Par Capital Management Activity Q4 1999-Q2 2023

Q2 2023

			Value		Shares		↓ Weighting
EXPE	New	EXPEDIA GROUP INC	$371,926,000	–	3,400,000	–	12.95%	–
WEX	New	WEX INC	$337,557,780	–	1,854,000	–	11.75%	–
BKNG	New	BOOKING HOLDINGS INC	$324,039,600	–	120,000	–	11.28%	–
UBER	New	UBER TECHNOLOGIES INC	$302,190,000	–	7,000,000	–	10.52%	–
SYF	New	SYNCHRONY FINANCIAL	$284,928,000	–	8,400,000	–	9.92%	–
DAL	New	DELTA AIR LINES INC DEL	$214,918,832	–	4,520,800	–	7.48%	–
CAR	New	AVIS BUDGET GROUP	$116,190,428	–	508,114	–	4.05%	–
UAL	New	UNITED AIRLS HLDGS INC	$113,767,458	–	2,073,400	–	3.96%	–
TRIP	New	TRIPADVISOR INC	$89,046,000	–	5,400,000	–	3.10%	–
LUV	New	SOUTHWEST AIRLS CO	$72,420,000	–	2,000,000	–	2.52%	–
ALK	New	ALASKA AIR GROUP INC	$63,816,000	–	1,200,000	–	2.22%	–
SCHW	New	SCHWAB CHARLES CORP	$63,765,000	–	1,125,000	–	2.22%	–
AXP	New	AMERICAN EXPRESS CO	$60,970,000	–	350,000	–	2.12%	–
AAL	New	AMERICAN AIRLS GROUP INC	$50,232,000	–	2,800,000	–	1.75%	–
CARG	New	CARGURUS INC	$42,834,064	–	1,892,800	–	1.49%	–
ABNB	New	AIRBNB INC	$38,448,000	–	300,000	–	1.34%	–
SNCY	New	SUN CTRY AIRLS HLDGS INC	$33,720,000	–	1,500,000	–	1.17%	–
ULCC	New	FRONTIER GROUP HLDGS INC	$32,125,674	–	3,322,200	–	1.12%	–
ALGT	New	ALLEGIANT TRAVEL CO	$31,570,000	–	250,000	–	1.10%	–
TRVG	New	TRIVAGO N V	$29,153,292	–	22,085,827	–	1.02%	–
	New	AVIDXCHANGE HOLDINGS INC	$25,950,000	–	2,500,000	–	0.90%	–
CMA	New	COMERICA INC	$21,180,000	–	500,000	–	0.74%	–
JBLU	New	JETBLUE AWYS CORP	$17,720,000	–	2,000,000	–	0.62%	–
GDOT	New	GREEN DOT CORPcl a	$16,866,000	–	900,000	–	0.59%	–
SQ	New	BLOCK INCcl a	$16,642,500	–	250,000	–	0.58%	–
SABR	New	SABRE CORP	$16,441,260	–	5,154,000	–	0.57%	–
WBS	New	WEBSTER FINL CORP	$14,156,250	–	375,000	–	0.49%	–
H	New	HYATT HOTELS CORP	$13,192,054	–	115,134	–	0.46%	–
ETSY	New	ETSY INC	$11,697,333	–	138,250	–	0.41%	–
SKYW	New	SKYWEST INC	$9,709,318	–	238,441	–	0.34%	–
CVNA	New	CARVANA COcl a	$7,309,440	–	282,000	–	0.26%	–
SOFI	New	SOFI TECHNOLOGIES INC	$6,255,000	–	750,000	–	0.22%	–
HTZZ	New	HERTZ GLOBAL HLDGS INC	$3,678,000	–	200,000	–	0.13%	–
GOOGL	New	ALPHABET INCcap stk cl a	$3,508,130	–	29,000	–	0.12%	–
FB	New	META PLATFORMS INCcl a	$2,525,424	–	8,800	–	0.09%	–
	New	VACASA INC	$1,899,800	–	2,800,000	–	0.07%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$1,851,390	–	27,000	–	0.06%	–
SAVE	New	SPIRIT AIRLS INC	$1,793,220	–	104,500	–	0.06%	–
EB	New	EVENTBRITE INC	$1,403,850	–	147,000	–	0.05%	–
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$1,143,900	–	82,000	–	0.04%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$904,680	–	18,000	–	0.03%	–
DASH	New	DOORDASH INCcl a	$917,040	–	12,000	–	0.03%	–
TCOM	New	TRIP COM GROUP LTDads	$700,000	–	20,000	–	0.02%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$514,332	–	2,800	–	0.02%	–
KMX	New	CARMAX INC	$418,500	–	5,000	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
SKYW	Exit	SKYWEST INC	$0	–	-10,000	–	-0.01%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-11,600	–	-0.02%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-6,500	–	-0.02%	–
ETSY	Exit	ETSY INC	$0	–	-14,150	–	-0.05%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-218,087	–	-0.11%	–
SOFI	Exit	SOFI TECHNOLOGIES INC	$0	–	-807,000	–	-0.15%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-16,600	–	-0.16%	–
SABR	Exit	SABRE CORP	$0	–	-1,007,000	–	-0.19%	–
ARKF	Exit	ARK ETF TRfintech innova	$0	–	-350,000	–	-0.20%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-200,000	–	-0.22%	–
H	Exit	HYATT HOTELS CORP	$0	–	-96,634	–	-0.29%	–
TRUE	Exit	TRUECAR INC	$0	–	-5,370,000	–	-0.30%	–
	Exit	VACASA INC	$0	–	-2,800,000	–	-0.32%	–
VLRS	Exit	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$0	–	-1,600,000	–	-0.42%	–
JBLU	Exit	JETBLUE AWYS CORP	$0	–	-2,000,000	–	-0.49%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-850,000	–	-0.60%	–
	Exit	AVIDXCHANGE HOLDINGS INC	$0	–	-2,000,000	–	-0.62%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-100,000	–	-0.65%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-70,000	–	-0.74%	–
ULCC	Exit	FRONTIER GROUP HLDGS INC	$0	–	-2,181,072	–	-0.78%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-293,000	–	-0.94%	–
TRVG	Exit	TRIVAGO N V	$0	–	-22,085,827	–	-0.95%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-361,614	–	-0.98%	–
SNCY	Exit	SUN CTRY AIRLS HLDGS INC	$0	–	-1,965,881	–	-0.99%	–
WBS	Exit	WEBSTER FINL CORP	$0	–	-600,000	–	-1.01%	–
ABNB	Exit	AIRBNB INC	$0	–	-299,000	–	-1.16%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-2,935,421	–	-1.31%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-350,000	–	-1.75%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-1,500,000	–	-2.18%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-2,000,000	–	-2.29%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-507,000	–	-2.55%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-1,154,500	–	-3.08%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,000,000	–	-3.12%	–
CARG	Exit	CARGURUS INC	$0	–	-6,295,000	–	-3.31%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-3,833,200	–	-4.62%	–
QUAL	Exit	ISHARES TRmsci usa qlt fct	$0	–	-1,732,600	–	-6.68%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-9,007,000	–	-7.38%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-8,150,000	–	-8.52%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-140,000	–	-8.53%	–
WEX	Exit	WEX INC	$0	–	-1,850,000	–	-8.71%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-10,003,000	–	-9.83%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-3,955,000	–	-13.74%	–

Q3 2022

			Value		Shares		↓ Weighting
EXPE	Sell	EXPEDIA GROUP INC	$370,544,000	-7.0%	3,955,000	-5.8%	13.74%	+2.9%
UBER	Sell	UBER TECHNOLOGIES INC	$265,080,000	-3.2%	10,003,000	-25.3%	9.83%	+7.1%
WEX	Buy	WEX INC	$234,839,000	-16.5%	1,850,000	+2.4%	8.71%	-7.6%
BKNG	Sell	BOOKING HOLDINGS INC	$230,049,000	-24.9%	140,000	-20.0%	8.53%	-16.9%
SYF	Buy	SYNCHRONY FINANCIAL	$229,749,000	+4.0%	8,150,000	+1.9%	8.52%	+15.0%
TRIP	Sell	TRIPADVISOR INC	$198,875,000	+0.0%	9,007,000	-19.3%	7.38%	+10.7%
QUAL	New	ISHARES TRmsci usa qlt fct	$180,086,000	–	1,732,600	–	6.68%	–
UAL	Buy	UNITED AIRLS HLDGS INC	$124,694,000	+4.0%	3,833,200	+13.2%	4.62%	+15.0%
CARG	Buy	CARGURUS INC	$89,200,000	+1.2%	6,295,000	+53.5%	3.31%	+12.0%
DAL	Sell	DELTA AIR LINES INC DEL	$84,180,000	-3.4%	3,000,000	-0.3%	3.12%	+6.9%
SCHW	Buy	SCHWAB CHARLES CORP	$82,974,000	+14.2%	1,154,500	+0.4%	3.08%	+26.4%
FB	Sell	META PLATFORMS INCcl a	$68,790,000	-63.3%	507,000	-56.4%	2.55%	-59.4%
LUV	Sell	SOUTHWEST AIRLS CO	$61,680,000	-50.6%	2,000,000	-42.1%	2.29%	-45.3%
ALK	Sell	ALASKA AIR GROUP INC	$58,725,000	-14.6%	1,500,000	-12.7%	2.18%	-5.6%
AXP	Buy	AMERICAN EXPRESS CO	$47,219,000	+36.3%	350,000	+40.0%	1.75%	+50.8%
AAL	Sell	AMERICAN AIRLS GROUP INC	$35,342,000	-8.0%	2,935,421	-3.1%	1.31%	+1.8%
ABNB	New	AIRBNB INC	$31,407,000	–	299,000	–	1.16%	–
SNCY	Sell	SUN CTRY AIRLS HLDGS INC	$26,756,000	-33.5%	1,965,881	-10.3%	0.99%	-26.5%
ALGT	Sell	ALLEGIANT TRAVEL CO	$26,391,000	-41.0%	361,614	-8.6%	0.98%	-34.7%
PYPL	Buy	PAYPAL HLDGS INC	$25,219,000	+31.3%	293,000	+6.5%	0.94%	+45.2%
ULCC	Sell	FRONTIER GROUP HLDGS INC	$21,156,000	-25.3%	2,181,072	-27.9%	0.78%	-17.4%
GDOT	Buy	GREEN DOT CORPcl a	$16,133,000	-13.5%	850,000	+14.5%	0.60%	-4.3%
	Sell	VACASA INC	$8,596,000	+6.3%	2,800,000	-0.3%	0.32%	+17.7%
TRUE	Sell	TRUECAR INC	$8,109,000	-63.0%	5,370,000	-36.5%	0.30%	-59.0%
H	Buy	HYATT HOTELS CORP	$7,823,000	+2014.3%	96,634	+1832.7%	0.29%	+2316.7%
SABR	New	SABRE CORP	$5,186,000	–	1,007,000	–	0.19%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$4,437,000	–	16,600	–	0.16%	–
SOFI	Buy	SOFI TECHNOLOGIES INC	$3,938,000	-0.4%	807,000	+7.6%	0.15%	+9.8%
APLE	Sell	APPLE HOSPITALITY REIT INC	$3,066,000	-25.5%	218,087	-22.3%	0.11%	-17.4%
ETSY	Buy	ETSY INC	$1,417,000	+186.8%	14,150	+109.6%	0.05%	+211.8%
SPOT	New	SPOTIFY TECHNOLOGY S A	$561,000	–	6,500	–	0.02%	–
WFC	New	WELLS FARGO CO NEW	$467,000	–	11,600	–	0.02%	–
SKYW	New	SKYWEST INC	$163,000	–	10,000	–	0.01%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-10,000	–	-0.01%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-15,000	–	-0.01%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-18,000	–	-0.09%	–
STT	Exit	STATE STR CORP	$0	–	-450,000	–	-0.93%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-4,262,977	–	-3.41%	–

