Par Capital Management - Q3 2016 holdings

$6.92 Billion is the total value of Par Capital Management's 85 reported holdings in Q3 2016. The portfolio turnover from Q2 2016 to Q3 2016 was 23.8% .

 Value Shares↓ Weighting
UAL  UNITED CONTL HLDGS INC$854,983,000
+27.9%
16,294,7110.0%12.35%
+11.2%
EXPE BuyEXPEDIA INC DEL$828,715,000
+19.1%
7,100,027
+8.5%
11.97%
+3.6%
DAL  DELTA AIR LINES INC DEL$451,294,000
+8.0%
11,465,8090.0%6.52%
-6.0%
CI  CIGNA CORPORATION$393,272,000
+1.8%
3,017,7390.0%5.68%
-11.4%
ALK  ALASKA AIR GROUP INC$299,819,000
+13.0%
4,552,3640.0%4.33%
-1.7%
ENT  GLOBAL EAGLE ENTMT INC$240,833,000
+25.2%
28,981,0720.0%3.48%
+8.9%
GRUB  GRUBHUB INC$234,510,000
+38.4%
5,455,0000.0%3.39%
+20.4%
LUV BuySOUTHWEST AIRLS CO$213,631,000
+2.8%
5,493,200
+3.7%
3.08%
-10.5%
CHDN  CHURCHILL DOWNS INC$207,610,000
+15.8%
1,418,5860.0%3.00%
+0.8%
TRIP BuyTRIPADVISOR INC$204,576,000
-0.5%
3,237,990
+1.3%
2.95%
-13.4%
PCLN BuyPRICELINE GRP INC$203,073,000
+19.0%
138,005
+1.0%
2.93%
+3.6%
MCK BuyMCKESSON CORP$176,755,000
-5.3%
1,060,000
+6.0%
2.55%
-17.6%
MGM  MGM RESORTS INTERNATIONAL$173,282,000
+15.0%
6,657,0000.0%2.50%
+0.1%
BYD BuyBOYD GAMING CORP$158,422,000
+13.2%
8,009,200
+5.3%
2.29%
-1.5%
HCA  HCA HOLDINGS INC$151,260,000
-1.8%
2,000,0000.0%2.18%
-14.6%
OC  OWENS CORNING NEW$138,267,000
+3.6%
2,589,7620.0%2.00%
-9.8%
Z  ZILLOW GROUP INCcl c cap stk$134,513,000
-4.5%
3,882,0410.0%1.94%
-16.9%
GLPI SellGAMING & LEISURE PPTYS INC$126,089,000
-10.0%
3,769,478
-7.2%
1.82%
-21.7%
CP SellCANADIAN PAC RY LTD$94,895,000
+16.7%
621,450
-1.6%
1.37%
+1.5%
ISLE BuyISLE OF CAPRI CASINOS INC$83,370,000
+117.6%
3,741,900
+78.9%
1.20%
+89.3%
WMB BuyWILLIAMS COS INC DEL$75,596,000
+98.6%
2,460,000
+39.8%
1.09%
+72.8%
IGT SellINTERNATIONAL GAME TECHNOLOG$67,045,000
+8.1%
2,750,000
-16.9%
0.97%
-5.9%
ERI BuyELDORADO RESORTS INC$65,590,000
+21.5%
4,665,000
+31.3%
0.95%
+5.7%
CHGG BuyCHEGG INC$61,701,000
+41.8%
8,702,598
+0.0%
0.89%
+23.4%
WMS  ADVANCED DRAIN SYS INC DEL$61,112,000
-12.1%
2,540,0000.0%0.88%
-23.6%
RAD BuyRITE AID CORP$61,035,000
+11.1%
7,936,922
+8.2%
0.88%
-3.4%
JBLU BuyJETBLUE AIRWAYS CORP$58,487,000
+1077.3%
3,392,490
+1030.8%
0.84%
+930.5%
VLRS  CONTROLADORA VUELA CIA DE AVspon adr rp 10$56,320,000
