$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 | Buy | UNITED CONTL HLDGS INC | $861,368,000 | +134.0% | 14,389,711 | +124.0% | 13.80% | +103.8% |
| DAL | Sell | DELTA AIR LINES INC DEL | $558,156,000 | -28.1% | 11,465,809 | -25.1% | 8.94% | -37.4% |
| EXPE | Buy | EXPEDIA 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% | 4,552,364 | 0.0% | 5.98% | -11.3% | |
| CI | Buy | CIGNA 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% | 28,981,072 | 0.0% | 3.96% | -24.8% | |
| TRIP | Buy | TRIPADVISOR INC | $212,666,000 | +48.3% | 3,197,990 | +90.1% | 3.41% | +29.1% |
| CHDN | CHURCHILL DOWNS INC | $190,343,000 | +4.5% | 1,287,144 | 0.0% | 3.05% | -9.0% | |
| PCLN | Buy | PRICELINE GRP INC | $176,143,000 | +4.9% | 136,655 | +3.8% | 2.82% | -8.6% |
| LUV | Sell | SOUTHWEST AIRLS CO | $166,208,000 | -32.1% | 3,710,000 | -34.8% | 2.66% | -40.9% |
| MCK | New | MCKESSON CORP | $157,250,000 | – | 1,000,000 | +100.0% | 2.52% | – |
| HCA | Buy | HCA HOLDINGS INC | $156,100,000 | +116.2% | 2,000,000 | +87.3% | 2.50% | +88.3% |
| BYD | Sell | BOYD GAMING CORP | $153,736,000 | +0.7% | 7,441,246 | -3.2% | 2.46% | -12.3% |
| GLPI | Buy | GAMING & LEISURE PPTYS INC | $146,182,000 | +15.6% | 4,727,763 | +4.0% | 2.34% | +0.7% |
| GRUB | Buy | GRUBHUB INC | $137,084,000 | +114.6% | 5,455,000 | +106.6% | 2.20% | +87.0% |
| MGM | Buy | MGM RESORTS INTERNATIONAL | $125,574,000 | +207.1% | 5,857,000 | +225.4% | 2.01% | +167.6% |
| OC | Buy | OWENS 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% | 701,450 | 0.0% | 1.49% | -9.5% | |
| Z | New | ZILLOW INCcl c | $92,121,000 | – | 3,882,041 | +100.0% | 1.48% | – |
| WCG | Buy | WELLCARE HEALTH PLANS INC | $90,311,000 | +130.9% | 973,701 | +94.7% | 1.45% | +101.0% |
| PNK | Buy | PINNACLE ENTMT INC | $83,365,000 | +20.2% | 2,375,058 | +6.6% | 1.34% | +4.7% |
| PENN | Sell | PENN NATL GAMING INC | $79,645,000 | -16.3% | 4,772,013 | -19.7% | 1.28% | -27.1% |
| GM | Buy | GENERAL MTRS CO | $78,687,000 | +0.4% | 2,503,550 | +8.7% | 1.26% | -12.5% |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $66,810,000 | +26.2% | 3,170,844 | +2.8% | 1.07% | +10.0% |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $60,413,000 | +123.2% | 3,310,328 | +97.9% | 0.97% | +94.4% |
| RAD | Buy | RITE 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% | 755,000 | 0.0% | 0.75% | -25.4% | |
| CTRP | CTRIP COM INTL LTD | $46,473,000 | -4.5% | 1,050,000 | 0.0% | 0.74% | -16.8% | |
| DVA | New | DAVITA HEALTHCARE PARTNERS I | $42,879,000 | – | 584,335 | +100.0% | 0.69% | – |
| WMS | Buy | ADVANCED DRAIN SYS INC DEL | $42,600,000 | +26.4% | 2,000,000 | +42.6% | 0.68% | +10.2% |