Q2 2022

			Value		Shares		↓ Weighting
EXPE	New	EXPEDIA GROUP INC	$398,286,000	–	4,200,000	–	13.36%	–
BKNG	New	BOOKING HOLDINGS INC	$306,185,000	–	175,064	–	10.27%	–
WEX	New	WEX INC	$281,144,000	–	1,807,300	–	9.43%	–
UBER	New	UBER TECHNOLOGIES INC	$273,850,000	–	13,384,660	–	9.18%	–
SYF	New	SYNCHRONY FINANCIAL	$220,960,000	–	8,000,000	–	7.41%	–
TRIP	New	TRIPADVISOR INC	$198,783,000	–	11,167,604	–	6.67%	–
FB	New	META PLATFORMS INCcl a	$187,470,000	–	1,162,602	–	6.29%	–
LUV	New	SOUTHWEST AIRLS CO	$124,773,000	–	3,454,404	–	4.18%	–
UAL	New	UNITED AIRLS HLDGS INC	$119,926,000	–	3,385,827	–	4.02%	–
SAVE	New	SPIRIT AIRLS INC	$101,629,000	–	4,262,977	–	3.41%	–
CARG	New	CARGURUS INC	$88,104,000	–	4,099,767	–	2.95%	–
DAL	New	DELTA AIR LINES INC DEL	$87,142,000	–	3,008,000	–	2.92%	–
SCHW	New	SCHWAB CHARLES CORP	$72,657,000	–	1,150,000	–	2.44%	–
ALK	New	ALASKA AIR GROUP INC	$68,801,000	–	1,717,880	–	2.31%	–
ALGT	New	ALLEGIANT TRAVEL CO	$44,727,000	–	395,500	–	1.50%	–
SNCY	New	SUN CTRY AIRLS HLDGS INC	$40,214,000	–	2,192,712	–	1.35%	–
AAL	New	AMERICAN AIRLS GROUP INC	$38,420,000	–	3,030,000	–	1.29%	–
AXP	New	AMERICAN EXPRESS CO	$34,655,000	–	250,000	–	1.16%	–
TRVG	New	TRIVAGO N V	$32,908,000	–	22,085,827	–	1.10%	–
ULCC	New	FRONTIER GROUP HLDGS INC	$28,333,000	–	3,023,848	–	0.95%	–
STT	New	STATE STR CORP	$27,743,000	–	450,000	–	0.93%	–
WBS	New	WEBSTER FINL CORP	$25,290,000	–	600,000	–	0.85%	–
MA	New	MASTERCARD INCORPORATEDcl a	$22,084,000	–	70,000	–	0.74%	–
TRUE	New	TRUECAR INC	$21,904,000	–	8,457,142	–	0.74%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$21,011,000	–	100,000	–	0.70%	–
PYPL	New	PAYPAL HLDGS INC	$19,206,000	–	275,000	–	0.64%	–
GDOT	New	GREEN DOT CORPcl a	$18,641,000	–	742,382	–	0.62%	–
JBLU	New	JETBLUE AWYS CORP	$16,740,000	–	2,000,000	–	0.56%	–
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$16,432,000	–	1,600,000	–	0.55%	–
	New	AVIDXCHANGE HOLDINGS INC	$12,280,000	–	2,000,000	–	0.41%	–
	New	VACASA INC	$8,086,000	–	2,807,567	–	0.27%	–
BAC	New	BK OF AMERICA CORP	$6,226,000	–	200,000	–	0.21%	–
ARKF	New	ARK ETF TRfintech innova	$5,422,000	–	350,000	–	0.18%	–
APLE	New	APPLE HOSPITALITY REIT INC	$4,115,000	–	280,501	–	0.14%	–
SOFI	New	SOFI TECHNOLOGIES INC	$3,953,000	–	750,000	–	0.13%	–
CAR	New	AVIS BUDGET GROUP	$2,647,000	–	18,000	–	0.09%	–
ETSY	New	ETSY INC	$494,000	–	6,750	–	0.02%	–
H	New	HYATT HOTELS CORP	$370,000	–	5,000	–	0.01%	–
HST	New	HOST HOTELS & RESORTS INC	$235,000	–	15,000	–	0.01%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$217,000	–	10,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
OHPAW	Exit	ORION ACQUISITION CORP*w exp 02/19/202	$0	–	-25,000	–	0.00%	–
RXRAW	Exit	RXR ACQUISITION CORP*w exp 03/08/202	$0	–	-20,000	–	0.00%	–
DMYQWS	Exit	DMY TECHNOLOGY GROUP INC IV*w exp 03/04/202	$0	–	-20,000	–	-0.00%	–
FRSGW	Exit	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$0	–	-25,000	–	-0.00%	–
ASZWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-25,000	–	-0.00%	–
ATAQWS	Exit	ALTIMAR ACQUISITION CORP III*w exp 08/03/202	$0	–	-25,000	–	-0.00%	–
FSNBWS	Exit	FUSION ACQUISITION CORP II*w exp 02/29/202	$0	–	-33,333	–	-0.00%	–
AUSWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-25,000	–	-0.00%	–
VGIIWS	Exit	VIRGIN GROUP ACQUISIT CORP I*w exp 03/13/202	$0	–	-80,000	–	-0.00%	–
WPCBWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-150,000	–	-0.00%	–
WPCAWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-100,000	–	-0.00%	–
ETSY	Exit	ETSY INC	$0	–	-1,500	–	-0.01%	–
ZIXI	Exit	ZIX CORP	$0	–	-71,900	–	-0.01%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-100,000	–	-0.02%	–
	Exit	RXR ACQUISITION CORP	$0	–	-100,000	–	-0.02%	–
OHPA	Exit	ORION ACQUISITION CORP	$0	–	-100,000	–	-0.02%	–
ATAQ	Exit	ALTIMAR ACQUISITION CORP III	$0	–	-100,000	–	-0.02%	–
FSNB	Exit	FUSION ACQUISITION CORP II	$0	–	-100,000	–	-0.02%	–
FRSG	Exit	FIRST RESERVE SUSTAINABLE GW	$0	–	-100,000	–	-0.02%	–
DMYQU	Exit	DMY TECHNOLOGY GROUP INC IVunit 99/99/9999	$0	–	-100,000	–	-0.02%	–
CND	Exit	CONCORD ACQUISITION CORP	$0	–	-100,000	–	-0.02%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-100,000	–	-0.02%	–
WU	Exit	WESTERN UN CO	$0	–	-100,000	–	-0.05%	–
VGII	Exit	VIRGIN GROUP ACQUISIT CORP I	$0	–	-400,000	–	-0.09%	–
WPCA	Exit	WARBURG PINCUS CAPTAL CORP I	$0	–	-500,000	–	-0.12%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-85,000	–	-0.16%	–
WPCB	Exit	WARBURG PINCUS CAPTAL CORP I	$0	–	-750,000	–	-0.18%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-60,000	–	-0.23%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-115,761	–	-0.34%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-50,000	–	-0.42%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-534,529	–	-0.66%	–
JBLU	Exit	JETBLUE AWYS CORP	$0	–	-2,000,000	–	-0.73%	–
ABNB	Exit	AIRBNB INC	$0	–	-200,000	–	-0.80%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-1,300,000	–	-0.81%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-735,226	–	-0.89%	–
STT	Exit	STATE STR CORP	$0	–	-450,000	–	-0.92%	–
VLRS	Exit	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$0	–	-1,783,856	–	-0.93%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-675,000	–	-0.95%	–
TRUE	Exit	TRUECAR INC	$0	–	-9,558,804	–	-0.95%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-250,000	–	-1.00%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-691,600	–	-1.01%	–
TRVG	Exit	TRIVAGO N V	$0	–	-21,118,927	–	-1.25%	–
CARG	Exit	CARGURUS INC	$0	–	-1,990,000	–	-1.50%	–
GRPN	Exit	GROUPON INC	$0	–	-2,783,500	–	-1.52%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-3,137,500	–	-1.54%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-1,000,000	–	-1.75%	–
SNCY	Exit	SUN CTRY AIRLS HLDGS INC	$0	–	-2,216,312	–	-1.78%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-1,607,600	–	-2.26%	–
V	Exit	VISA INC	$0	–	-450,000	–	-2.40%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-2,000,000	–	-2.47%	–
BALY	Exit	BALLYS CORPORATION	$0	–	-2,065,434	–	-2.48%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-559,500	–	-2.62%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,903,500	–	-2.97%	–
SABR	Exit	SABRE CORP	$0	–	-13,477,322	–	-3.83%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-3,700,000	–	-4.22%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-4,735,800	–	-5.09%	–
WEX	Exit	WEX INC	$0	–	-1,400,000	–	-5.92%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-7,400,000	–	-8.68%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-12,347,046	–	-10.03%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-179,760	–	-10.24%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-4,056,066	–	-15.95%	–

Q3 2021

			Value		Shares		↓ Weighting
EXPE	Buy	EXPEDIA GROUP INC	$664,789,000	+5.7%	4,056,066	+5.6%	15.95%	+3.6%
BKNG	Buy	BOOKING HOLDINGS INC	$426,727,000	+30.0%	179,760	+19.8%	10.24%	+27.4%
TRIP	Buy	TRIPADVISOR INC	$417,948,000	-10.4%	12,347,046	+6.7%	10.03%	-12.2%
WEX	Buy	WEX INC	$246,596,000	+10.6%	1,400,000	+21.7%	5.92%	+8.3%
UBER	Buy	UBER TECHNOLOGIES INC	$212,164,000	+28113.3%	4,735,800	+31472.0%	5.09%	+28177.8%
UAL	Sell	UNITED AIRLS HLDGS INC	$176,009,000	-22.4%	3,700,000	-14.6%	4.22%	-23.9%
SABR	Sell	SABRE CORP	$159,571,000	-16.0%	13,477,322	-11.5%	3.83%	-17.7%
DAL	Sell	DELTA AIR LINES INC DEL	$123,718,000	-13.0%	2,903,500	-11.7%	2.97%	-14.8%
ALGT	Sell	ALLEGIANT TRAVEL CO	$109,371,000	-19.5%	559,500	-20.1%	2.62%	-21.1%
BALY	Sell	BALLYS CORPORATION	$103,561,000	-16.0%	2,065,434	-9.4%	2.48%	-17.7%
LUV	Sell	SOUTHWEST AIRLS CO	$102,860,000	-8.5%	2,000,000	-5.6%	2.47%	-10.4%
ALK	Sell	ALASKA AIR GROUP INC	$94,205,000	-17.8%	1,607,600	-15.4%	2.26%	-19.5%
AAL	Buy	AMERICAN AIRLS GROUP INC	$64,382,000	+4.6%	3,137,500	+8.1%	1.54%	+2.5%
GRPN	Buy	GROUPON INC	$63,492,000	+7.4%	2,783,500	+103.2%	1.52%	+5.2%
TRVG	Buy	TRIVAGO N V	$52,164,000	-18.4%	21,118,927	+9.3%	1.25%	-20.1%
TRUE	Sell	TRUECAR INC	$39,765,000	-27.2%	9,558,804	-1.1%	0.95%	-28.7%
TFC	Buy	TRUIST FINL CORP	$39,589,000	+42.7%	675,000	+35.0%	0.95%	+39.7%
STT	Buy	STATE STR CORP	$38,124,000	+12.6%	450,000	+9.4%	0.92%	+10.4%
GDOT	Buy	GREEN DOT CORPcl a	$37,004,000	+21.5%	735,226	+13.1%	0.89%	+19.0%
SAVE	Sell	SPIRIT AIRLS INC	$33,722,000	-20.9%	1,300,000	-7.1%	0.81%	-22.5%
ABNB	Sell	AIRBNB INC	$33,550,000	-12.4%	200,000	-20.0%	0.80%	-14.2%
CND	New	CONCORD ACQUISITION CORP	$1,008,000	–	100,000	–	0.02%	–
ETSY	New	ETSY INC	$312,000	–	1,500	–	0.01%	–
PCYO	Exit	PURE CYCLE CORP	$0	–	-31,000	–	-0.01%	–
TRIP	Exit	TRIPADVISOR INCput	$0	–	-1,535,000	–	-1.52%	–

Q2 2021

			Value		Shares		↓ Weighting
EXPE	New	EXPEDIA GROUP INC	$628,829,000	–	3,841,114	–	15.40%	–
TRIP	New	TRIPADVISOR INC	$466,353,000	–	11,572,046	–	11.42%	–
SYF	New	SYNCHRONY FINANCIAL	$359,048,000	–	7,400,000	–	8.79%	–
BKNG	New	BOOKING HOLDINGS INC	$328,214,000	–	150,000	–	8.04%	–
UAL	New	UNITED AIRLS HLDGS INC	$226,677,000	–	4,335,000	–	5.55%	–
WEX	New	WEX INC	$222,985,000	–	1,150,000	–	5.46%	–
SABR	New	SABRE CORP	$190,019,000	–	15,225,912	–	4.65%	–
DAL	New	DELTA AIR LINES INC DEL	$142,273,000	–	3,288,800	–	3.48%	–
ALGT	New	ALLEGIANT TRAVEL CO	$135,800,000	–	700,000	–	3.33%	–
BALY	New	BALLYS CORPORATION	$123,319,000	–	2,279,044	–	3.02%	–
ALK	New	ALASKA AIR GROUP INC	$114,589,000	–	1,900,000	–	2.81%	–
LUV	New	SOUTHWEST AIRLS CO	$112,445,000	–	2,118,000	–	2.75%	–
V	New	VISA INC	$105,219,000	–	450,000	–	2.58%	–
SNCY	New	SUN CTRY AIRLS HLDGS INC	$77,924,000	–	2,216,312	–	1.91%	–
SCHW	New	SCHWAB CHARLES CORP	$72,810,000	–	1,000,000	–	1.78%	–
TRVG	New	TRIVAGO N V	$63,945,000	–	19,318,683	–	1.57%	–
TRIP	New	TRIPADVISOR INCput	$61,861,000	–	1,535,000	–	1.52%	–
AAL	New	AMERICAN AIRLS GROUP INC	$61,551,000	–	2,902,000	–	1.51%	–
GRPN	New	GROUPON INC	$59,108,000	–	1,369,500	–	1.45%	–
TRUE	New	TRUECAR INC	$54,629,000	–	9,668,804	–	1.34%	–
CARG	New	CARGURUS INC	$52,198,000	–	1,990,000	–	1.28%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$42,686,000	–	691,600	–	1.04%	–
SAVE	New	SPIRIT AIRLS INC	$42,616,000	–	1,400,000	–	1.04%	–
AXP	New	AMERICAN EXPRESS CO	$41,308,000	–	250,000	–	1.01%	–
ABNB	New	AIRBNB INC	$38,285,000	–	250,000	–	0.94%	–
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$34,268,000	–	1,783,856	–	0.84%	–
STT	New	STATE STR CORP	$33,845,000	–	411,340	–	0.83%	–
JBLU	New	JETBLUE AWYS CORP	$33,560,000	–	2,000,000	–	0.82%	–
GDOT	New	GREEN DOT CORPcl a	$30,453,000	–	650,000	–	0.75%	–
TFC	New	TRUIST FINL CORP	$27,750,000	–	500,000	–	0.68%	–
RRR	New	RED ROCK RESORTS INCcl a	$22,717,000	–	534,529	–	0.56%	–
MA	New	MASTERCARD INCORPORATEDcl a	$18,255,000	–	50,000	–	0.45%	–
DFS	New	DISCOVER FINL SVCS	$13,693,000	–	115,761	–	0.34%	–
COF	New	CAPITAL ONE FINL CORP	$9,281,000	–	60,000	–	0.23%	–
WPCB	New	WARBURG PINCUS CAPTAL CORP I	$7,313,000	–	750,000	–	0.18%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$6,145,000	–	85,000	–	0.15%	–
WPCA	New	WARBURG PINCUS CAPTAL CORP I	$4,900,000	–	500,000	–	0.12%	–
VGII	New	VIRGIN GROUP ACQUISIT CORP I	$3,916,000	–	400,000	–	0.10%	–
WU	New	WESTERN UN CO	$2,297,000	–	100,000	–	0.06%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$973,000	–	100,000	–	0.02%	–
DMYQU	New	DMY TECHNOLOGY GROUP INC IVunit 99/99/9999	$977,000	–	100,000	–	0.02%	–
FRSG	New	FIRST RESERVE SUSTAINABLE GW	$970,000	–	100,000	–	0.02%	–
FSNB	New	FUSION ACQUISITION CORP II	$967,000	–	100,000	–	0.02%	–
	New	RXR ACQUISITION CORP	$971,000	–	100,000	–	0.02%	–
ATAQ	New	ALTIMAR ACQUISITION CORP III	$975,000	–	100,000	–	0.02%	–
OHPA	New	ORION ACQUISITION CORP	$966,000	–	100,000	–	0.02%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$992,000	–	100,000	–	0.02%	–
UBER	New	UBER TECHNOLOGIES INC	$752,000	–	15,000	–	0.02%	–
ZIXI	New	ZIX CORP	$507,000	–	71,900	–	0.01%	–
PCYO	New	PURE CYCLE CORP	$428,000	–	31,000	–	0.01%	–
WPCBWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$195,000	–	150,000	–	0.01%	–
WPCAWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$135,000	–	100,000	–	0.00%	–
VGIIWS	New	VIRGIN GROUP ACQUISIT CORP I*w exp 03/13/202	$102,000	–	80,000	–	0.00%	–
DMYQWS	New	DMY TECHNOLOGY GROUP INC IV*w exp 03/04/202	$28,000	–	20,000	–	0.00%	–
RXRAW	New	RXR ACQUISITION CORP*w exp 03/08/202	$21,000	–	20,000	–	0.00%	–
FSNBWS	New	FUSION ACQUISITION CORP II*w exp 02/29/202	$33,000	–	33,333	–	0.00%	–
FRSGW	New	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$29,000	–	25,000	–	0.00%	–
OHPAW	New	ORION ACQUISITION CORP*w exp 02/19/202	$24,000	–	25,000	–	0.00%	–
ATAQWS	New	ALTIMAR ACQUISITION CORP III*w exp 08/03/202	$28,000	–	25,000	–	0.00%	–
AUSWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$31,000	–	25,000	–	0.00%	–
ASZWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$43,000	–	25,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
FLEX	Exit	FLEX LTDord	$0	–	-9,910	–	-0.00%	–
ZIXI	Exit	ZIX CORP	$0	–	-71,900	–	-0.02%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-20,000	–	-0.02%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-183,526	–	-0.04%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-43,300	–	-0.05%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-131,288	–	-0.08%	–
ANGI	Exit	ANGI HOMESERVICES INC	$0	–	-200,000	–	-0.08%	–
SKYW	Exit	SKYWEST INC	$0	–	-143,984	–	-0.16%	–
EVER	Exit	EVERQUOTE INC	$0	–	-125,000	–	-0.18%	–
CARG	Exit	CARGURUS INC	$0	–	-400,000	–	-0.33%	–
CHGG	Exit	CHEGG INC	$0	–	-125,000	–	-0.34%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-243,869	–	-0.34%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-1,000,000	–	-0.34%	–
TREE	Exit	LENDINGTREE INC NEW	$0	–	-30,000	–	-0.35%	–
VLRS	Exit	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$0	–	-1,735,000	–	-0.47%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-521,850	–	-0.52%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-201,300	–	-0.56%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-1,000,000	–	-0.61%	–
CVNA	Exit	CARVANA COcl a	$0	–	-80,000	–	-0.68%	–
GRPN	Exit	GROUPON INC	$0	–	-940,775	–	-0.73%	–
JBLU	Exit	JETBLUE AWYS CORP	$0	–	-2,000,000	–	-0.86%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-2,019,000	–	-0.94%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-1,669,619	–	-1.08%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-900,000	–	-1.24%	–
TRVG	Exit	TRIVAGO N V	$0	–	-21,229,796	–	-1.25%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-761,600	–	-1.68%	–
TRUE	Exit	TRUECAR INC	$0	–	-10,299,504	–	-1.95%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-1,704,537	–	-1.98%	–
TRWH	Exit	TWIN RIV WORLDWIDE HLDGS INC	$0	–	-2,752,184	–	-2.74%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-2,060,625	–	-2.86%	–
V	Exit	VISA INC	$0	–	-450,000	–	-3.41%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-2,563,800	–	-3.65%	–
SABR	Exit	SABRE CORP	$0	–	-14,776,044	–	-3.65%	–
DVA	Exit	DAVITA INC	$0	–	-1,216,385	–	-3.95%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,526,450	–	-4.09%	–
WEX	Exit	WEX INC	$0	–	-868,000	–	-4.57%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-1,255,535	–	-5.70%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-8,415,258	–	-6.25%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-1,023,720	–	-6.36%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-6,575,000	–	-6.52%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-2,523,617	–	-8.77%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-7,638,291	–	-10.06%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-162,100	–	-10.52%	–

