Par Capital Management - Q3 2018 holdings

$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 BuyUNITED CONTL HLDGS INC$1,391,487,000
+28.1%
15,624,152
+0.3%
15.97%
+30.7%
EXPE SellEXPEDIA GROUP INC$1,039,176,000
+7.8%
7,964,254
-0.7%
11.93%
+10.0%
DAL SellDELTA AIR LINES INC DEL$767,162,000
+15.9%
13,265,809
-0.7%
8.80%
+18.2%
MCK SellMCKESSON CORP$437,745,000
-21.4%
3,300,000
-21.0%
5.02%
-19.8%
LUV  SOUTHWEST AIRLS CO$303,994,000
+22.7%
4,867,8000.0%3.49%
+25.2%
BKNG  BOOKING HLDGS INC$274,794,000
-2.1%
138,5050.0%3.15%
-0.1%
BYD BuyBOYD GAMING CORP$217,556,000
+1.1%
6,427,071
+3.5%
2.50%
+3.1%
ALGT NewALLEGIANT TRAVEL CO$200,724,0001,583,000
+100.0%
2.30%
CHDN SellCHURCHILL DOWNS INC$192,714,000
-22.6%
693,966
-17.4%
2.21%
-21.1%
ERI SellELDORADO RESORTS INC$190,849,000
-10.1%
3,926,940
-27.6%
2.19%
-8.2%
CTRP BuyCTRIP COM INTL LTD$187,939,000
+9765.6%
5,056,200
+12540.5%
2.16%
+10171.4%
GLPI SellGAMING & 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%
2,500,0000.0%1.98%
+16.4%
WLL  WHITING PETE CORP NEW$170,723,000
+0.6%
3,218,7500.0%1.96%
+2.7%
CZR BuyCAESARS ENTMT CORP$160,054,000
+9.9%
15,614,986
+14.7%
1.84%
+12.1%
IGT BuyINTERNATIONAL GAME TECHNOLOG$159,495,000
-1.3%
8,075,694
+16.1%
1.83%
+0.7%
WEX  WEX INC$137,521,000
+5.4%
685,0000.0%1.58%
+7.5%
DVA BuyDAVITA INC$129,844,000
+23.6%
1,812,700
+19.8%
1.49%
+26.1%
TRUE  TRUECAR INC$126,451,000
+39.7%
8,968,1520.0%1.45%
+42.5%
OC BuyOWENS CORNING NEW$122,825,000
-9.4%
2,263,230
+5.8%
1.41%
-7.5%
TRIP SellTRIPADVISOR INC$121,950,000
-21.9%
2,387,893
-14.8%
1.40%
-20.3%
CONN BuyCONNS 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%
2,048,0000.0%1.24%
+12.4%
STMP BuySTAMPS COM INC$104,463,000
+0.2%
461,817
+12.1%
1.20%
+2.3%
DY BuyDYCOM INDS INC$100,099,000
-2.1%
1,183,200
+9.4%
1.15%
-0.1%
HRI BuyHERC 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%
5,888,5760.0%1.10%
+8.7%
WMB SellWILLIAMS 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%
2,737,0000.0%0.97%
+10.5%
ENT  GLOBAL EAGLE ENTMT INC$81,727,000
+11.9%
28,981,0720.0%0.94%
+14.1%
TRVG BuyTRIVAGO N V$80,727,000
+191.3%
13,105,000
+114.7%
0.93%
+197.1%
FB SellFACEBOOK INCcl a$75,290,000
-44.5%
457,800
-34.4%
0.86%
-43.3%
PCYO  PURECYCLE CORP$69,103,000
+20.9%
5,982,9700.0%0.79%
+23.3%
V  VISA INC$67,541,000
+13.3%
450,0000.0%0.78%
+15.5%
JBLU  JETBLUE AIRWAYS CORP$61,822,000
+2.0%
3,193,2900.0%0.71%
+4.1%
PENN  PENN NATL GAMING INC$61,228,000
-2.0%
1,859,9040.0%0.70%0.0%
CSGP  COSTAR GROUP INC$48,397,000
+2.0%
115,0000.0%0.56%
+3.9%
DOOR  MASONITE INTL CORP NEW$48,006,000
-10.8%
748,9260.0%0.55%
-8.9%
HOME BuyAT HOME GROUP INC$45,041,000
+23.9%
1,428,500
+53.9%
0.52%
+26.4%
RRR SellRED ROCK RESORTS INCcl a$43,413,000
-32.1%
1,629,000
-14.7%
0.50%
-30.7%
TSG BuySTARS 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%
100,0000.0%0.40%
+29.5%
SYF BuySYNCHRONY FINL$34,499,000
-1.3%
1,110,000
+6.0%
0.40%
+0.8%
MGM  MGM RESORTS INTERNATIONAL$34,329,000
-3.9%
1,230,0000.0%0.39%
-2.0%
AAP  ADVANCE AUTO PARTS INC$30,299,000
+24.0%
180,0000.0%0.35%
+26.5%
GRPN BuyGROUPON INC$26,202,000
+25.1%
6,950,000
