We are live on
!
Find out more
PCM
PAR Capital Management Portfolio holdings
AUM
$3.45B
1-Year Est. Return
28.5%
This Fund
S&P 500
This Quarter
Est. Return
+10.94%
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
$2.72B
AUM Growth
-$63.1M
(-2.3%)
Cap. Flow
-$184M
Cap. Flow
% of AUM
-6.76%
Top 10 Holdings %
Top 10 Hldgs %
77.15%
Holding
49
New
9
Increased
10
Reduced
14
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRC
First Republic Bank
FRC
|
+$159M |
| 2 |
SCHW
Charles Schwab
SCHW
|
+$51.3M |
| 3 |
Sabre
SABR
|
+$26.8M |
| 4 |
Southwest Airlines
LUV
|
+$19.3M |
| 5 |
CMA
Comerica
CMA
|
+$12.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI USA Quality Factor ETF
QUAL
|
+$187M |
| 2 |
TripAdvisor
TRIP
|
+$59.9M |
| 3 |
CarGurus
CARG
|
+$50.2M |
| 4 |
Uber
UBER
|
+$40.1M |
| 5 |
Booking.com
BKNG
|
+$34.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 33.29% |
| 2 | Technology | 24.13% |
| 3 | Industrials | 23.86% |
| 4 | Financials | 16.48% |
| 5 | Communication Services | 1.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
WEX
WEX
$6.42B
| $341M | 12.56% |
1,856,200
| – | – |
|
2
Expedia Group
EXPE
$36.5B
| $340M | 12.5% |
3,500,000
| – | – |
|
|
3
Booking.com
BKNG
$156B
| $332M | 12.2% |
3,125,000
-358,125
| -10% | -$34.9M |
|
|
4
Uber
UBER
$145B
| $271M | 9.99% |
8,560,000
-1,265,200
| -13% | -$40.1M |
|
5
Synchrony
SYF
$24.4B
| $241M | 8.88% |
8,295,457
+145,457
| +2% | +$4.89M |
|
6
Delta Air Lines
DAL
$56.7B
| $171M | 6.3% |
4,900,000
-234,729
| -5% | -$8.71M |
|
|
7
TripAdvisor
TRIP
$1.7B
| $113M | 4.17% |
5,700,000
-2,800,000
| -33% | -$59.9M |
|
|
SCHW
8
Charles Schwab
SCHW
$182B
| $97.4M | 3.59% |
1,860,000
+700,500
| +60% | +$51.3M |
|
9
United Airlines
UAL
$38.8B
| $97.4M | 3.58% |
2,200,200
-99,800
| -4% | -$4.78M |
|
10
Avis
CAR
$5.47B
| $92M | 3.39% |
472,200
+47,800
| +11% | +$9.6M |
|
|
11
Southwest Airlines
LUV
$21.7B
| $83.5M | 3.07% |
2,566,594
+566,594
| +28% | +$19.3M |
|
|
12
CarGurus
CARG
$3.34B
| $70.8M | 2.61% |
3,792,350
-2,952,300
| -44% | -$50.2M |
|
13
American Express
AXP
$224B
| $57.7M | 2.12% |
350,000
| – | – |
|
14
Alaska Air
ALK
$5.11B
| $50.4M | 1.85% |
1,200,000
-300,000
| -20% | -$14.1M |
|
15
American Airlines Group
AAL
$9.82B
| $41.3M | 1.52% |
2,800,000
-135,421
| -5% | -$2.11M |
|
16
Airbnb
ABNB
$90.8B
| $37.3M | 1.37% |
300,000
| – | – |
|
|
TRVG
17
trivago
TRVG
$385M
| $33.3M | 1.23% |
4,417,165
| – | – |
|
18
Frontier Group Holdings
ULCC
$1.49B
| $32.7M | 1.2% |
3,325,000
-3,799
| -0.1% | -$42.4K |
|
|
SNCY
19
DELISTED
Sun Country Airlines
SNCY
| $30.8M | 1.13% |
1,500,000
-400,000
| -21% | -$7.78M |
|
20
Allegiant Air
ALGT
$2.57B
| $27.6M | 1.02% |
300,000
-25,000
| -8% | -$2.25M |
|
|
21
Sabre
SABR
$716M
| $23M | 0.85% |
5,354,500
+4,689,500
| +705% | +$26.8M |
|
|
FRC
22
DELISTED
First Republic Bank
FRC
| $21.7M | 0.8% |
+1,550,000
| New | +$159M |
|
|
AVDX
23
DELISTED
AvidXchange
AVDX
| $19.5M | 0.72% |
2,500,000
| – | – |
|
24
Green Dot
GDOT
$750M
| $15.5M | 0.57% |
900,000
+200,000
| +29% | +$3.5M |
|
25
Webster Financial
WBS
$12.3B
| $14.8M | 0.54% |
375,000
-83,000
| -18% | -$3.98M |
|
Similar funds
LNC
RBA
DAM
PWP
OTPPB
JGC
CIA
CCM
PAR Capital Management's Q1 2023 Portfolio in Review
As of Q1 2023, PAR Capital Management held 49 positions worth $2.72B, down 2.3% from $2.78B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
PAR Capital Management withdrew a net $184M in Q1 2023, closing 6 positions and reducing 14 holdings. Its most notable exit was iShares MSCI USA Quality Factor ETF, an estimated $187M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, up from 31% a quarter earlier, followed by Technology and Industrials.
Against the trend, PAR Capital Management opened a new position in First Republic Bank worth $21.7M.
- PAR Capital Management's largest Q1 2023 buy was First Republic Bank: 1,550,000 shares worth $21.7M.
- PAR Capital Management added most to Charles Schwab in Q1 2023, an estimated $51.3M increase.
- PAR Capital Management's biggest Q1 2023 reduction was TripAdvisor, cutting an estimated $59.9M.
- PAR Capital Management fully exited iShares MSCI USA Quality Factor ETF in Q1 2023, selling an estimated $187M.
- PAR Capital Management's ten largest holdings make up 77% of its $2.72B portfolio in Q1 2023.
- PAR Capital Management opened 9 new positions and closed 6 in Q1 2023.
- PAR Capital Management's portfolio value fell 2.3% quarter-over-quarter to $2.72B.
Based on PAR Capital Management's 13F filing for Q1 2023, filed 15 May 2023.