Q3 2020

			Value		Shares		↓ Weighting
BKNG	Sell	BOOKING HOLDINGS INC	$277,301,000	-45.0%	162,100	-48.8%	10.52%	-45.6%
UAL	Buy	UNITED AIRLS HLDGS INC	$265,431,000	+1.4%	7,638,291	+1.0%	10.06%	+0.2%
EXPE	Buy	EXPEDIA GROUP INC	$231,390,000	+16.1%	2,523,617	+4.1%	8.77%	+14.7%
SYF	Buy	SYNCHRONY FINANCIAL	$172,068,000	+19.5%	6,575,000	+1.2%	6.52%	+18.0%
CHDN	Sell	CHURCHILL DOWNS INC	$167,706,000	+20.1%	1,023,720	-2.4%	6.36%	+18.6%
TRIP	Buy	TRIPADVISOR INC	$164,855,000	+231.9%	8,415,258	+222.0%	6.25%	+227.8%
ALGT	Sell	ALLEGIANT TRAVEL CO	$150,413,000	+8.4%	1,255,535	-1.2%	5.70%	+7.1%
WEX	Buy	WEX INC	$120,626,000	-8.6%	868,000	+8.5%	4.57%	-9.7%
DAL	Buy	DELTA AIR LINES INC DEL	$107,839,000	+9.3%	3,526,450	+0.3%	4.09%	+8.0%
DVA	Sell	DAVITA INC	$104,183,000	-37.1%	1,216,385	-41.8%	3.95%	-37.8%
SABR	Buy	SABRE CORP	$96,192,000	+156.3%	14,776,044	+217.3%	3.65%	+153.1%
LUV	Buy	SOUTHWEST AIRLS CO	$96,143,000	+10.4%	2,563,800	+0.6%	3.65%	+9.1%
ALK	Buy	ALASKA AIR GROUP INC	$75,481,000	+108.2%	2,060,625	+106.1%	2.86%	+105.6%
TRWH	Buy	TWIN RIV WORLDWIDE HLDGS INC	$72,300,000	+17.9%	2,752,184	+0.0%	2.74%	+16.4%
BYD	Sell	BOYD GAMING CORP	$52,312,000	+7.9%	1,704,537	-26.5%	1.98%	+6.7%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$44,264,000	+12.1%	761,600	-19.4%	1.68%	+10.7%
TRVG	Buy	TRIVAGO N V	$32,906,000	-20.6%	21,229,796	+1.0%	1.25%	-21.5%
SCHW	Buy	SCHWAB CHARLES CORP	$32,607,000	+24.7%	900,000	+16.1%	1.24%	+23.1%
RRR	Buy	RED ROCK RESORTS INCcl a	$28,550,000	+60.8%	1,669,619	+2.6%	1.08%	+59.0%
AAL	Sell	AMERICAN AIRLS GROUP INC	$24,814,000	-29.7%	2,019,000	-25.2%	0.94%	-30.5%
CVNA	Sell	CARVANA COcl a	$17,845,000	-59.7%	80,000	-78.3%	0.68%	-60.2%
PENN	Sell	PENN NATL GAMING INC	$14,635,000	-31.7%	201,300	-71.3%	0.56%	-32.5%
CAR	New	AVIS BUDGET GROUP	$13,735,000	–	521,850	–	0.52%	–
VLRS	Buy	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$12,509,000	+100.1%	1,735,000	+46.6%	0.47%	+97.5%
TREE	Sell	LENDINGTREE INC NEW	$9,207,000	-9.1%	30,000	-14.3%	0.35%	-10.3%
PCYO	Sell	PURECYCLE CORP	$9,010,000	-19.6%	1,000,000	-18.0%	0.34%	-20.5%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$9,006,000	-33.3%	243,869	-37.5%	0.34%	-34.2%
MGP	Sell	MGM GROWTH PPTYS LLC	$1,212,000	-29.6%	43,300	-31.6%	0.05%	-30.3%
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-590,000	–	-0.04%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-120,000	–	-0.04%	–
RDFN	Exit	REDFIN CORP	$0	–	-127,800	–	-0.21%	–
	Exit	PENN NATL GAMING INCnote 2.750% 5/1	$0	–	-12,000,000	–	-0.69%	–

Q2 2020

			Value		Shares		↓ Weighting
BKNG	New	BOOKING HOLDINGS INC	$503,886,000	–	316,444	–	19.34%	–
UAL	New	UNITED AIRLS HLDGS INC	$261,707,000	–	7,561,591	–	10.04%	–
EXPE	New	EXPEDIA GROUP INC	$199,221,000	–	2,423,617	–	7.65%	–
DVA	New	DAVITA INC	$165,513,000	–	2,091,400	–	6.35%	–
SYF	New	SYNCHRONY FINANCIAL	$144,040,000	–	6,500,000	–	5.53%	–
CHDN	New	CHURCHILL DOWNS INC	$139,637,000	–	1,048,720	–	5.36%	–
ALGT	New	ALLEGIANT TRAVEL CO	$138,771,000	–	1,270,676	–	5.33%	–
WEX	New	WEX INC	$132,008,000	–	800,000	–	5.07%	–
DAL	New	DELTA AIR LINES INC DEL	$98,652,000	–	3,517,000	–	3.79%	–
LUV	New	SOUTHWEST AIRLS CO	$87,091,000	–	2,548,000	–	3.34%	–
V	New	VISA INC	$86,927,000	–	450,000	–	3.34%	–
TRWH	New	TWIN RIV WORLDWIDE HLDGS INC	$61,326,000	–	2,751,299	–	2.35%	–
TRIP	New	TRIPADVISOR INC	$49,675,000	–	2,613,100	–	1.91%	–
BYD	New	BOYD GAMING CORP	$48,472,000	–	2,319,237	–	1.86%	–
CVNA	New	CARVANA COcl a	$44,304,000	–	368,588	–	1.70%	–
TRVG	New	TRIVAGO N V	$41,429,000	–	21,029,796	–	1.59%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$39,487,000	–	944,900	–	1.52%	–
SABR	New	SABRE CORP	$37,531,000	–	4,656,406	–	1.44%	–
ALK	New	ALASKA AIR GROUP INC	$36,260,000	–	1,000,000	–	1.39%	–
AAL	New	AMERICAN AIRLS GROUP INC	$35,289,000	–	2,700,000	–	1.35%	–
TRUE	New	TRUECAR INC	$26,573,000	–	10,299,504	–	1.02%	–
SCHW	New	SCHWAB CHARLES CORP	$26,149,000	–	775,000	–	1.00%	–
JBLU	New	JETBLUE AWYS CORP	$21,800,000	–	2,000,000	–	0.84%	–
PENN	New	PENN NATL GAMING INC	$21,418,000	–	701,300	–	0.82%	–
	New	PENN NATL GAMING INCnote 2.750% 5/1	$18,050,000	–	12,000,000	–	0.69%	–
SAVE	New	SPIRIT AIRLS INC	$17,800,000	–	1,000,000	–	0.68%	–
RRR	New	RED ROCK RESORTS INCcl a	$17,753,000	–	1,627,248	–	0.68%	–
GRPN	New	GROUPON INC	$17,047,000	–	940,775	–	0.65%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$13,496,000	–	390,056	–	0.52%	–
PCYO	New	PURECYCLE CORP	$11,203,000	–	1,219,000	–	0.43%	–
TREE	New	LENDINGTREE INC NEW	$10,134,000	–	35,000	–	0.39%	–
CARG	New	CARGURUS INC	$10,140,000	–	400,000	–	0.39%	–
CHGG	New	CHEGG INC	$8,408,000	–	125,000	–	0.32%	–
EVER	New	EVERQUOTE INC	$7,270,000	–	125,000	–	0.28%	–
VLRS	New	CONTROLADORA VUELA COMP DE Aspon adr rp 10	$6,250,000	–	1,183,700	–	0.24%	–
RDFN	New	REDFIN CORP	$5,356,000	–	127,800	–	0.21%	–
SKYW	New	SKYWEST INC	$4,697,000	–	143,984	–	0.18%	–
ANGI	New	ANGI HOMESERVICES INC	$2,430,000	–	200,000	–	0.09%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$2,011,000	–	131,288	–	0.08%	–
MGP	New	MGM GROWTH PPTYS LLC	$1,722,000	–	63,300	–	0.07%	–
DESP	New	DESPEGAR COM CORP	$1,318,000	–	183,526	–	0.05%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$1,068,000	–	120,000	–	0.04%	–
DVD	New	DOVER MOTORSPORTS INC	$915,000	–	590,000	–	0.04%	–
TCOM	New	TRIP COM GROUP LTDads	$518,000	–	20,000	–	0.02%	–
ZIXI	New	ZIX CORP	$496,000	–	71,900	–	0.02%	–
FLEX	New	FLEX LTDord	$102,000	–	9,910	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
FLEX	Exit	FLEX LTDord	$0	–	-9,910	–	-0.00%	–
ZIXI	Exit	ZIX CORP	$0	–	-71,900	–	-0.01%	–
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-590,000	–	-0.02%	–
CHGG	Exit	CHEGG INC	$0	–	-50,000	–	-0.03%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-70,000	–	-0.03%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-183,526	–	-0.04%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-350,000	–	-0.04%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-101,200	–	-0.04%	–
EVER	Exit	EVERQUOTE INC	$0	–	-125,000	–	-0.05%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-160,000	–	-0.05%	–
IWM	Exit	ISHARES TRput	$0	–	-200	–	-0.06%	–
ANTM	Exit	ANTHEM INC	$0	–	-20,000	–	-0.08%	–
GSKY	Exit	GREENSKY INCcl a	$0	–	-812,871	–	-0.10%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-75,000	–	-0.11%	–
CAR	Exit	AVIS BUDGET GROUP INC	$0	–	-225,000	–	-0.11%	–
TSG	Exit	STARS GROUP INC	$0	–	-454,100	–	-0.12%	–
TREE	Exit	LENDINGTREE INC NEW	$0	–	-26,400	–	-0.14%	–
SEM	Exit	SELECT MED HLDGS CORP	$0	–	-567,708	–	-0.16%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-210,100	–	-0.17%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INCcall	$0	–	-8,000	–	-0.20%	–
CAR	Exit	AVIS BUDGET GROUP INCput	$0	–	-4,547	–	-0.22%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-601,714	–	-0.23%	–
VLRS	Exit	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$0	–	-1,465,886	–	-0.25%	–
GRUB	Exit	GRUBHUB INC	$0	–	-350,000	–	-0.34%	–
QNST	Exit	QUINSTREET INC	$0	–	-1,767,697	–	-0.38%	–
CVNA	Exit	CARVANA COcl a	$0	–	-345,000	–	-0.39%	–
SKYW	Exit	SKYWEST INC	$0	–	-458,884	–	-0.46%	–
PFSI	Exit	PENNYMAC FINL SVCS INC	$0	–	-950,000	–	-0.50%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-2,132,747	–	-0.52%	–
TRUE	Exit	TRUECAR INC	$0	–	-10,299,504	–	-0.61%	–
EHTH	Exit	EHEALTH INC	$0	–	-531,142	–	-0.61%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-1,771,257	–	-0.62%	–
TRWH	Exit	TWIN RIV WORLDWIDE HLDGS INC	$0	–	-1,617,481	–	-0.64%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-2,424,195	–	-1.00%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-5,982,970	–	-1.06%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-357,800	–	-1.10%	–
V	Exit	VISA INC	$0	–	-450,000	–	-1.34%	–
TRVG	Exit	TRIVAGO N V	$0	–	-21,029,796	–	-1.50%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-2,304,017	–	-1.54%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-2,795,000	–	-1.65%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-7,974,607	–	-1.91%	–
WEX	Exit	WEX INC	$0	–	-725,000	–	-2.54%	–
GRPN	Exit	GROUPON INC	$0	–	-56,645,000	–	-2.61%	–
JBLU	Exit	JETBLUE AWYS CORP	$0	–	-9,978,600	–	-2.89%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-2,710,000	–	-3.05%	–
DVA	Exit	DAVITA INC	$0	–	-4,159,000	–	-4.11%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-1,625,000	–	-4.21%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-2,155,951	–	-4.61%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-157,864	–	-5.36%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-8,500,000	–	-8.48%	–
UAL	Exit	UNITED AIRLINES HLDGS INC	$0	–	-14,046,389	–	-21.50%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-9,534,627	–	-22.19%	–

