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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
-5.2%
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
$3.7B
AUM Growth
-$465M
Cap. Flow
-$207M
Cap. Flow %
-5.58%
Top 10 Hldgs %
72.15%
Holding
69
New
8
Increased
5
Reduced
10
Closed
13

Top Buys

Rank Stock Value
1
EXPE icon
Expedia Group
EXPE
+$59.8M
2
LYFT icon
Lyft
LYFT
+$47.6M
3
WEX icon
WEX
WEX
+$46.3M
4
HLT icon
Hilton Worldwide
HLT
+$26M
5
VCSA
Vacasa, Inc. Class A Common Stock
VCSA
+$22.7M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$117M
2
GRPN icon
Groupon
GRPN
+$63.5M
3
PFSI icon
PennyMac Financial
PFSI
+$42.3M
4
TFC icon
Truist Financial
TFC
+$39.6M
5
SAVE
Spirit Airlines, Inc.
SAVE
+$33.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.96%
2 Industrials 19.47%
3 Financials 18.51%
4 Technology 15.8%
5 Communication Services 2.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$36.5B
$797M 21.51%
4,407,666
+351,600
+9% +$59.8M
SYF icon
2
Synchrony
SYF
$24.4B
$348M 9.39%
7,500,000
+100,000
+1% +$4.81M
TRIP icon
3
TripAdvisor
TRIP
$1.7B
$337M 9.09%
12,347,046
– –
BKNG icon
4
Booking.com
BKNG
$156B
$313M 8.46%
3,264,100
-1,229,900
-27% -$117M
WEX icon
5
WEX
WEX
$6.42B
$239M 6.46%
1,703,190
+303,190
+22% +$46.3M
UBER icon
6
Uber
UBER
$145B
$178M 4.82%
4,253,800
-482,000
-10% -$20.8M
UAL icon
7
United Airlines
UAL
$38.8B
$149M 4.02%
3,401,893
-298,107
-8% -$13.8M
DAL icon
8
Delta Air Lines
DAL
$56.7B
$107M 2.9%
2,745,900
-157,600
-5% -$6.31M
SABR icon
9
Sabre
SABR
$716M
$106M 2.88%
12,397,007
-1,080,315
-8% -$10.4M
V icon
10
Visa
V
$701B
$97.5M 2.63%
450,000
– –
ALGT icon
11
Allegiant Air
ALGT
$2.57B
$95.3M 2.57%
509,500
-50,000
-9% -$9.29M
LUV icon
12
Southwest Airlines
LUV
$21.7B
$85.7M 2.31%
2,000,000
– –
SCHW
13
Charles Schwab
SCHW
$182B
$84.1M 2.27%
1,000,000
– –
ALK icon
14
Alaska Air
ALK
$5.11B
$82.7M 2.23%
1,587,800
-19,800
-1% -$1.07M
BALY icon
15
Bally's
BALY
$708M
$78.6M 2.12%
2,065,434
– –
CARG icon
16
CarGurus
CARG
$3.34B
$66.9M 1.81%
1,990,000
– –
SNCY
17
DELISTED
Sun Country Airlines
SNCY
$60.4M 1.63%
2,216,312
– –
AAL icon
18
American Airlines Group
AAL
$9.82B
$56.4M 1.52%
3,137,500
– –
TRVG
19
trivago
TRVG
$385M
$46M 1.24%
4,223,785
– –
LYFT icon
20
Lyft
LYFT
$5.86B
$43.5M 1.17%
+1,017,000
New +$47.6M
STT icon
21
State Street
STT
$48.4B
$41.9M 1.13%
450,000
– –
AXP icon
22
American Express
AXP
$224B
$40.9M 1.1%
250,000
– –
VLRS
23
Controladora Vuela Compania de Aviacion
VLRS
$869M
$32.1M 0.87%
1,783,856
– –
GDOT icon
24
Green Dot
GDOT
$750M
$29M 0.78%
800,000
+64,774
+9% +$2.65M
TRUE
25
DELISTED
TrueCar
TRUE
$28.9M 0.78%
8,507,156
-1,051,648
-11% -$4M
1
2 3

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PAR Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, PAR Capital Management held 69 positions worth $3.7B, down 11% from $4.17B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

PAR Capital Management withdrew a net $207M in Q4 2021, closing 13 positions and reducing 10 holdings. Its most notable exit was Groupon, an estimated $63.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 44% of assets, up from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, PAR Capital Management opened a new position in Lyft worth $43.5M.

  • PAR Capital Management's largest Q4 2021 buy was Lyft: 1,017,000 shares worth $43.5M.
  • PAR Capital Management added most to Expedia Group in Q4 2021, an estimated $59.8M increase.
  • PAR Capital Management's biggest Q4 2021 reduction was Booking.com, cutting an estimated $117M.
  • PAR Capital Management fully exited Groupon in Q4 2021, selling an estimated $63.5M.
  • PAR Capital Management's ten largest holdings make up 72% of its $3.7B portfolio in Q4 2021.
  • PAR Capital Management opened 8 new positions and closed 13 in Q4 2021.
  • PAR Capital Management's portfolio value fell 11% quarter-over-quarter to $3.7B.

Based on PAR Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.