$8.89 Billion is the total value of Par Capital Management's 82 reported holdings in Q2 2018. The portfolio turnover from Q1 2018 to Q2 2018 was 4.9% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | Buy | UNITED CONTL HLDGS INC | $1,085,986,000 | +1.0% | 15,574,152 | +0.6% | 12.22% | +3.5% |
| EXPE | Sell | EXPEDIA GROUP INC | $963,677,000 | +7.5% | 8,017,944 | -1.2% | 10.84% | +10.2% |
| DAL | Buy | DELTA AIR LINES INC DEL | $662,142,000 | -9.4% | 13,365,809 | +0.2% | 7.45% | -7.2% |
| MCK | MCKESSON CORP | $557,145,000 | -5.3% | 4,176,500 | 0.0% | 6.27% | -3.0% | |
| GRUB | Sell | GRUBHUB INC | $297,042,000 | -41.1% | 2,831,400 | -43.0% | 3.34% | -39.6% |
| BKNG | BOOKING HLDGS INC | $280,762,000 | -2.6% | 138,505 | 0.0% | 3.16% | -0.2% | |
| CHDN | Buy | CHURCHILL DOWNS INC | $249,050,000 | +23.0% | 839,966 | +1.2% | 2.80% | +26.0% |
| LUV | Sell | SOUTHWEST AIRLS CO | $247,674,000 | -12.5% | 4,867,800 | -1.5% | 2.79% | -10.4% |
| Z | ZILLOW GROUP INCcl c cap stk | $229,273,000 | +9.8% | 3,882,041 | 0.0% | 2.58% | +12.5% | |
| GLPI | Sell | GAMING & LEISURE PPTYS INC | $218,852,000 | -15.3% | 6,113,172 | -20.8% | 2.46% | -13.2% |
| BYD | Buy | BOYD GAMING CORP | $215,207,000 | +9.4% | 6,209,101 | +0.6% | 2.42% | +12.1% |
| ERI | Sell | ELDORADO RESORTS INC | $212,193,000 | -14.0% | 5,426,940 | -27.4% | 2.39% | -11.9% |
| WLL | Buy | WHITING PETE CORP NEW | $169,693,000 | +57.0% | 3,218,750 | +0.8% | 1.91% | +60.8% |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $161,634,000 | +34.8% | 6,955,000 | +55.1% | 1.82% | +38.1% |
| TRIP | Sell | TRIPADVISOR INC | $156,209,000 | +15.2% | 2,803,969 | -15.5% | 1.76% | +18.0% |
| ALK | ALASKA AIR GROUP INC | $150,975,000 | -2.5% | 2,500,000 | 0.0% | 1.70% | -0.2% | |
| CZR | Buy | CAESARS ENTMT CORP | $145,662,000 | +3.3% | 13,613,257 | +8.7% | 1.64% | +5.9% |
| FB | Buy | FACEBOOK INCcl a | $135,596,000 | +41.0% | 697,800 | +15.9% | 1.52% | +44.4% |
| OC | Buy | OWENS CORNING NEW | $135,500,000 | -14.1% | 2,138,230 | +9.0% | 1.52% | -12.0% |
| WEX | WEX INC | $130,479,000 | +21.6% | 685,000 | 0.0% | 1.47% | +24.6% | |
| CHGG | Sell | CHEGG INC | $128,444,000 | -0.4% | 4,621,948 | -25.9% | 1.44% | +2.0% |
| DVA | Buy | DAVITA INC | $105,042,000 | +51.7% | 1,512,700 | +44.1% | 1.18% | +55.5% |
| STMP | STAMPS COM INC | $104,210,000 | +25.9% | 411,817 | 0.0% | 1.17% | +28.9% | |
| DY | Buy | DYCOM INDS INC | $102,260,000 | -7.9% | 1,082,000 | +4.8% | 1.15% | -5.7% |
| ZG | Buy | ZILLOW GROUP INCcl a | $101,193,000 | +15.8% | 1,693,600 | +4.7% | 1.14% | +18.7% |
| CONN | Buy | CONNS INC | $100,055,000 | -2.9% | 3,031,966 | +0.1% | 1.13% | -0.4% |
| WMB | Sell | WILLIAMS COS INC DEL | $99,280,000 | +2.1% | 3,662,100 | -6.3% | 1.12% | +4.7% |