Q3 2019

			Value		Shares		↓ Weighting
EXPE	Buy	EXPEDIA GROUP INC	$1,281,549,000	+1.3%	9,534,627	+0.3%	22.19%	+4.7%
UAL	Sell	UNITED AIRLINES HLDGS INC	$1,241,841,000	-5.8%	14,046,389	-6.8%	21.50%	-2.7%
DAL	Sell	DELTA AIR LINES INC DEL	$489,600,000	-12.8%	8,500,000	-14.1%	8.48%	-9.8%
JBLU	Buy	JETBLUE AWYS CORP	$167,142,000	+3.0%	9,978,600	+13.7%	2.89%	+6.4%
HTZGQ	Buy	HERTZ GLOBAL HLDGS INC	$110,369,000	+17.4%	7,974,607	+35.4%	1.91%	+21.4%
SYF	Buy	SYNCHRONY FINL	$95,282,000	+3.7%	2,795,000	+5.5%	1.65%	+7.2%
TRVG	Buy	TRIVAGO N V	$86,432,000	-0.7%	21,029,796	+1.7%	1.50%	+2.7%
BYD	Buy	BOYD GAMING CORP	$58,059,000	-8.7%	2,424,195	+2.8%	1.00%	-5.5%
TRWH	Buy	TWIN RIV WORLDWIDE HLDGS INC	$36,927,000	-15.4%	1,617,481	+10.2%	0.64%	-12.6%
RRR	Buy	RED ROCK RESORTS INCcl a	$35,965,000	+1.7%	1,771,257	+7.6%	0.62%	+5.2%
IGT	Buy	INTERNATIONAL GAME TECHNOLOG	$30,306,000	+13.3%	2,132,747	+3.4%	0.52%	+17.2%
VLRS	Buy	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$14,674,000	+15.2%	1,465,886	+8.0%	0.25%	+19.2%
BCEI	Sell	BONANZA CREEK ENERGY INC	$13,472,000	-31.7%	601,714	-36.3%	0.23%	-29.4%
CAR	New	AVIS BUDGET GROUP INCput	$12,850,000	–	4,547	–	0.22%	–
HTZGQ	Buy	HERTZ GLOBAL HLDGS INCcall	$11,336,000	+136.8%	8,000	+166.7%	0.20%	+145.0%
TSG	Sell	STARS GROUP INC	$6,802,000	-21.0%	454,100	-9.9%	0.12%	-18.1%
GSKY	Buy	GREENSKY INCcl a	$5,564,000	-37.4%	812,871	+12.4%	0.10%	-35.6%
PENN	Buy	PENN NATL GAMING INC	$2,980,000	+106.2%	160,000	+113.3%	0.05%	+116.7%
MGM	New	MGM RESORTS INTERNATIONAL	$1,940,000	–	70,000	–	0.03%	–
CHGG	New	CHEGG INC	$1,498,000	–	50,000	–	0.03%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-50,000	–	-0.06%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-537,779	–	-0.11%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-155,000	–	-0.12%	–

Q2 2019

			Value		Shares		↓ Weighting
UAL	New	UNITED CONTL HLDGS INC	$1,318,825,000	–	15,063,683	–	22.09%	–
EXPE	New	EXPEDIA GROUP INC	$1,265,066,000	–	9,509,627	–	21.19%	–
DAL	New	DELTA AIR LINES INC DEL	$561,325,000	–	9,891,190	–	9.40%	–
BKNG	New	BOOKING HLDGS INC	$295,949,000	–	157,864	–	4.96%	–
CHDN	New	CHURCHILL DOWNS INC	$248,085,000	–	2,155,951	–	4.16%	–
DVA	New	DAVITA INC	$233,985,000	–	4,159,000	–	3.92%	–
ALGT	New	ALLEGIANT TRAVEL CO	$233,188,000	–	1,625,000	–	3.91%	–
GRPN	New	GROUPON INC	$202,789,000	–	56,645,000	–	3.40%	–
ALK	New	ALASKA AIR GROUP INC	$173,196,000	–	2,710,000	–	2.90%	–
JBLU	New	JETBLUE AWYS CORP	$162,316,000	–	8,778,600	–	2.72%	–
WEX	New	WEX INC	$150,873,000	–	725,000	–	2.53%	–
TRIP	New	TRIPADVISOR INC	$106,653,000	–	2,304,017	–	1.79%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$93,982,000	–	5,888,576	–	1.57%	–
SYF	New	SYNCHRONY FINL	$91,876,000	–	2,650,000	–	1.54%	–
TRVG	New	TRIVAGO N V	$87,037,000	–	20,673,796	–	1.46%	–
V	New	VISA INC	$78,098,000	–	450,000	–	1.31%	–
FB	New	FACEBOOK INCcl a	$69,055,000	–	357,800	–	1.16%	–
BYD	New	BOYD GAMING CORP	$63,557,000	–	2,359,195	–	1.06%	–
PCYO	New	PURECYCLE CORP	$63,419,000	–	5,982,970	–	1.06%	–
TRUE	New	TRUECAR INC	$56,235,000	–	10,299,504	–	0.94%	–
EHTH	New	EHEALTH INC	$45,731,000	–	531,142	–	0.77%	–
TRWH	New	TWIN RIV WORLDWIDE HLDGS INC	$43,650,000	–	1,467,232	–	0.73%	–
RRR	New	RED ROCK RESORTS INCcl a	$35,362,000	–	1,646,257	–	0.59%	–
QNST	New	QUINSTREET INC	$28,018,000	–	1,767,697	–	0.47%	–
SKYW	New	SKYWEST INC	$27,840,000	–	458,884	–	0.47%	–
GRUB	New	GRUBHUB INC	$27,297,000	–	350,000	–	0.46%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$26,754,000	–	2,062,747	–	0.45%	–
CVNA	New	CARVANA COcl a	$21,594,000	–	345,000	–	0.36%	–
PFSI	New	PENNYMAC FINL SVCS INC	$21,071,000	–	950,000	–	0.35%	–
BCEI	New	BONANZA CREEK ENERGY INC	$19,732,000	–	945,014	–	0.33%	–
VLRS	New	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$12,737,000	–	1,357,889	–	0.21%	–
TREE	New	LENDINGTREE INC NEW	$11,089,000	–	26,400	–	0.19%	–
WBS	New	WEBSTER FINL CORP CONN	$10,036,000	–	210,100	–	0.17%	–
SEM	New	SELECT MED HLDGS CORP	$9,010,000	–	567,708	–	0.15%	–
GSKY	New	GREENSKY INCcl a	$8,891,000	–	723,400	–	0.15%	–
TSG	New	STARS GROUP INC	$8,605,000	–	504,100	–	0.14%	–
CAR	New	AVIS BUDGET GROUP INC	$7,911,000	–	225,000	–	0.13%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$7,190,000	–	155,000	–	0.12%	–
SEMG	New	SEMGROUP CORPcl a	$6,453,000	–	537,779	–	0.11%	–
ABC	New	AMERISOURCEBERGEN CORP	$6,395,000	–	75,000	–	0.11%	–
ANTM	New	ANTHEM INC	$5,644,000	–	20,000	–	0.10%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INCcall	$4,788,000	–	3,000	–	0.08%	–
TPX	New	TEMPUR SEALY INTL INC	$3,669,000	–	50,000	–	0.06%	–
IWM	New	ISHARES TRput	$3,110,000	–	200	–	0.05%	–
DESP	New	DESPEGAR COM CORP	$2,549,000	–	183,526	–	0.04%	–
RLGY	New	REALOGY HLDGS CORP	$2,534,000	–	350,000	–	0.04%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$2,510,000	–	101,200	–	0.04%	–
EVER	New	EVERQUOTE INC	$1,625,000	–	125,000	–	0.03%	–
PENN	New	PENN NATL GAMING INC	$1,445,000	–	75,000	–	0.02%	–
DVD	New	DOVER MOTORSPORTS INC	$1,227,000	–	590,000	–	0.02%	–
ZIXI	New	ZIX CORP	$654,000	–	71,900	–	0.01%	–
FLEX	New	FLEX LTDord	$95,000	–	9,910	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-671,931	–	-0.02%	–
QNST	Exit	QUINSTREET INC	$0	–	-180,000	–	-0.03%	–
DDE	Exit	DOVER DOWNS GAMING & ENTMT I	$0	–	-915,000	–	-0.03%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-101,200	–	-0.03%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-183,526	–	-0.04%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-50,000	–	-0.05%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-150,000	–	-0.06%	–
VLRS	Exit	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$0	–	-729,600	–	-0.06%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-60,000	–	-0.06%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-1,100,000	–	-0.06%	–
MLCO	Exit	MELCO RESORT ENTERTAINMENT Ladr	$0	–	-275,000	–	-0.07%	–
TREE	Exit	LENDINGTREE INC NEW	$0	–	-26,400	–	-0.07%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-344,000	–	-0.07%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-204,000	–	-0.08%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-475,000	–	-0.11%	–
	Exit	CAESARS ENTMT CORPnote 5.000%10/0	$0	–	-5,933,044	–	-0.11%	–
SEM	Exit	SELECT MED HLDGS CORP	$0	–	-617,408	–	-0.13%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-210,100	–	-0.14%	–
CI	Exit	CIGNA CORPORATION	$0	–	-70,000	–	-0.17%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-700,000	–	-0.17%	–
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-4,568,600	–	-0.17%	–
TVTY	Exit	TIVITY HEALTH INC	$0	–	-477,042	–	-0.18%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-762,779	–	-0.19%	–
ANGI	Exit	ANGI HOMESERVICES INC	$0	–	-802,040	–	-0.22%	–
ANTM	Exit	ANTHEM INC	$0	–	-70,000	–	-0.22%	–
EHTH	Exit	EHEALTH INC	$0	–	-711,517	–	-0.23%	–
CVNA	Exit	CARVANA COcl a	$0	–	-346,163	–	-0.24%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-274,781	–	-0.27%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-185,000	–	-0.27%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-813,000	–	-0.28%	–
YELP	Exit	YELP INCcl a	$0	–	-500,000	–	-0.28%	–
GRPN	Exit	GROUPON INC	$0	–	-6,950,000	–	-0.30%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-180,000	–	-0.35%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,230,000	–	-0.39%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-1,110,000	–	-0.40%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-100,000	–	-0.40%	–
TSG	Exit	STARS GROUP INC	$0	–	-1,604,843	–	-0.46%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-1,629,000	–	-0.50%	–
HOME	Exit	AT HOME GROUP INC	$0	–	-1,428,500	–	-0.52%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-748,926	–	-0.55%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-115,000	–	-0.56%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,859,904	–	-0.70%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-3,193,290	–	-0.71%	–
V	Exit	VISA INC	$0	–	-450,000	–	-0.78%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-5,982,970	–	-0.79%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-457,800	–	-0.86%	–
TRVG	Exit	TRIVAGO N V	$0	–	-13,105,000	–	-0.93%	–
ENT	Exit	GLOBAL EAGLE ENTMT INC	$0	–	-28,981,072	–	-0.94%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL	$0	–	-2,737,000	–	-0.97%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-3,432,100	–	-1.07%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-5,888,576	–	-1.10%	–
HRI	Exit	HERC HLDGS INC	$0	–	-1,907,400	–	-1.12%	–
DY	Exit	DYCOM INDS INC	$0	–	-1,183,200	–	-1.15%	–
STMP	Exit	STAMPS COM INC	$0	–	-461,817	–	-1.20%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-2,048,000	–	-1.24%	–
CONN	Exit	CONNS INC	$0	–	-3,077,166	–	-1.25%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-2,387,893	–	-1.40%	–
OC	Exit	OWENS CORNING NEW	$0	–	-2,263,230	–	-1.41%	–
TRUE	Exit	TRUECAR INC	$0	–	-8,968,152	–	-1.45%	–
DVA	Exit	DAVITA INC	$0	–	-1,812,700	–	-1.49%	–
WEX	Exit	WEX INC	$0	–	-685,000	–	-1.58%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-8,075,694	–	-1.83%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-15,614,986	–	-1.84%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-3,218,750	–	-1.96%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-2,500,000	–	-1.98%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-4,951,040	–	-2.00%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-5,056,200	–	-2.16%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-3,926,940	–	-2.19%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-693,966	–	-2.21%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-1,583,000	–	-2.30%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-6,427,071	–	-2.50%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-138,505	–	-3.15%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-4,867,800	–	-3.49%	–
MCK	Exit	MCKESSON CORP	$0	–	-3,300,000	–	-5.02%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-13,265,809	–	-8.80%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-7,964,254	–	-11.93%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-15,624,152	–	-15.97%	–

