$3.31 Billion is the total value of Par Capital Management's 64 reported holdings in Q1 2014. The portfolio turnover from Q4 2013 to Q1 2014 was 35.7% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ENT | GLOBAL EAGLE ENTMT INC | $456,605,000 | +6.2% | 28,968,499 | 0.0% | 13.80% | -3.5% | |
| ALK | ALASKA AIR GROUP INC | $219,389,000 | +27.2% | 2,351,182 | 0.0% | 6.63% | +15.6% | |
| EXPE | Buy | EXPEDIA INC DEL | $192,053,000 | +62.8% | 2,649,000 | +56.4% | 5.80% | +47.9% |
| TRIP | TRIPADVISOR INC | $189,129,000 | +9.4% | 2,087,742 | 0.0% | 5.72% | -0.6% | |
| DAL | Buy | DELTA AIR LINES INC DEL | $188,669,000 | +27.1% | 5,445,000 | +0.7% | 5.70% | +15.5% |
| OWW | ORBITZ WORLDWIDE INC | $129,360,000 | +9.2% | 16,500,000 | 0.0% | 3.91% | -0.8% | |
| CAR | Sell | AVIS BUDGET GROUP | $121,880,000 | -43.6% | 2,502,660 | -53.2% | 3.68% | -48.7% |
| CHDN | CHURCHILL DOWNS INC | $117,461,000 | +1.8% | 1,286,544 | 0.0% | 3.55% | -7.5% | |
| LUV | Buy | SOUTHWEST AIRLS CO | $113,682,000 | +82.9% | 4,815,000 | +46.0% | 3.44% | +66.2% |
| PCLN | Sell | PRICELINE COM INC | $108,224,000 | -61.7% | 90,800 | -62.7% | 3.27% | -65.2% |
| BYD | Buy | BOYD GAMING CORP | $105,822,000 | +36.1% | 8,016,850 | +16.1% | 3.20% | +23.6% |
| MLCO | Buy | MELCO CROWN ENTMT LTDadr | $96,625,000 | +14.6% | 2,500,000 | +16.3% | 2.92% | +4.1% |
| PENN | Buy | PENN NATL GAMING INC | $94,868,000 | +92.1% | 7,700,300 | +123.4% | 2.87% | +74.5% |
| AAL | Buy | AMERICAN AIRLS GROUP INC | $91,500,000 | +81.2% | 2,500,000 | +25.0% | 2.77% | +64.6% |
| URI | Buy | UNITED RENTALS INC | $88,751,000 | +22.1% | 934,813 | +0.2% | 2.68% | +11.0% |
| GLPI | Buy | GAMING & LEISURE PPTYS INC | $80,720,000 | -25.1% | 2,213,943 | +4.4% | 2.44% | -31.9% |
| GBX | Buy | GREENBRIER COS INC | $77,233,000 | +40.0% | 1,693,700 | +0.8% | 2.33% | +27.2% |
| SAVE | Buy | SPIRIT AIRLS INC | $74,250,000 | +48.6% | 1,250,000 | +13.6% | 2.24% | +35.1% |
| BYI | BALLY TECHNOLOGIES INC | $63,072,000 | -15.5% | 951,740 | 0.0% | 1.91% | -23.2% | |
| OC | Buy | OWENS CORNING NEW | $47,045,000 | +10.6% | 1,089,762 | +4.3% | 1.42% | +0.5% |
| KLAC | KLA-TENCOR CORP | $44,388,000 | +7.3% | 642,000 | 0.0% | 1.34% | -2.5% | |
| VECO | New | VEECO INSTRS INC DEL | $41,321,000 | – | 985,465 | +100.0% | 1.25% | – |
| PCYO | PURECYCLE CORP | $36,197,000 | -4.4% | 5,982,970 | 0.0% | 1.09% | -13.2% | |
| SGY | Buy | STONE ENERGY CORP | $34,648,000 | +152.5% | 825,536 | +108.1% | 1.05% | +129.6% |
| CREE | Buy | CREE INC | $33,670,000 | -3.0% | 595,300 | +7.2% | 1.02% | -11.9% |
| CRM | Buy | SALESFORCE COM INC | $31,742,000 | +64.3% | 556,000 | +58.9% | 0.96% | +49.4% |
| AIXNY | Buy | AIXTRON SEsponsored adr | $29,316,000 | +18.2% | 1,798,509 | +5.3% | 0.89% | +7.4% |
| SLAB | Buy | SILICON LABORATORIES INC | $27,003,000 | +76.7% | 516,800 | +46.5% | 0.82% | +60.6% |
| POZN | POZEN INC | $26,850,000 | -0.5% | 3,356,299 | 0.0% | 0.81% | -9.6% | |
| INVN | Sell | INVENSENSE INC | $23,490,000 | -0.8% | 992,402 | -12.9% | 0.71% | -9.8% |
| AYI | Sell | ACUITY BRANDS INC | $20,254,000 | -17.0% | 152,783 | -31.5% | 0.61% | -24.5% |
| MGLN | Buy | MAGELLAN HEALTH SVCS INC | $19,617,000 | +410.5% | 330,532 | +415.3% | 0.59% | +363.3% |
| IVZ | New | INVESCO LTD | $18,500,000 | – | 500,000 | +100.0% | 0.56% | – |
| GWR | Buy | GENESEE & WYO INCcl a | $17,652,000 | +28.2% | 181,382 | +26.5% | 0.53% | +16.6% |
| VVTV | VALUEVISION MEDIA INCcl a | $17,313,000 | -30.5% | 3,562,300 | 0.0% | 0.52% | -36.8% | |
| GM | Buy | GENERAL MTRS CO | $16,300,000 | +54.3% | 473,550 | +83.2% | 0.49% | +40.5% |