| SERV | Buy | SERVICEMASTER GLOBAL HLDGS I | $42,296,000 | +15.0% | 1,122,500 | +19.7% | 0.68% | +0.1% |
| ZG | New | ZILLOW GROUP INCcl a | $41,337,000 | – | 1,617,910 | +100.0% | 0.66% | – |
| AAL | Sell | AMERICAN AIRLS GROUP INC | $41,010,000 | -53.9% | 1,000,000 | -52.4% | 0.66% | -59.8% |
| ERI | Buy | ELDORADO RESORTS INC | $40,633,000 | +44.8% | 3,551,839 | +39.2% | 0.65% | +26.2% |
| CHGG | Buy | CHEGG INC | $39,255,000 | -28.9% | 8,801,613 | +7.3% | 0.63% | -38.0% |
| EXP | Buy | EAGLE MATERIALS INC | $37,914,000 | +177.9% | 540,781 | +139.5% | 0.61% | +142.2% |
| CAR | AVIS BUDGET GROUP | $37,917,000 | -24.6% | 1,385,869 | 0.0% | 0.61% | -34.3% | |
| SGMS | Sell | SCIENTIFIC GAMES CORPcl a | $37,720,000 | +2.3% | 4,000,000 | -2.7% | 0.60% | -10.9% |
| CLH | Sell | CLEAN HARBORS INC | $34,538,000 | -49.9% | 700,000 | -57.7% | 0.55% | -56.4% |
| WEX | Buy | WEX INC | $33,344,000 | +109.6% | 400,000 | +122.2% | 0.53% | +82.3% |
| VA | Sell | VIRGIN 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% | 471,382 | 0.0% | 0.47% | +1.7% | |
| ISLE | New | ISLE OF CAPRI CASINOS INC | $29,281,000 | – | 2,091,500 | +100.0% | 0.47% | – |
| WYNN | Sell | WYNN RESORTS LTD | $28,559,000 | +21.4% | 305,668 | -10.1% | 0.46% | +5.8% |
| TRUE | Buy | TRUECAR INC | $28,126,000 | -29.8% | 5,031,568 | +19.8% | 0.45% | -38.8% |
| PCYO | PURECYCLE CORP | $26,983,000 | -6.0% | 5,982,970 | 0.0% | 0.43% | -18.2% | |
| IVZ | Buy | INVESCO LTD | $23,693,000 | +17.9% | 770,000 | +28.3% | 0.38% | +2.7% |
| V | Buy | VISA INC | $21,414,000 | +7.0% | 280,000 | +8.5% | 0.34% | -6.8% |
| HTZ | HERTZ GLOBAL HOLDINGS INC | $21,060,000 | -26.0% | 2,000,000 | 0.0% | 0.34% | -35.7% | |
| ARLZ | New | ARALEZ PHARMACEUTICALS INC | $19,046,000 | – | 5,365,000 | +100.0% | 0.30% | – |
| DOOR | MASONITE INTL CORP NEW | $17,816,000 | +7.0% | 272,000 | 0.0% | 0.28% | -6.9% | |
| CSGP | Buy | COSTAR GROUP INC | $15,242,000 | +15.2% | 81,000 | +26.6% | 0.24% | +0.4% |
| ITG | Buy | INVESTMENT TECHNOLOGY GRP NE | $14,206,000 | +51.8% | 642,800 | +16.9% | 0.23% | +32.6% |
| PGTI | PGT INC | $11,278,000 | -13.6% | 1,146,172 | 0.0% | 0.18% | -24.6% | |
| PAGP | Buy | PLAINS GP HLDGS L P | $11,297,000 | +120.0% | 1,299,974 | +139.3% | 0.18% | +92.6% |
| STT | Buy | STATE STR CORP | $10,534,000 | +76.4% | 180,000 | +100.0% | 0.17% | +53.6% |
| SF | Buy | STIFEL FINL CORP | $8,880,000 | +7.5% | 300,000 | +53.8% | 0.14% | -6.6% |
| APC | ANADARKO PETE CORP | $8,729,000 | -4.1% | 187,444 | 0.0% | 0.14% | -16.7% | |
| PRSC | PROVIDENCE SVC CORP | $7,664,000 | +8.8% | 150,066 | 0.0% | 0.12% | -5.4% | |
| SPLS | New | STAPLES INC | $7,170,000 | – | 650,000 | +100.0% | 0.12% | – |
