$8.9 Billion is the total value of Par Capital Management's 85 reported holdings in Q2 2017. The portfolio turnover from Q1 2017 to Q2 2017 was 26.0% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | UNITED CONTL HLDGS INC | $1,226,177,000 | +6.5% | 16,294,711 | 0.0% | 13.77% | -1.6% | |
| EXPE | Buy | EXPEDIA INC DEL | $1,164,042,000 | +18.1% | 7,814,983 | +0.0% | 13.07% | +9.1% |
| DAL | Buy | DELTA AIR LINES INC DEL | $702,157,000 | +38.1% | 13,065,809 | +18.1% | 7.89% | +27.6% |
| MCK | Buy | MCKESSON CORP | $537,421,000 | +35.3% | 3,266,200 | +21.9% | 6.04% | +25.0% |
| CI | Sell | CIGNA CORPORATION | $451,953,000 | -10.6% | 2,700,000 | -21.7% | 5.08% | -17.4% |
| LUV | SOUTHWEST AIRLS CO | $349,115,000 | +15.6% | 5,618,200 | 0.0% | 3.92% | +6.8% | |
| GRUB | GRUBHUB INC | $292,861,000 | +32.6% | 6,717,000 | 0.0% | 3.29% | +22.5% | |
| PCLN | PRICELINE GRP INC | $258,141,000 | +5.1% | 138,005 | 0.0% | 2.90% | -2.9% | |
| BYD | BOYD GAMING CORP | $229,659,000 | +12.7% | 9,256,701 | 0.0% | 2.58% | +4.2% | |
| ALK | Sell | ALASKA AIR GROUP INC | $224,400,000 | -46.0% | 2,500,000 | -44.5% | 2.52% | -50.1% |
| Z | ZILLOW GROUP INCcl c cap stk | $190,259,000 | +45.6% | 3,882,041 | 0.0% | 2.14% | +34.5% | |
| CAR | Buy | AVIS BUDGET GROUP | $178,362,000 | +30.5% | 6,540,608 | +41.5% | 2.00% | +20.5% |
| GLPI | GAMING & LEISURE PPTYS INC | $175,045,000 | +12.7% | 4,646,797 | 0.0% | 1.97% | +4.1% | |
| HCA | HCA HEALTHCARE INC | $174,400,000 | -2.0% | 2,000,000 | 0.0% | 1.96% | -9.4% | |
| OC | Sell | OWENS CORNING NEW | $163,603,000 | +4.3% | 2,444,762 | -4.3% | 1.84% | -3.6% |
| ERI | Buy | ELDORADO RESORTS INC | $149,496,000 | +96.7% | 7,474,779 | +86.2% | 1.68% | +81.7% |
| CHDN | CHURCHILL DOWNS INC | $149,053,000 | +15.4% | 813,165 | 0.0% | 1.67% | +6.6% | |
| TRVG | Buy | TRIVAGO N V | $147,496,000 | +101.4% | 6,234,000 | +10.9% | 1.66% | +86.2% |
| MGM | Sell | MGM RESORTS INTERNATIONAL | $123,433,000 | -35.1% | 3,944,800 | -43.2% | 1.39% | -40.1% |
| TPX | TEMPUR SEALY INTL INC | $109,343,000 | +14.9% | 2,048,000 | 0.0% | 1.23% | +6.1% | |
| ENT | GLOBAL EAGLE ENTMT INC | $103,173,000 | +11.6% | 28,981,072 | 0.0% | 1.16% | +3.1% | |
| TRIP | Sell | TRIPADVISOR INC | $102,971,000 | -49.9% | 2,695,569 | -43.3% | 1.16% | -53.6% |
| WMB | Sell | WILLIAMS COS INC DEL | $102,498,000 | -17.3% | 3,385,000 | -19.2% | 1.15% | -23.6% |
| TRUE | TRUECAR INC | $96,231,000 | +28.8% | 4,828,447 | 0.0% | 1.08% | +19.1% | |
| AAL | AMERICAN AIRLS GROUP INC | $83,851,000 | +19.0% | 1,666,351 | 0.0% | 0.94% | +9.9% | |
| ZG | ZILLOW GROUP INCcl a | $79,019,000 | +44.5% | 1,617,910 | 0.0% | 0.89% | +33.5% | |
| CHGG | Sell | CHEGG INC | $76,706,000 | +4.4% | 6,241,298 | -28.3% | 0.86% | -3.5% |
| JBLU | JETBLUE AIRWAYS CORP | $72,903,000 | +10.8% | 3,193,290 | 0.0% | 0.82% | +2.4% | |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $68,420,000 | +65.0% | 3,738,776 | +113.6% | 0.77% | +52.4% |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $67,719,000 | -34.4% | 5,888,576 | 0.0% | 0.76% | -39.4% | |
