$5.43 Billion is the total value of Par Capital Management's 80 reported holdings in Q4 2015. The portfolio turnover from Q3 2015 to Q4 2015 was 10.0% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| DAL | Buy | DELTA AIR LINES INC DEL | $776,358,000 | +15.6% | 15,315,809 | +2.3% | 14.28% | +0.9% |
| EXPE | Buy | EXPEDIA INC DEL | $471,450,000 | +6.6% | 3,792,840 | +0.9% | 8.67% | -7.0% |
| UAL | Buy | UNITED CONTL HLDGS INC | $368,072,000 | +29.0% | 6,423,600 | +19.4% | 6.77% | +12.5% |
| ALK | ALASKA AIR GROUP INC | $366,511,000 | +1.3% | 4,552,364 | 0.0% | 6.74% | -11.6% | |
| ENT | GLOBAL EAGLE ENTMT INC | $286,043,000 | -14.0% | 28,981,072 | 0.0% | 5.26% | -25.0% | |
| LUV | Sell | SOUTHWEST AIRLS CO | $244,904,000 | +12.8% | 5,687,500 | -0.4% | 4.51% | -1.6% |
| CHDN | Buy | CHURCHILL DOWNS INC | $182,118,000 | +5.8% | 1,287,144 | +0.0% | 3.35% | -7.7% |
| PCLN | PRICELINE GRP INC | $167,854,000 | +3.1% | 131,655 | 0.0% | 3.09% | -10.1% | |
| BYD | BOYD GAMING CORP | $152,692,000 | +21.9% | 7,684,555 | 0.0% | 2.81% | +6.4% | |
| CI | Buy | CIGNA CORPORATION | $146,587,000 | +985.7% | 1,001,753 | +901.8% | 2.70% | +846.3% |
| QUNR | Buy | QUNAR CAYMAN IS LTDspns adr cl b | $144,855,000 | +81.6% | 2,746,586 | +3.5% | 2.66% | +58.4% |
| TRIP | TRIPADVISOR INC | $143,424,000 | +35.3% | 1,682,390 | 0.0% | 2.64% | +18.0% | |
| GLPI | Buy | GAMING & LEISURE PPTYS INC | $126,401,000 | +2.5% | 4,546,805 | +9.5% | 2.33% | -10.6% |
| PENN | PENN NATL GAMING INC | $95,180,000 | -4.5% | 5,941,300 | 0.0% | 1.75% | -16.7% | |
| OC | Buy | OWENS CORNING NEW | $93,108,000 | +14.2% | 1,979,762 | +1.8% | 1.71% | -0.3% |
| CP | Buy | CANADIAN PAC RY LTD | $89,505,000 | +4.5% | 701,450 | +17.6% | 1.65% | -8.8% |
| AAL | AMERICAN AIRLS GROUP INC | $88,935,000 | +9.1% | 2,100,000 | 0.0% | 1.64% | -4.8% | |
| VA | VIRGIN AMER INC | $81,544,000 | +5.2% | 2,264,492 | 0.0% | 1.50% | -8.2% | |
| GM | GENERAL MTRS CO | $78,344,000 | +13.3% | 2,303,550 | 0.0% | 1.44% | -1.2% | |
| HCA | New | HCA HOLDINGS INC | $72,197,000 | – | 1,067,529 | +100.0% | 1.33% | – |
| PNK | Buy | PINNACLE ENTMT INC | $69,352,000 | +34.6% | 2,228,528 | +46.4% | 1.28% | +17.5% |
| CLH | Sell | CLEAN HARBORS INC | $68,931,000 | -20.3% | 1,655,000 | -15.9% | 1.27% | -30.5% |
| GRUB | Buy | GRUBHUB INC | $63,885,000 | +1093.0% | 2,639,871 | +1099.9% | 1.18% | +939.8% |
| CHGG | Buy | CHEGG INC | $55,186,000 | -4.3% | 8,200,000 | +2.5% | 1.02% | -16.5% |
| URI | UNITED RENTALS INC | $54,768,000 | +20.8% | 755,000 | 0.0% | 1.01% | +5.4% | |
| RAD | RITE AID CORP | $53,601,000 | +29.2% | 6,836,922 | 0.0% | 0.99% | +12.7% | |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $52,952,000 | +221.9% | 3,085,787 | +179.9% | 0.97% | +180.7% |
| CAR | AVIS BUDGET GROUP | $50,293,000 | -16.9% | 1,385,869 | 0.0% | 0.92% | -27.5% | |
| CTRP | Buy | CTRIP COM INTL LTD | $48,647,000 | +69.2% | 1,050,000 | +130.8% | 0.90% | +47.7% |