| ICE | Sell | INTERCONTINENTAL EXCHANGE IN | $7,054,000 | -31.2% | 30,000 | -25.0% | 0.11% | -40.2% |
| TUESQ | New | TUESDAY MORNING CORP | $6,928,000 | – | 847,000 | +100.0% | 0.11% | – |
| NFX | NEWFIELD EXPL CO | $6,733,000 | +2.1% | 202,500 | 0.0% | 0.11% | -10.7% | |
| CMA | Buy | COMERICA INC | $6,627,000 | +66.8% | 175,000 | +84.2% | 0.11% | +45.2% |
| APAM | Sell | ARTISAN 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% | 80,000 | 0.0% | 0.08% | -12.4% | |
| FCX | Sell | FREEPORT-MCMORAN INCcl b | $4,886,000 | -9.8% | 472,500 | -40.9% | 0.08% | -22.0% |
| WBS | New | WEBSTER FINL CORP CONN | $4,224,000 | – | 117,673 | +100.0% | 0.07% | – |
| QTWO | Buy | Q2 HLDGS INC | $3,967,000 | -2.9% | 165,000 | +6.5% | 0.06% | -14.7% |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $3,940,000 | +31.6% | 335,000 | +71.8% | 0.06% | +14.5% |
| OLLI | New | OLLIES BARGAIN OUTLT HLDGS I | $3,413,000 | – | 145,675 | +100.0% | 0.06% | – |
| RMGN | Sell | RMG 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% | 833,333 | 0.0% | 0.05% | -10.9% | |
| GDEN | Sell | GOLDEN ENTMT INC | $2,752,000 | -43.7% | 253,887 | -46.9% | 0.04% | -51.1% |
| PRTY | New | PARTY CITY HOLDCO INC | $2,276,000 | – | 151,300 | +100.0% | 0.04% | – |
| MLCO | MELCO CROWN ENTMT LTDadr | $1,651,000 | -1.7% | 100,000 | 0.0% | 0.03% | -16.1% | |
| DVD | DOVER MOTORSPORTS INC | $1,525,000 | -2.6% | 671,931 | 0.0% | 0.02% | -17.2% | |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $1,447,000 | +5.5% | 79,973 | 0.0% | 0.02% | -8.0% | |
| FMD | New | FIRST MARBLEHEAD CORP | $228,000 | – | 60,000 | +100.0% | 0.00% | – |
| SGY | Exit | STONE ENERGY CORP | $0 | – | -215,000 | -100.0% | -0.02% | – |
| MC | Exit | MOELIS & COcl a | $0 | – | -75,000 | -100.0% | -0.04% | – |
| VNTV | Exit | VANTIV INCcl a | $0 | – | -73,300 | -100.0% | -0.06% | – |
| APA | Exit | APACHE CORP | $0 | – | -90,000 | -100.0% | -0.07% | – |
| ANGI | Exit | ANGIES LIST INC | $0 | – | -551,000 | -100.0% | -0.10% | – |
| VRTS | Exit | VIRTUS INVT PARTNERS INC | $0 | – | -45,000 | -100.0% | -0.10% | – |
| EVLV | Exit | EVINE LIVE INCcl a | $0 | – | -4,242,900 | -100.0% | -0.14% | – |
| ENSG | Exit | ENSIGN GROUP INC | $0 | – | -500,000 | -100.0% | -0.21% | – |
| CSX | Exit | CSX CORP | $0 | – | -500,000 | -100.0% | -0.24% | – |
| GBX | Exit | GREENBRIER COS INC | $0 | – | -422,275 | -100.0% | -0.25% | – |
| POZN | Exit | POZEN INC | $0 | – | -3,863,699 | -100.0% | -0.49% | – |
| NSC | Exit | NORFOLK SOUTHERN CORP | $0 | – | -450,000 | -100.0% | -0.70% | – |
| QUNR | Exit | QUNAR 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
| 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.