| TPX | TEMPUR SEALY INTL INC | $98,406,000 | +6.1% | 2,048,000 | 0.0% | 1.11% | +8.7% | |
| TRUE | Buy | TRUECAR INC | $90,489,000 | +30.6% | 8,968,152 | +22.5% | 1.02% | +33.8% |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $90,331,000 | -22.7% | 5,888,576 | 0.0% | 1.02% | -20.8% | |
| HRI | Buy | HERC HLDGS INC | $90,144,000 | +4.4% | 1,600,000 | +20.4% | 1.01% | +7.0% |
| EVHC | Sell | ENVISION HEALTHCARE CORP | $81,419,000 | +5.9% | 1,850,000 | -7.5% | 0.92% | +8.5% |
| WMS | ADVANCED DRAIN SYS INC DEL | $78,141,000 | +10.2% | 2,737,000 | 0.0% | 0.88% | +13.0% | |
| ENT | GLOBAL EAGLE ENTMT INC | $73,032,000 | +71.4% | 28,981,072 | 0.0% | 0.82% | +75.6% | |
| RRR | Sell | RED ROCK RESORTS INCcl a | $63,952,000 | -16.9% | 1,909,000 | -27.4% | 0.72% | -14.9% |
| SERV | SERVICEMASTER GLOBAL HLDGS I | $63,782,000 | +17.0% | 1,072,500 | 0.0% | 0.72% | +19.9% | |
| PENN | Buy | PENN NATL GAMING INC | $62,474,000 | +31.6% | 1,859,904 | +2.9% | 0.70% | +34.9% |
| JBLU | JETBLUE AIRWAYS CORP | $60,609,000 | -6.6% | 3,193,290 | 0.0% | 0.68% | -4.2% | |
| V | Buy | VISA INC | $59,603,000 | +24.6% | 450,000 | +12.5% | 0.67% | +27.8% |
| PCYO | PURECYCLE CORP | $57,137,000 | +1.1% | 5,982,970 | 0.0% | 0.64% | +3.5% | |
| DOOR | Buy | MASONITE INTL CORP NEW | $53,810,000 | +18.7% | 748,926 | +1.4% | 0.60% | +21.5% |
| AAL | AMERICAN AIRLS GROUP INC | $50,064,000 | -26.9% | 1,318,851 | 0.0% | 0.56% | -25.1% | |
| CSGP | COSTAR GROUP INC | $47,452,000 | +13.8% | 115,000 | 0.0% | 0.53% | +16.6% | |
| APC | ANADARKO PETE CORP | $36,625,000 | +21.3% | 500,000 | 0.0% | 0.41% | +24.1% | |
| HOME | AT HOME GROUP INC | $36,351,000 | +22.2% | 928,500 | 0.0% | 0.41% | +25.1% | |
| TSG | Buy | STARS GROUP INC | $35,866,000 | +54.7% | 988,043 | +17.4% | 0.40% | +58.0% |
| MGM | Sell | MGM RESORTS INTERNATIONAL | $35,707,000 | -48.1% | 1,230,000 | -37.3% | 0.40% | -46.8% |
| SYF | Buy | SYNCHRONY FINL | $34,940,000 | +9.7% | 1,046,742 | +10.2% | 0.39% | +12.3% |
| TVTY | Buy | TIVITY HEALTH INC | $33,499,000 | +25.2% | 951,683 | +41.0% | 0.38% | +28.2% |
| EXP | EAGLE MATERIALS INC | $28,844,000 | +1.9% | 274,781 | 0.0% | 0.32% | +4.2% | |
| BCEI | BONANZA CREEK ENERGY INC | $28,516,000 | +36.7% | 753,000 | 0.0% | 0.32% | +40.2% | |
| TRVG | Buy | TRIVAGO N V | $27,717,000 | +251.1% | 6,105,000 | +437.4% | 0.31% | +258.6% |
| ORLY | Sell | O REILLY AUTOMOTIVE INC NEW | $27,357,000 | +0.5% | 100,000 | -9.1% | 0.31% | +3.0% |
| CSX | Sell | CSX CORP | $24,747,000 | +7.0% | 388,000 | -6.5% | 0.28% | +9.4% |
| AAP | Buy | ADVANCE AUTO PARTS INC | $24,426,000 | +24.9% | 180,000 | +9.1% | 0.28% | +27.9% |
| GRPN | GROUPON INC | $20,942,000 | -0.9% | 4,870,200 | 0.0% | 0.24% | +1.7% | |
