$8.95 Billion is the total value of Par Capital Management's 78 reported holdings in Q4 2017. The portfolio turnover from Q3 2017 to Q4 2017 was 31.7% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | Sell | UNITED CONTL HLDGS INC | $1,037,903,000 | -14.5% | 15,399,152 | -22.7% | 11.60% | -15.8% |
| EXPE | Buy | EXPEDIA INC DEL | $954,470,000 | -15.1% | 7,969,191 | +2.1% | 10.67% | -16.5% |
| DAL | Sell | DELTA AIR LINES INC DEL | $731,125,000 | +15.6% | 13,055,809 | -0.4% | 8.17% | +13.8% |
| MCK | Buy | MCKESSON CORP | $651,325,000 | +12.3% | 4,176,500 | +10.6% | 7.28% | +10.5% |
| GRUB | Sell | GRUBHUB INC | $356,724,000 | +13.1% | 4,968,300 | -17.1% | 3.99% | +11.2% |
| LUV | Sell | SOUTHWEST AIRLS CO | $316,961,000 | +0.7% | 4,842,800 | -13.9% | 3.54% | -1.0% |
| CAR | Sell | AVIS BUDGET GROUP | $271,249,000 | +11.3% | 6,181,608 | -3.4% | 3.03% | +9.5% |
| ERI | ELDORADO RESORTS INC | $247,789,000 | +29.2% | 7,474,779 | 0.0% | 2.77% | +27.2% | |
| PCLN | PRICELINE GRP INC | $239,817,000 | -5.1% | 138,005 | 0.0% | 2.68% | -6.6% | |
| BYD | Sell | BOYD GAMING CORP | $239,185,000 | -0.8% | 6,824,101 | -26.3% | 2.67% | -2.4% |
| CI | Sell | CIGNA CORPORATION | $203,090,000 | -27.6% | 1,000,000 | -33.3% | 2.27% | -28.8% |
| CHDN | CHURCHILL DOWNS INC | $189,223,000 | +12.9% | 813,165 | 0.0% | 2.12% | +11.0% | |
| ALK | ALASKA AIR GROUP INC | $183,775,000 | -3.6% | 2,500,000 | 0.0% | 2.05% | -5.2% | |
| OC | Sell | OWENS CORNING NEW | $178,457,000 | +7.3% | 1,941,015 | -9.8% | 2.00% | +5.6% |
| HCA | HCA HEALTHCARE INC | $175,680,000 | +10.4% | 2,000,000 | 0.0% | 1.96% | +8.6% | |
| GLPI | GAMING & LEISURE PPTYS INC | $171,931,000 | +0.3% | 4,646,797 | 0.0% | 1.92% | -1.3% | |
| Z | ZILLOW GROUP INCcl c cap stk | $158,853,000 | +1.8% | 3,882,041 | 0.0% | 1.78% | +0.2% | |
| RRR | Buy | RED ROCK RESORTS INCcl a | $141,641,000 | +54.9% | 4,198,000 | +6.3% | 1.58% | +52.4% |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $130,138,000 | -1.2% | 5,888,576 | 0.0% | 1.46% | -2.7% | |
| TPX | TEMPUR SEALY INTL INC | $128,389,000 | -2.8% | 2,048,000 | 0.0% | 1.44% | -4.4% | |
| TRIP | Buy | TRIPADVISOR INC | $114,289,000 | +4.6% | 3,316,569 | +23.0% | 1.28% | +3.0% |
| DY | Buy | DYCOM INDS INC | $113,881,000 | +32.6% | 1,022,000 | +2.2% | 1.27% | +30.4% |
| CONN | Sell | CONNS INC | $107,628,000 | +25.8% | 3,027,500 | -0.4% | 1.20% | +23.8% |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $103,418,000 | +9.9% | 3,901,099 | +1.8% | 1.16% | +8.1% |
| CHGG | CHEGG INC | $101,858,000 | +10.0% | 6,241,298 | 0.0% | 1.14% | +8.3% | |
| MGM | MGM RESORTS INTERNATIONAL | $98,925,000 | +2.5% | 2,962,700 | 0.0% | 1.11% | +0.8% | |
| WEX | Buy | WEX INC | $96,743,000 | +30.6% | 685,000 | +3.8% | 1.08% | +28.5% |
| HRI | HERC HLDGS INC | $83,209,000 | +27.4% | 1,329,000 | 0.0% | 0.93% | +25.3% | |
| CZR | New | CAESARS ENTMT CORP | $75,900,000 | – | 6,000,000 | +100.0% | 0.85% | – |
