$8.71 Billion is the total value of Par Capital Management's 77 reported holdings in Q3 2018. The portfolio turnover from Q2 2018 to Q3 2018 was 20.7% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | Buy | UNITED CONTL HLDGS INC | $1,391,487,000 | +28.1% | 15,624,152 | +0.3% | 15.97% | +30.7% |
| EXPE | Sell | EXPEDIA GROUP INC | $1,039,176,000 | +7.8% | 7,964,254 | -0.7% | 11.93% | +10.0% |
| DAL | Sell | DELTA AIR LINES INC DEL | $767,162,000 | +15.9% | 13,265,809 | -0.7% | 8.80% | +18.2% |
| MCK | Sell | MCKESSON CORP | $437,745,000 | -21.4% | 3,300,000 | -21.0% | 5.02% | -19.8% |
| LUV | SOUTHWEST AIRLS CO | $303,994,000 | +22.7% | 4,867,800 | 0.0% | 3.49% | +25.2% | |
| BKNG | BOOKING HLDGS INC | $274,794,000 | -2.1% | 138,505 | 0.0% | 3.15% | -0.1% | |
| BYD | Buy | BOYD GAMING CORP | $217,556,000 | +1.1% | 6,427,071 | +3.5% | 2.50% | +3.1% |
| ALGT | New | ALLEGIANT TRAVEL CO | $200,724,000 | – | 1,583,000 | +100.0% | 2.30% | – |
| CHDN | Sell | CHURCHILL DOWNS INC | $192,714,000 | -22.6% | 693,966 | -17.4% | 2.21% | -21.1% |
| ERI | Sell | ELDORADO RESORTS INC | $190,849,000 | -10.1% | 3,926,940 | -27.6% | 2.19% | -8.2% |
| CTRP | Buy | CTRIP COM INTL LTD | $187,939,000 | +9765.6% | 5,056,200 | +12540.5% | 2.16% | +10171.4% |
| GLPI | Sell | GAMING & LEISURE PPTYS INC | $174,524,000 | -20.3% | 4,951,040 | -19.0% | 2.00% | -18.6% |
| ALK | ALASKA AIR GROUP INC | $172,150,000 | +14.0% | 2,500,000 | 0.0% | 1.98% | +16.4% | |
| WLL | WHITING PETE CORP NEW | $170,723,000 | +0.6% | 3,218,750 | 0.0% | 1.96% | +2.7% | |
| CZR | Buy | CAESARS ENTMT CORP | $160,054,000 | +9.9% | 15,614,986 | +14.7% | 1.84% | +12.1% |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $159,495,000 | -1.3% | 8,075,694 | +16.1% | 1.83% | +0.7% |
| WEX | WEX INC | $137,521,000 | +5.4% | 685,000 | 0.0% | 1.58% | +7.5% | |
| DVA | Buy | DAVITA INC | $129,844,000 | +23.6% | 1,812,700 | +19.8% | 1.49% | +26.1% |
| TRUE | TRUECAR INC | $126,451,000 | +39.7% | 8,968,152 | 0.0% | 1.45% | +42.5% | |
| OC | Buy | OWENS CORNING NEW | $122,825,000 | -9.4% | 2,263,230 | +5.8% | 1.41% | -7.5% |
| TRIP | Sell | TRIPADVISOR INC | $121,950,000 | -21.9% | 2,387,893 | -14.8% | 1.40% | -20.3% |
| CONN | Buy | CONNS INC | $108,778,000 | +8.7% | 3,077,166 | +1.5% | 1.25% | +10.9% |
| TPX | TEMPUR SEALY INTL INC | $108,339,000 | +10.1% | 2,048,000 | 0.0% | 1.24% | +12.4% | |
| STMP | Buy | STAMPS COM INC | $104,463,000 | +0.2% | 461,817 | +12.1% | 1.20% | +2.3% |
| DY | Buy | DYCOM INDS INC | $100,099,000 | -2.1% | 1,183,200 | +9.4% | 1.15% | -0.1% |
| HRI | Buy | HERC HLDGS INC | $97,659,000 | +8.3% | 1,907,400 | +19.2% | 1.12% | +10.6% |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $96,160,000 | +6.5% | 5,888,576 | 0.0% | 1.10% | +8.7% | |
| WMB | Sell | WILLIAMS COS INC DEL | $93,319,000 | -6.0% | 3,432,100 | -6.3% | 1.07% | -4.1% |