| MGM | Buy | MGM RESORTS INTERNATIONAL | $40,896,000 | +25.9% | 1,800,000 | +2.3% | 0.75% | +9.8% |
| TRUE | Sell | TRUECAR INC | $40,068,000 | -6.5% | 4,200,041 | -48.9% | 0.74% | -18.5% |
| WCG | WELLCARE HEALTH PLANS INC | $39,105,000 | -9.2% | 500,000 | 0.0% | 0.72% | -20.8% | |
| NSC | New | NORFOLK SOUTHERN CORP | $38,066,000 | – | 450,000 | +100.0% | 0.70% | – |
| SGMS | Buy | SCIENTIFIC GAMES CORPcl a | $36,875,000 | +13.5% | 4,110,955 | +32.3% | 0.68% | -1.0% |
| SERV | Buy | SERVICEMASTER GLOBAL HLDGS I | $36,788,000 | +19.5% | 937,500 | +2.2% | 0.68% | +4.3% |
| WMS | ADVANCED DRAIN SYS INC DEL | $33,697,000 | -16.9% | 1,402,300 | 0.0% | 0.62% | -27.5% | |
| PCYO | PURECYCLE CORP | $28,718,000 | -3.0% | 5,982,970 | 0.0% | 0.53% | -15.4% | |
| HTZ | Sell | HERTZ GLOBAL HOLDINGS INC | $28,460,000 | -17.1% | 2,000,000 | -2.5% | 0.52% | -27.6% |
| ERI | Sell | ELDORADO RESORTS INC | $28,069,000 | +9.1% | 2,551,710 | -10.5% | 0.52% | -4.8% |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $27,070,000 | +76.6% | 1,673,081 | +67.3% | 0.50% | +54.2% |
| POZN | POZEN INC | $26,389,000 | +17.1% | 3,863,699 | 0.0% | 0.49% | +2.3% | |
| GWR | Buy | GENESEE & WYO INCcl a | $25,308,000 | -7.2% | 471,382 | +2.2% | 0.47% | -19.0% |
| WYNN | Buy | WYNN RESORTS LTD | $23,525,000 | +30.8% | 340,000 | +0.4% | 0.43% | +14.2% |
| IVZ | Buy | INVESCO LTD | $20,088,000 | +13.8% | 600,000 | +6.2% | 0.37% | -0.5% |
| V | VISA INC | $20,008,000 | +11.3% | 258,000 | 0.0% | 0.37% | -2.9% | |
| DOOR | MASONITE INTL CORP NEW | $16,655,000 | +1.1% | 272,000 | 0.0% | 0.31% | -11.8% | |
| WEX | Buy | WEX INC | $15,912,000 | +21.3% | 180,000 | +19.2% | 0.29% | +6.2% |
| GBX | Sell | GREENBRIER COS INC | $13,775,000 | -50.4% | 422,275 | -51.2% | 0.25% | -56.8% |
| EXP | Buy | EAGLE MATERIALS INC | $13,644,000 | +4.5% | 225,781 | +18.3% | 0.25% | -8.7% |
| CSGP | COSTAR GROUP INC | $13,228,000 | +19.4% | 64,000 | 0.0% | 0.24% | +3.8% | |
| PGTI | Buy | PGT INC | $13,055,000 | -5.6% | 1,146,172 | +1.8% | 0.24% | -17.8% |
| CSX | New | CSX CORP | $12,975,000 | – | 500,000 | +100.0% | 0.24% | – |
| ENSG | Buy | ENSIGN GROUP INC | $11,315,000 | +6.2% | 500,000 | +100.0% | 0.21% | -7.6% |
| APAM | ARTISAN PARTNERS ASSET MGMTcl a | $10,818,000 | +2.4% | 300,000 | 0.0% | 0.20% | -10.8% | |
| ICE | Sell | INTERCONTINENTAL EXCHANGE IN | $10,250,000 | -9.1% | 40,000 | -16.7% | 0.19% | -20.6% |
| ITG | Buy | INVESTMENT TECHNOLOGY GRP NE | $9,361,000 | +155.1% | 550,000 | +100.0% | 0.17% | +123.4% |
| APC | ANADARKO PETE CORP | $9,106,000 | -19.6% | 187,444 | 0.0% | 0.17% | -29.7% | |
| SF | Buy | STIFEL FINL CORP | $8,260,000 | +30.8% | 195,000 | +30.0% | 0.15% | +14.3% |
| EVLV | EVINE LIVE INCcl a | $7,552,000 | -32.1% | 4,242,900 | 0.0% | 0.14% | -40.6% | |
| PRSC | PROVIDENCE SVC CORP | $7,041,000 | +7.7% | 150,066 | 0.0% | 0.13% | -5.8% | |