Q3 2018

			Value		Shares		↓ Weighting
UAL	Buy	UNITED CONTL HLDGS INC	$1,391,487,000	+28.1%	15,624,152	+0.3%	15.97%	+30.7%
EXPE	Sell	EXPEDIA GROUP INC	$1,039,176,000	+7.8%	7,964,254	-0.7%	11.93%	+10.0%
DAL	Sell	DELTA AIR LINES INC DEL	$767,162,000	+15.9%	13,265,809	-0.7%	8.80%	+18.2%
MCK	Sell	MCKESSON CORP	$437,745,000	-21.4%	3,300,000	-21.0%	5.02%	-19.8%
BYD	Buy	BOYD GAMING CORP	$217,556,000	+1.1%	6,427,071	+3.5%	2.50%	+3.1%
ALGT	New	ALLEGIANT TRAVEL CO	$200,724,000	–	1,583,000	–	2.30%	–
CHDN	Sell	CHURCHILL DOWNS INC	$192,714,000	-22.6%	693,966	-17.4%	2.21%	-21.1%
ERI	Sell	ELDORADO RESORTS INC	$190,849,000	-10.1%	3,926,940	-27.6%	2.19%	-8.2%
CTRP	Buy	CTRIP COM INTL LTD	$187,939,000	+9765.6%	5,056,200	+12540.5%	2.16%	+10171.4%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$174,524,000	-20.3%	4,951,040	-19.0%	2.00%	-18.6%
CZR	Buy	CAESARS ENTMT CORP	$160,054,000	+9.9%	15,614,986	+14.7%	1.84%	+12.1%
IGT	Buy	INTERNATIONAL GAME TECHNOLOG	$159,495,000	-1.3%	8,075,694	+16.1%	1.83%	+0.7%
DVA	Buy	DAVITA INC	$129,844,000	+23.6%	1,812,700	+19.8%	1.49%	+26.1%
OC	Buy	OWENS CORNING NEW	$122,825,000	-9.4%	2,263,230	+5.8%	1.41%	-7.5%
TRIP	Sell	TRIPADVISOR INC	$121,950,000	-21.9%	2,387,893	-14.8%	1.40%	-20.3%
CONN	Buy	CONNS INC	$108,778,000	+8.7%	3,077,166	+1.5%	1.25%	+10.9%
STMP	Buy	STAMPS COM INC	$104,463,000	+0.2%	461,817	+12.1%	1.20%	+2.3%
DY	Buy	DYCOM INDS INC	$100,099,000	-2.1%	1,183,200	+9.4%	1.15%	-0.1%
HRI	Buy	HERC HLDGS INC	$97,659,000	+8.3%	1,907,400	+19.2%	1.12%	+10.6%
WMB	Sell	WILLIAMS COS INC DEL	$93,319,000	-6.0%	3,432,100	-6.3%	1.07%	-4.1%
TRVG	Buy	TRIVAGO N V	$80,727,000	+191.3%	13,105,000	+114.7%	0.93%	+197.1%
FB	Sell	FACEBOOK INCcl a	$75,290,000	-44.5%	457,800	-34.4%	0.86%	-43.3%
HOME	Buy	AT HOME GROUP INC	$45,041,000	+23.9%	1,428,500	+53.9%	0.52%	+26.4%
RRR	Sell	RED ROCK RESORTS INCcl a	$43,413,000	-32.1%	1,629,000	-14.7%	0.50%	-30.7%
TSG	Buy	STARS GROUP INC	$39,961,000	+11.4%	1,604,843	+62.4%	0.46%	+13.9%
SYF	Buy	SYNCHRONY FINL	$34,499,000	-1.3%	1,110,000	+6.0%	0.40%	+0.8%
GRPN	Buy	GROUPON INC	$26,202,000	+25.1%	6,950,000	+42.7%	0.30%	+27.5%
YELP	New	YELP INCcl a	$24,600,000	–	500,000	–	0.28%	–
BCEI	Buy	BONANZA CREEK ENERGY INC	$24,211,000	-15.1%	813,000	+8.0%	0.28%	-13.4%
WYNN	Buy	WYNN RESORTS LTD	$23,506,000	+40.5%	185,000	+85.0%	0.27%	+43.6%
CVNA	Sell	CARVANA COcl a	$20,455,000	+34.0%	346,163	-5.6%	0.24%	+36.6%
EHTH	Sell	EHEALTH INC	$20,107,000	+11.8%	711,517	-12.6%	0.23%	+14.4%
ANTM	New	ANTHEM INC	$19,184,000	–	70,000	–	0.22%	–
TVTY	Sell	TIVITY HEALTH INC	$15,337,000	-54.2%	477,042	-49.9%	0.18%	-53.3%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$14,630,000	+9.8%	700,000	+3.3%	0.17%	+12.0%
CI	New	CIGNA CORPORATION	$14,578,000	–	70,000	–	0.17%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$9,609,000	–	475,000	–	0.11%	–
CAR	Buy	AVIS BUDGET GROUP	$6,557,000	+23.0%	204,000	+24.4%	0.08%	+25.0%
BMCH	Sell	BMC STK HLDGS INC	$6,416,000	-60.3%	344,000	-55.6%	0.07%	-59.3%
MLCO	Buy	MELCO RESORT ENTERTAINMENT Ladr	$5,816,000	+38.5%	275,000	+83.3%	0.07%	+42.6%
SWN	Sell	SOUTHWESTERN ENERGY CO	$5,621,000	-55.8%	1,100,000	-54.2%	0.06%	-54.5%
VLRS	Buy	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$5,443,000	+52.1%	729,600	+3.5%	0.06%	+55.0%
DDE	New	DOVER DOWNS GAMING & ENTMT I	$2,599,000	–	915,000	–	0.03%	–
ARLZ	Exit	ARALEZ PHARMACEUTICALS INC	$0	–	-481,400	–	-0.00%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-350,000	–	-0.09%	–
CSX	Exit	CSX CORP	$0	–	-388,000	–	-0.28%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-500,000	–	-0.41%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,318,851	–	-0.56%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-1,072,500	–	-0.72%	–
EVHC	Exit	ENVISION HEALTHCARE CORP	$0	–	-1,850,000	–	-0.92%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-1,693,600	–	-1.14%	–
CHGG	Exit	CHEGG INC	$0	–	-4,621,948	–	-1.44%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-3,882,041	–	-2.58%	–
GRUB	Exit	GRUBHUB INC	$0	–	-2,831,400	–	-3.34%	–

Q2 2018

			Value		Shares		↓ Weighting
UAL	New	UNITED CONTL HLDGS INC	$1,085,986,000	–	15,574,152	–	12.22%	–
EXPE	New	EXPEDIA GROUP INC	$963,677,000	–	8,017,944	–	10.84%	–
DAL	New	DELTA AIR LINES INC DEL	$662,142,000	–	13,365,809	–	7.45%	–
MCK	New	MCKESSON CORP	$557,145,000	–	4,176,500	–	6.27%	–
GRUB	New	GRUBHUB INC	$297,042,000	–	2,831,400	–	3.34%	–
BKNG	New	BOOKING HLDGS INC	$280,762,000	–	138,505	–	3.16%	–
CHDN	New	CHURCHILL DOWNS INC	$249,050,000	–	839,966	–	2.80%	–
LUV	New	SOUTHWEST AIRLS CO	$247,674,000	–	4,867,800	–	2.79%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$229,273,000	–	3,882,041	–	2.58%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$218,852,000	–	6,113,172	–	2.46%	–
BYD	New	BOYD GAMING CORP	$215,207,000	–	6,209,101	–	2.42%	–
ERI	New	ELDORADO RESORTS INC	$212,193,000	–	5,426,940	–	2.39%	–
WLL	New	WHITING PETE CORP NEW	$169,693,000	–	3,218,750	–	1.91%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$161,634,000	–	6,955,000	–	1.82%	–
TRIP	New	TRIPADVISOR INC	$156,209,000	–	2,803,969	–	1.76%	–
ALK	New	ALASKA AIR GROUP INC	$150,975,000	–	2,500,000	–	1.70%	–
CZR	New	CAESARS ENTMT CORP	$145,662,000	–	13,613,257	–	1.64%	–
FB	New	FACEBOOK INCcl a	$135,596,000	–	697,800	–	1.52%	–
OC	New	OWENS CORNING NEW	$135,500,000	–	2,138,230	–	1.52%	–
WEX	New	WEX INC	$130,479,000	–	685,000	–	1.47%	–
CHGG	New	CHEGG INC	$128,444,000	–	4,621,948	–	1.44%	–
DVA	New	DAVITA INC	$105,042,000	–	1,512,700	–	1.18%	–
STMP	New	STAMPS COM INC	$104,210,000	–	411,817	–	1.17%	–
DY	New	DYCOM INDS INC	$102,260,000	–	1,082,000	–	1.15%	–
ZG	New	ZILLOW GROUP INCcl a	$101,193,000	–	1,693,600	–	1.14%	–
CONN	New	CONNS INC	$100,055,000	–	3,031,966	–	1.13%	–
WMB	New	WILLIAMS COS INC DEL	$99,280,000	–	3,662,100	–	1.12%	–
TPX	New	TEMPUR SEALY INTL INC	$98,406,000	–	2,048,000	–	1.11%	–
TRUE	New	TRUECAR INC	$90,489,000	–	8,968,152	–	1.02%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$90,331,000	–	5,888,576	–	1.02%	–
HRI	New	HERC HLDGS INC	$90,144,000	–	1,600,000	–	1.01%	–
EVHC	New	ENVISION HEALTHCARE CORP	$81,419,000	–	1,850,000	–	0.92%	–
WMS	New	ADVANCED DRAIN SYS INC DEL	$78,141,000	–	2,737,000	–	0.88%	–
ENT	New	GLOBAL EAGLE ENTMT INC	$73,032,000	–	28,981,072	–	0.82%	–
RRR	New	RED ROCK RESORTS INCcl a	$63,952,000	–	1,909,000	–	0.72%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$63,782,000	–	1,072,500	–	0.72%	–
PENN	New	PENN NATL GAMING INC	$62,474,000	–	1,859,904	–	0.70%	–
JBLU	New	JETBLUE AIRWAYS CORP	$60,609,000	–	3,193,290	–	0.68%	–
V	New	VISA INC	$59,603,000	–	450,000	–	0.67%	–
PCYO	New	PURECYCLE CORP	$57,137,000	–	5,982,970	–	0.64%	–
DOOR	New	MASONITE INTL CORP NEW	$53,810,000	–	748,926	–	0.60%	–
AAL	New	AMERICAN AIRLS GROUP INC	$50,064,000	–	1,318,851	–	0.56%	–
CSGP	New	COSTAR GROUP INC	$47,452,000	–	115,000	–	0.53%	–
APC	New	ANADARKO PETE CORP	$36,625,000	–	500,000	–	0.41%	–
HOME	New	AT HOME GROUP INC	$36,351,000	–	928,500	–	0.41%	–
TSG	New	STARS GROUP INC	$35,866,000	–	988,043	–	0.40%	–
MGM	New	MGM RESORTS INTERNATIONAL	$35,707,000	–	1,230,000	–	0.40%	–
SYF	New	SYNCHRONY FINL	$34,940,000	–	1,046,742	–	0.39%	–
TVTY	New	TIVITY HEALTH INC	$33,499,000	–	951,683	–	0.38%	–
EXP	New	EAGLE MATERIALS INC	$28,844,000	–	274,781	–	0.32%	–
BCEI	New	BONANZA CREEK ENERGY INC	$28,516,000	–	753,000	–	0.32%	–
TRVG	New	TRIVAGO N V	$27,717,000	–	6,105,000	–	0.31%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$27,357,000	–	100,000	–	0.31%	–
CSX	New	CSX CORP	$24,747,000	–	388,000	–	0.28%	–
AAP	New	ADVANCE AUTO PARTS INC	$24,426,000	–	180,000	–	0.28%	–
GRPN	New	GROUPON INC	$20,942,000	–	4,870,200	–	0.24%	–
SEMG	New	SEMGROUP CORPcl a	$19,375,000	–	762,779	–	0.22%	–
EHTH	New	EHEALTH INC	$17,986,000	–	813,856	–	0.20%	–
WYNN	New	WYNN RESORTS LTD	$16,734,000	–	100,000	–	0.19%	–
BMCH	New	BMC STK HLDGS INC	$16,163,000	–	775,200	–	0.18%	–
CVNA	New	CARVANA COcl a	$15,260,000	–	366,835	–	0.17%	–
TUESQ	New	TUESDAY MORNING CORP	$13,934,000	–	4,568,600	–	0.16%	–
WBS	New	WEBSTER FINL CORP CONN	$13,383,000	–	210,100	–	0.15%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$13,319,000	–	677,800	–	0.15%	–
SWN	New	SOUTHWESTERN ENERGY CO	$12,720,000	–	2,400,000	–	0.14%	–
ANGI	New	ANGI HOMESERVICES INC	$12,335,000	–	802,040	–	0.14%	–
SEM	New	SELECT MED HLDGS CORP	$11,206,000	–	617,408	–	0.13%	–
	New	CAESARS ENTMT CORPnote 5.000%10/0	$10,241,000	–	5,933,044	–	0.12%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$8,369,000	–	350,000	–	0.09%	–
TREE	New	LENDINGTREE INC NEW	$5,644,000	–	26,400	–	0.06%	–
CAR	New	AVIS BUDGET GROUP	$5,330,000	–	164,000	–	0.06%	–
DKS	New	DICKS SPORTING GOODS INC	$5,288,000	–	150,000	–	0.06%	–
GWR	New	GENESEE & WYO INCcl a	$4,879,000	–	60,000	–	0.06%	–
ABC	New	AMERISOURCEBERGEN CORP	$4,264,000	–	50,000	–	0.05%	–
MLCO	New	MELCO RESORT ENTERTAINMENT Ladr	$4,200,000	–	150,000	–	0.05%	–
DESP	New	DESPEGAR COM CORP	$3,849,000	–	183,526	–	0.04%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$3,658,000	–	101,200	–	0.04%	–
VLRS	New	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$3,579,000	–	704,600	–	0.04%	–
QNST	New	QUINSTREET INC	$2,286,000	–	180,000	–	0.03%	–
CTRP	New	CTRIP COM INTL LTD	$1,905,000	–	40,000	–	0.02%	–
DVD	New	DOVER MOTORSPORTS INC	$1,512,000	–	671,931	–	0.02%	–
ARLZ	New	ARALEZ PHARMACEUTICALS INC	$168,000	–	481,400	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
BV	Exit	BAZAARVOICE INC	$0	–	-60,000	–	-0.00%	–
LC	Exit	LENDINGCLUB CORP	$0	–	-80,000	–	-0.01%	–
WIX	Exit	WIX COM LTD	$0	–	-9,000	–	-0.01%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-17,000	–	-0.01%	–
WEB	Exit	WEB COM GROUP INC	$0	–	-38,202	–	-0.01%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-50,854	–	-0.01%	–
RATE	Exit	BANKRATE INC DEL	$0	–	-79,000	–	-0.01%	–
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-671,931	–	-0.02%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-40,000	–	-0.02%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-100,000	–	-0.02%	–
XON	Exit	INTREXON CORP	$0	–	-176,410	–	-0.04%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-150,000	–	-0.05%	–
CVNA	Exit	CARVANA COcl a	$0	–	-411,000	–	-0.07%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-165,000	–	-0.08%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-40,000	–	-0.08%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-80,000	–	-0.10%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-300,000	–	-0.11%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-550,000	–	-0.11%	–
EHTH	Exit	EHEALTH INC	$0	–	-450,858	–	-0.12%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-210,100	–	-0.12%	–
PGTI	Exit	PGT INNOVATIONS INC	$0	–	-761,394	–	-0.13%	–
SEM	Exit	SELECT MED HLDGS CORP	$0	–	-617,208	–	-0.14%	–
CACQ	Exit	CAESARS ACQUISITION COcl a	$0	–	-560,719	–	-0.14%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-125,000	–	-0.14%	–
TVTY	Exit	TIVITY HEALTH INC	$0	–	-340,000	–	-0.16%	–
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-4,438,200	–	-0.16%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-436,900	–	-0.16%	–
ARLZ	Exit	ARALEZ PHARMACEUTICALS INC	$0	–	-6,400,000	–	-0.17%	–
GRPN	Exit	GROUPON INC	$0	–	-3,370,200	–	-0.20%	–
RAD	Exit	RITE AID CORP	$0	–	-9,000,000	–	-0.20%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-350,000	–	-0.22%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-975,200	–	-0.24%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-500,000	–	-0.28%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-877,600	–	-0.29%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-125,000	–	-0.31%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-274,781	–	-0.33%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-115,000	–	-0.35%	–
TRVG	Exit	TRIVAGO N V	$0	–	-3,000,000	–	-0.37%	–
CSX	Exit	CSX CORP	$0	–	-725,000	–	-0.45%	–
STMP	Exit	STAMPS COM INC	$0	–	-203,717	–	-0.47%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-246,450	–	-0.47%	–
V	Exit	VISA INC	$0	–	-400,000	–	-0.48%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,808,113	–	-0.48%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-5,982,970	–	-0.51%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-8,965,000	–	-0.56%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-1,072,500	–	-0.57%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-738,926	–	-0.58%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL	$0	–	-2,737,000	–	-0.63%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-3,193,290	–	-0.67%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-1,617,910	–	-0.74%	–
HRI	Exit	HERC HLDGS INC	$0	–	-1,329,000	–	-0.74%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-2,335,000	–	-0.80%	–
WEX	Exit	WEX INC	$0	–	-660,000	–	-0.84%	–
TRUE	Exit	TRUECAR INC	$0	–	-4,828,447	–	-0.87%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,666,351	–	-0.90%	–
CONN	Exit	CONNS INC	$0	–	-3,040,000	–	-0.97%	–
DY	Exit	DYCOM INDS INC	$0	–	-1,000,000	–	-0.98%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-3,948,000	–	-1.04%	–
CHGG	Exit	CHEGG INC	$0	–	-6,241,298	–	-1.05%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-3,832,599	–	-1.07%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-2,962,700	–	-1.10%	–
ENT	Exit	GLOBAL EAGLE ENTMT INC	$0	–	-28,981,072	–	-1.13%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-2,695,569	–	-1.24%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-5,888,576	–	-1.50%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-2,048,000	–	-1.50%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-3,882,041	–	-1.77%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-2,000,000	–	-1.81%	–
OC	Exit	OWENS CORNING NEW	$0	–	-2,151,015	–	-1.89%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-813,165	–	-1.90%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-4,646,797	–	-1.95%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-2,500,000	–	-2.17%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-7,474,779	–	-2.18%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-9,256,701	–	-2.74%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-6,400,608	–	-2.77%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-138,005	–	-2.87%	–
CI	Exit	CIGNA CORPORATION	$0	–	-1,500,000	–	-3.19%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-5,625,200	–	-3.58%	–
GRUB	Exit	GRUBHUB INC	$0	–	-5,989,700	–	-3.58%	–
MCK	Exit	MCKESSON CORP	$0	–	-3,776,200	–	-6.59%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-13,112,809	–	-7.18%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-7,808,983	–	-12.77%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-19,930,359	–	-13.79%	–

