$6.03 Billion is the total value of Par Capital Management's 80 reported holdings in Q2 2016. The portfolio turnover from Q1 2016 to Q2 2016 was 29.1% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| EXPE | Buy | EXPEDIA INC DEL | $695,917,000 | +49.4% | 6,546,727 | +51.6% | 11.55% | +54.7% |
| UAL | Buy | UNITED CONTL HLDGS INC | $668,735,000 | -22.4% | 16,294,711 | +13.2% | 11.10% | -19.6% |
| DAL | DELTA AIR LINES INC DEL | $417,699,000 | -25.2% | 11,465,809 | 0.0% | 6.93% | -22.5% | |
| CI | Buy | CIGNA CORPORATION | $386,240,000 | +34.0% | 3,017,739 | +43.7% | 6.41% | +38.8% |
| ALK | ALASKA AIR GROUP INC | $265,357,000 | -28.9% | 4,552,364 | 0.0% | 4.40% | -26.4% | |
| LUV | Buy | SOUTHWEST AIRLS CO | $207,715,000 | +25.0% | 5,297,500 | +42.8% | 3.45% | +29.4% |
| TRIP | TRIPADVISOR INC | $205,631,000 | -3.3% | 3,197,990 | 0.0% | 3.41% | +0.1% | |
| ENT | GLOBAL EAGLE ENTMT INC | $192,434,000 | -22.1% | 28,981,072 | 0.0% | 3.19% | -19.3% | |
| MCK | MCKESSON CORP | $186,650,000 | +18.7% | 1,000,000 | 0.0% | 3.10% | +22.9% | |
| CHDN | Buy | CHURCHILL DOWNS INC | $179,253,000 | -5.8% | 1,418,586 | +10.2% | 2.98% | -2.5% |
| PCLN | PRICELINE GRP INC | $170,601,000 | -3.1% | 136,655 | 0.0% | 2.83% | +0.3% | |
| GRUB | GRUBHUB INC | $169,487,000 | +23.6% | 5,455,000 | 0.0% | 2.81% | +28.0% | |
| HCA | HCA HOLDINGS INC | $154,020,000 | -1.3% | 2,000,000 | 0.0% | 2.56% | +2.2% | |
| MGM | Buy | MGM RESORTS INTERNATIONAL | $150,648,000 | +20.0% | 6,657,000 | +13.7% | 2.50% | +24.3% |
| Z | ZILLOW GROUP INCcl c cap stk | $140,840,000 | +52.9% | 3,882,041 | 0.0% | 2.34% | +58.3% | |
| GLPI | Sell | GAMING & LEISURE PPTYS INC | $140,115,000 | -4.2% | 4,063,661 | -14.0% | 2.32% | -0.7% |
| BYD | Buy | BOYD GAMING CORP | $139,945,000 | -9.0% | 7,605,685 | +2.2% | 2.32% | -5.8% |
| OC | Buy | OWENS CORNING NEW | $133,425,000 | +20.4% | 2,589,762 | +10.4% | 2.21% | +24.7% |
| WCG | WELLCARE HEALTH PLANS INC | $104,459,000 | +15.7% | 973,701 | 0.0% | 1.73% | +19.8% | |
| CP | Sell | CANADIAN PAC RY LTD | $81,324,000 | -12.6% | 631,450 | -10.0% | 1.35% | -9.5% |
| WMS | Buy | ADVANCED DRAIN SYS INC DEL | $69,520,000 | +63.2% | 2,540,000 | +27.0% | 1.15% | +69.0% |
| IGT | INTERNATIONAL GAME TECHNOLOG | $62,036,000 | +2.7% | 3,310,328 | 0.0% | 1.03% | +6.3% | |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $60,531,000 | -9.4% | 3,238,670 | +2.1% | 1.00% | -6.3% |
| ZG | ZILLOW GROUP INCcl a | $59,296,000 | +43.4% | 1,617,910 | 0.0% | 0.98% | +48.6% | |
| RAD | RITE AID CORP | $54,954,000 | -8.1% | 7,336,922 | 0.0% | 0.91% | -4.8% | |
| ERI | ELDORADO RESORTS INC | $53,970,000 | +32.8% | 3,551,839 | 0.0% | 0.90% | +37.6% | |
| PENN | Sell | PENN NATL GAMING INC | $52,620,000 | -33.9% | 3,772,013 | -21.0% | 0.87% | -31.6% |
| EXP | Buy | EAGLE MATERIALS INC | $47,122,000 | +24.3% | 610,781 | +12.9% | 0.78% | +28.6% |
