Par Capital Management - Q1 2016 holdings

$6.24 Billion is the total value of Par Capital Management's 79 reported holdings in Q1 2016. The portfolio turnover from Q4 2015 to Q1 2016 was 31.2% .

 Value Shares↓ Weighting
UAL BuyUNITED CONTL HLDGS INC$861,368,000
+134.0%
14,389,711
+124.0%
13.80%
+103.8%
DAL SellDELTA AIR LINES INC DEL$558,156,000
-28.1%
11,465,809
-25.1%
8.94%
-37.4%
EXPE BuyEXPEDIA INC DEL$465,765,000
-1.2%
4,319,840
+13.9%
7.46%
-13.9%
ALK  ALASKA AIR GROUP INC$373,385,000
+1.9%
4,552,3640.0%5.98%
-11.3%
CI BuyCIGNA CORPORATION$288,204,000
+96.6%
2,100,000
+109.6%
4.62%
+71.2%
ENT  GLOBAL EAGLE ENTMT INC$246,919,000
-13.7%
28,981,0720.0%3.96%
-24.8%
TRIP BuyTRIPADVISOR INC$212,666,000
+48.3%
3,197,990
+90.1%
3.41%
+29.1%
CHDN  CHURCHILL DOWNS INC$190,343,000
+4.5%
1,287,1440.0%3.05%
-9.0%
PCLN BuyPRICELINE GRP INC$176,143,000
+4.9%
136,655
+3.8%
2.82%
-8.6%
LUV SellSOUTHWEST AIRLS CO$166,208,000
-32.1%
3,710,000
-34.8%
2.66%
-40.9%
MCK NewMCKESSON CORP$157,250,0001,000,000
+100.0%
2.52%
HCA BuyHCA HOLDINGS INC$156,100,000
+116.2%
2,000,000
+87.3%
2.50%
+88.3%
BYD SellBOYD GAMING CORP$153,736,000
+0.7%
7,441,246
-3.2%
2.46%
-12.3%
GLPI BuyGAMING & LEISURE PPTYS INC$146,182,000
+15.6%
4,727,763
+4.0%
2.34%
+0.7%
GRUB BuyGRUBHUB INC$137,084,000
+114.6%
5,455,000
+106.6%
2.20%
+87.0%
MGM BuyMGM RESORTS INTERNATIONAL$125,574,000
+207.1%
5,857,000
+225.4%
2.01%
+167.6%
OC BuyOWENS CORNING NEW$110,860,000
+19.1%
2,344,762
+18.4%
1.78%
+3.7%
CP  CANADIAN PAC RY LTD$93,075,000
+4.0%
701,4500.0%1.49%
-9.5%
Z NewZILLOW INCcl c$92,121,0003,882,041
+100.0%
1.48%
WCG BuyWELLCARE HEALTH PLANS INC$90,311,000
+130.9%
973,701
+94.7%
1.45%
+101.0%
PNK BuyPINNACLE ENTMT INC$83,365,000
+20.2%
2,375,058
+6.6%
1.34%
+4.7%
PENN SellPENN NATL GAMING INC$79,645,000
-16.3%
4,772,013
-19.7%
1.28%
-27.1%
GM BuyGENERAL MTRS CO$78,687,000
+0.4%
2,503,550
+8.7%
1.26%
-12.5%
VLRS BuyCONTROLADORA VUELA CIA DE AVspon adr rp 10$66,810,000
+26.2%
3,170,844
+2.8%
1.07%
+10.0%
IGT BuyINTERNATIONAL GAME TECHNOLOG$60,413,000
+123.2%
3,310,328
+97.9%
0.97%
+94.4%
RAD BuyRITE AID CORP$59,796,000
+11.6%
7,336,922
+7.3%
0.96%
-2.8%
URI  UNITED RENTALS INC$46,953,000
-14.3%
755,0000.0%0.75%
-25.4%
CTRP  CTRIP COM INTL LTD$46,473,000
-4.5%
1,050,0000.0%0.74%
-16.8%
DVA NewDAVITA HEALTHCARE PARTNERS I$42,879,000584,335
+100.0%
0.69%
WMS BuyADVANCED DRAIN SYS INC DEL$42,600,000
+26.4%
2,000,000
+42.6%
0.68%
+10.2%
SERV BuySERVICEMASTER GLOBAL HLDGS I$42,296,000
+15.0%
1,122,500
+19.7%
0.68%
+0.1%
ZG NewZILLOW GROUP INCcl a$41,337,0001,617,910
+100.0%
0.66%
AAL SellAMERICAN AIRLS GROUP INC$41,010,000
-53.9%
1,000,000
-52.4%
0.66%
-59.8%
ERI BuyELDORADO RESORTS INC$40,633,000
+44.8%
3,551,839
+39.2%
0.65%
+26.2%
CHGG BuyCHEGG INC$39,255,000
-28.9%
8,801,613
+7.3%
0.63%
-38.0%
EXP BuyEAGLE MATERIALS INC$37,914,000
+177.9%
540,781
+139.5%
0.61%
+142.2%
CAR  AVIS BUDGET GROUP$37,917,000
-24.6%
1,385,8690.0%0.61%
-34.3%
SGMS SellSCIENTIFIC GAMES CORPcl a$37,720,000
+2.3%
4,000,000
-2.7%
0.60%
-10.9%
CLH SellCLEAN HARBORS INC$34,538,000
-49.9%
700,000
-57.7%
0.55%
-56.4%
WEX BuyWEX INC$33,344,000
+109.6%
400,000
+122.2%
0.53%
+82.3%
VA SellVIRGIN AMER INC$30,462,000
-62.6%
790,000
-65.1%
0.49%
-67.5%
GWR  GENESEE & WYO INCcl a$29,556,000