-7.0%
3,238,6700.0%0.81%
-19.0%
ZG  ZILLOW GROUP INCcl a$55,737,000
-6.0%
1,617,9100.0%0.80%
-18.2%
WCG SellWELLCARE HEALTH PLANS INC$55,466,000
-46.9%
473,701
-51.4%
0.80%
-53.8%
EXP BuyEAGLE MATERIALS INC$47,986,000
+1.8%
620,781
+1.6%
0.69%
-11.4%
TRUE  TRUECAR INC$47,498,000
+20.3%
5,031,5680.0%0.69%
+4.7%
CAR  AVIS BUDGET GROUP$47,411,000
+6.1%
1,385,8690.0%0.68%
-7.6%
WEX BuyWEX INC$47,019,000
+26.3%
435,000
+3.6%
0.68%
+9.9%
PENN SellPENN NATL GAMING INC$45,378,000
-13.8%
3,344,013
-11.3%
0.66%
-25.0%
HRI NewHERC HLDGS INC$43,776,0001,299,000
+100.0%
0.63%
IVZ BuyINVESCO LTD$38,306,000
+63.0%
1,225,000
+33.2%
0.55%
+41.8%
DY NewDYCOM INDS INC$38,028,000465,000
+100.0%
0.55%
AAL  AMERICAN AIRLS GROUP INC$36,504,000
+29.3%
997,0990.0%0.53%
+12.6%
SERV  SERVICEMASTER GLOBAL HLDGS I$36,122,000
-15.4%
1,072,5000.0%0.52%
-26.3%
PCYO  PURECYCLE CORP$34,342,000
+21.9%
5,982,9700.0%0.50%
+6.0%
SGMS SellSCIENTIFIC GAMES CORPcl a$34,085,000
-7.3%
3,024,413
-24.4%
0.49%
-19.3%
DVA SellDAVITA INC$33,035,000
-26.9%
500,000
-14.4%
0.48%
-36.4%
ARLZ  ARALEZ PHARMACEUTICALS INC$31,040,000
+47.0%
6,400,0000.0%0.45%
+28.0%
WYNN BuyWYNN RESORTS LTD$30,752,000
+11.0%
315,668
+3.3%
0.44%
-3.5%
WLL NewWHITING PETE CORP NEW$28,842,0003,300,000
+100.0%
0.42%
V  VISA INC$23,570,000
+11.5%
285,0000.0%0.34%
-3.1%
DKS BuyDICKS SPORTING GOODS INC$19,852,000
+120.3%
350,000
+75.0%
0.29%
+91.3%
CSGP  COSTAR GROUP INC$18,405,000
-1.0%
85,0000.0%0.27%
-13.6%
DOOR  MASONITE INTL CORP NEW$15,356,000
-6.0%
247,0000.0%0.22%
-18.1%
TUESQ BuyTUESDAY MORNING CORP$13,682,000
+6.2%
2,288,000
+24.7%
0.20%
-7.5%
BMCH  BMC STK HLDGS INC$13,475,000
-0.5%
760,0000.0%0.20%
-13.3%
SF BuySTIFEL FINL CORP$13,458,000
+31.7%
350,000
+7.7%
0.19%
+14.1%
OLLI BuyOLLIES BARGAIN OUTLT HLDGS I$13,192,000
+16.9%
503,313
+11.0%
0.19%
+2.1%
RRR NewRED ROCK RESORTS INCcl a$12,621,000535,000
+100.0%
0.18%
PGTI  PGT INC$12,230,000
+3.6%
1,146,1720.0%0.18%
-9.7%
PRSC BuyPROVIDENCE SVC CORP$12,161,000
+80.6%
250,066
+66.6%
0.18%
+57.1%
APC  ANADARKO PETE CORP$11,876,000
+19.0%
187,4440.0%0.17%
+3.0%
W NewWAYFAIR INCcl a$11,811,000300,000
+100.0%
0.17%
SEMG NewSEMGROUP CORPcl a$11,580,000327,500
+100.0%
0.17%
ITG SellINVESTMENT TECHNOLOGY GRP NE$11,141,000
-15.1%
