$8.23 Billion is the total value of Par Capital Management's 77 reported holdings in Q1 2017. The portfolio turnover from Q4 2016 to Q1 2017 was 34.7% .
Value | Shares | ↓ Weighting | ||||||
---|---|---|---|---|---|---|---|---|
UAL | UNITED CONTL HLDGS INC | $1,151,058,000 | -3.1% | 16,294,711 | 0.0% | 13.99% | -9.9% | |
EXPE | Buy | EXPEDIA INC DEL | $985,764,000 | +22.6% | 7,812,983 | +10.0% | 11.98% | +14.0% |
DAL | DELTA AIR LINES INC DEL | $508,585,000 | -6.6% | 11,065,809 | 0.0% | 6.18% | -13.1% | |
CI | Buy | CIGNA CORPORATION | $505,391,000 | +11.4% | 3,450,000 | +1.5% | 6.14% | +3.6% |
ALK | ALASKA AIR GROUP INC | $415,208,000 | +3.9% | 4,502,364 | 0.0% | 5.05% | -3.4% | |
MCK | Buy | MCKESSON CORP | $397,337,000 | +41.4% | 2,680,000 | +34.0% | 4.83% | +31.5% |
LUV | SOUTHWEST AIRLS CO | $302,034,000 | +7.9% | 5,618,200 | 0.0% | 3.67% | +0.3% | |
PCLN | PRICELINE GRP INC | $245,645,000 | +21.4% | 138,005 | 0.0% | 2.99% | +12.9% | |
GRUB | Buy | GRUBHUB INC | $220,922,000 | +7.7% | 6,717,000 | +23.1% | 2.68% | +0.1% |
TRIP | Buy | TRIPADVISOR INC | $205,355,000 | +35.9% | 4,757,990 | +46.0% | 2.50% | +26.3% |
BYD | Buy | BOYD GAMING CORP | $203,740,000 | +10.4% | 9,256,701 | +1.1% | 2.48% | +2.6% |
MGM | Buy | MGM RESORTS INTERNATIONAL | $190,288,000 | -0.7% | 6,944,800 | +4.5% | 2.31% | -7.6% |
HCA | HCA HOLDINGS INC | $177,980,000 | +20.2% | 2,000,000 | 0.0% | 2.16% | +11.8% | |
OC | Sell | OWENS CORNING NEW | $156,786,000 | +16.5% | 2,554,762 | -2.1% | 1.91% | +8.4% |
GLPI | Buy | GAMING & LEISURE PPTYS INC | $155,296,000 | +10.3% | 4,646,797 | +1.1% | 1.89% | +2.6% |
CAR | Buy | AVIS BUDGET GROUP | $136,718,000 | +168.9% | 4,621,960 | +233.5% | 1.66% | +149.9% |
Z | ZILLOW GROUP INCcl c cap stk | $130,708,000 | -7.7% | 3,882,041 | 0.0% | 1.59% | -14.2% | |
CHDN | CHURCHILL DOWNS INC | $129,171,000 | +5.6% | 813,165 | 0.0% | 1.57% | -1.8% | |
WMB | Buy | WILLIAMS COS INC DEL | $123,982,000 | +54.3% | 4,190,000 | +62.4% | 1.51% | +43.5% |
ISLE | ISLE OF CAPRI CASINOS INC | $106,653,000 | +6.8% | 4,046,000 | 0.0% | 1.30% | -0.8% | |
HTZGQ | New | HERTZ GLOBAL HLDGS INC | $103,286,000 | – | 5,888,576 | +100.0% | 1.26% | – |
TPX | New | TEMPUR SEALY INTL INC | $95,150,000 | – | 2,048,000 | +100.0% | 1.16% | – |
ENT | GLOBAL EAGLE ENTMT INC | $92,450,000 | -50.6% | 28,981,072 | 0.0% | 1.12% | -54.1% | |
ERI | Sell | ELDORADO RESORTS INC | $75,984,000 | -3.9% | 4,015,000 | -13.9% | 0.92% | -10.6% |
TRUE | Sell | TRUECAR INC | $74,696,000 | +21.2% | 4,828,447 | -2.0% | 0.91% | +12.8% |
CHGG | CHEGG INC | $73,450,000 | +14.4% | 8,702,598 | 0.0% | 0.89% | +6.3% | |
TRVG | Buy | TRIVAGO N V | $73,245,000 | +256.2% | 5,621,290 | +221.2% | 0.89% | +230.9% |