+16.8%
471,3820.0%0.47%
+1.7%
ISLE NewISLE OF CAPRI CASINOS INC$29,281,0002,091,500
+100.0%
0.47%
WYNN SellWYNN RESORTS LTD$28,559,000
+21.4%
305,668
-10.1%
0.46%
+5.8%
TRUE BuyTRUECAR INC$28,126,000
-29.8%
5,031,568
+19.8%
0.45%
-38.8%
PCYO  PURECYCLE CORP$26,983,000
-6.0%
5,982,9700.0%0.43%
-18.2%
IVZ BuyINVESCO LTD$23,693,000
+17.9%
770,000
+28.3%
0.38%
+2.7%
V BuyVISA INC$21,414,000
+7.0%
280,000
+8.5%
0.34%
-6.8%
HTZ  HERTZ GLOBAL HOLDINGS INC$21,060,000
-26.0%
2,000,0000.0%0.34%
-35.7%
ARLZ NewARALEZ PHARMACEUTICALS INC$19,046,0005,365,000
+100.0%
0.30%
DOOR  MASONITE INTL CORP NEW$17,816,000
+7.0%
272,0000.0%0.28%
-6.9%
CSGP BuyCOSTAR GROUP INC$15,242,000
+15.2%
81,000
+26.6%
0.24%
+0.4%
ITG BuyINVESTMENT TECHNOLOGY GRP NE$14,206,000
+51.8%
642,800
+16.9%
0.23%
+32.6%
PGTI  PGT INC$11,278,000
-13.6%
1,146,1720.0%0.18%
-24.6%
PAGP BuyPLAINS GP HLDGS L P$11,297,000
+120.0%
1,299,974
+139.3%
0.18%
+92.6%
STT BuySTATE STR CORP$10,534,000
+76.4%
180,000
+100.0%
0.17%
+53.6%
SF BuySTIFEL FINL CORP$8,880,000
+7.5%
300,000
+53.8%
0.14%
-6.6%
APC  ANADARKO PETE CORP$8,729,000
-4.1%
187,4440.0%0.14%
-16.7%
PRSC  PROVIDENCE SVC CORP$7,664,000
+8.8%
150,0660.0%0.12%
-5.4%
SPLS NewSTAPLES INC$7,170,000650,000
+100.0%
0.12%
ICE SellINTERCONTINENTAL EXCHANGE IN$7,054,000
-31.2%
30,000
-25.0%
0.11%
-40.2%
TUESQ NewTUESDAY MORNING CORP$6,928,000847,000
+100.0%
0.11%
NFX  NEWFIELD EXPL CO$6,733,000
+2.1%
202,5000.0%0.11%
-10.7%
CMA BuyCOMERICA INC$6,627,000
+66.8%
175,000
+84.2%
0.11%
+45.2%
APAM SellARTISAN PARTNERS ASSET MGMTcl a$5,397,000
-50.1%
175,000
-41.7%
0.09%
-56.8%
FRC  FIRST REP BK SAN FRANCISCO C$5,331,000
+0.9%
80,0000.0%0.08%
-12.4%
FCX SellFREEPORT-MCMORAN INCcl b$4,886,000
-9.8%
472,500
-40.9%
0.08%
-22.0%
WBS NewWEBSTER FINL CORP CONN$4,224,000117,673
+100.0%
0.07%
QTWO BuyQ2 HLDGS INC$3,967,000
-2.9%
165,000
+6.5%
0.06%
-14.7%
PFSI BuyPENNYMAC FINL SVCS INCcl a$3,940,000
+31.6%
335,000
+71.8%
0.06%
+14.5%
OLLI NewOLLIES BARGAIN OUTLT HLDGS I$3,413,000145,675
+100.0%
0.06%
RMGN SellRMG NETWORKS HLDG CORP$3,027,000
+34.8%
2,587,293
-13.6%
0.05%
+19.5%
CSBR  CHAMPIONS ONCOLOGY INC$3,034,000
+2.0%
833,3330.0%0.05%
-10.9%
GDEN SellGOLDEN ENTMT INC$2,752,000
-43.7%
253,887
-46.9%
0.04%
-51.1%
PRTY NewPARTY CITY HOLDCO INC$2,276,000151,300
+100.0%
0.04%
MLCO  MELCO CROWN ENTMT LTDadr$1,651,000
-1.7%
100,0000.0%0.03%
-16.1%
DVD  DOVER MOTORSPORTS INC$1,525,000
-2.6%
671,9310.0%0.02%
-17.2%
MMYT  MAKEMYTRIP LIMITED MAURITIUS$1,447,000
+5.5%
79,9730.0%0.02%
-8.0%
FMD NewFIRST MARBLEHEAD CORP$228,00060,000
+100.0%
0.00%
SGY ExitSTONE ENERGY CORP$0-215,000
-100.0%
-0.02%
MC ExitMOELIS & COcl a$0-75,000
-100.0%
-0.04%
VNTV ExitVANTIV INCcl a$0-73,300
-100.0%
-0.06%
APA ExitAPACHE CORP$0-90,000
-100.0%
-0.07%
ANGI ExitANGIES LIST INC$0-551,000
-100.0%
-0.10%
VRTS ExitVIRTUS INVT PARTNERS INC$0-45,000
-100.0%
-0.10%
EVLV ExitEVINE LIVE INCcl a$0-4,242,900
-100.0%
-0.14%
ENSG ExitENSIGN GROUP INC$0-500,000
-100.0%
-0.21%
CSX ExitCSX CORP$0-500,000
-100.0%
-0.24%
GBX ExitGREENBRIER COS INC$0-422,275
-100.0%
-0.25%
POZN ExitPOZEN INC$0-3,863,699
-100.0%
-0.49%
NSC ExitNORFOLK SOUTHERN CORP$0-450,000
-100.0%
-0.70%
QUNR ExitQUNAR CAYMAN IS LTDspns adr cl b$0-2,746,586
-100.0%
-2.66%
Original filings