| NFX | NEWFIELD EXPL CO | $6,593,000 | -1.0% | 202,500 | 0.0% | 0.12% | -13.6% | |
| STT | Buy | STATE STR CORP | $5,972,000 | +25.1% | 90,000 | +26.8% | 0.11% | +8.9% |
| FCX | Buy | FREEPORT-MCMORAN INCcl b | $5,416,000 | +31.5% | 800,000 | +88.2% | 0.10% | +14.9% |
| VRTS | Sell | VIRTUS INVT PARTNERS INC | $5,286,000 | -0.8% | 45,000 | -15.1% | 0.10% | -13.4% |
| FRC | Sell | FIRST REP BK SAN FRANCISCO C | $5,285,000 | -23.5% | 80,000 | -27.3% | 0.10% | -33.6% |
| ANGI | ANGIES LIST INC | $5,152,000 | +85.5% | 551,000 | 0.0% | 0.10% | +61.0% | |
| PAGP | New | PLAINS GP HLDGS L P | $5,134,000 | – | 543,309 | +100.0% | 0.09% | – |
| GDEN | Sell | GOLDEN ENTMT INC | $4,887,000 | -17.9% | 477,716 | -27.4% | 0.09% | -28.6% |
| QTWO | Q2 HLDGS INC | $4,087,000 | +6.7% | 155,000 | 0.0% | 0.08% | -7.4% | |
| APA | Sell | APACHE CORP | $4,002,000 | -59.1% | 90,000 | -64.0% | 0.07% | -64.1% |
| CMA | Buy | COMERICA INC | $3,974,000 | +48.7% | 95,000 | +46.2% | 0.07% | +30.4% |
| VNTV | Sell | VANTIV INCcl a | $3,476,000 | -14.0% | 73,300 | -18.6% | 0.06% | -24.7% |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $2,995,000 | +10.1% | 195,000 | +14.7% | 0.06% | -3.5% |
| CSBR | CHAMPIONS ONCOLOGY INC | $2,975,000 | -33.3% | 833,333 | 0.0% | 0.06% | -41.5% | |
| RMGN | Sell | RMG NETWORKS HLDG CORP | $2,246,000 | -21.6% | 2,995,293 | -12.2% | 0.04% | -31.7% |
| MC | Sell | MOELIS & COcl a | $2,189,000 | -16.6% | 75,000 | -25.0% | 0.04% | -27.3% |
| MLCO | Sell | MELCO CROWN ENTMT LTDadr | $1,680,000 | -58.7% | 100,000 | -66.1% | 0.03% | -64.0% |
| DVD | DOVER MOTORSPORTS INC | $1,566,000 | +0.9% | 671,931 | 0.0% | 0.03% | -12.1% | |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $1,372,000 | +24.7% | 79,973 | 0.0% | 0.02% | +8.7% | |
| SGY | Sell | STONE ENERGY CORP | $922,000 | -81.4% | 215,000 | -78.5% | 0.02% | -83.8% |
| FMD | Exit | FIRST MARBLEHEAD CORP | $0 | – | -60,000 | -100.0% | -0.00% | – |
| Exit | STONE ENERGY CORPnote 1.750% 3/0 | $0 | – | -5,000,000 | -100.0% | -0.09% | – | |
| SAVE | Exit | SPIRIT AIRLS INC | $0 | – | -318,827 | -100.0% | -0.32% | – |
| CPA | Exit | COPA HOLDINGS SAcl a | $0 | – | -1,477,200 | -100.0% | -1.31% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2016-02-16
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 | 41 | Q2 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 41 | Q2 2023 | 14.3% |
| TRIPADVISOR INC | 41 | Q2 2023 | 14.4% |
| ALASKA AIR GROUP INC | 41 | Q2 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 37 | Q2 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 36 | Q2 2023 | 24.2% |
| WEX INC | 35 | Q2 2023 | 12.6% |
| SOUTHWEST AIRLS CO | 35 | Q2 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 34 | Q2 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 | 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 |
| 13F-HR | 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.