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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
+21.93%
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
$3.04B
AUM Growth
+$371M
(+14%)
Cap. Flow
-$136M
Cap. Flow
% of AUM
-4.48%
Top 10 Holdings %
Top 10 Hldgs %
81.42%
Holding
51
New
4
Increased
12
Reduced
12
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Avis
CAR
|
+$21.4M |
| 2 |
SNCY
Sun Country Airlines
SNCY
|
+$19.9M |
| 3 |
VLRS
Controladora Vuela Compania de Aviacion
VLRS
|
+$15.7M |
| 4 |
HA
Hawaiian Holdings, Inc.
HA
|
+$11.3M |
| 5 |
United Airlines
UAL
|
+$5.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expedia Group
EXPE
|
+$71.8M |
| 2 |
CarGurus
CARG
|
+$33.2M |
| 3 |
Uber
UBER
|
+$31.4M |
| 4 |
TRVG
trivago
TRVG
|
+$23.2M |
| 5 |
Green Dot
GDOT
|
+$12.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 34.19% |
| 2 | Technology | 25.89% |
| 3 | Industrials | 22.74% |
| 4 | Financials | 16.96% |
| 5 | Communication Services | 0.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Expedia Group
EXPE
$36.5B
| $435M | 14.28% |
2,863,500
-586,500
| -17% | -$71.8M |
|
2
Booking.com
BKNG
$156B
| $426M | 13.98% |
3,000,000
| – | – |
|
3
WEX
WEX
$6.42B
| $360M | 11.82% |
1,850,000
-4,900
| -0.3% | -$889K |
|
|
4
Uber
UBER
$145B
| $332M | 10.92% |
5,400,000
-600,000
| -10% | -$31.4M |
|
5
Synchrony
SYF
$24.4B
| $321M | 10.54% |
8,400,000
| – | – |
|
6
Delta Air Lines
DAL
$56.7B
| $179M | 5.89% |
4,455,000
-45,000
| -1% | -$1.63M |
|
|
7
Avis
CAR
$5.47B
| $150M | 4.94% |
848,959
+117,600
| +16% | +$21.4M |
|
8
TripAdvisor
TRIP
$1.7B
| $101M | 3.32% |
4,700,000
-500,000
| -10% | -$8.77M |
|
|
9
United Airlines
UAL
$38.8B
| $91.7M | 3.01% |
2,223,400
+150,000
| +7% | +$5.9M |
|
|
SCHW
10
Charles Schwab
SCHW
$182B
| $82.6M | 2.71% |
1,200,000
+75,000
| +7% | +$4.33M |
|
11
American Express
AXP
$224B
| $65.6M | 2.15% |
350,000
| – | – |
|
|
SNCY
12
DELISTED
Sun Country Airlines
SNCY
| $43.5M | 1.43% |
2,767,000
+1,352,800
| +96% | +$19.9M |
|
13
Southwest Airlines
LUV
$21.7B
| $42.9M | 1.41% |
1,485,000
-15,000
| -1% | -$390K |
|
14
Airbnb
ABNB
$90.8B
| $40.8M | 1.34% |
300,000
| – | – |
|
15
Alaska Air
ALK
$5.11B
| $40.1M | 1.32% |
1,026,000
-54,000
| -5% | -$1.93M |
|
|
XYZ
16
Block Inc
XYZ
$48.9B
| $38.7M | 1.27% |
500,000
| – | – |
|
17
American Airlines Group
AAL
$9.82B
| $34.5M | 1.13% |
2,510,600
+10,600
| +0.4% | +$133K |
|
|
AVDX
18
DELISTED
AvidXchange
AVDX
| $34.1M | 1.12% |
2,750,000
+250,000
| +10% | +$2.5M |
|
|
CMA
19
DELISTED
Comerica
CMA
| $27.9M | 0.92% |
500,000
| – | – |
|
20
Sabre
SABR
$716M
| $22M | 0.72% |
5,000,000
| – | – |
|
|
HA
21
DELISTED
Hawaiian Holdings, Inc.
HA
| $21.6M | 0.71% |
+1,520,000
| New | +$11.3M |
|
22
Carvana
CVNA
$47.5B
| $21.3M | 0.7% |
2,010,000
| – | – |
|
23
Allegiant Air
ALGT
$2.57B
| $20.9M | 0.69% |
253,500
+3,500
| +1% | +$253K |
|
|
VLRS
24
Controladora Vuela Compania de Aviacion
VLRS
$869M
| $20.7M | 0.68% |
2,205,000
+2,150,263
| +3,928% | +$15.7M |
|
25
Webster Financial
WBS
$12.3B
| $19M | 0.63% |
375,000
| – | – |
|
Similar funds
LNC
RBA
DAM
PWP
OTPPB
JGC
CIA
CCM
PAR Capital Management's Q4 2023 Portfolio in Review
As of Q4 2023, PAR Capital Management held 51 positions worth $3.04B, up 14% from $2.67B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
PAR Capital Management withdrew a net $136M in Q4 2023, closing 9 positions and reducing 12 holdings. Its most notable exit was CarGurus, an estimated $33.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
Against the trend, PAR Capital Management opened a new position in Hawaiian Holdings, Inc. worth $21.6M.
- PAR Capital Management's largest Q4 2023 buy was Hawaiian Holdings, Inc.: 1,520,000 shares worth $21.6M.
- PAR Capital Management added most to Avis in Q4 2023, an estimated $21.4M increase.
- PAR Capital Management's biggest Q4 2023 reduction was Expedia Group, cutting an estimated $71.8M.
- PAR Capital Management fully exited CarGurus in Q4 2023, selling an estimated $33.2M.
- PAR Capital Management's ten largest holdings make up 81% of its $3.04B portfolio in Q4 2023.
- PAR Capital Management opened 4 new positions and closed 9 in Q4 2023.
- PAR Capital Management's portfolio value rose 14% quarter-over-quarter to $3.04B.
Based on PAR Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.