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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
+14.37%
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
$2.87B
AUM Growth
+$155M
Cap. Flow
-$165M
Cap. Flow %
-5.75%
Top 10 Hldgs %
77.54%
Holding
51
New
8
Increased
11
Reduced
14
Closed
6

Top Buys

Rank Stock Value
1
XYZ
Block Inc
XYZ
+$15.6M
2
ETSY icon
Etsy
ETSY
+$12.4M
3
CMA
Comerica
CMA
+$12.1M
4
CAR icon
Avis
CAR
+$6.58M
5
SKYW icon
Skywest
SKYW
+$6.28M

Top Sells

Rank Stock Value
1
UBER icon
Uber
UBER
+$58M
2
SCHW
Charles Schwab
SCHW
+$38.5M
3
CARG icon
CarGurus
CARG
+$35.9M
4
FRC
First Republic Bank
FRC
+$21.7M
5
LUV icon
Southwest Airlines
LUV
+$17.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 31.44%
2 Industrials 26.63%
3 Technology 24.33%
4 Financials 16.3%
5 Communication Services 1.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$37.1B
$372M 12.95%
3,400,000
-100,000
-3% -$9.8M
WEX icon
2
WEX
WEX
$6.47B
$338M 11.75%
1,854,000
-2,200
-0.1% -$390K
BKNG icon
3
Booking.com
BKNG
$158B
$324M 11.28%
3,000,000
-125,000
-4% -$13.2M
UBER icon
4
Uber
UBER
$146B
$302M 10.52%
7,000,000
-1,560,000
-18% -$58M
SYF icon
5
Synchrony
SYF
$24.7B
$285M 9.92%
8,400,000
+104,543
+1% +$3.19M
DAL icon
6
Delta Air Lines
DAL
$57.6B
$215M 7.48%
4,520,800
-379,200
-8% -$14M
CAR icon
7
Avis
CAR
$5.34B
$116M 4.05%
508,114
+35,914
+8% +$6.58M
UAL icon
8
United Airlines
UAL
$39.5B
$114M 3.96%
2,073,400
-126,800
-6% -$5.99M
TRIP icon
9
TripAdvisor
TRIP
$1.71B
$89M 3.1%
5,400,000
-300,000
-5% -$5.08M
LUV icon
10
Southwest Airlines
LUV
$22B
$72.4M 2.52%
2,000,000
-566,594
-22% -$17.8M
ALK icon
11
Alaska Air
ALK
$5.21B
$63.8M 2.22%
1,200,000
– –
SCHW
12
Charles Schwab
SCHW
$183B
$63.8M 2.22%
1,125,000
-735,000
-40% -$38.5M
AXP icon
13
American Express
AXP
$225B
$61M 2.12%
350,000
– –
AAL icon
14
American Airlines Group
AAL
$9.94B
$50.2M 1.75%
2,800,000
– –
CARG icon
15
CarGurus
CARG
$3.38B
$42.8M 1.49%
1,892,800
-1,899,550
-50% -$35.9M
ABNB icon
16
Airbnb
ABNB
$91.8B
$38.4M 1.34%
300,000
– –
SNCY
17
DELISTED
Sun Country Airlines
SNCY
$33.7M 1.17%
1,500,000
– –
ULCC icon
18
Frontier Group Holdings
ULCC
$1.53B
$32.1M 1.12%
3,322,200
-2,800
-0.1% -$25.1K
ALGT icon
19
Allegiant Air
ALGT
$2.65B
$31.6M 1.1%
250,000
-50,000
-17% -$5.23M
TRVG
20
trivago
TRVG
$388M
$29.2M 1.02%
4,417,165
– –
AVDX
21
DELISTED
AvidXchange
AVDX
$25.9M 0.9%
2,500,000
– –
CMA
22
DELISTED
Comerica
CMA
$21.2M 0.74%
500,000
+300,000
+150% +$12.1M
JBLU icon
23
JetBlue
JBLU
$2.17B
$17.7M 0.62%
2,000,000
– –
GDOT icon
24
Green Dot
GDOT
$757M
$16.9M 0.59%
900,000
– –
XYZ
25
Block Inc
XYZ
$49.6B
$16.6M 0.58%
+250,000
New +$15.6M
1
2 3

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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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CCM
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PAR Capital Management's Q2 2023 Portfolio in Review

As of Q2 2023, PAR Capital Management held 51 positions worth $2.87B, up 5.7% from $2.72B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

PAR Capital Management withdrew a net $165M in Q2 2023, closing 6 positions and reducing 14 holdings. Its most notable exit was First Republic Bank, an estimated $21.7M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 31% of assets, down from 33% a quarter earlier, followed by Industrials and Technology.

Against the trend, PAR Capital Management opened a new position in Block Inc worth $16.6M.

  • PAR Capital Management's largest Q2 2023 buy was Block Inc: 250,000 shares worth $16.6M.
  • PAR Capital Management added most to Etsy in Q2 2023, an estimated $12.4M increase.
  • PAR Capital Management's biggest Q2 2023 reduction was Uber, cutting an estimated $58M.
  • PAR Capital Management fully exited First Republic Bank in Q2 2023, selling an estimated $21.7M.
  • PAR Capital Management's ten largest holdings make up 78% of its $2.87B portfolio in Q2 2023.
  • PAR Capital Management opened 8 new positions and closed 6 in Q2 2023.
  • PAR Capital Management's portfolio value rose 5.7% quarter-over-quarter to $2.87B.

Based on PAR Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.