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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
-5.99%
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
$4.08B
AUM Growth
-$231M
(-5.4%)
Cap. Flow
+$208M
Cap. Flow
% of AUM
5.1%
Top 10 Holdings %
Top 10 Hldgs %
69.15%
Holding
71
New
24
Increased
13
Reduced
9
Closed
10
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expedia Group
EXPE
|
+$85.2M |
| 2 |
CarGurus
CARG
|
+$48.9M |
| 3 |
WEX
WEX
|
+$30.8M |
| 4 |
Truist Financial
TFC
|
+$29.4M |
| 5 |
Green Dot
GDOT
|
+$15.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Airlines
UAL
|
+$36.9M |
| 2 |
Bally's
BALY
|
+$25M |
| 3 |
Southwest Airlines
LUV
|
+$22.9M |
| 4 |
Allegiant Air
ALGT
|
+$11.2M |
| 5 |
WPCA.U
Warburg Pincus Capital Corporation I-A Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCA.U
|
+$7.49M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 40.8% |
| 2 | Industrials | 24.04% |
| 3 | Financials | 18.97% |
| 4 | Technology | 10.15% |
| 5 | Communication Services | 4.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Expedia Group
EXPE
$36.5B
| $629M | 15.4% |
3,841,114
+496,697
| +15% | +$85.2M |
|
2
TripAdvisor
TRIP
$1.7B
| $466M | 11.42% |
11,572,046
| – | – |
|
3
Synchrony
SYF
$24.4B
| $359M | 8.79% |
7,400,000
| – | – |
|
4
Booking.com
BKNG
$156B
| $328M | 8.04% |
3,750,000
| – | – |
|
|
5
United Airlines
UAL
$38.8B
| $227M | 5.55% |
4,335,000
-665,000
| -13% | -$36.9M |
|
|
6
WEX
WEX
$6.42B
| $223M | 5.46% |
1,150,000
+150,000
| +15% | +$30.8M |
|
7
Sabre
SABR
$716M
| $190M | 4.65% |
15,225,912
+50,000
| +0.3% | +$703K |
|
8
Delta Air Lines
DAL
$56.7B
| $142M | 3.48% |
3,288,800
+288,800
| +10% | +$13.4M |
|
|
9
Allegiant Air
ALGT
$2.57B
| $136M | 3.33% |
700,000
-50,000
| -7% | -$11.2M |
|
|
10
Bally's
BALY
$708M
| $123M | 3.02% |
2,279,044
-443,140
| -16% | -$25M |
|
11
Alaska Air
ALK
$5.11B
| $115M | 2.81% |
1,900,000
-107,600
| -5% | -$7.26M |
|
|
12
Southwest Airlines
LUV
$21.7B
| $112M | 2.75% |
2,118,000
-382,000
| -15% | -$22.9M |
|
13
Visa
V
$677B
| $105M | 2.58% |
450,000
| – | – |
|
|
SNCY
14
DELISTED
Sun Country Airlines
SNCY
| $77.9M | 1.91% |
2,216,312
| – | – |
|
|
SCHW
15
Charles Schwab
SCHW
$182B
| $72.8M | 1.78% |
1,000,000
| – | – |
|
|
TRVG
16
trivago
TRVG
$385M
| $63.9M | 1.57% |
3,863,737
+418,929
| +12% | +$7.73M |
|
|
17
PUT
TripAdvisor
TRIP
$1.7B
| $61.9M | 1.52% |
1,535,000
+1,519,650
| +9,900% | +$68.6M |
|
18
American Airlines Group
AAL
$9.82B
| $61.6M | 1.51% |
2,902,000
+402,000
| +16% | +$9.09M |
|
19
Groupon
GRPN
$1.03B
| $59.1M | 1.45% |
1,369,500
+115,000
| +9% | +$5.41M |
|
|
TRUE
20
DELISTED
TrueCar
TRUE
| $54.6M | 1.34% |
9,668,804
+250,000
| +3% | +$1.26M |
|
|
21
CarGurus
CARG
$3.34B
| $52.2M | 1.28% |
1,990,000
+1,885,000
| +1,795% | +$48.9M |
|
22
PennyMac Financial
PFSI
$4.47B
| $42.7M | 1.05% |
691,600
| – | – |
|
|
SAVE
23
DELISTED
Spirit Airlines, Inc.
SAVE
| $42.6M | 1.04% |
1,400,000
-100,000
| -7% | -$3.51M |
|
24
American Express
AXP
$224B
| $41.3M | 1.01% |
250,000
| – | – |
|
25
Airbnb
ABNB
$90.8B
| $38.3M | 0.94% |
250,000
| – | – |
|
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PAR Capital Management's Q2 2021 Portfolio in Review
As of Q2 2021, PAR Capital Management held 71 positions worth $4.08B, down 5.4% from $4.31B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
PAR Capital Management deployed $208M of net new capital in Q2 2021, opening 24 new positions and adding to 13 existing holdings. Its largest new stake was Truist Financial: 500,000 shares worth $27.8M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 41% of assets, down from 42% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was United Airlines, an estimated $36.9M trimmed.
- PAR Capital Management's largest Q2 2021 buy was Truist Financial: 500,000 shares worth $27.8M.
- PAR Capital Management added most to Expedia Group in Q2 2021, an estimated $85.2M increase.
- PAR Capital Management's biggest Q2 2021 reduction was United Airlines, cutting an estimated $36.9M.
- PAR Capital Management fully exited Warburg Pincus Capital Corporation I-A Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant in Q2 2021, selling an estimated $7.49M.
- PAR Capital Management's ten largest holdings make up 69% of its $4.08B portfolio in Q2 2021.
- PAR Capital Management opened 24 new positions and closed 10 in Q2 2021.
- PAR Capital Management's portfolio value fell 5.4% quarter-over-quarter to $4.08B.
Based on PAR Capital Management's 13F filing for Q2 2021, filed 16 Aug 2021.