$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% | 16,294,711 | 0.0% | 12.35% | +11.2% | |
EXPE | Buy | EXPEDIA 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% | 11,465,809 | 0.0% | 6.52% | -6.0% | |
CI | CIGNA CORPORATION | $393,272,000 | +1.8% | 3,017,739 | 0.0% | 5.68% | -11.4% | |
ALK | ALASKA AIR GROUP INC | $299,819,000 | +13.0% | 4,552,364 | 0.0% | 4.33% | -1.7% | |
ENT | GLOBAL EAGLE ENTMT INC | $240,833,000 | +25.2% | 28,981,072 | 0.0% | 3.48% | +8.9% | |
GRUB | GRUBHUB INC | $234,510,000 | +38.4% | 5,455,000 | 0.0% | 3.39% | +20.4% | |
LUV | Buy | SOUTHWEST 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% | 1,418,586 | 0.0% | 3.00% | +0.8% | |
TRIP | Buy | TRIPADVISOR INC | $204,576,000 | -0.5% | 3,237,990 | +1.3% | 2.95% | -13.4% |
PCLN | Buy | PRICELINE GRP INC | $203,073,000 | +19.0% | 138,005 | +1.0% | 2.93% | +3.6% |
MCK | Buy | MCKESSON CORP | $176,755,000 | -5.3% | 1,060,000 | +6.0% | 2.55% | -17.6% |
MGM | MGM RESORTS INTERNATIONAL | $173,282,000 | +15.0% | 6,657,000 | 0.0% | 2.50% | +0.1% | |
BYD | Buy | BOYD 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% | 2,000,000 | 0.0% | 2.18% | -14.6% | |
OC | OWENS CORNING NEW | $138,267,000 | +3.6% | 2,589,762 | 0.0% | 2.00% | -9.8% | |
Z | ZILLOW GROUP INCcl c cap stk | $134,513,000 | -4.5% | 3,882,041 | 0.0% | 1.94% | -16.9% | |
GLPI | Sell | GAMING & LEISURE PPTYS INC | $126,089,000 | -10.0% | 3,769,478 | -7.2% | 1.82% | -21.7% |
CP | Sell | CANADIAN PAC RY LTD | $94,895,000 | +16.7% | 621,450 | -1.6% | 1.37% | +1.5% |
ISLE | Buy | ISLE OF CAPRI CASINOS INC | $83,370,000 | +117.6% | 3,741,900 | +78.9% | 1.20% | +89.3% |
WMB | Buy | WILLIAMS COS INC DEL | $75,596,000 | +98.6% | 2,460,000 | +39.8% | 1.09% | +72.8% |
IGT | Sell | INTERNATIONAL GAME TECHNOLOG | $67,045,000 | +8.1% | 2,750,000 | -16.9% | 0.97% | -5.9% |
ERI | Buy | ELDORADO RESORTS INC | $65,590,000 | +21.5% | 4,665,000 | +31.3% | 0.95% | +5.7% |
CHGG | Buy | CHEGG 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% | 2,540,000 | 0.0% | 0.88% | -23.6% | |
RAD | Buy | RITE AID CORP | $61,035,000 | +11.1% | 7,936,922 | +8.2% | 0.88% | -3.4% |
JBLU | Buy | JETBLUE 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% | 3,238,670 | 0.0% | 0.81% | -19.0% | |
ZG | ZILLOW GROUP INCcl a | $55,737,000 | -6.0% | 1,617,910 | 0.0% | 0.80% | -18.2% | |
WCG | Sell | WELLCARE HEALTH PLANS INC | $55,466,000 | -46.9% | 473,701 | -51.4% | 0.80% | -53.8% |
EXP | Buy | EAGLE MATERIALS INC | $47,986,000 | +1.8% | 620,781 | +1.6% | 0.69% | -11.4% |
TRUE | TRUECAR INC | $47,498,000 | +20.3% | 5,031,568 | 0.0% | 0.69% | +4.7% | |
CAR | AVIS BUDGET GROUP | $47,411,000 | +6.1% | 1,385,869 | 0.0% | 0.68% | -7.6% | |
WEX | Buy | WEX INC | $47,019,000 | +26.3% | 435,000 | +3.6% | 0.68% | +9.9% |