Q3 2017

			Value		Shares		↓ Weighting
UAL	Buy	UNITED CONTL HLDGS INC	$1,213,360,000	-1.0%	19,930,359	+22.3%	13.79%	+0.1%
EXPE	Sell	EXPEDIA INC DEL	$1,124,025,000	-3.4%	7,808,983	-0.1%	12.77%	-2.3%
DAL	Buy	DELTA AIR LINES INC DEL	$632,300,000	-9.9%	13,112,809	+0.4%	7.18%	-8.9%
MCK	Buy	MCKESSON CORP	$580,062,000	+7.9%	3,776,200	+15.6%	6.59%	+9.2%
GRUB	Sell	GRUBHUB INC	$315,418,000	+7.7%	5,989,700	-10.8%	3.58%	+9.0%
LUV	Buy	SOUTHWEST AIRLS CO	$314,899,000	-9.8%	5,625,200	+0.1%	3.58%	-8.7%
CI	Sell	CIGNA CORPORATION	$280,410,000	-38.0%	1,500,000	-44.4%	3.19%	-37.2%
CAR	Sell	AVIS BUDGET GROUP	$243,607,000	+36.6%	6,400,608	-2.1%	2.77%	+38.2%
OC	Sell	OWENS CORNING NEW	$166,381,000	+1.7%	2,151,015	-12.0%	1.89%	+2.8%
MGM	Sell	MGM RESORTS INTERNATIONAL	$96,554,000	-21.8%	2,962,700	-24.9%	1.10%	-20.9%
IGT	Buy	INTERNATIONAL GAME TECHNOLOG	$94,090,000	+37.5%	3,832,599	+2.5%	1.07%	+39.2%
RRR	Buy	RED ROCK RESORTS INCcl a	$91,436,000	+64.4%	3,948,000	+67.1%	1.04%	+66.2%
DY	Buy	DYCOM INDS INC	$85,880,000	+27.9%	1,000,000	+33.3%	0.98%	+29.4%
CONN	Buy	CONNS INC	$85,576,000	+49.3%	3,040,000	+1.3%	0.97%	+50.9%
WEX	Buy	WEX INC	$74,065,000	+9.3%	660,000	+1.5%	0.84%	+10.5%
WMB	Sell	WILLIAMS COS INC DEL	$70,073,000	-31.6%	2,335,000	-31.0%	0.80%	-30.8%
HRI	Buy	HERC HLDGS INC	$65,294,000	+26.9%	1,329,000	+1.5%	0.74%	+28.4%
DOOR	Buy	MASONITE INTL CORP NEW	$51,134,000	+42.6%	738,926	+55.6%	0.58%	+44.2%
WLL	Buy	WHITING PETE CORP NEW	$48,949,000	+17.4%	8,965,000	+18.5%	0.56%	+18.8%
STMP	Buy	STAMPS COM INC	$41,283,000	+305.6%	203,717	+210.0%	0.47%	+311.4%
CSX	Sell	CSX CORP	$39,339,000	-36.2%	725,000	-35.8%	0.45%	-35.4%
TRVG	Sell	TRIVAGO N V	$32,550,000	-77.9%	3,000,000	-51.9%	0.37%	-77.7%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$26,921,000	+64.1%	125,000	+66.7%	0.31%	+66.3%
APC	Buy	ANADARKO PETE CORP	$24,425,000	+111.3%	500,000	+96.1%	0.28%	+113.8%
GRPN	Buy	GROUPON INC	$17,525,000	+230.7%	3,370,200	+144.2%	0.20%	+231.7%
BCEI	Buy	BONANZA CREEK ENERGY INC	$14,413,000	+55.3%	436,900	+49.3%	0.16%	+57.7%
AAP	New	ADVANCE AUTO PARTS INC	$12,400,000	–	125,000	–	0.14%	–
PGTI	Sell	PGT INNOVATIONS INC	$11,383,000	-23.4%	761,394	-34.4%	0.13%	-22.8%
WBS	Buy	WEBSTER FINL CORP CONN	$11,041,000	+32.1%	210,100	+31.3%	0.12%	+33.0%
EHTH	Buy	EHEALTH INC	$10,771,000	+663.9%	450,858	+501.1%	0.12%	+662.5%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$9,790,000	+12.7%	550,000	+5.8%	0.11%	+13.3%
CVNA	Buy	CARVANA COcl a	$6,033,000	+474.6%	411,000	+701.2%	0.07%	+475.0%
DKS	New	DICKS SPORTING GOODS INC	$4,052,000	–	150,000	–	0.05%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$2,187,000	–	100,000	–	0.02%	–
RATE	Sell	BANKRATE INC DEL	$1,102,000	-58.9%	79,000	-62.2%	0.01%	-56.7%
WEB	New	WEB COM GROUP INC	$955,000	–	38,202	–	0.01%	–
GDDY	New	GODADDY INCcl a	$740,000	–	17,000	–	0.01%	–
WIX	Buy	WIX COM LTD	$647,000	+132.7%	9,000	+125.0%	0.01%	+133.3%
LC	New	LENDINGCLUB CORP	$487,000	–	80,000	–	0.01%	–
BV	Sell	BAZAARVOICE INC	$297,000	-33.4%	60,000	-33.3%	0.00%	-40.0%
BV	Exit	BAZAARVOICE INCput	$0	–	-30,000	–	-0.00%	–
CCRN	Exit	CROSS CTRY HEALTHCARE INC	$0	–	-24,000	–	-0.00%	–
NCI	Exit	NAVIGANT CONSULTING INC	$0	–	-12,000	–	-0.00%	–
TWLO	Exit	TWILIO INCcl a	$0	–	-15,000	–	-0.01%	–
VLRS	Exit	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$0	–	-34,600	–	-0.01%	–
HUBS	Exit	HUBSPOT INC	$0	–	-10,000	–	-0.01%	–
OLLI	Exit	OLLIES BARGAIN OUTLT HLDGS I	$0	–	-76,665	–	-0.04%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-600,000	–	-0.13%	–
TREE	Exit	LENDINGTREE INC NEW	$0	–	-82,469	–	-0.16%	–

