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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
+8.69%
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
$2.78B
AUM Growth
+$84.2M
Cap. Flow
-$69.3M
Cap. Flow %
-2.49%
Top 10 Hldgs %
75.58%
Holding
46
New
4
Increased
10
Reduced
13
Closed
6

Top Buys

Rank Stock Value
1
CAR icon
Avis
CAR
+$85.1M
2
DAL icon
Delta Air Lines
DAL
+$70.8M
3
ULCC icon
Frontier Group Holdings
ULCC
+$13.4M
4
CARG icon
CarGurus
CARG
+$6.16M
5
AVDX
AvidXchange
AVDX
+$4.34M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$68.8M
2
UAL icon
United Airlines
UAL
+$62.2M
3
EXPE icon
Expedia Group
EXPE
+$43M
4
MA icon
Mastercard
MA
+$19.9M
5
QUAL icon
iShares MSCI USA Quality Factor ETF
QUAL
+$10.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 31.3%
2 Industrials 21.96%
3 Technology 21.38%
4 Financials 17.39%
5 Communication Services 1.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$36.5B
$307M 11.03%
3,500,000
-455,000
-12% -$43M
WEX icon
2
WEX
WEX
$6.42B
$304M 10.93%
1,856,200
+6,200
+0.3% +$965K
BKNG icon
3
Booking.com
BKNG
$156B
$281M 10.1%
3,483,125
-16,875
-0.5% -$1.28M
SYF icon
4
Synchrony
SYF
$24.4B
$268M 9.63%
8,150,000
– –
UBER icon
5
Uber
UBER
$145B
$243M 8.74%
9,825,200
-177,800
-2% -$4.87M
QUAL icon
6
iShares MSCI USA Quality Factor ETF
QUAL
$45.7B
$187M 6.71%
1,637,000
-95,600
-6% -$10.8M
DAL icon
7
Delta Air Lines
DAL
$56.7B
$169M 6.07%
5,134,729
+2,134,729
+71% +$70.8M
TRIP icon
8
TripAdvisor
TRIP
$1.7B
$153M 5.5%
8,500,000
-507,000
-6% -$10.6M
SCHW
9
Charles Schwab
SCHW
$182B
$96.5M 3.47%
1,159,500
+5,000
+0.4% +$388K
CARG icon
10
CarGurus
CARG
$3.34B
$94.5M 3.4%
6,744,650
+449,650
+7% +$6.16M
UAL icon
11
United Airlines
UAL
$38.8B
$86.7M 3.12%
2,300,000
-1,533,200
-40% -$62.2M
CAR icon
12
Avis
CAR
$5.47B
$69.6M 2.5%
+424,400
New +$85.1M
LUV icon
13
Southwest Airlines
LUV
$21.7B
$67.3M 2.42%
2,000,000
– –
ALK icon
14
Alaska Air
ALK
$5.11B
$64.4M 2.32%
1,500,000
– –
AXP icon
15
American Express
AXP
$224B
$51.7M 1.86%
350,000
– –
AAL icon
16
American Airlines Group
AAL
$9.82B
$37.3M 1.34%
2,935,421
– –
ULCC icon
17
Frontier Group Holdings
ULCC
$1.49B
$34.2M 1.23%
3,328,799
+1,147,727
+53% +$13.4M
SNCY
18
DELISTED
Sun Country Airlines
SNCY
$30.1M 1.08%
1,900,000
-65,881
-3% -$1.16M
TRVG
19
trivago
TRVG
$385M
$29.8M 1.07%
4,417,165
– –
ABNB icon
20
Airbnb
ABNB
$90.8B
$25.6M 0.92%
300,000
+1,000
+0.3% +$101K
AVDX
21
DELISTED
AvidXchange
AVDX
$24.9M 0.89%
2,500,000
+500,000
+25% +$4.34M
PYPL icon
22
PayPal
PYPL
$50.3B
$23.6M 0.85%
331,000
+38,000
+13% +$3.04M
ALGT icon
23
Allegiant Air
ALGT
$2.57B
$22.1M 0.79%
325,000
-36,614
-10% -$2.67M
WBS icon
24
Webster Financial
WBS
$12.3B
$21.7M 0.78%
458,000
-142,000
-24% -$7.11M
CPAY icon
25
Corpay
CPAY
$25.7B
$18.4M 0.66%
100,000
– –
1
2

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PWP
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OTPPB
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JGC
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PAR Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, PAR Capital Management held 46 positions worth $2.78B, up 3.1% from $2.7B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

PAR Capital Management's Q4 2022 filing shows 4 new, 10 increased, 13 reduced and 6 closed positions. Its largest new stake was Avis: 424,400 shares worth $69.6M. The largest sale was Meta Platforms (Facebook), an estimated $68.8M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 31% of assets, down from 34% a quarter earlier, followed by Industrials and Technology.

  • PAR Capital Management's largest Q4 2022 buy was Avis: 424,400 shares worth $69.6M.
  • PAR Capital Management added most to Delta Air Lines in Q4 2022, an estimated $70.8M increase.
  • PAR Capital Management's biggest Q4 2022 reduction was United Airlines, cutting an estimated $62.2M.
  • PAR Capital Management fully exited Meta Platforms (Facebook) in Q4 2022, selling an estimated $68.8M.
  • PAR Capital Management's ten largest holdings make up 76% of its $2.78B portfolio in Q4 2022.
  • PAR Capital Management opened 4 new positions and closed 6 in Q4 2022.
  • PAR Capital Management's portfolio value rose 3.1% quarter-over-quarter to $2.78B.

Based on PAR Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.