AAL | AMERICAN AIRLS GROUP INC | $70,487,000 | -9.4% | 1,666,351 | 0.0% | 0.86% | -15.7% | |
JBLU | Sell | JETBLUE AIRWAYS CORP | $65,814,000 | -10.8% | 3,193,290 | -3.0% | 0.80% | -17.1% |
DY | Buy | DYCOM INDS INC | $65,530,000 | +16.6% | 705,000 | +0.7% | 0.80% | +8.4% |
HRI | Buy | HERC HLDGS INC | $63,997,000 | +22.7% | 1,309,000 | +0.8% | 0.78% | +14.1% |
WMS | Buy | ADVANCED DRAIN SYS INC DEL | $59,940,000 | +12.3% | 2,737,000 | +5.7% | 0.73% | +4.4% |
WLL | Buy | WHITING PETE CORP NEW | $55,956,000 | +35.9% | 5,915,000 | +72.7% | 0.68% | +26.4% |
ZG | ZILLOW GROUP INCcl a | $54,702,000 | -7.2% | 1,617,910 | 0.0% | 0.66% | -13.7% | |
PENN | Sell | PENN NATL GAMING INC | $54,531,000 | +18.3% | 2,958,813 | -11.5% | 0.66% | +10.0% |
CSX | Buy | CSX CORP | $52,602,000 | +72.2% | 1,130,000 | +32.9% | 0.64% | +60.2% |
WEX | Buy | WEX INC | $50,819,000 | -3.1% | 491,000 | +4.5% | 0.62% | -9.9% |
SERV | SERVICEMASTER GLOBAL HLDGS I | $44,777,000 | +10.8% | 1,072,500 | 0.0% | 0.54% | +3.0% | |
RRR | Buy | RED ROCK RESORTS INCcl a | $41,691,000 | +65.7% | 1,879,671 | +73.2% | 0.51% | +54.1% |
IGT | Sell | INTERNATIONAL GAME TECHNOLOG | $41,475,000 | -40.9% | 1,750,000 | -36.4% | 0.50% | -45.0% |
RAD | RITE AID CORP | $38,250,000 | -48.4% | 9,000,000 | 0.0% | 0.46% | -52.1% | |
CP | Sell | CANADIAN PAC RY LTD | $36,208,000 | -57.1% | 246,450 | -58.3% | 0.44% | -60.1% |
V | Buy | VISA INC | $35,548,000 | +21.5% | 400,000 | +6.7% | 0.43% | +13.1% |
PCYO | PURECYCLE CORP | $33,205,000 | +0.9% | 5,982,970 | 0.0% | 0.40% | -6.0% | |
DOOR | Buy | MASONITE INTL CORP NEW | $30,115,000 | +71.4% | 380,000 | +42.3% | 0.37% | +59.1% |
EXP | Sell | EAGLE MATERIALS INC | $26,692,000 | -23.6% | 274,781 | -22.5% | 0.32% | -29.1% |
CONN | New | CONNS INC | $24,763,000 | – | 2,830,000 | +100.0% | 0.30% | – |
CSGP | COSTAR GROUP INC | $23,830,000 | +9.9% | 115,000 | 0.0% | 0.29% | +2.5% | |
PRSC | PROVIDENCE SVC CORP | $22,220,000 | +16.8% | 500,000 | 0.0% | 0.27% | +8.4% | |
BMCH | Buy | BMC STK HLDGS INC | $20,458,000 | +30.3% | 905,200 | +12.4% | 0.25% | +21.5% |
SEMG | Buy | SEMGROUP CORPcl a | $17,190,000 | +9.1% | 477,500 | +26.5% | 0.21% | +1.5% |
TUESQ | Buy | TUESDAY MORNING CORP | $16,268,000 | -14.0% | 4,338,114 | +23.8% | 0.20% | -19.8% |
OLLI | Buy | OLLIES BARGAIN OUTLT HLDGS I | $13,710,000 | +25.4% | 409,265 | +6.5% | 0.17% | +16.8% |
ARLZ | ARALEZ PHARMACEUTICALS INC | $13,696,000 | -51.5% | 6,400,000 | 0.0% | 0.17% | -55.0% | |
PGTI | Buy | PGT INNOVATIONS INC | $12,485,000 | -4.9% | 1,161,394 | +1.3% | 0.15% | -11.6% |
TREE | LENDINGTREE INC NEW | $10,337,000 | +23.7% | 82,469 | 0.0% | 0.13% | +15.6% | |
THC | New | TENET HEALTHCARE CORP | $9,741,000 | – | 550,000 | +100.0% | 0.12% | – |
PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $8,440,000 | +13.4% | 495,000 | +10.7% | 0.10% | +6.2% |
XHR | XENIA HOTELS & RESORTS INC | $8,095,000 | -12.1% | 474,211 | 0.0% | 0.10% | -18.3% | |
WBS | WEBSTER FINL CORP CONN | $8,006,000 | -7.8% | 160,000 | 0.0% | 0.10% | -14.9% | |
FRC | FIRST REP BK SAN FRANCISCO C | $7,505,000 | +1.8% | 80,000 | 0.0% | 0.09% | -5.2% | |
SEM | New | SELECT MED HLDGS CORP | $7,036,000 | – | 527,058 | +100.0% | 0.09% | – |
PIR | New | PIER 1 IMPORTS INC | $6,375,000 | – | 890,400 | +100.0% | 0.08% | – |
SGY | New | STONE ENERGY CORP | $6,293,000 | – | 288,141 | +100.0% | 0.08% | – |
PNK | PINNACLE ENTMT INC NEW | $6,118,000 | +34.6% | 313,428 | 0.0% | 0.07% | +25.4% | |
QTWO | Q2 HLDGS INC | $5,750,000 | +20.8% | 165,000 | 0.0% | 0.07% | +12.9% | |
FB | FACEBOOK INCcl a | $5,682,000 | +23.5% | 40,000 | 0.0% | 0.07% | +15.0% | |
VLRS | Sell | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $3,485,000 | -90.6% | 250,000 | -89.9% | 0.04% | -91.4% |
XON | New | INTREXON CORP | $3,496,000 | – | 176,410 | +100.0% | 0.04% | – |
RATE | New | BANKRATE INC DEL | $2,015,000 | – | 208,794 | +100.0% | 0.02% | – |
CTRP | CTRIP COM INTL LTD | $1,966,000 | +22.9% | 40,000 | 0.0% | 0.02% | +14.3% | |
DVD | New | DOVER MOTORSPORTS INC | $1,478,000 | – | 671,931 | +100.0% | 0.02% | – |
BV | New | BAZAARVOICE INC | $387,000 | – | 90,000 | +100.0% | 0.01% | – |
RRTS | Sell | ROADRUNNER TRNSN SVCS HLDG I | $433,000 | -87.4% | 63,000 | -80.9% | 0.01% | -88.9% |
HUBS | New | HUBSPOT INC | $242,000 | – | 4,000 | +100.0% | 0.00% | – |
RHI | New | ROBERT HALF INTL INC | $244,000 | – | 5,000 | +100.0% | 0.00% | – |
WIX | New | WIX COM LTD | $272,000 | – | 4,000 | +100.0% | 0.00% | – |
WYNN | Exit | WYNN RESORTS LTD | $0 | – | -10,000 | -100.0% | -0.01% | – |
DOV | Exit | DOVER CORP | $0 | – | -671,931 | -100.0% | -0.02% | – |
ZNGA | Exit | ZYNGA INCcl a | $0 | – | -750,000 | -100.0% | -0.02% | – |
ETFC | Exit | E TRADE FINANCIAL CORP | $0 | – | -105,000 | -100.0% | -0.05% | – |
CMA | Exit | COMERICA INC | $0 | – | -94,300 | -100.0% | -0.08% | – |
ICE | Exit | INTERCONTINENTAL EXCHANGE IN | $0 | – | -225,000 | -100.0% | -0.17% | – |
ITG | Exit | INVESTMENT TECHNOLOGY GRP NE | $0 | – | -645,000 | -100.0% | -0.17% | – |
SF | Exit | STIFEL FINL CORP | $0 | – | -375,000 | -100.0% | -0.24% | – |
IVZ | Exit | INVESCO LTD | $0 | – | -1,225,000 | -100.0% | -0.49% | – |
DVA | Exit | DAVITA INC | $0 | – | -600,000 | -100.0% | -0.50% | – |
SGMS | Exit | SCIENTIFIC GAMES CORPcl a | $0 | – | -2,988,213 | -100.0% | -0.55% | – |
WCG | Exit | WELLCARE HEALTH PLANS INC | $0 | – | -473,701 | -100.0% | -0.85% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2017-05-15
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.