PENN | Sell | PENN NATL GAMING INC | $45,378,000 | -13.8% | 3,344,013 | -11.3% | 0.66% | -25.0% |
HRI | New | HERC HLDGS INC | $43,776,000 | – | 1,299,000 | +100.0% | 0.63% | – |
IVZ | Buy | INVESCO LTD | $38,306,000 | +63.0% | 1,225,000 | +33.2% | 0.55% | +41.8% |
DY | New | DYCOM INDS INC | $38,028,000 | – | 465,000 | +100.0% | 0.55% | – |
AAL | AMERICAN AIRLS GROUP INC | $36,504,000 | +29.3% | 997,099 | 0.0% | 0.53% | +12.6% | |
SERV | SERVICEMASTER GLOBAL HLDGS I | $36,122,000 | -15.4% | 1,072,500 | 0.0% | 0.52% | -26.3% | |
PCYO | PURECYCLE CORP | $34,342,000 | +21.9% | 5,982,970 | 0.0% | 0.50% | +6.0% | |
SGMS | Sell | SCIENTIFIC GAMES CORPcl a | $34,085,000 | -7.3% | 3,024,413 | -24.4% | 0.49% | -19.3% |
DVA | Sell | DAVITA INC | $33,035,000 | -26.9% | 500,000 | -14.4% | 0.48% | -36.4% |
ARLZ | ARALEZ PHARMACEUTICALS INC | $31,040,000 | +47.0% | 6,400,000 | 0.0% | 0.45% | +28.0% | |
WYNN | Buy | WYNN RESORTS LTD | $30,752,000 | +11.0% | 315,668 | +3.3% | 0.44% | -3.5% |
WLL | New | WHITING PETE CORP NEW | $28,842,000 | – | 3,300,000 | +100.0% | 0.42% | – |
V | VISA INC | $23,570,000 | +11.5% | 285,000 | 0.0% | 0.34% | -3.1% | |
DKS | Buy | DICKS 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% | 85,000 | 0.0% | 0.27% | -13.6% | |
DOOR | MASONITE INTL CORP NEW | $15,356,000 | -6.0% | 247,000 | 0.0% | 0.22% | -18.1% | |
TUESQ | Buy | TUESDAY 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% | 760,000 | 0.0% | 0.20% | -13.3% | |
SF | Buy | STIFEL FINL CORP | $13,458,000 | +31.7% | 350,000 | +7.7% | 0.19% | +14.1% |
OLLI | Buy | OLLIES BARGAIN OUTLT HLDGS I | $13,192,000 | +16.9% | 503,313 | +11.0% | 0.19% | +2.1% |
RRR | New | RED ROCK RESORTS INCcl a | $12,621,000 | – | 535,000 | +100.0% | 0.18% | – |
PGTI | PGT INC | $12,230,000 | +3.6% | 1,146,172 | 0.0% | 0.18% | -9.7% | |
PRSC | Buy | PROVIDENCE SVC CORP | $12,161,000 | +80.6% | 250,066 | +66.6% | 0.18% | +57.1% |
APC | ANADARKO PETE CORP | $11,876,000 | +19.0% | 187,444 | 0.0% | 0.17% | +3.0% | |
W | New | WAYFAIR INCcl a | $11,811,000 | – | 300,000 | +100.0% | 0.17% | – |
SEMG | New | SEMGROUP CORPcl a | $11,580,000 | – | 327,500 | +100.0% | 0.17% | – |
ITG | Sell | INVESTMENT 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% | 202,500 | 0.0% | 0.13% | -14.2% | |
CMA | COMERICA INC | $8,300,000 | +15.1% | 175,400 | 0.0% | 0.12% | 0.0% | |
ICE | INTERCONTINENTAL EXCHANGE IN | $8,081,000 | +5.2% | 30,000 | 0.0% | 0.12% | -7.9% | |
PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $7,751,000 | +44.3% | 455,700 | +6.0% | 0.11% | +25.8% |
CSX | Buy | CSX CORP | $7,625,000 | +94.9% | 250,000 | +66.7% | 0.11% | +69.2% |
XHR | XENIA HOTELS & RESORTS INC | $7,199,000 | -9.5% | 474,211 | 0.0% | 0.10% | -21.2% | |
FRC | FIRST REP BK SAN FRANCISCO C | $6,169,000 | +10.2% | 80,000 | 0.0% | 0.09% | -4.3% | |