| WEX | Buy | WEX INC | $67,776,000 | +33.4% | 650,000 | +32.4% | 0.76% | +23.1% |
| DY | Buy | DYCOM INDS INC | $67,140,000 | +2.5% | 750,000 | +6.4% | 0.75% | -5.4% |
| CSX | CSX CORP | $61,653,000 | +17.2% | 1,130,000 | 0.0% | 0.69% | +8.3% | |
| CONN | Buy | CONNS INC | $57,300,000 | +131.4% | 3,000,000 | +6.0% | 0.64% | +114.0% |
| RRR | Buy | RED ROCK RESORTS INCcl a | $55,626,000 | +33.4% | 2,362,032 | +25.7% | 0.62% | +23.3% |
| WMS | ADVANCED DRAIN SYS INC DEL | $55,014,000 | -8.2% | 2,737,000 | 0.0% | 0.62% | -15.2% | |
| HRI | HERC HLDGS INC | $51,470,000 | -19.6% | 1,309,000 | 0.0% | 0.58% | -25.7% | |
| PCYO | PURECYCLE CORP | $46,368,000 | +39.6% | 5,982,970 | 0.0% | 0.52% | +29.0% | |
| SERV | SERVICEMASTER GLOBAL HLDGS I | $42,031,000 | -6.1% | 1,072,500 | 0.0% | 0.47% | -13.2% | |
| WLL | Buy | WHITING PETE CORP NEW | $41,683,000 | -25.5% | 7,565,000 | +27.9% | 0.47% | -31.2% |
| CP | CANADIAN PAC RY LTD | $39,632,000 | +9.5% | 246,450 | 0.0% | 0.44% | +1.1% | |
| PENN | Sell | PENN NATL GAMING INC | $38,694,000 | -29.0% | 1,808,113 | -38.9% | 0.44% | -34.4% |
| V | VISA INC | $37,512,000 | +5.5% | 400,000 | 0.0% | 0.42% | -2.5% | |
| DOOR | Buy | MASONITE INTL CORP NEW | $35,863,000 | +19.1% | 475,000 | +25.0% | 0.40% | +10.1% |
| CSGP | COSTAR GROUP INC | $30,314,000 | +27.2% | 115,000 | 0.0% | 0.34% | +17.2% | |
| RAD | RITE AID CORP | $26,550,000 | -30.6% | 9,000,000 | 0.0% | 0.30% | -35.9% | |
| EXP | EAGLE MATERIALS INC | $25,395,000 | -4.9% | 274,781 | 0.0% | 0.28% | -12.0% | |
| SEMG | Buy | SEMGROUP CORPcl a | $23,695,000 | +37.8% | 877,600 | +83.8% | 0.27% | +27.3% |
| BMCH | Buy | BMC STK HLDGS INC | $21,308,000 | +4.2% | 975,200 | +7.7% | 0.24% | -4.0% |
| PRSC | Sell | PROVIDENCE SVC CORP | $17,714,000 | -20.3% | 350,000 | -30.0% | 0.20% | -26.3% |
| ORLY | New | O REILLY AUTOMOTIVE INC NEW | $16,406,000 | – | 75,000 | +100.0% | 0.18% | – |
| PGTI | PGT INNOVATIONS INC | $14,866,000 | +19.1% | 1,161,394 | 0.0% | 0.17% | +9.9% | |
| TREE | LENDINGTREE INC NEW | $14,201,000 | +37.4% | 82,469 | 0.0% | 0.16% | +27.0% | |
| TVTY | New | TIVITY HEALTH INC | $13,549,000 | – | 340,000 | +100.0% | 0.15% | – |
| THC | Buy | TENET HEALTHCARE CORP | $11,604,000 | +19.1% | 600,000 | +9.1% | 0.13% | +10.2% |
| APC | New | ANADARKO PETE CORP | $11,562,000 | – | 255,000 | +100.0% | 0.13% | – |
| CACQ | New | CAESARS ACQUISITION COcl a | $10,682,000 | – | 560,719 | +100.0% | 0.12% | – |
| STMP | New | STAMPS COM INC | $10,178,000 | – | 65,717 | +100.0% | 0.11% | – |
| SEM | Buy | SELECT MED HLDGS CORP | $9,474,000 | +34.7% | 617,208 | +17.1% | 0.11% | +23.3% |
| BCEI | New | BONANZA CREEK ENERGY INC | $9,282,000 | – | 292,700 | +100.0% | 0.10% | – |
| SYF | New | SYNCHRONY FINL | $8,946,000 | – | 300,000 | +100.0% | 0.10% | – |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $8,684,000 | +2.9% | 520,000 | +5.1% | 0.10% | -4.9% |
| ARLZ | ARALEZ PHARMACEUTICALS INC | $8,640,000 | -36.9% | 6,400,000 | 0.0% | 0.10% | -41.6% | |
| TUESQ | Buy | TUESDAY MORNING CORP | $8,433,000 | -48.2% | 4,438,200 | +2.3% | 0.10% | -52.0% |