650,000
-17.2%
0.16%
-26.1%
NFX  NEWFIELD EXPL CO$8,801,000
-1.6%
202,5000.0%0.13%
-14.2%
CMA  COMERICA INC$8,300,000
+15.1%
175,4000.0%0.12%0.0%
ICE  INTERCONTINENTAL EXCHANGE IN$8,081,000
+5.2%
30,0000.0%0.12%
-7.9%
PFSI BuyPENNYMAC FINL SVCS INCcl a$7,751,000
+44.3%
455,700
+6.0%
0.11%
+25.8%
CSX BuyCSX CORP$7,625,000
+94.9%
250,000
+66.7%
0.11%
+69.2%
XHR  XENIA HOTELS & RESORTS INC$7,199,000
-9.5%
474,2110.0%0.10%
-21.2%
FRC  FIRST REP BK SAN FRANCISCO C$6,169,000
+10.2%
80,0000.0%0.09%
-4.3%
WBS  WEBSTER FINL CORP CONN$6,082,000
+12.0%
160,0000.0%0.09%
-2.2%
H NewHYATT HOTELS CORPput$4,922,000100,000
+100.0%
0.07%
UNP SellUNION PAC CORP$4,877,000
-44.1%
50,000
-50.0%
0.07%
-51.7%
QTWO  Q2 HLDGS INC$4,729,000
+2.3%
165,0000.0%0.07%
-11.7%
PIR NewPIER 1 IMPORTS INC$4,240,0001,000,000
+100.0%
0.06%
PNK  PINNACLE ENTMT INC NEW$3,868,000
+11.4%
313,4280.0%0.06%
-3.4%
ETFC NewE TRADE FINANCIAL CORP$3,058,000105,000
+100.0%
0.04%
ABC  AMERISOURCEBERGEN CORP$2,682,000
+1.9%
33,1980.0%0.04%
-11.4%
RRTS  ROADRUNNER TRNSN SVCS HLDG I$2,633,000
+6.9%
330,0000.0%0.04%
-7.3%
NewSTONE ENERGY CORPnote 1.750% 3/0$2,435,0004,509,000
+100.0%
0.04%
RMGN SellRMG NETWORKS HLDG CORP$1,916,000
-23.7%
2,177,434
-15.8%
0.03%
-33.3%
CTRP  CTRIP COM INTL LTD$1,863,000
+13.0%
40,0000.0%0.03%0.0%
SPWH SellSPORTSMANS WHSE HLDGS INC$1,698,000
-10.3%
161,419
-31.3%
0.02%
-19.4%
DOV NewDOVER CORP$1,660,000671,931
+100.0%
0.02%
MMYT  MAKEMYTRIP LIMITED MAURITIUS$1,297,000
+58.8%
54,9730.0%0.02%
+35.7%
CSBR SellCHAMPIONS ONCOLOGY INC$646,000
-62.3%
384,282
-51.8%
0.01%
-67.9%
GOOGL NewALPHABET INCcap stk cl a$583,000750
+100.0%
0.01%
FMD ExitFIRST MARBLEHEAD CORP$0-60,000
-100.0%
-0.01%
MLCO ExitMELCO CROWN ENTMT LTDadr$0-100,000
-100.0%
-0.02%
DVD ExitDOVER MOTORSPORTS INC$0-671,931
-100.0%
-0.02%
LL ExitLUMBER LIQUIDATORS HLDGS INC$0-225,000
-100.0%
-0.06%
GWR ExitGENESEE & WYO INCcl a$0-81,382
-100.0%
-0.08%
PRTY ExitPARTY CITY HOLDCO INC$0-370,273
-100.0%
-0.08%
HTZ ExitHERTZ GLOBAL HOLDINGS INC$0-2,000,000
-100.0%
-0.37%
Original filings

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

  • View 13F-HR filed 2016-11-14
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 Q3 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