| APC | New | ANADARKO PETE CORP | $15,888,000 | – | 187,444 | +100.0% | 0.48% | – |
| MNTG | MTR GAMING GROUP INC | $14,323,000 | -0.6% | 2,792,000 | 0.0% | 0.43% | -9.6% | |
| FCX | New | FREEPORT-MCMORAN COPPER & GO | $12,401,000 | – | 375,000 | +100.0% | 0.38% | – |
| MLI | Buy | MUELLER INDS INC | $12,386,000 | -2.4% | 413,000 | +105.0% | 0.37% | -11.4% |
| MOH | MOLINA HEALTHCARE INC | $11,268,000 | +8.1% | 300,000 | 0.0% | 0.34% | -1.7% | |
| ISLE | Sell | ISLE OF CAPRI CASINOS INC | $11,225,000 | -49.4% | 1,463,467 | -40.6% | 0.34% | -54.0% |
| ATML | ATMEL CORP | $11,077,000 | +6.8% | 1,325,000 | 0.0% | 0.34% | -2.9% | |
| V107SC | Sell | WELLPOINT INC | $9,955,000 | +5.5% | 100,000 | -2.1% | 0.30% | -4.1% |
| JPM | New | JPMORGAN CHASE & CO | $9,714,000 | – | 160,000 | +100.0% | 0.29% | – |
| PNK | PINNACLE ENTMT INC | $9,480,000 | -8.8% | 400,000 | 0.0% | 0.29% | -17.1% | |
| ICE | New | INTERCONTINENTALEXCHANGE GRO | $9,397,000 | – | 47,500 | +100.0% | 0.28% | – |
| FB | FACEBOOK INCcl a | $8,434,000 | +10.2% | 140,000 | 0.0% | 0.26% | +0.4% | |
| APAM | New | ARTISAN PARTNERS ASSET MGMTcl a | $8,353,000 | – | 130,000 | +100.0% | 0.25% | – |
| SSYS | Sell | STRATASYS LTD | $8,163,000 | -46.8% | 76,940 | -32.5% | 0.25% | -51.6% |
| GRPN | New | GROUPON INC | $7,448,000 | – | 950,000 | +100.0% | 0.22% | – |
| CHGG | New | CHEGG INC | $7,000,000 | – | 1,000,000 | +100.0% | 0.21% | – |
| EXP | Buy | EAGLE MATERIALS INC | $6,969,000 | +33.1% | 78,600 | +16.3% | 0.21% | +21.3% |
| PGTI | New | PGT INC | $6,804,000 | – | 591,172 | +100.0% | 0.21% | – |
| LACO | LAKES ENTMNT INC | $6,585,000 | +26.6% | 1,316,914 | 0.0% | 0.20% | +15.0% | |
| MAS | Sell | MASCO CORP | $6,330,000 | -19.4% | 285,000 | -17.4% | 0.19% | -26.8% |
| RMGN | RMG NETWORKS HLDG CORP | $5,650,000 | +16.3% | 1,000,000 | 0.0% | 0.17% | +5.6% | |
| EXXIQ | New | ENERGY XXI (BERMUDA) LTD | $5,181,000 | – | 219,800 | +100.0% | 0.16% | – |
| REXX | New | REX ENERGY CORPORATION | $3,181,000 | – | 170,000 | +100.0% | 0.10% | – |
| SHW | SHERWIN WILLIAMS CO | $1,774,000 | +7.4% | 9,000 | 0.0% | 0.05% | -1.8% | |
| NFX | Sell | NEWFIELD EXPL CO | $1,725,000 | -79.1% | 55,000 | -83.6% | 0.05% | -81.0% |
| DVD | DOVER MOTORSPORTS INC | $1,680,000 | -0.4% | 671,931 | 0.0% | 0.05% | -8.9% | |
| VLRS | New | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $1,162,000 | – | 140,000 | +100.0% | 0.04% | – |
| FMD | New | FIRST MARBLEHEAD CORP | $362,000 | – | 60,000 | +100.0% | 0.01% | – |
| AET | Exit | AETNA INC NEW | $0 | – | -22,000 | -100.0% | -0.05% | – |
| MYGN | Exit | MYRIAD GENETICS INC | $0 | – | -140,000 | -100.0% | -0.10% | – |
| TARO | Exit | TARO PHARMACEUTICAL INDS LTD | $0 | – | -38,437 | -100.0% | -0.13% | – |
| FFIV | Exit | F5 NETWORKS INC | $0 | – | -59,920 | -100.0% | -0.18% | – |
| WYNN | Exit | WYNN RESORTS LTDput | $0 | – | -40,000 | -100.0% | -0.26% | – |
| WCG | Exit | WELLCARE HEALTH PLANS INC | $0 | – | -300,000 | -100.0% | -0.70% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2014-05-15
Signatures
The EDGAR filing(s) were signed by:
About Par Capital Management
Par Capital Management is a Boston-based investment firm that specializes in the airline industry. The company was founded in 1990 by Paul Reeder and Edward Shapiro, both of whom had previously worked at Harvard Management Company. Since its inception, Par Capital has grown to become one of the most successful hedge funds in the world, with over $10 billion in assets under management.