| WLL | New | WHITING PETE CORP NEW | $74,773,000 | – | 2,823,750 | +100.0% | 0.84% | – |
| STMP | Buy | STAMPS COM INC | $73,643,000 | +78.4% | 391,717 | +92.3% | 0.82% | +75.5% |
| WMB | Buy | WILLIAMS COS INC DEL | $71,956,000 | +2.7% | 2,360,000 | +1.1% | 0.80% | +1.0% |
| JBLU | JETBLUE AIRWAYS CORP | $71,338,000 | +20.6% | 3,193,290 | 0.0% | 0.80% | +18.6% | |
| AAL | Sell | AMERICAN AIRLS GROUP INC | $68,620,000 | -13.3% | 1,318,851 | -20.9% | 0.77% | -14.7% |
| ENT | GLOBAL EAGLE ENTMT INC | $66,367,000 | -33.0% | 28,981,072 | 0.0% | 0.74% | -34.1% | |
| ZG | ZILLOW GROUP INCcl a | $65,914,000 | +1.5% | 1,617,910 | 0.0% | 0.74% | -0.1% | |
| WMS | ADVANCED DRAIN SYS INC DEL | $65,277,000 | +17.8% | 2,737,000 | 0.0% | 0.73% | +15.9% | |
| PENN | PENN NATL GAMING INC | $56,648,000 | +33.9% | 1,808,113 | 0.0% | 0.63% | +31.6% | |
| SERV | SERVICEMASTER GLOBAL HLDGS I | $54,987,000 | +9.7% | 1,072,500 | 0.0% | 0.62% | +8.1% | |
| DOOR | MASONITE INTL CORP NEW | $54,791,000 | +7.2% | 738,926 | 0.0% | 0.61% | +5.3% | |
| TRUE | TRUECAR INC | $54,079,000 | -29.1% | 4,828,447 | 0.0% | 0.60% | -30.3% | |
| PCYO | PURECYCLE CORP | $49,958,000 | +11.3% | 5,982,970 | 0.0% | 0.56% | +9.4% | |
| V | VISA INC | $45,608,000 | +8.3% | 400,000 | 0.0% | 0.51% | +6.7% | |
| CSGP | COSTAR GROUP INC | $34,149,000 | +10.7% | 115,000 | 0.0% | 0.38% | +9.1% | |
| CSX | Sell | CSX CORP | $33,831,000 | -14.0% | 615,000 | -15.2% | 0.38% | -15.4% |
| EXP | EAGLE MATERIALS INC | $31,133,000 | +6.2% | 274,781 | 0.0% | 0.35% | +4.5% | |
| SEMG | Buy | SEMGROUP CORPcl a | $29,222,000 | +15.8% | 967,600 | +10.3% | 0.33% | +13.9% |
| CP | Sell | CANADIAN PAC RY LTD | $29,242,000 | -29.4% | 160,000 | -35.1% | 0.33% | -30.4% |
| APC | ANADARKO PETE CORP | $26,820,000 | +9.8% | 500,000 | 0.0% | 0.30% | +7.9% | |
| ORLY | Sell | O REILLY AUTOMOTIVE INC NEW | $26,459,000 | -1.7% | 110,000 | -12.0% | 0.30% | -3.3% |
| BMCH | Sell | BMC STK HLDGS INC | $24,420,000 | +17.3% | 965,200 | -1.0% | 0.27% | +15.2% |
| TVTY | Buy | TIVITY HEALTH INC | $19,737,000 | +42.3% | 540,000 | +58.8% | 0.22% | +39.9% |
| SYF | Buy | SYNCHRONY FINL | $19,305,000 | +107.2% | 500,000 | +66.7% | 0.22% | +103.8% |
| GRPN | GROUPON INC | $17,188,000 | -1.9% | 3,370,200 | 0.0% | 0.19% | -3.5% | |
| AAP | Buy | ADVANCE AUTO PARTS INC | $16,449,000 | +32.7% | 165,000 | +32.0% | 0.18% | +30.5% |
| HOME | New | AT HOME GROUP INC | $13,676,000 | – | 450,000 | +100.0% | 0.15% | – |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $12,740,000 | +30.1% | 570,000 | +3.6% | 0.14% | +27.9% |
| TUESQ | Buy | TUESDAY MORNING CORP | $12,289,000 | -13.5% | 4,468,600 | +0.7% | 0.14% | -14.9% |
| WBS | WEBSTER FINL CORP CONN | $11,799,000 | +6.9% | 210,100 | 0.0% | 0.13% | +5.6% | |
| SWN | New | SOUTHWESTERN ENERGY CO | $11,718,000 | – | 2,100,000 | +100.0% | 0.13% | – |