| WMS | ADVANCED DRAIN SYS INC DEL | $84,573,000 | +8.2% | 2,737,000 | 0.0% | 0.97% | +10.5% | |
| ENT | GLOBAL EAGLE ENTMT INC | $81,727,000 | +11.9% | 28,981,072 | 0.0% | 0.94% | +14.1% | |
| TRVG | Buy | TRIVAGO N V | $80,727,000 | +191.3% | 13,105,000 | +114.7% | 0.93% | +197.1% |
| FB | Sell | FACEBOOK INCcl a | $75,290,000 | -44.5% | 457,800 | -34.4% | 0.86% | -43.3% |
| PCYO | PURECYCLE CORP | $69,103,000 | +20.9% | 5,982,970 | 0.0% | 0.79% | +23.3% | |
| V | VISA INC | $67,541,000 | +13.3% | 450,000 | 0.0% | 0.78% | +15.5% | |
| JBLU | JETBLUE AIRWAYS CORP | $61,822,000 | +2.0% | 3,193,290 | 0.0% | 0.71% | +4.1% | |
| PENN | PENN NATL GAMING INC | $61,228,000 | -2.0% | 1,859,904 | 0.0% | 0.70% | 0.0% | |
| CSGP | COSTAR GROUP INC | $48,397,000 | +2.0% | 115,000 | 0.0% | 0.56% | +3.9% | |
| DOOR | MASONITE INTL CORP NEW | $48,006,000 | -10.8% | 748,926 | 0.0% | 0.55% | -8.9% | |
| HOME | Buy | AT HOME GROUP INC | $45,041,000 | +23.9% | 1,428,500 | +53.9% | 0.52% | +26.4% |
| RRR | Sell | RED ROCK RESORTS INCcl a | $43,413,000 | -32.1% | 1,629,000 | -14.7% | 0.50% | -30.7% |
| TSG | Buy | STARS GROUP INC | $39,961,000 | +11.4% | 1,604,843 | +62.4% | 0.46% | +13.9% |
| ORLY | O REILLY AUTOMOTIVE INC NEW | $34,732,000 | +27.0% | 100,000 | 0.0% | 0.40% | +29.5% | |
| SYF | Buy | SYNCHRONY FINL | $34,499,000 | -1.3% | 1,110,000 | +6.0% | 0.40% | +0.8% |
| MGM | MGM RESORTS INTERNATIONAL | $34,329,000 | -3.9% | 1,230,000 | 0.0% | 0.39% | -2.0% | |
| AAP | ADVANCE AUTO PARTS INC | $30,299,000 | +24.0% | 180,000 | 0.0% | 0.35% | +26.5% | |
| GRPN | Buy | GROUPON INC | $26,202,000 | +25.1% | 6,950,000 | +42.7% | 0.30% | +27.5% |
| YELP | New | YELP INCcl a | $24,600,000 | – | 500,000 | +100.0% | 0.28% | – |
| BCEI | Buy | BONANZA CREEK ENERGY INC | $24,211,000 | -15.1% | 813,000 | +8.0% | 0.28% | -13.4% |
| WYNN | Buy | WYNN RESORTS LTD | $23,506,000 | +40.5% | 185,000 | +85.0% | 0.27% | +43.6% |
| EXP | EAGLE MATERIALS INC | $23,422,000 | -18.8% | 274,781 | 0.0% | 0.27% | -17.0% | |
| CVNA | Sell | CARVANA COcl a | $20,455,000 | +34.0% | 346,163 | -5.6% | 0.24% | +36.6% |
| EHTH | Sell | EHEALTH INC | $20,107,000 | +11.8% | 711,517 | -12.6% | 0.23% | +14.4% |
| ANTM | New | ANTHEM INC | $19,184,000 | – | 70,000 | +100.0% | 0.22% | – |
| ANGI | ANGI HOMESERVICES INC | $18,832,000 | +52.7% | 802,040 | 0.0% | 0.22% | +55.4% | |
| SEMG | SEMGROUP CORPcl a | $16,819,000 | -13.2% | 762,779 | 0.0% | 0.19% | -11.5% | |
| TVTY | Sell | TIVITY HEALTH INC | $15,337,000 | -54.2% | 477,042 | -49.9% | 0.18% | -53.3% |
| TUESQ | TUESDAY MORNING CORP | $14,620,000 | +4.9% | 4,568,600 | 0.0% | 0.17% | +7.0% | |
| PFSI | Buy | PENNYMAC FINL SVCS INCcl a | $14,630,000 | +9.8% | 700,000 | +3.3% | 0.17% | +12.0% |
| CI | New | CIGNA CORPORATION | $14,578,000 | – | 70,000 | +100.0% | 0.17% | – |
