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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
-0.71%
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
$2.7B
AUM Growth
-$286M
Cap. Flow
-$213M
Cap. Flow %
-7.91%
Top 10 Hldgs %
74.46%
Holding
47
New
7
Increased
11
Reduced
15
Closed
5

Top Buys

Rank Stock Value
1
QUAL icon
iShares MSCI USA Quality Factor ETF
QUAL
+$203M
2
CARG icon
CarGurus
CARG
+$44.5M
3
ABNB icon
Airbnb
ABNB
+$33.1M
4
UAL icon
United Airlines
UAL
+$16.6M
5
AXP icon
American Express
AXP
+$15.1M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$106M
2
SAVE
Spirit Airlines, Inc.
SAVE
+$102M
3
UBER icon
Uber
UBER
+$93.4M
4
BKNG icon
Booking.com
BKNG
+$65.9M
5
LUV icon
Southwest Airlines
LUV
+$54.5M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 34.47%
2 Technology 20.01%
3 Industrials 17.51%
4 Financials 17.02%
5 Communication Services 3.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$36.5B
$371M 13.75%
3,955,000
-245,000
-6% -$25M
UBER icon
2
Uber
UBER
$145B
$265M 9.83%
10,003,000
-3,381,660
-25% -$93.4M
WEX icon
3
WEX
WEX
$6.41B
$235M 8.71%
1,850,000
+42,700
+2% +$6.71M
BKNG icon
4
Booking.com
BKNG
$156B
$230M 8.53%
3,500,000
-876,600
-20% -$65.9M
SYF icon
5
Synchrony
SYF
$24.4B
$230M 8.52%
8,150,000
+150,000
+2% +$4.84M
TRIP icon
6
TripAdvisor
TRIP
$1.7B
$199M 7.38%
9,007,000
-2,160,604
-19% -$48.4M
QUAL icon
7
iShares MSCI USA Quality Factor ETF
QUAL
$45.7B
$180M 6.68%
+1,732,600
New +$203M
UAL icon
8
United Airlines
UAL
$38.8B
$125M 4.63%
3,833,200
+447,373
+13% +$16.6M
CARG icon
9
CarGurus
CARG
$3.34B
$89.2M 3.31%
6,295,000
+2,195,233
+54% +$44.5M
DAL icon
10
Delta Air Lines
DAL
$56.7B
$84.2M 3.12%
3,000,000
-8,000
-0.3% -$254K
SCHW
11
Charles Schwab
SCHW
$182B
$83M 3.08%
1,154,500
+4,500
+0.4% +$312K
META icon
12
Meta Platforms (Facebook)
META
$1.49T
$68.8M 2.55%
507,000
-655,602
-56% -$106M
LUV icon
13
Southwest Airlines
LUV
$21.7B
$61.7M 2.29%
2,000,000
-1,454,404
-42% -$54.5M
ALK icon
14
Alaska Air
ALK
$5.12B
$58.7M 2.18%
1,500,000
-217,880
-13% -$9.57M
AXP icon
15
American Express
AXP
$224B
$47.2M 1.75%
350,000
+100,000
+40% +$15.1M
AAL icon
16
American Airlines Group
AAL
$9.82B
$35.3M 1.31%
2,935,421
-94,579
-3% -$1.32M
ABNB icon
17
Airbnb
ABNB
$90.8B
$31.4M 1.17%
+299,000
New +$33.1M
WBS icon
18
Webster Financial
WBS
$12.3B
$27.1M 1.01%
600,000
– –
SNCY
19
DELISTED
Sun Country Airlines
SNCY
$26.8M 0.99%
1,965,881
-226,831
-10% -$4.25M
ALGT icon
20
Allegiant Air
ALGT
$2.57B
$26.4M 0.98%
361,614
-33,886
-9% -$3.5M
TRVG
21
trivago
TRVG
$381M
$25.6M 0.95%
4,417,165
– –
PYPL icon
22
PayPal
PYPL
$50.3B
$25.2M 0.94%
293,000
+18,000
+7% +$1.6M
ULCC icon
23
Frontier Group Holdings
ULCC
$1.5B
$21.2M 0.78%
2,181,072
-842,776
-28% -$10.3M
MA icon
24
Mastercard
MA
$498B
$19.9M 0.74%
70,000
– –
CPAY icon
25
Corpay
CPAY
$25.7B
$17.6M 0.65%
100,000
– –
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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PAR Capital Management's Q3 2022 Portfolio in Review

As of Q3 2022, PAR Capital Management held 47 positions worth $2.7B, down 9.6% from $2.98B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

PAR Capital Management withdrew a net $213M in Q3 2022, closing 5 positions and reducing 15 holdings. Its most notable exit was Spirit Airlines, Inc., an estimated $102M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, up from 33% a quarter earlier, followed by Technology and Industrials.

Against the trend, PAR Capital Management opened a new position in iShares MSCI USA Quality Factor ETF worth $180M.

  • PAR Capital Management's largest Q3 2022 buy was iShares MSCI USA Quality Factor ETF: 1,732,600 shares worth $180M.
  • PAR Capital Management added most to CarGurus in Q3 2022, an estimated $44.5M increase.
  • PAR Capital Management's biggest Q3 2022 reduction was Meta Platforms (Facebook), cutting an estimated $106M.
  • PAR Capital Management fully exited Spirit Airlines, Inc. in Q3 2022, selling an estimated $102M.
  • PAR Capital Management's ten largest holdings make up 74% of its $2.7B portfolio in Q3 2022.
  • PAR Capital Management opened 7 new positions and closed 5 in Q3 2022.
  • PAR Capital Management's portfolio value fell 9.6% quarter-over-quarter to $2.7B.

Based on PAR Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.