| New | CAESARS ENTMT CORPnote 5.000%10/0 | $11,459,000 | – | 5,933,044 | +100.0% | 0.13% | – | |
| SEM | SELECT MED HLDGS CORP | $10,894,000 | -8.1% | 617,208 | 0.0% | 0.12% | -9.6% | |
| CVNA | Buy | CARVANA COcl a | $9,669,000 | +60.3% | 505,697 | +23.0% | 0.11% | +56.5% |
| RAD | Sell | RITE AID CORP | $8,865,000 | -49.7% | 4,500,000 | -50.0% | 0.10% | -50.5% |
| EHTH | Buy | EHEALTH INC | $8,700,000 | -19.2% | 500,858 | +11.1% | 0.10% | -20.5% |
| ARLZ | Sell | ARALEZ PHARMACEUTICALS INC | $8,438,000 | -42.4% | 5,942,309 | -7.2% | 0.09% | -43.7% |
| FB | FACEBOOK INCcl a | $7,058,000 | +3.3% | 40,000 | 0.0% | 0.08% | +1.3% | |
| TRVG | Sell | TRIVAGO N V | $5,130,000 | -84.2% | 750,000 | -75.0% | 0.06% | -84.6% |
| ABC | New | AMERISOURCEBERGEN CORP | $4,591,000 | – | 50,000 | +100.0% | 0.05% | – |
| DKS | DICKS SPORTING GOODS INC | $4,311,000 | +6.4% | 150,000 | 0.0% | 0.05% | +4.3% | |
| VLRS | New | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $3,393,000 | – | 423,100 | +100.0% | 0.04% | – |
| MMYT | New | MAKEMYTRIP LIMITED MAURITIUS | $3,021,000 | – | 101,200 | +100.0% | 0.03% | – |
| TSG | New | STARS GROUP INC | $2,821,000 | – | 121,089 | +100.0% | 0.03% | – |
| BCEI | Sell | BONANZA CREEK ENERGY INC | $2,759,000 | -80.9% | 100,000 | -77.1% | 0.03% | -81.1% |
| SGMS | New | SCIENTIFIC GAMES CORPcl a | $2,565,000 | – | 50,000 | +100.0% | 0.03% | – |
| TREE | New | LENDINGTREE INC NEW | $1,838,000 | – | 5,400 | +100.0% | 0.02% | – |
| CTRP | CTRIP COM INTL LTD | $1,764,000 | -16.4% | 40,000 | 0.0% | 0.02% | -16.7% | |
| DVD | DOVER MOTORSPORTS INC | $1,310,000 | -4.9% | 671,931 | 0.0% | 0.02% | -6.2% | |
| BV | Exit | BAZAARVOICE INC | $0 | – | -60,000 | -100.0% | -0.00% | – |
| LC | Exit | LENDINGCLUB CORP | $0 | – | -80,000 | -100.0% | -0.01% | – |
| WIX | Exit | WIX COM LTD | $0 | – | -9,000 | -100.0% | -0.01% | – |
| GDDY | Exit | GODADDY INCcl a | $0 | – | -17,000 | -100.0% | -0.01% | – |
| WEB | Exit | WEB COM GROUP INC | $0 | – | -38,202 | -100.0% | -0.01% | – |
| PNK | Exit | PINNACLE ENTMT INC NEW | $0 | – | -50,854 | -100.0% | -0.01% | – |
| RATE | Exit | BANKRATE INC DEL | $0 | – | -79,000 | -100.0% | -0.01% | – |
| PAGP | Exit | PLAINS GP HLDGS L Pltd partnr int a | $0 | – | -100,000 | -100.0% | -0.02% | – |
| XON | Exit | INTREXON CORP | $0 | – | -176,410 | -100.0% | -0.04% | – |
| QTWO | Exit | Q2 HLDGS INC | $0 | – | -165,000 | -100.0% | -0.08% | – |
| FRC | Exit | FIRST REP BK SAN FRANCISCO C | $0 | – | -80,000 | -100.0% | -0.10% | – |
| PGTI | Exit | PGT INNOVATIONS INC | $0 | – | -761,394 | -100.0% | -0.13% | – |
| CACQ | Exit | CAESARS ACQUISITION COcl a | $0 | – | -560,719 | -100.0% | -0.14% | – |
| PRSC | Exit | PROVIDENCE SVC CORP | $0 | – | -350,000 | -100.0% | -0.22% | – |
| WLL | Exit | WHITING PETE CORP NEW | $0 | – | -8,965,000 | -100.0% | -0.56% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2018-02-14
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.