| WBS | WEBSTER FINL CORP CONN | $12,387,000 | -7.4% | 210,100 | 0.0% | 0.14% | -6.0% | |
| SEM | SELECT MED HLDGS CORP | $11,360,000 | +1.4% | 617,408 | 0.0% | 0.13% | +3.2% | |
| CAESARS ENTMT CORPnote 5.000%10/0 | $9,662,000 | -5.7% | 5,933,044 | 0.0% | 0.11% | -3.5% | ||
| STAY | New | EXTENDED STAY AMER INCunit 99/99/9999b | $9,609,000 | – | 475,000 | +100.0% | 0.11% | – |
| CAR | Buy | AVIS BUDGET GROUP | $6,557,000 | +23.0% | 204,000 | +24.4% | 0.08% | +25.0% |
| BMCH | Sell | BMC STK HLDGS INC | $6,416,000 | -60.3% | 344,000 | -55.6% | 0.07% | -59.3% |
| TREE | LENDINGTREE INC NEW | $6,075,000 | +7.6% | 26,400 | 0.0% | 0.07% | +11.1% | |
| MLCO | Buy | MELCO RESORT ENTERTAINMENT Ladr | $5,816,000 | +38.5% | 275,000 | +83.3% | 0.07% | +42.6% |
| SWN | Sell | SOUTHWESTERN ENERGY CO | $5,621,000 | -55.8% | 1,100,000 | -54.2% | 0.06% | -54.5% |
| GWR | GENESEE & WYO INCcl a | $5,459,000 | +11.9% | 60,000 | 0.0% | 0.06% | +14.5% | |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $5,443,000 | +52.1% | 729,600 | +3.5% | 0.06% | +55.0% |
| DKS | DICKS SPORTING GOODS INC | $5,322,000 | +0.6% | 150,000 | 0.0% | 0.06% | +3.4% | |
| ABC | AMERISOURCEBERGEN CORP | $4,611,000 | +8.1% | 50,000 | 0.0% | 0.05% | +10.4% | |
| DESP | DESPEGAR COM CORP | $3,096,000 | -19.6% | 183,526 | 0.0% | 0.04% | -16.3% | |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $2,778,000 | -24.1% | 101,200 | 0.0% | 0.03% | -22.0% | |
| DDE | New | DOVER DOWNS GAMING & ENTMT I | $2,599,000 | – | 915,000 | +100.0% | 0.03% | – |
| QNST | QUINSTREET INC | $2,443,000 | +6.9% | 180,000 | 0.0% | 0.03% | +7.7% | |
| DVD | DOVER MOTORSPORTS INC | $1,445,000 | -4.4% | 671,931 | 0.0% | 0.02% | 0.0% | |
| ARLZ | Exit | ARALEZ PHARMACEUTICALS INC | $0 | – | -481,400 | -100.0% | -0.00% | – |
| PAGP | Exit | PLAINS GP HLDGS L Pltd partnr int a | $0 | – | -350,000 | -100.0% | -0.09% | – |
| CSX | Exit | CSX CORP | $0 | – | -388,000 | -100.0% | -0.28% | – |
| APC | Exit | ANADARKO PETE CORP | $0 | – | -500,000 | -100.0% | -0.41% | – |
| AAL | Exit | AMERICAN AIRLS GROUP INC | $0 | – | -1,318,851 | -100.0% | -0.56% | – |
| SERV | Exit | SERVICEMASTER GLOBAL HLDGS I | $0 | – | -1,072,500 | -100.0% | -0.72% | – |
| EVHC | Exit | ENVISION HEALTHCARE CORP | $0 | – | -1,850,000 | -100.0% | -0.92% | – |
| ZG | Exit | ZILLOW GROUP INCcl a | $0 | – | -1,693,600 | -100.0% | -1.14% | – |
| CHGG | Exit | CHEGG INC | $0 | – | -4,621,948 | -100.0% | -1.44% | – |
| Z | Exit | ZILLOW GROUP INCcl c cap stk | $0 | – | -3,882,041 | -100.0% | -2.58% | – |
| GRUB | Exit | GRUBHUB INC | $0 | – | -2,831,400 | -100.0% | -3.34% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2018-11-14
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 | 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.