Q2 2017

			Value		Shares		↓ Weighting
UAL	New	UNITED CONTL HLDGS INC	$1,226,177,000	–	16,294,711	–	13.77%	–
EXPE	New	EXPEDIA INC DEL	$1,164,042,000	–	7,814,983	–	13.07%	–
DAL	New	DELTA AIR LINES INC DEL	$702,157,000	–	13,065,809	–	7.89%	–
MCK	New	MCKESSON CORP	$537,421,000	–	3,266,200	–	6.04%	–
CI	New	CIGNA CORPORATION	$451,953,000	–	2,700,000	–	5.08%	–
LUV	New	SOUTHWEST AIRLS CO	$349,115,000	–	5,618,200	–	3.92%	–
GRUB	New	GRUBHUB INC	$292,861,000	–	6,717,000	–	3.29%	–
PCLN	New	PRICELINE GRP INC	$258,141,000	–	138,005	–	2.90%	–
BYD	New	BOYD GAMING CORP	$229,659,000	–	9,256,701	–	2.58%	–
ALK	New	ALASKA AIR GROUP INC	$224,400,000	–	2,500,000	–	2.52%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$190,259,000	–	3,882,041	–	2.14%	–
CAR	New	AVIS BUDGET GROUP	$178,362,000	–	6,540,608	–	2.00%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$175,045,000	–	4,646,797	–	1.97%	–
HCA	New	HCA HEALTHCARE INC	$174,400,000	–	2,000,000	–	1.96%	–
OC	New	OWENS CORNING NEW	$163,603,000	–	2,444,762	–	1.84%	–
ERI	New	ELDORADO RESORTS INC	$149,496,000	–	7,474,779	–	1.68%	–
CHDN	New	CHURCHILL DOWNS INC	$149,053,000	–	813,165	–	1.67%	–
TRVG	New	TRIVAGO N V	$147,496,000	–	6,234,000	–	1.66%	–
MGM	New	MGM RESORTS INTERNATIONAL	$123,433,000	–	3,944,800	–	1.39%	–
TPX	New	TEMPUR SEALY INTL INC	$109,343,000	–	2,048,000	–	1.23%	–
ENT	New	GLOBAL EAGLE ENTMT INC	$103,173,000	–	28,981,072	–	1.16%	–
TRIP	New	TRIPADVISOR INC	$102,971,000	–	2,695,569	–	1.16%	–
WMB	New	WILLIAMS COS INC DEL	$102,498,000	–	3,385,000	–	1.15%	–
TRUE	New	TRUECAR INC	$96,231,000	–	4,828,447	–	1.08%	–
AAL	New	AMERICAN AIRLS GROUP INC	$83,851,000	–	1,666,351	–	0.94%	–
ZG	New	ZILLOW GROUP INCcl a	$79,019,000	–	1,617,910	–	0.89%	–
CHGG	New	CHEGG INC	$76,706,000	–	6,241,298	–	0.86%	–
JBLU	New	JETBLUE AIRWAYS CORP	$72,903,000	–	3,193,290	–	0.82%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$68,420,000	–	3,738,776	–	0.77%	–
WEX	New	WEX INC	$67,776,000	–	650,000	–	0.76%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$67,719,000	–	5,888,576	–	0.76%	–
DY	New	DYCOM INDS INC	$67,140,000	–	750,000	–	0.75%	–
CSX	New	CSX CORP	$61,653,000	–	1,130,000	–	0.69%	–
CONN	New	CONNS INC	$57,300,000	–	3,000,000	–	0.64%	–
RRR	New	RED ROCK RESORTS INCcl a	$55,626,000	–	2,362,032	–	0.62%	–
WMS	New	ADVANCED DRAIN SYS INC DEL	$55,014,000	–	2,737,000	–	0.62%	–
HRI	New	HERC HLDGS INC	$51,470,000	–	1,309,000	–	0.58%	–
PCYO	New	PURECYCLE CORP	$46,368,000	–	5,982,970	–	0.52%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$42,031,000	–	1,072,500	–	0.47%	–
WLL	New	WHITING PETE CORP NEW	$41,683,000	–	7,565,000	–	0.47%	–
CP	New	CANADIAN PAC RY LTD	$39,632,000	–	246,450	–	0.44%	–
PENN	New	PENN NATL GAMING INC	$38,694,000	–	1,808,113	–	0.44%	–
V	New	VISA INC	$37,512,000	–	400,000	–	0.42%	–
DOOR	New	MASONITE INTL CORP NEW	$35,863,000	–	475,000	–	0.40%	–
CSGP	New	COSTAR GROUP INC	$30,314,000	–	115,000	–	0.34%	–
RAD	New	RITE AID CORP	$26,550,000	–	9,000,000	–	0.30%	–
EXP	New	EAGLE MATERIALS INC	$25,395,000	–	274,781	–	0.28%	–
SEMG	New	SEMGROUP CORPcl a	$23,695,000	–	877,600	–	0.27%	–
BMCH	New	BMC STK HLDGS INC	$21,308,000	–	975,200	–	0.24%	–
PRSC	New	PROVIDENCE SVC CORP	$17,714,000	–	350,000	–	0.20%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$16,406,000	–	75,000	–	0.18%	–
PGTI	New	PGT INNOVATIONS INC	$14,866,000	–	1,161,394	–	0.17%	–
TREE	New	LENDINGTREE INC NEW	$14,201,000	–	82,469	–	0.16%	–
TVTY	New	TIVITY HEALTH INC	$13,549,000	–	340,000	–	0.15%	–
THC	New	TENET HEALTHCARE CORP	$11,604,000	–	600,000	–	0.13%	–
APC	New	ANADARKO PETE CORP	$11,562,000	–	255,000	–	0.13%	–
CACQ	New	CAESARS ACQUISITION COcl a	$10,682,000	–	560,719	–	0.12%	–
STMP	New	STAMPS COM INC	$10,178,000	–	65,717	–	0.11%	–
SEM	New	SELECT MED HLDGS CORP	$9,474,000	–	617,208	–	0.11%	–
BCEI	New	BONANZA CREEK ENERGY INC	$9,282,000	–	292,700	–	0.10%	–
SYF	New	SYNCHRONY FINL	$8,946,000	–	300,000	–	0.10%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$8,684,000	–	520,000	–	0.10%	–
ARLZ	New	ARALEZ PHARMACEUTICALS INC	$8,640,000	–	6,400,000	–	0.10%	–
TUESQ	New	TUESDAY MORNING CORP	$8,433,000	–	4,438,200	–	0.10%	–
WBS	New	WEBSTER FINL CORP CONN	$8,355,000	–	160,000	–	0.09%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$8,008,000	–	80,000	–	0.09%	–
QTWO	New	Q2 HLDGS INC	$6,097,000	–	165,000	–	0.07%	–
FB	New	FACEBOOK INCcl a	$6,039,000	–	40,000	–	0.07%	–
GRPN	New	GROUPON INC	$5,299,000	–	1,380,000	–	0.06%	–
XON	New	INTREXON CORP	$4,250,000	–	176,410	–	0.05%	–
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$3,266,000	–	76,665	–	0.04%	–
RATE	New	BANKRATE INC DEL	$2,683,000	–	208,794	–	0.03%	–
CTRP	New	CTRIP COM INTL LTD	$2,154,000	–	40,000	–	0.02%	–
DVD	New	DOVER MOTORSPORTS INC	$1,411,000	–	671,931	–	0.02%	–
EHTH	New	EHEALTH INC	$1,410,000	–	75,000	–	0.02%	–
CVNA	New	CARVANA COcl a	$1,050,000	–	51,300	–	0.01%	–
PNK	New	PINNACLE ENTMT INC NEW	$1,005,000	–	50,854	–	0.01%	–
HUBS	New	HUBSPOT INC	$658,000	–	10,000	–	0.01%	–
VLRS	New	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$503,000	–	34,600	–	0.01%	–
BV	New	BAZAARVOICE INC	$446,000	–	90,000	–	0.01%	–
TWLO	New	TWILIO INCcl a	$437,000	–	15,000	–	0.01%	–
WIX	New	WIX COM LTD	$278,000	–	4,000	–	0.00%	–
CCRN	New	CROSS CTRY HEALTHCARE INC	$310,000	–	24,000	–	0.00%	–
NCI	New	NAVIGANT CONSULTING INC	$237,000	–	12,000	–	0.00%	–
BV	New	BAZAARVOICE INCput	$147,000	–	30,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-750	–	-0.01%	–
CSBR	Exit	CHAMPIONS ONCOLOGY INC	$0	–	-384,282	–	-0.01%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-54,973	–	-0.02%	–
DOV	Exit	DOVER CORP	$0	–	-671,931	–	-0.02%	–
SPWH	Exit	SPORTSMANS WHSE HLDGS INC	$0	–	-161,419	–	-0.02%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-40,000	–	-0.03%	–
RMGN	Exit	RMG NETWORKS HLDG CORP	$0	–	-2,177,434	–	-0.03%	–
	Exit	STONE ENERGY CORPnote 1.750% 3/0	$0	–	-4,509,000	–	-0.04%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDG I	$0	–	-330,000	–	-0.04%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-33,198	–	-0.04%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-105,000	–	-0.04%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-313,428	–	-0.06%	–
PIR	Exit	PIER 1 IMPORTS INC	$0	–	-1,000,000	–	-0.06%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-165,000	–	-0.07%	–
UNP	Exit	UNION PAC CORP	$0	–	-50,000	–	-0.07%	–
H	Exit	HYATT HOTELS CORPput	$0	–	-100,000	–	-0.07%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-160,000	–	-0.09%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-80,000	–	-0.09%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-474,211	–	-0.10%	–
CSX	Exit	CSX CORP	$0	–	-250,000	–	-0.11%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-455,700	–	-0.11%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-30,000	–	-0.12%	–
CMA	Exit	COMERICA INC	$0	–	-175,400	–	-0.12%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-202,500	–	-0.13%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-650,000	–	-0.16%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-327,500	–	-0.17%	–
W	Exit	WAYFAIR INCcl a	$0	–	-300,000	–	-0.17%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-187,444	–	-0.17%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-250,066	–	-0.18%	–
PGTI	Exit	PGT INC	$0	–	-1,146,172	–	-0.18%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-535,000	–	-0.18%	–
OLLI	Exit	OLLIES BARGAIN OUTLT HLDGS I	$0	–	-503,313	–	-0.19%	–
SF	Exit	STIFEL FINL CORP	$0	–	-350,000	–	-0.19%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-760,000	–	-0.20%	–
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-2,288,000	–	-0.20%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-247,000	–	-0.22%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-85,000	–	-0.27%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-350,000	–	-0.29%	–
V	Exit	VISA INC	$0	–	-285,000	–	-0.34%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-3,300,000	–	-0.42%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-315,668	–	-0.44%	–
ARLZ	Exit	ARALEZ PHARMACEUTICALS INC	$0	–	-6,400,000	–	-0.45%	–
DVA	Exit	DAVITA INC	$0	–	-500,000	–	-0.48%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-3,024,413	–	-0.49%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-5,982,970	–	-0.50%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-1,072,500	–	-0.52%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-997,099	–	-0.53%	–
DY	Exit	DYCOM INDS INC	$0	–	-465,000	–	-0.55%	–
IVZ	Exit	INVESCO LTD	$0	–	-1,225,000	–	-0.55%	–
HRI	Exit	HERC HLDGS INC	$0	–	-1,299,000	–	-0.63%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-3,344,013	–	-0.66%	–
WEX	Exit	WEX INC	$0	–	-435,000	–	-0.68%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-1,385,869	–	-0.68%	–
TRUE	Exit	TRUECAR INC	$0	–	-5,031,568	–	-0.69%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-620,781	–	-0.69%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-473,701	–	-0.80%	–
ZG	Exit	ZILLOW GROUP INCcl a	$0	–	-1,617,910	–	-0.80%	–
VLRS	Exit	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$0	–	-3,238,670	–	-0.81%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-3,392,490	–	-0.84%	–
RAD	Exit	RITE AID CORP	$0	–	-7,936,922	–	-0.88%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL	$0	–	-2,540,000	–	-0.88%	–
CHGG	Exit	CHEGG INC	$0	–	-8,702,598	–	-0.89%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-4,665,000	–	-0.95%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-2,750,000	–	-0.97%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-2,460,000	–	-1.09%	–
ISLE	Exit	ISLE OF CAPRI CASINOS INC	$0	–	-3,741,900	–	-1.20%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-621,450	–	-1.37%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-3,769,478	–	-1.82%	–
Z	Exit	ZILLOW GROUP INCcl c cap stk	$0	–	-3,882,041	–	-1.94%	–
OC	Exit	OWENS CORNING NEW	$0	–	-2,589,762	–	-2.00%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-2,000,000	–	-2.18%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-8,009,200	–	-2.29%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-6,657,000	–	-2.50%	–
MCK	Exit	MCKESSON CORP	$0	–	-1,060,000	–	-2.55%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-138,005	–	-2.93%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-3,237,990	–	-2.95%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-1,418,586	–	-3.00%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-5,493,200	–	-3.08%	–
GRUB	Exit	GRUBHUB INC	$0	–	-5,455,000	–	-3.39%	–
ENT	Exit	GLOBAL EAGLE ENTMT INC	$0	–	-28,981,072	–	-3.48%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-4,552,364	–	-4.33%	–
CI	Exit	CIGNA CORPORATION	$0	–	-3,017,739	–	-5.68%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-11,465,809	–	-6.52%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-7,100,027	–	-11.97%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-16,294,711	–	-12.35%	–

Q3 2016

			Value		Shares		↓ Weighting
EXPE	Buy	EXPEDIA INC DEL	$828,715,000	+19.1%	7,100,027	+8.5%	11.97%	+3.6%
LUV	Buy	SOUTHWEST AIRLS CO	$213,631,000	+2.8%	5,493,200	+3.7%	3.08%	-10.5%
TRIP	Buy	TRIPADVISOR INC	$204,576,000	-0.5%	3,237,990	+1.3%	2.95%	-13.4%
PCLN	Buy	PRICELINE GRP INC	$203,073,000	+19.0%	138,005	+1.0%	2.93%	+3.6%
MCK	Buy	MCKESSON CORP	$176,755,000	-5.3%	1,060,000	+6.0%	2.55%	-17.6%
BYD	Buy	BOYD GAMING CORP	$158,422,000	+13.2%	8,009,200	+5.3%	2.29%	-1.5%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$126,089,000	-10.0%	3,769,478	-7.2%	1.82%	-21.7%
CP	Sell	CANADIAN PAC RY LTD	$94,895,000	+16.7%	621,450	-1.6%	1.37%	+1.5%
ISLE	Buy	ISLE OF CAPRI CASINOS INC	$83,370,000	+117.6%	3,741,900	+78.9%	1.20%	+89.3%
WMB	Buy	WILLIAMS COS INC DEL	$75,596,000	+98.6%	2,460,000	+39.8%	1.09%	+72.8%
IGT	Sell	INTERNATIONAL GAME TECHNOLOG	$67,045,000	+8.1%	2,750,000	-16.9%	0.97%	-5.9%
ERI	Buy	ELDORADO RESORTS INC	$65,590,000	+21.5%	4,665,000	+31.3%	0.95%	+5.7%
CHGG	Buy	CHEGG INC	$61,701,000	+41.8%	8,702,598	+0.0%	0.89%	+23.4%
RAD	Buy	RITE AID CORP	$61,035,000	+11.1%	7,936,922	+8.2%	0.88%	-3.4%
JBLU	Buy	JETBLUE AIRWAYS CORP	$58,487,000	+1077.3%	3,392,490	+1030.8%	0.84%	+930.5%
WCG	Sell	WELLCARE HEALTH PLANS INC	$55,466,000	-46.9%	473,701	-51.4%	0.80%	-53.8%
EXP	Buy	EAGLE MATERIALS INC	$47,986,000	+1.8%	620,781	+1.6%	0.69%	-11.4%
WEX	Buy	WEX INC	$47,019,000	+26.3%	435,000	+3.6%	0.68%	+9.9%
PENN	Sell	PENN NATL GAMING INC	$45,378,000	-13.8%	3,344,013	-11.3%	0.66%	-25.0%
HRI	New	HERC HLDGS INC	$43,776,000	–	1,299,000	–	0.63%	–
IVZ	Buy	INVESCO LTD	$38,306,000	+63.0%	1,225,000	+33.2%	0.55%	+41.8%
DY	New	DYCOM INDS INC	$38,028,000	–	465,000	–	0.55%	–
SGMS	Sell	SCIENTIFIC GAMES CORPcl a	$34,085,000	-7.3%	3,024,413	-24.4%	0.49%	-19.3%
DVA	Sell	DAVITA INC	$33,035,000	-26.9%	500,000	-14.4%	0.48%	-36.4%
WYNN	Buy	WYNN RESORTS LTD	$30,752,000	+11.0%	315,668	+3.3%	0.44%	-3.5%
WLL	New	WHITING PETE CORP NEW	$28,842,000	–	3,300,000	–	0.42%	–
DKS	Buy	DICKS SPORTING GOODS INC	$19,852,000	+120.3%	350,000	+75.0%	0.29%	+91.3%
TUESQ	Buy	TUESDAY MORNING CORP	$13,682,000	+6.2%	2,288,000	+24.7%	0.20%	-7.5%
SF	Buy	STIFEL FINL CORP	$13,458,000	+31.7%	350,000	+7.7%	0.19%	+14.1%
OLLI	Buy	OLLIES BARGAIN OUTLT HLDGS I	$13,192,000	+16.9%	503,313	+11.0%	0.19%	+2.1%
RRR	New	RED ROCK RESORTS INCcl a	$12,621,000	–	535,000	–	0.18%	–
PRSC	Buy	PROVIDENCE SVC CORP	$12,161,000	+80.6%	250,066	+66.6%	0.18%	+57.1%
W	New	WAYFAIR INCcl a	$11,811,000	–	300,000	–	0.17%	–
SEMG	New	SEMGROUP CORPcl a	$11,580,000	–	327,500	–	0.17%	–
ITG	Sell	INVESTMENT TECHNOLOGY GRP NE	$11,141,000	-15.1%	650,000	-17.2%	0.16%	-26.1%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$7,751,000	+44.3%	455,700	+6.0%	0.11%	+25.8%
CSX	Buy	CSX CORP	$7,625,000	+94.9%	250,000	+66.7%	0.11%	+69.2%
H	New	HYATT HOTELS CORPput	$4,922,000	–	100,000	–	0.07%	–
UNP	Sell	UNION PAC CORP	$4,877,000	-44.1%	50,000	-50.0%	0.07%	-51.7%
PIR	New	PIER 1 IMPORTS INC	$4,240,000	–	1,000,000	–	0.06%	–
ETFC	New	E TRADE FINANCIAL CORP	$3,058,000	–	105,000	–	0.04%	–
	New	STONE ENERGY CORPnote 1.750% 3/0	$2,435,000	–	4,509,000	–	0.04%	–
RMGN	Sell	RMG NETWORKS HLDG CORP	$1,916,000	-23.7%	2,177,434	-15.8%	0.03%	-33.3%
SPWH	Sell	SPORTSMANS WHSE HLDGS INC	$1,698,000	-10.3%	161,419	-31.3%	0.02%	-19.4%
DOV	New	DOVER CORP	$1,660,000	–	671,931	–	0.02%	–
CSBR	Sell	CHAMPIONS ONCOLOGY INC	$646,000	-62.3%	384,282	-51.8%	0.01%	-67.9%
GOOGL	New	ALPHABET INCcap stk cl a	$583,000	–	750	–	0.01%	–
FMD	Exit	FIRST MARBLEHEAD CORP	$0	–	-60,000	–	-0.01%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-100,000	–	-0.02%	–
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-671,931	–	-0.02%	–
LL	Exit	LUMBER LIQUIDATORS HLDGS INC	$0	–	-225,000	–	-0.06%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-81,382	–	-0.08%	–
PRTY	Exit	PARTY CITY HOLDCO INC	$0	–	-370,273	–	-0.08%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-2,000,000	–	-0.37%	–