| DVA | DAVITA HEALTHCARE PARTNERS I | $45,181,000 | +5.4% | 584,335 | 0.0% | 0.75% | +9.2% | |
| CAR | AVIS BUDGET GROUP | $44,667,000 | +17.8% | 1,385,869 | 0.0% | 0.74% | +21.9% | |
| CHGG | Sell | CHEGG INC | $43,508,000 | +10.8% | 8,701,613 | -1.1% | 0.72% | +14.8% |
| SERV | Sell | SERVICEMASTER GLOBAL HLDGS I | $42,686,000 | +0.9% | 1,072,500 | -4.5% | 0.71% | +4.4% |
| TRUE | TRUECAR INC | $39,498,000 | +40.4% | 5,031,568 | 0.0% | 0.66% | +45.2% | |
| ISLE | ISLE OF CAPRI CASINOS INC | $38,316,000 | +30.9% | 2,091,500 | 0.0% | 0.64% | +35.6% | |
| WMB | New | WILLIAMS COS INC DEL | $38,069,000 | – | 1,760,000 | +100.0% | 0.63% | – |
| WEX | Buy | WEX INC | $37,241,000 | +11.7% | 420,000 | +5.0% | 0.62% | +15.7% |
| SGMS | SCIENTIFIC GAMES CORPcl a | $36,760,000 | -2.5% | 4,000,000 | 0.0% | 0.61% | +1.0% | |
| AAL | Sell | AMERICAN AIRLS GROUP INC | $28,228,000 | -31.2% | 997,099 | -0.3% | 0.47% | -28.8% |
| PCYO | PURECYCLE CORP | $28,180,000 | +4.4% | 5,982,970 | 0.0% | 0.47% | +8.3% | |
| WYNN | WYNN RESORTS LTD | $27,706,000 | -3.0% | 305,668 | 0.0% | 0.46% | +0.4% | |
| IVZ | Buy | INVESCO LTD | $23,497,000 | -0.8% | 920,000 | +19.5% | 0.39% | +2.6% |
| HTZ | HERTZ GLOBAL HOLDINGS INC | $22,140,000 | +5.1% | 2,000,000 | 0.0% | 0.37% | +8.9% | |
| V | Buy | VISA INC | $21,138,000 | -1.3% | 285,000 | +1.8% | 0.35% | +2.3% |
| ARLZ | Buy | ARALEZ PHARMACEUTICALS INC | $21,120,000 | +10.9% | 6,400,000 | +19.3% | 0.35% | +14.8% |
| CSGP | Buy | COSTAR GROUP INC | $18,586,000 | +21.9% | 85,000 | +4.9% | 0.31% | +26.2% |
| DOOR | Sell | MASONITE INTL CORP NEW | $16,337,000 | -8.3% | 247,000 | -9.2% | 0.27% | -4.9% |
| BMCH | New | BMC STK HLDGS INC | $13,543,000 | – | 760,000 | +100.0% | 0.22% | – |
| ITG | Buy | INVESTMENT TECHNOLOGY GRP NE | $13,125,000 | -7.6% | 785,000 | +22.1% | 0.22% | -4.4% |
| TUESQ | Buy | TUESDAY MORNING CORP | $12,885,000 | +86.0% | 1,835,517 | +116.7% | 0.21% | +92.8% |
| PGTI | PGT INC | $11,806,000 | +4.7% | 1,146,172 | 0.0% | 0.20% | +8.3% | |
| OLLI | Buy | OLLIES BARGAIN OUTLT HLDGS I | $11,283,000 | +230.6% | 453,313 | +211.2% | 0.19% | +240.0% |
| SF | Buy | STIFEL FINL CORP | $10,221,000 | +15.1% | 325,000 | +8.3% | 0.17% | +19.7% |
| APC | ANADARKO PETE CORP | $9,981,000 | +14.3% | 187,444 | 0.0% | 0.17% | +18.6% | |
| DKS | New | DICKS SPORTING GOODS INC | $9,012,000 | – | 200,000 | +100.0% | 0.15% | – |
| NFX | NEWFIELD EXPL CO | $8,946,000 | +32.9% | 202,500 | 0.0% | 0.15% | +37.0% | |
| UNP | New | UNION PAC CORP | $8,725,000 | – | 100,000 | +100.0% | 0.14% | – |
| XHR | New | XENIA HOTELS & RESORTS INC | $7,957,000 | – | 474,211 | +100.0% | 0.13% | – |
| ICE | INTERCONTINENTAL EXCHANGE IN | $7,679,000 | +8.9% | 30,000 | 0.0% | 0.13% | +12.4% | |
| CMA | Buy | COMERICA INC | $7,214,000 | +8.9% | 175,400 | +0.2% | 0.12% | +13.2% |
| PRSC | PROVIDENCE SVC CORP | $6,735,000 | -12.1% | 150,066 | 0.0% | 0.11% | -8.9% | |
