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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
-3.67%
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
$4.17B
AUM Growth
+$85M
Cap. Flow
+$251M
Cap. Flow %
6.02%
Top 10 Hldgs %
69.54%
Holding
63
New
2
Increased
11
Reduced
10
Closed
2

Top Buys

Rank Stock Value
1
UBER icon
Uber
UBER
+$206M
2
BKNG icon
Booking.com
BKNG
+$66.7M
3
WEX icon
WEX
WEX
+$45.6M
4
GRPN icon
Groupon
GRPN
+$41.8M
5
EXPE icon
Expedia Group
EXPE
+$33.2M

Top Sells

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$29.9M
2
ALGT icon
Allegiant Air
ALGT
+$27M
3
SABR icon
Sabre
SABR
+$19.8M
4
ALK icon
Alaska Air
ALK
+$16.9M
5
DAL icon
Delta Air Lines
DAL
+$15.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 41.82%
2 Industrials 20.35%
3 Financials 19.1%
4 Technology 14.85%
5 Communication Services 3.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$36.5B
$665M 15.95%
4,056,066
+214,952
+6% +$33.2M
BKNG icon
2
Booking.com
BKNG
$156B
$427M 10.24%
4,494,000
+744,000
+20% +$66.7M
TRIP icon
3
TripAdvisor
TRIP
$1.7B
$418M 10.03%
12,347,046
+775,000
+7% +$27.8M
SYF icon
4
Synchrony
SYF
$24.4B
$362M 8.68%
7,400,000
– –
WEX icon
5
WEX
WEX
$6.42B
$247M 5.92%
1,400,000
+250,000
+22% +$45.6M
UBER icon
6
Uber
UBER
$145B
$212M 5.09%
4,735,800
+4,720,800
+31,472% +$206M
UAL icon
7
United Airlines
UAL
$38.8B
$176M 4.22%
3,700,000
-635,000
-15% -$29.9M
SABR icon
8
Sabre
SABR
$716M
$160M 3.83%
13,477,322
-1,748,590
-11% -$19.8M
DAL icon
9
Delta Air Lines
DAL
$56.7B
$124M 2.97%
2,903,500
-385,300
-12% -$15.7M
ALGT icon
10
Allegiant Air
ALGT
$2.57B
$109M 2.62%
559,500
-140,500
-20% -$27M
BALY icon
11
Bally's
BALY
$708M
$104M 2.48%
2,065,434
-213,610
-9% -$10.4M
LUV icon
12
Southwest Airlines
LUV
$21.7B
$103M 2.47%
2,000,000
-118,000
-6% -$5.96M
V icon
13
Visa
V
$701B
$100M 2.4%
450,000
– –
ALK icon
14
Alaska Air
ALK
$5.11B
$94.2M 2.26%
1,607,600
-292,400
-15% -$16.9M
SNCY
15
DELISTED
Sun Country Airlines
SNCY
$74.3M 1.78%
2,216,312
– –
SCHW
16
Charles Schwab
SCHW
$182B
$72.8M 1.75%
1,000,000
– –
AAL icon
17
American Airlines Group
AAL
$9.82B
$64.4M 1.54%
3,137,500
+235,500
+8% +$4.77M
GRPN icon
18
Groupon
GRPN
$1.03B
$63.5M 1.52%
2,783,500
+1,414,000
+103% +$41.8M
CARG icon
19
CarGurus
CARG
$3.34B
$62.5M 1.5%
1,990,000
– –
TRVG
20
trivago
TRVG
$385M
$52.2M 1.25%
4,223,785
+360,048
+9% +$5M
PFSI icon
21
PennyMac Financial
PFSI
$4.47B
$42.3M 1.01%
691,600
– –
AXP icon
22
American Express
AXP
$224B
$41.9M 1%
250,000
– –
TRUE
23
DELISTED
TrueCar
TRUE
$39.8M 0.95%
9,558,804
-110,000
-1% -$510K
TFC icon
24
Truist Financial
TFC
$63.9B
$39.6M 0.95%
675,000
+175,000
+35% +$9.78M
VLRS
25
Controladora Vuela Compania de Aviacion
VLRS
$869M
$38.9M 0.93%
1,783,856
– –
1
2 3

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PAR Capital Management's Q3 2021 Portfolio in Review

As of Q3 2021, PAR Capital Management held 63 positions worth $4.17B, up 2.1% from $4.08B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

PAR Capital Management deployed $251M of net new capital in Q3 2021, opening 2 new positions and adding to 11 existing holdings. Its largest new stake was Concord Acquisition Corp.: 100,000 shares worth $1.01M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, up from 41% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was United Airlines, an estimated $29.9M trimmed.

  • PAR Capital Management's largest Q3 2021 buy was Concord Acquisition Corp.: 100,000 shares worth $1.01M.
  • PAR Capital Management added most to Uber in Q3 2021, an estimated $206M increase.
  • PAR Capital Management's biggest Q3 2021 reduction was United Airlines, cutting an estimated $29.9M.
  • PAR Capital Management fully exited Pure Cycle in Q3 2021, selling an estimated $428K.
  • PAR Capital Management's ten largest holdings make up 70% of its $4.17B portfolio in Q3 2021.
  • PAR Capital Management opened 2 new positions and closed 2 in Q3 2021.
  • PAR Capital Management's portfolio value rose 2.1% quarter-over-quarter to $4.17B.

Based on PAR Capital Management's 13F filing for Q3 2021, filed 15 Nov 2021.