Q2 2016

			Value		Shares		↓ Weighting
EXPE	New	EXPEDIA INC DEL	$695,917,000	–	6,546,727	–	11.55%	–
UAL	New	UNITED CONTL HLDGS INC	$668,735,000	–	16,294,711	–	11.10%	–
DAL	New	DELTA AIR LINES INC DEL	$417,699,000	–	11,465,809	–	6.93%	–
CI	New	CIGNA CORPORATION	$386,240,000	–	3,017,739	–	6.41%	–
ALK	New	ALASKA AIR GROUP INC	$265,357,000	–	4,552,364	–	4.40%	–
LUV	New	SOUTHWEST AIRLS CO	$207,715,000	–	5,297,500	–	3.45%	–
TRIP	New	TRIPADVISOR INC	$205,631,000	–	3,197,990	–	3.41%	–
ENT	New	GLOBAL EAGLE ENTMT INC	$192,434,000	–	28,981,072	–	3.19%	–
MCK	New	MCKESSON CORP	$186,650,000	–	1,000,000	–	3.10%	–
CHDN	New	CHURCHILL DOWNS INC	$179,253,000	–	1,418,586	–	2.98%	–
PCLN	New	PRICELINE GRP INC	$170,601,000	–	136,655	–	2.83%	–
GRUB	New	GRUBHUB INC	$169,487,000	–	5,455,000	–	2.81%	–
HCA	New	HCA HOLDINGS INC	$154,020,000	–	2,000,000	–	2.56%	–
MGM	New	MGM RESORTS INTERNATIONAL	$150,648,000	–	6,657,000	–	2.50%	–
Z	New	ZILLOW GROUP INCcl c cap stk	$140,840,000	–	3,882,041	–	2.34%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$140,115,000	–	4,063,661	–	2.32%	–
BYD	New	BOYD GAMING CORP	$139,945,000	–	7,605,685	–	2.32%	–
OC	New	OWENS CORNING NEW	$133,425,000	–	2,589,762	–	2.21%	–
WCG	New	WELLCARE HEALTH PLANS INC	$104,459,000	–	973,701	–	1.73%	–
CP	New	CANADIAN PAC RY LTD	$81,324,000	–	631,450	–	1.35%	–
WMS	New	ADVANCED DRAIN SYS INC DEL	$69,520,000	–	2,540,000	–	1.15%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$62,036,000	–	3,310,328	–	1.03%	–
VLRS	New	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$60,531,000	–	3,238,670	–	1.00%	–
ZG	New	ZILLOW GROUP INCcl a	$59,296,000	–	1,617,910	–	0.98%	–
RAD	New	RITE AID CORP	$54,954,000	–	7,336,922	–	0.91%	–
ERI	New	ELDORADO RESORTS INC	$53,970,000	–	3,551,839	–	0.90%	–
PENN	New	PENN NATL GAMING INC	$52,620,000	–	3,772,013	–	0.87%	–
EXP	New	EAGLE MATERIALS INC	$47,122,000	–	610,781	–	0.78%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$45,181,000	–	584,335	–	0.75%	–
CAR	New	AVIS BUDGET GROUP	$44,667,000	–	1,385,869	–	0.74%	–
CHGG	New	CHEGG INC	$43,508,000	–	8,701,613	–	0.72%	–
SERV	New	SERVICEMASTER GLOBAL HLDGS I	$42,686,000	–	1,072,500	–	0.71%	–
TRUE	New	TRUECAR INC	$39,498,000	–	5,031,568	–	0.66%	–
ISLE	New	ISLE OF CAPRI CASINOS INC	$38,316,000	–	2,091,500	–	0.64%	–
WMB	New	WILLIAMS COS INC DEL	$38,069,000	–	1,760,000	–	0.63%	–
WEX	New	WEX INC	$37,241,000	–	420,000	–	0.62%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$36,760,000	–	4,000,000	–	0.61%	–
PCYO	New	PURECYCLE CORP	$28,180,000	–	5,982,970	–	0.47%	–
AAL	New	AMERICAN AIRLS GROUP INC	$28,228,000	–	997,099	–	0.47%	–
WYNN	New	WYNN RESORTS LTD	$27,706,000	–	305,668	–	0.46%	–
IVZ	New	INVESCO LTD	$23,497,000	–	920,000	–	0.39%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$22,140,000	–	2,000,000	–	0.37%	–
V	New	VISA INC	$21,138,000	–	285,000	–	0.35%	–
ARLZ	New	ARALEZ PHARMACEUTICALS INC	$21,120,000	–	6,400,000	–	0.35%	–
CSGP	New	COSTAR GROUP INC	$18,586,000	–	85,000	–	0.31%	–
DOOR	New	MASONITE INTL CORP NEW	$16,337,000	–	247,000	–	0.27%	–
BMCH	New	BMC STK HLDGS INC	$13,543,000	–	760,000	–	0.22%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$13,125,000	–	785,000	–	0.22%	–
TUESQ	New	TUESDAY MORNING CORP	$12,885,000	–	1,835,517	–	0.21%	–
PGTI	New	PGT INC	$11,806,000	–	1,146,172	–	0.20%	–
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$11,283,000	–	453,313	–	0.19%	–
SF	New	STIFEL FINL CORP	$10,221,000	–	325,000	–	0.17%	–
APC	New	ANADARKO PETE CORP	$9,981,000	–	187,444	–	0.17%	–
DKS	New	DICKS SPORTING GOODS INC	$9,012,000	–	200,000	–	0.15%	–
NFX	New	NEWFIELD EXPL CO	$8,946,000	–	202,500	–	0.15%	–
UNP	New	UNION PAC CORP	$8,725,000	–	100,000	–	0.14%	–
XHR	New	XENIA HOTELS & RESORTS INC	$7,957,000	–	474,211	–	0.13%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$7,679,000	–	30,000	–	0.13%	–
CMA	New	COMERICA INC	$7,214,000	–	175,400	–	0.12%	–
PRSC	New	PROVIDENCE SVC CORP	$6,735,000	–	150,066	–	0.11%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$5,599,000	–	80,000	–	0.09%	–
WBS	New	WEBSTER FINL CORP CONN	$5,432,000	–	160,000	–	0.09%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$5,371,000	–	430,000	–	0.09%	–
PRTY	New	PARTY CITY HOLDCO INC	$5,150,000	–	370,273	–	0.08%	–
JBLU	New	JETBLUE AIRWAYS CORP	$4,968,000	–	300,000	–	0.08%	–
GWR	New	GENESEE & WYO INCcl a	$4,797,000	–	81,382	–	0.08%	–
QTWO	New	Q2 HLDGS INC	$4,623,000	–	165,000	–	0.08%	–
CSX	New	CSX CORP	$3,912,000	–	150,000	–	0.06%	–
LL	New	LUMBER LIQUIDATORS HLDGS INC	$3,470,000	–	225,000	–	0.06%	–
PNK	New	PINNACLE ENTMT INC NEW	$3,473,000	–	313,428	–	0.06%	–
ABC	New	AMERISOURCEBERGEN CORP	$2,633,000	–	33,198	–	0.04%	–
RMGN	New	RMG NETWORKS HLDG CORP	$2,510,000	–	2,587,293	–	0.04%	–
RRTS	New	ROADRUNNER TRNSN SVCS HLDG I	$2,462,000	–	330,000	–	0.04%	–
SPWH	New	SPORTSMANS WHSE HLDGS INC	$1,894,000	–	235,000	–	0.03%	–
CSBR	New	CHAMPIONS ONCOLOGY INC	$1,713,000	–	796,900	–	0.03%	–
CTRP	New	CTRIP COM INTL LTD	$1,648,000	–	40,000	–	0.03%	–
DVD	New	DOVER MOTORSPORTS INC	$1,458,000	–	671,931	–	0.02%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$1,258,000	–	100,000	–	0.02%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$817,000	–	54,973	–	0.01%	–
FMD	New	FIRST MARBLEHEAD CORP	$292,000	–	60,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
FMD	Exit	FIRST MARBLEHEAD CORP	$0	–	-60,000	–	-0.00%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-79,973	–	-0.02%	–
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-671,931	–	-0.03%	–
MC	Exit	MOELIS & COcl a	$0	–	-100,000	–	-0.06%	–
CMA	Exit	COMERICA INC	$0	–	-65,000	–	-0.06%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-170,000	–	-0.06%	–
ANGI	Exit	ANGIES LIST INC	$0	–	-551,000	–	-0.06%	–
RMGN	Exit	RMG NETWORKS HLDG CORP	$0	–	-3,412,075	–	-0.06%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-275,000	–	-0.08%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-155,000	–	-0.08%	–
VNTV	Exit	VANTIV INCcl a	$0	–	-90,000	–	-0.08%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-295,400	–	-0.09%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-425,000	–	-0.09%	–
	Exit	STONE ENERGY CORPnote 1.750% 3/0	$0	–	-5,000,000	–	-0.09%	–
CSBR	Exit	CHAMPIONS ONCOLOGY INC	$0	–	-833,333	–	-0.09%	–
STT	Exit	STATE STR CORP	$0	–	-71,000	–	-0.10%	–
SGY	Exit	STONE ENERGY CORP	$0	–	-1,000,000	–	-0.10%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-53,000	–	-0.11%	–
GRUB	Exit	GRUBHUB INC	$0	–	-220,000	–	-0.11%	–
GDEN	Exit	GOLDEN ENTMT INC	$0	–	-658,457	–	-0.13%	–
SF	Exit	STIFEL FINL CORP	$0	–	-150,000	–	-0.13%	–
PRSC	Exit	PROVIDENCE SVC CORP	$0	–	-150,066	–	-0.14%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-202,500	–	-0.14%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-110,000	–	-0.15%	–
APA	Exit	APACHE CORP	$0	–	-250,000	–	-0.21%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-300,000	–	-0.22%	–
ENSG	Exit	ENSIGN GROUP INC	$0	–	-250,000	–	-0.22%	–
EVLV	Exit	EVINE LIVE INCcl a	$0	–	-4,242,900	–	-0.23%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-64,000	–	-0.23%	–
ICE	Exit	INTERCONTINENTALEXCHANGE GRO	$0	–	-48,000	–	-0.24%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-187,444	–	-0.24%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-190,781	–	-0.28%	–
WEX	Exit	WEX INC	$0	–	-151,000	–	-0.28%	–
CI	Exit	CIGNA CORPORATION	$0	–	-100,000	–	-0.28%	–
PGTI	Exit	PGT INC	$0	–	-1,126,172	–	-0.29%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-318,827	–	-0.32%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-1,000,000	–	-0.32%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-272,000	–	-0.35%	–
VLRS	Exit	CONTROLADORA VUELA CIA DE AVspon adr rp 10	$0	–	-1,102,487	–	-0.35%	–
IVZ	Exit	INVESCO LTD	$0	–	-565,000	–	-0.37%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-338,500	–	-0.38%	–
V	Exit	VISA INC	$0	–	-258,000	–	-0.38%	–
POZN	Exit	POZEN INC	$0	–	-3,863,699	–	-0.48%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-2,852,335	–	-0.54%	–
GWR	Exit	GENESEE & WYO INCcl a	$0	–	-461,382	–	-0.58%	–
GBX	Exit	GREENBRIER COS INC	$0	–	-865,614	–	-0.59%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-455,000	–	-0.61%	–
PCYO	Exit	PURECYCLE CORP	$0	–	-5,982,970	–	-0.62%	–
SERV	Exit	SERVICEMASTER GLOBAL HLDGS I	$0	–	-917,500	–	-0.65%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-3,108,400	–	-0.68%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,760,000	–	-0.68%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-2,051,200	–	-0.72%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL	$0	–	-1,402,300	–	-0.86%	–
RAD	Exit	RITE AID CORP	$0