The following EDGAR filing(s) were analyzed to create this report:

  • View 13F-HR filed 2016-05-16
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
NameQuarters ownedLatest quarter ownedMax weighting
EXPEDIA INC DEL45Q2 202422.2%
DELTA AIR LINES INC DEL45Q2 202414.3%
TRIPADVISOR INC45Q2 202414.4%
ALASKA AIR GROUP INC45Q2 20248.2%
CONTROLADORA VUELA COMP DE A41Q2 20241.1%
UNITED CONTL HLDGS INC40Q2 202424.2%
WEX INC39Q2 202413.7%
SOUTHWEST AIRLS CO39Q2 20245.2%
AMERICAN AIRLS GROUP INC38Q2 20245.1%
AVIS BUDGET GROUP INC33Q2 20247.2%

View Par Capital Management's complete holdings history.

Latest significant ownerships (13-D/G)
Par Capital Management Q1 2016 significant holdings filed using form 13D/G when ownership exceeds 5% of a company's total stock issue.
FiledShares Percentage
Global Eagle Entertainment Inc.May 22, 201429,478,01141.0%
Orbitz Worldwide, Inc.November 16, 200924,624,12524.4%
US AIRWAYS GROUP INCMarch 17, 200611,768,48514.3%
DECKERS OUTDOOR CORPFebruary 14, 20061,147,5679.3%
D&K HEALTHCARE RESOURCES INCSold outFebruary 14, 200600.0%
FLYI INCSold outFebruary 14, 200600.0%
LODGENET ENTERTAINMENT CORPFebruary 14, 2006750,0004.1%
PURE CYCLE CORPFebruary 14, 20061,996,73913.7%
ULTIMATE ELECTRONICS INCSold outFebruary 14, 200600.0%
AMERICA WEST HOLDINGS CORPFebruary 14, 2005603,0001.7%

View Par Capital Management's complete significant-ownership history.

Latest filings
TypeFiled
13F-HR2024-08-14
N-PX2024-08-07
13F-HR2024-05-15
13F-HR2024-02-14
13F-HR2023-11-14
13F-HR2023-08-14
13F-HR2023-05-15
13F-HR2023-02-14
13F-HR2022-11-14
13F-HR2022-08-15

View Par Capital Management's complete filings history.

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Export Par Capital Management's holdings