The firm's investment strategy is focused on identifying undervalued companies in the airline industry and investing in them for the long term. Par Capital's portfolio includes a number of major airlines, including Delta Air Lines, United Airlines, and American Airlines. The company is known for its deep understanding of the airline industry and its ability to identify opportunities that other investors may overlook.
Par Capital is led by CEO Paul Reeder and COO Edward Shapiro, both of whom have extensive experience in the finance industry. The firm's Chief Investment Officer is William H. Spiegel, who has been with the company since 1999. Under their leadership, Par Capital has consistently delivered strong returns for its investors, with an average annual return of over 20% since its inception.
Overall, Par Capital Management is a highly respected investment firm with a proven track record of success in the airline industry. While past performance is not a guarantee of future results, the company's deep industry knowledge and experienced leadership team make it a compelling option for investors looking to gain exposure to the airline sector.
It's important to note that this information is for educational purposes only and has not been fact-checked. As with any investment, it's important to do your own research and consult with a financial advisor before making any investment decisions.
Top long-term holdings
| Name | Quarters owned | Latest quarter owned | Max weighting |
|---|---|---|---|
| EXPEDIA INC DEL | 42 | Q3 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 42 | Q3 2023 | 14.3% |
| TRIPADVISOR INC | 42 | Q3 2023 | 14.4% |
| ALASKA AIR GROUP INC | 42 | Q3 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 38 | Q3 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 37 | Q3 2023 | 24.2% |
| WEX INC | 36 | Q3 2023 | 13.0% |
| SOUTHWEST AIRLS CO | 36 | Q3 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 35 | Q3 2023 | 5.1% |
| PURECYCLE CORP | 33 | Q2 2021 | 1.3% |
View Par Capital Management's complete holdings history.
Latest significant ownerships (13-D/G)
| Filed | Shares | Percentage | |
|---|---|---|---|
| Global Eagle Entertainment Inc. | May 22, 2014 | 29,478,011 | 41.0% |
| Orbitz Worldwide, Inc. | November 16, 2009 | 24,624,125 | 24.4% |
| US AIRWAYS GROUP INC | March 17, 2006 | 11,768,485 | 14.3% |
| DECKERS OUTDOOR CORP | February 14, 2006 | 1,147,567 | 9.3% |
| D&K HEALTHCARE RESOURCES INCSold out | February 14, 2006 | 0 | 0.0% |
| FLYI INCSold out | February 14, 2006 | 0 | 0.0% |
| LODGENET ENTERTAINMENT CORP | February 14, 2006 | 750,000 | 4.1% |
| PURE CYCLE CORP | February 14, 2006 | 1,996,739 | 13.7% |
| ULTIMATE ELECTRONICS INCSold out | February 14, 2006 | 0 | 0.0% |
| AMERICA WEST HOLDINGS CORP | February 14, 2005 | 603,000 | 1.7% |
View Par Capital Management's complete significant-ownership history.
Latest filings
| Type | Filed |
|---|---|
| 13F-HR | 2024-02-14 |
| 13F-HR | 2023-11-14 |
| 13F-HR | 2023-08-14 |
| 13F-HR | 2023-05-15 |
| 13F-HR | 2023-02-14 |
| 13F-HR | 2022-11-14 |
| 13F-HR | 2022-08-15 |
| 13F-HR | 2022-05-16 |
| 13F-HR | 2022-02-14 |
| 13F-HR/A | 2021-11-15 |
View Par Capital Management's complete filings history.
All filings
- Holdings (13F-HR)
- Significant ownership (13-D/G)
- Insider transactions (4, 5, 6)
- Events (8-K)
- Shareholder votes (proxy)
View complete filings history.