synchrony
SYF
$24.8B
$172M 6.52%
6,575,000
+75,000
+1% +$1.82M
CHDN icon
5
Churchill Downs
CHDN
$6.2B
$168M 6.36%
2,047,440
-50,000
-2% -$3.88M
TRIP icon
6
TripAdvisor
TRIP
$1.72B
$165M 6.25%
8,415,258
+5,802,158
+222% +$122M
ALGT icon
7
Allegiant Air
ALGT
$2.66B
$150M 5.7%
1,255,535
-15,141
-1% -$1.83M
WEX icon
8
WEX
WEX
$6.49B
$121M 4.57%
868,000
+68,000
+9% +$10.7M
DAL icon
9
Delta Air Lines
DAL
$57.8B
$108M 4.09%
3,526,450
+9,450
+0.3% +$272K
DVA icon
10
DaVita
DVA
$15.4B
$104M 3.95%
1,216,385
-875,015
-42% -$74.8M
SABR icon
11
Sabre
SABR
$723M
$96.2M 3.65%
14,776,044
+10,119,638
+217% +$75M
LUV icon
12
Southwest Airlines
LUV
$22.2B
$96.1M 3.65%
2,563,800
+15,800
+0.6% +$561K
V icon
13
Visa
V
$698B
$90M 3.41%
450,000
– –
ALK icon
14
Alaska Air
ALK
$5.23B
$75.5M 2.86%
2,060,625
+1,060,625
+106% +$39.7M
BALY icon
15
Bally's
BALY
$716M
$72.3M 2.74%
2,752,184
+885
+0% +$20.6K
BYD icon
16
Boyd Gaming
BYD
$6.74B
$52.3M 1.98%
1,704,537
-614,700
-27% -$15.4M
TRUE
17
DELISTED
TrueCar
TRUE
$51.5M 1.95%
10,299,504
– –
PFSI icon
18
PennyMac Financial
PFSI
$4.51B
$44.3M 1.68%
761,600
-183,300
-19% -$9.08M
TRVG
19
trivago
TRVG
$395M
$32.9M 1.25%
4,245,959
+40,000
+1% +$357K
SCHW
20
Charles Schwab
SCHW
$184B
$32.6M 1.24%
900,000
+125,000
+16% +$4.35M
RRR icon
21
Red Rock Resorts
RRR
$3.85B
$28.6M 1.08%
1,669,619
+42,371
+3% +$616K
AAL icon
22
American Airlines Group
AAL
$10B
$24.8M 0.94%
2,019,000
-681,000
-25% -$8.54M
JBLU icon
23
JetBlue
JBLU
$2.19B
$22.7M 0.86%
2,000,000
– –
GRPN icon
24
Groupon
GRPN
$1.09B
$19.2M 0.73%
940,775
– –
CVNA icon
25
Carvana
CVNA
$49B
$17.8M 0.68%
400,000
-1,442,940
-78% -$51.2M
1
2

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RBA
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DAM
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PWP
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OTPPB
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JGC
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CIA
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CCM
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PAR Capital Management's Q3 2020 Portfolio in Review

As of Q3 2020, PAR Capital Management held 46 positions worth $2.64B, up 1.2% from $2.61B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

PAR Capital Management withdrew a net $191M in Q3 2020, closing 3 positions and reducing 13 holdings. Its most notable exit was Redfin, an estimated $5.36M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, down from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Avis worth $13.7M.

  • PAR Capital Management's largest Q3 2020 buy was Avis: 521,850 shares worth $13.7M.
  • PAR Capital Management added most to TripAdvisor in Q3 2020, an estimated $122M increase.
  • PAR Capital Management's biggest Q3 2020 reduction was Booking.com, cutting an estimated $271M.
  • PAR Capital Management fully exited Redfin in Q3 2020, selling an estimated $5.36M.
  • PAR Capital Management's ten largest holdings make up 67% of its $2.64B portfolio in Q3 2020.
  • PAR Capital Management opened 1 new position and closed 3 in Q3 2020.
  • PAR Capital Management's portfolio value rose 1.2% quarter-over-quarter to $2.64B.

Based on PAR Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.