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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
+41.35%
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
$3.43B
AUM Growth
+$791M
Cap. Flow
-$139M
Cap. Flow %
-4.05%
Top 10 Hldgs %
73.39%
Holding
46
New
3
Increased
9
Reduced
11
Closed
16

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$90.5M
2
TRIP icon
TripAdvisor
TRIP
+$79.1M
3
AAL icon
American Airlines Group
AAL
+$37.9M
4
ALK icon
Alaska Air
ALK
+$33.8M
5
WEX icon
WEX
WEX
+$22.2M

Top Sells

Rank Stock Value
1
CHDN icon
Churchill Downs
CHDN
+$168M
2
ALGT icon
Allegiant Air
ALGT
+$68.9M
3
BYD icon
Boyd Gaming
BYD
+$52.3M
4
UAL icon
United Airlines
UAL
+$23.6M
5
RRR icon
Red Rock Resorts
RRR
+$22M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 38.19%
2 Industrials 30%
3 Financials 13.28%
4 Technology 11.38%
5 Healthcare 4.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$37.2B
$440M 12.85%
3,326,617
+803,000
+32% +$90.5M
BKNG icon
2
Booking.com
BKNG
$157B
$361M 10.52%
4,050,000
-2,500
-0.1% -$193K
TRIP icon
3
TripAdvisor
TRIP
$1.72B
$337M 9.82%
11,702,908
+3,287,650
+39% +$79.1M
UAL icon
4
United Airlines
UAL
$39.9B
$305M 8.9%
7,055,291
-583,000
-8% -$23.6M
SYF icon
5
Synchrony
SYF
$24.8B
$241M 7.04%
6,950,000
+375,000
+6% +$11.3M
WEX icon
6
WEX
WEX
$6.48B
$204M 5.94%
1,000,000
+132,000
+15% +$22.2M
SABR icon
7
Sabre
SABR
$719M
$187M 5.45%
15,532,944
+756,900
+5% +$7M
ALGT icon
8
Allegiant Air
ALGT
$2.66B
$153M 4.45%
806,500
-449,035
-36% -$68.9M
ALK icon
9
Alaska Air
ALK
$5.24B
$146M 4.26%
2,811,533
+750,908
+36% +$33.8M
DVA icon
10
DaVita
DVA
$15.4B
$143M 4.17%
1,216,385
– –
DAL icon
11
Delta Air Lines
DAL
$57.8B
$141M 4.1%
3,500,000
-26,450
-0.8% -$962K
BALY icon
12
Bally's
BALY
$716M
$138M 4.03%
2,752,184
– –
LUV icon
13
Southwest Airlines
LUV
$22.2B
$117M 3.4%
2,500,000
-63,800
-2% -$2.76M
V icon
14
Visa
V
$698B
$98.4M 2.87%
450,000
– –
AAL icon
15
American Airlines Group
AAL
$10B
$75M 2.19%
4,756,100
+2,737,100
+136% +$37.9M
SCHW
16
Charles Schwab
SCHW
$184B
$53M 1.55%
1,000,000
+100,000
+11% +$4.53M
TRVG
17
trivago
TRVG
$395M
$51.4M 1.5%
4,245,959
– –
PFSI icon
18
PennyMac Financial
PFSI
$4.51B
$45.4M 1.32%
691,600
-70,000
-9% -$4.16M
TRUE
19
DELISTED
TrueCar
TRUE
$39.6M 1.15%
9,418,804
-880,700
-9% -$3.93M
SAVE
20
DELISTED
Spirit Airlines, Inc.
SAVE
$39.4M 1.15%
1,609,800
+609,800
+61% +$12.6M
JBLU icon
21
JetBlue
JBLU
$2.19B
$29.1M 0.85%
2,000,000
– –
VLRS
22
Controladora Vuela Compania de Aviacion
VLRS
$887M
$21.5M 0.63%
1,735,000
– –
RRR icon
23
Red Rock Resorts
RRR
$3.85B
$15.9M 0.46%
634,529
-1,035,090
-62% -$22M
CVNA icon
24
Carvana
CVNA
$49B
$14.7M 0.43%
307,500
-92,500
-23% -$4.23M
PCYO icon
25
Pure Cycle
PCYO
$256M
$11.2M 0.33%
1,000,000
– –
1
2

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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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PAR Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, PAR Capital Management held 46 positions worth $3.43B, up 30% from $2.64B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

PAR Capital Management withdrew a net $139M in Q4 2020, closing 16 positions and reducing 11 holdings. Its most notable exit was Churchill Downs, an estimated $168M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, down from 39% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Capital One worth $5.93M.

  • PAR Capital Management's largest Q4 2020 buy was Capital One: 60,000 shares worth $5.93M.
  • PAR Capital Management added most to Expedia Group in Q4 2020, an estimated $90.5M increase.
  • PAR Capital Management's biggest Q4 2020 reduction was Allegiant Air, cutting an estimated $68.9M.
  • PAR Capital Management fully exited Churchill Downs in Q4 2020, selling an estimated $168M.
  • PAR Capital Management's ten largest holdings make up 73% of its $3.43B portfolio in Q4 2020.
  • PAR Capital Management opened 3 new positions and closed 16 in Q4 2020.
  • PAR Capital Management's portfolio value rose 30% quarter-over-quarter to $3.43B.

Based on PAR Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.