| SEMG | Sell | SEMGROUP CORPcl a | $19,375,000 | -20.6% | 762,779 | -33.1% | 0.22% | -18.7% |
| EHTH | EHEALTH INC | $17,986,000 | +54.4% | 813,856 | 0.0% | 0.20% | +57.8% | |
| WYNN | Sell | WYNN RESORTS LTD | $16,734,000 | -16.6% | 100,000 | -9.1% | 0.19% | -14.5% |
| BMCH | Sell | BMC STK HLDGS INC | $16,163,000 | +5.3% | 775,200 | -1.3% | 0.18% | +7.7% |
| CVNA | Sell | CARVANA COcl a | $15,260,000 | -1.0% | 366,835 | -45.4% | 0.17% | +1.8% |
| TUESQ | Buy | TUESDAY MORNING CORP | $13,934,000 | -21.1% | 4,568,600 | +2.2% | 0.16% | -19.1% |
| WBS | WEBSTER FINL CORP CONN | $13,383,000 | +15.0% | 210,100 | 0.0% | 0.15% | +18.0% | |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $13,319,000 | +3.2% | 677,800 | +18.9% | 0.15% | +5.6% |
| SWN | SOUTHWESTERN ENERGY CO | $12,720,000 | +22.4% | 2,400,000 | 0.0% | 0.14% | +25.4% | |
| ANGI | ANGI HOMESERVICES INC | $12,335,000 | +13.3% | 802,040 | 0.0% | 0.14% | +15.8% | |
| SEM | Buy | SELECT MED HLDGS CORP | $11,206,000 | +5.3% | 617,408 | +0.0% | 0.13% | +7.7% |
| CAESARS ENTMT CORPnote 5.000%10/0 | $10,241,000 | +1.1% | 5,933,044 | 0.0% | 0.12% | +3.6% | ||
| PAGP | Buy | PLAINS GP HLDGS L Pltd partnr int a | $8,369,000 | +284.8% | 350,000 | +250.0% | 0.09% | +291.7% |
| TREE | LENDINGTREE INC NEW | $5,644,000 | -34.8% | 26,400 | 0.0% | 0.06% | -33.7% | |
| CAR | Sell | AVIS BUDGET GROUP | $5,330,000 | -98.2% | 164,000 | -97.3% | 0.06% | -98.1% |
| DKS | DICKS SPORTING GOODS INC | $5,288,000 | +0.6% | 150,000 | 0.0% | 0.06% | +1.7% | |
| GWR | Buy | GENESEE & WYO INCcl a | $4,879,000 | +37.8% | 60,000 | +20.0% | 0.06% | +41.0% |
| ABC | AMERISOURCEBERGEN CORP | $4,264,000 | -1.1% | 50,000 | 0.0% | 0.05% | +2.1% | |
| MLCO | Buy | MELCO RESORT ENTERTAINMENT Ladr | $4,200,000 | +44.9% | 150,000 | +50.0% | 0.05% | +46.9% |
| DESP | New | DESPEGAR COM CORP | $3,849,000 | – | 183,526 | +100.0% | 0.04% | – |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $3,658,000 | +4.2% | 101,200 | 0.0% | 0.04% | +5.1% | |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $3,579,000 | -30.2% | 704,600 | +11.9% | 0.04% | -28.6% |
| QNST | New | QUINSTREET INC | $2,286,000 | – | 180,000 | +100.0% | 0.03% | – |
| CTRP | CTRIP COM INTL LTD | $1,905,000 | +2.1% | 40,000 | 0.0% | 0.02% | +5.0% | |
| DVD | DOVER MOTORSPORTS INC | $1,512,000 | +7.2% | 671,931 | 0.0% | 0.02% | +13.3% | |
| ARLZ | Sell | ARALEZ PHARMACEUTICALS INC | $168,000 | -97.5% | 481,400 | -89.1% | 0.00% | -97.3% |
| DORM | Exit | DORMAN PRODUCTS INC | $0 | – | -20,000 | -100.0% | -0.02% | – |
| SGRY | Exit | SURGERY PARTNERS INC | $0 | – | -138,400 | -100.0% | -0.03% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2018-08-14
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 | 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.