WBS | WEBSTER FINL CORP CONN | $6,082,000 | +12.0% | 160,000 | 0.0% | 0.09% | -2.2% | |
H | New | HYATT HOTELS CORPput | $4,922,000 | – | 100,000 | +100.0% | 0.07% | – |
UNP | Sell | UNION PAC CORP | $4,877,000 | -44.1% | 50,000 | -50.0% | 0.07% | -51.7% |
QTWO | Q2 HLDGS INC | $4,729,000 | +2.3% | 165,000 | 0.0% | 0.07% | -11.7% | |
PIR | New | PIER 1 IMPORTS INC | $4,240,000 | – | 1,000,000 | +100.0% | 0.06% | – |
PNK | PINNACLE ENTMT INC NEW | $3,868,000 | +11.4% | 313,428 | 0.0% | 0.06% | -3.4% | |
ETFC | New | E TRADE FINANCIAL CORP | $3,058,000 | – | 105,000 | +100.0% | 0.04% | – |
ABC | AMERISOURCEBERGEN CORP | $2,682,000 | +1.9% | 33,198 | 0.0% | 0.04% | -11.4% | |
RRTS | ROADRUNNER TRNSN SVCS HLDG I | $2,633,000 | +6.9% | 330,000 | 0.0% | 0.04% | -7.3% | |
New | STONE ENERGY CORPnote 1.750% 3/0 | $2,435,000 | – | 4,509,000 | +100.0% | 0.04% | – | |
RMGN | Sell | RMG 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% | 40,000 | 0.0% | 0.03% | 0.0% | |
SPWH | Sell | SPORTSMANS WHSE HLDGS INC | $1,698,000 | -10.3% | 161,419 | -31.3% | 0.02% | -19.4% |
DOV | New | DOVER CORP | $1,660,000 | – | 671,931 | +100.0% | 0.02% | – |
MMYT | MAKEMYTRIP LIMITED MAURITIUS | $1,297,000 | +58.8% | 54,973 | 0.0% | 0.02% | +35.7% | |
CSBR | Sell | CHAMPIONS ONCOLOGY INC | $646,000 | -62.3% | 384,282 | -51.8% | 0.01% | -67.9% |
GOOGL | New | ALPHABET INCcap stk cl a | $583,000 | – | 750 | +100.0% | 0.01% | – |
FMD | Exit | FIRST MARBLEHEAD CORP | $0 | – | -60,000 | -100.0% | -0.01% | – |
MLCO | Exit | MELCO CROWN ENTMT LTDadr | $0 | – | -100,000 | -100.0% | -0.02% | – |
DVD | Exit | DOVER MOTORSPORTS INC | $0 | – | -671,931 | -100.0% | -0.02% | – |
LL | Exit | LUMBER LIQUIDATORS HLDGS INC | $0 | – | -225,000 | -100.0% | -0.06% | – |
GWR | Exit | GENESEE & WYO INCcl a | $0 | – | -81,382 | -100.0% | -0.08% | – |
PRTY | Exit | PARTY CITY HOLDCO INC | $0 | – | -370,273 | -100.0% | -0.08% | – |
HTZ | Exit | HERTZ 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
Name | Quarters owned | Latest quarter owned | Max weighting |
---|---|---|---|
EXPEDIA INC DEL | 45 | Q2 2024 | 22.2% |
DELTA AIR LINES INC DEL | 45 | Q2 2024 | 14.3% |
TRIPADVISOR INC | 45 | Q2 2024 | 14.4% |
ALASKA AIR GROUP INC | 45 | Q2 2024 | 8.2% |
CONTROLADORA VUELA COMP DE A | 41 | Q2 2024 | 1.1% |
UNITED CONTL HLDGS INC | 40 | Q2 2024 | 24.2% |
WEX INC | 39 | Q2 2024 | 13.7% |
SOUTHWEST AIRLS CO | 39 | Q2 2024 | 5.2% |
AMERICAN AIRLS GROUP INC | 38 | Q2 2024 | 5.1% |
AVIS BUDGET GROUP INC | 33 | Q2 2024 | 7.2% |
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 | 2024-08-14 |
N-PX | 2024-08-07 |
13F-HR | 2024-05-15 |
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 |
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.