| FRC | FIRST REP BK SAN FRANCISCO C | $5,599,000 | +5.0% | 80,000 | 0.0% | 0.09% | +9.4% | |
| WBS | Buy | WEBSTER FINL CORP CONN | $5,432,000 | +28.6% | 160,000 | +36.0% | 0.09% | +32.4% |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $5,371,000 | +36.3% | 430,000 | +28.4% | 0.09% | +41.3% |
| PRTY | Buy | PARTY CITY HOLDCO INC | $5,150,000 | +126.3% | 370,273 | +144.7% | 0.08% | +136.1% |
| JBLU | New | JETBLUE AIRWAYS CORP | $4,968,000 | – | 300,000 | +100.0% | 0.08% | – |
| GWR | Sell | GENESEE & WYO INCcl a | $4,797,000 | -83.8% | 81,382 | -82.7% | 0.08% | -83.1% |
| QTWO | Q2 HLDGS INC | $4,623,000 | +16.5% | 165,000 | 0.0% | 0.08% | +20.3% | |
| CSX | New | CSX CORP | $3,912,000 | – | 150,000 | +100.0% | 0.06% | – |
| PNK | New | PINNACLE ENTMT INC NEW | $3,473,000 | – | 313,428 | +100.0% | 0.06% | – |
| LL | New | LUMBER LIQUIDATORS HLDGS INC | $3,470,000 | – | 225,000 | +100.0% | 0.06% | – |
| ABC | New | AMERISOURCEBERGEN CORP | $2,633,000 | – | 33,198 | +100.0% | 0.04% | – |
| RMGN | RMG NETWORKS HLDG CORP | $2,510,000 | -17.1% | 2,587,293 | 0.0% | 0.04% | -14.3% | |
| RRTS | New | ROADRUNNER TRNSN SVCS HLDG I | $2,462,000 | – | 330,000 | +100.0% | 0.04% | – |
| SPWH | New | SPORTSMANS WHSE HLDGS INC | $1,894,000 | – | 235,000 | +100.0% | 0.03% | – |
| CSBR | Sell | CHAMPIONS ONCOLOGY INC | $1,713,000 | -43.5% | 796,900 | -4.4% | 0.03% | -42.9% |
| CTRP | Sell | CTRIP COM INTL LTD | $1,648,000 | -96.5% | 40,000 | -96.2% | 0.03% | -96.4% |
| DVD | DOVER MOTORSPORTS INC | $1,458,000 | -4.4% | 671,931 | 0.0% | 0.02% | 0.0% | |
| MLCO | MELCO CROWN ENTMT LTDadr | $1,258,000 | -23.8% | 100,000 | 0.0% | 0.02% | -19.2% | |
| MMYT | Sell | MAKEMYTRIP LIMITED MAURITIUS | $817,000 | -43.5% | 54,973 | -31.3% | 0.01% | -39.1% |
| FMD | FIRST MARBLEHEAD CORP | $292,000 | +28.1% | 60,000 | 0.0% | 0.01% | +25.0% | |
| GDEN | Exit | GOLDEN ENTMT INC | $0 | – | -253,887 | -100.0% | -0.04% | – |
| FCX | Exit | FREEPORT-MCMORAN INCcl b | $0 | – | -472,500 | -100.0% | -0.08% | – |
| APAM | Exit | ARTISAN PARTNERS ASSET MGMTcl a | $0 | – | -175,000 | -100.0% | -0.09% | – |
| SPLS | Exit | STAPLES INC | $0 | – | -650,000 | -100.0% | -0.12% | – |
| STT | Exit | STATE STR CORP | $0 | – | -180,000 | -100.0% | -0.17% | – |
| PAGP | Exit | PLAINS GP HLDGS L P | $0 | – | -1,299,974 | -100.0% | -0.18% | – |
| VA | Exit | VIRGIN AMER INC | $0 | – | -790,000 | -100.0% | -0.49% | – |
| CLH | Exit | CLEAN HARBORS INC | $0 | – | -700,000 | -100.0% | -0.55% | – |
| URI | Exit | UNITED RENTALS INC | $0 | – | -755,000 | -100.0% | -0.75% | – |
| GM | Exit | GENERAL MTRS CO | $0 | – | -2,503,550 | -100.0% | -1.26% | – |
| PNK | Exit | PINNACLE ENTMT INC | $0 | – | -2,375,058 | -100.0% | -1.34% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2016-08-15
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.