| WBS | WEBSTER FINL CORP CONN | $8,355,000 | +4.4% | 160,000 | 0.0% | 0.09% | -3.1% | |
| FRC | FIRST REP BK SAN FRANCISCO C | $8,008,000 | +6.7% | 80,000 | 0.0% | 0.09% | -1.1% | |
| QTWO | Q2 HLDGS INC | $6,097,000 | +6.0% | 165,000 | 0.0% | 0.07% | -2.9% | |
| FB | FACEBOOK INCcl a | $6,039,000 | +6.3% | 40,000 | 0.0% | 0.07% | -1.4% | |
| GRPN | New | GROUPON INC | $5,299,000 | – | 1,380,000 | +100.0% | 0.06% | – |
| XON | INTREXON CORP | $4,250,000 | +21.6% | 176,410 | 0.0% | 0.05% | +14.3% | |
| OLLI | Sell | OLLIES BARGAIN OUTLT HLDGS I | $3,266,000 | -76.2% | 76,665 | -81.3% | 0.04% | -77.8% |
| RATE | BANKRATE INC DEL | $2,683,000 | +33.2% | 208,794 | 0.0% | 0.03% | +25.0% | |
| CTRP | CTRIP COM INTL LTD | $2,154,000 | +9.6% | 40,000 | 0.0% | 0.02% | 0.0% | |
| EHTH | New | EHEALTH INC | $1,410,000 | – | 75,000 | +100.0% | 0.02% | – |
| DVD | DOVER MOTORSPORTS INC | $1,411,000 | -4.5% | 671,931 | 0.0% | 0.02% | -11.1% | |
| CVNA | New | CARVANA COcl a | $1,050,000 | – | 51,300 | +100.0% | 0.01% | – |
| PNK | Sell | PINNACLE ENTMT INC NEW | $1,005,000 | -83.6% | 50,854 | -83.8% | 0.01% | -85.1% |
| HUBS | Buy | HUBSPOT INC | $658,000 | +171.9% | 10,000 | +150.0% | 0.01% | +133.3% |
| VLRS | Sell | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $503,000 | -85.6% | 34,600 | -86.2% | 0.01% | -85.7% |
| TWLO | New | TWILIO INCcl a | $437,000 | – | 15,000 | +100.0% | 0.01% | – |
| BV | BAZAARVOICE INC | $446,000 | +15.2% | 90,000 | 0.0% | 0.01% | 0.0% | |
| NCI | New | NAVIGANT CONSULTING INC | $237,000 | – | 12,000 | +100.0% | 0.00% | – |
| WIX | WIX COM LTD | $278,000 | +2.2% | 4,000 | 0.0% | 0.00% | 0.0% | |
| CCRN | New | CROSS CTRY HEALTHCARE INC | $310,000 | – | 24,000 | +100.0% | 0.00% | – |
| BV | New | BAZAARVOICE INCput | $147,000 | – | 30,000 | +100.0% | 0.00% | – |
| RHI | Exit | ROBERT HALF INTL INC | $0 | – | -5,000 | -100.0% | -0.00% | – |
| RRTS | Exit | ROADRUNNER TRNSN SVCS HLDG I | $0 | – | -63,000 | -100.0% | -0.01% | – |
| SGY | Exit | STONE ENERGY CORP | $0 | – | -288,141 | -100.0% | -0.08% | – |
| PIR | Exit | PIER 1 IMPORTS INC | $0 | – | -890,400 | -100.0% | -0.08% | – |
| XHR | Exit | XENIA HOTELS & RESORTS INC | $0 | – | -474,211 | -100.0% | -0.10% | – |
| ISLE | Exit | ISLE OF CAPRI CASINOS INC | $0 | – | -4,046,000 | -100.0% | -1.30% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2017-08-14
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 | 41 | Q2 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 41 | Q2 2023 | 14.3% |
| TRIPADVISOR INC | 41 | Q2 2023 | 14.4% |
| ALASKA AIR GROUP INC | 41 | Q2 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 37 | Q2 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 36 | Q2 2023 | 24.2% |
| WEX INC | 35 | Q2 2023 | 12.6% |
| SOUTHWEST AIRLS CO | 35 | Q2 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 34 | Q2 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 | 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 |
| 13F-HR | 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.