+42.7%
0.30%
+27.5%
YELP NewYELP INCcl a$24,600,000500,000
+100.0%
0.28%
BCEI BuyBONANZA CREEK ENERGY INC$24,211,000
-15.1%
813,000
+8.0%
0.28%
-13.4%
WYNN BuyWYNN RESORTS LTD$23,506,000
+40.5%
185,000
+85.0%
0.27%
+43.6%
EXP  EAGLE MATERIALS INC$23,422,000
-18.8%
274,7810.0%0.27%
-17.0%
CVNA SellCARVANA COcl a$20,455,000
+34.0%
346,163
-5.6%
0.24%
+36.6%
EHTH SellEHEALTH INC$20,107,000
+11.8%
711,517
-12.6%
0.23%
+14.4%
ANTM NewANTHEM INC$19,184,00070,000
+100.0%
0.22%
ANGI  ANGI HOMESERVICES INC$18,832,000
+52.7%
802,0400.0%0.22%
+55.4%
SEMG  SEMGROUP CORPcl a$16,819,000
-13.2%
762,7790.0%0.19%
-11.5%
TVTY SellTIVITY HEALTH INC$15,337,000
-54.2%
477,042
-49.9%
0.18%
-53.3%
TUESQ  TUESDAY MORNING CORP$14,620,000
+4.9%
4,568,6000.0%0.17%
+7.0%
PFSI BuyPENNYMAC FINL SVCS INCcl a$14,630,000
+9.8%
700,000
+3.3%
0.17%
+12.0%
CI NewCIGNA CORPORATION$14,578,00070,000
+100.0%
0.17%
WBS  WEBSTER FINL CORP CONN$12,387,000
-7.4%
210,1000.0%0.14%
-6.0%
SEM  SELECT MED HLDGS CORP$11,360,000
+1.4%
617,4080.0%0.13%
+3.2%
 CAESARS ENTMT CORPnote 5.000%10/0$9,662,000
-5.7%
5,933,0440.0%0.11%
-3.5%
STAY NewEXTENDED STAY AMER INCunit 99/99/9999b$9,609,000475,000
+100.0%
0.11%
CAR BuyAVIS BUDGET GROUP$6,557,000
+23.0%
204,000
+24.4%
0.08%
+25.0%
BMCH SellBMC 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%
26,4000.0%0.07%
+11.1%
MLCO BuyMELCO RESORT ENTERTAINMENT Ladr$5,816,000
+38.5%
275,000
+83.3%
0.07%
+42.6%
SWN SellSOUTHWESTERN 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%
60,0000.0%0.06%
+14.5%
VLRS BuyCONTROLADORA 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%
150,0000.0%0.06%
+3.4%
ABC  AMERISOURCEBERGEN CORP$4,611,000
+8.1%
50,0000.0%0.05%
+10.4%
DESP  DESPEGAR COM CORP$3,096,000
-19.6%
183,5260.0%0.04%
-16.3%
MMYT  MAKEMYTRIP LIMITED MAURITIUS$2,778,000
-24.1%
101,2000.0%0.03%
-22.0%
DDE NewDOVER DOWNS GAMING & ENTMT I$2,599,000915,000
+100.0%
0.03%
QNST  QUINSTREET INC$2,443,000
+6.9%
180,0000.0%0.03%
+7.7%
DVD  DOVER MOTORSPORTS INC$1,445,000
-4.4%
671,9310.0%0.02%0.0%
ARLZ ExitARALEZ PHARMACEUTICALS INC$0-481,400
-100.0%
-0.00%
PAGP ExitPLAINS GP HLDGS L Pltd partnr int a$0-350,000
-100.0%
-0.09%
CSX ExitCSX CORP$0-388,000
-100.0%
-0.28%
APC ExitANADARKO PETE CORP$0-500,000
-100.0%
-0.41%
AAL ExitAMERICAN AIRLS GROUP INC$0-1,318,851
-100.0%
-0.56%
SERV ExitSERVICEMASTER GLOBAL HLDGS I$0-1,072,500
-100.0%
-0.72%
EVHC ExitENVISION HEALTHCARE CORP$0-1,850,000
-100.0%
-0.92%
ZG ExitZILLOW GROUP INCcl a$0-1,693,600
-100.0%
-1.14%
CHGG ExitCHEGG INC$0-4,621,948
-100.0%
-1.44%
Z ExitZILLOW GROUP INCcl c cap stk$0-3,882,041
-100.0%
-2.58%
GRUB ExitGRUBHUB 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
NameQuarters ownedLatest quarter ownedMax weighting
EXPEDIA INC DEL45Q2 202422.2%
DELTA AIR LINES INC DEL45Q2 202414.3%
TRIPADVISOR INC45Q2 202414.4%
ALASKA AIR GROUP INC45Q2 20248.2%
CONTROLADORA VUELA COMP DE A41Q2 20241.1%
UNITED CONTL HLDGS INC40Q2 202424.2%
WEX INC39Q2 202413.7%
SOUTHWEST AIRLS CO39Q2 20245.2%
AMERICAN AIRLS GROUP INC38Q2 20245.1%
AVIS BUDGET GROUP INC33Q2 20247.2%

View Par Capital Management's complete holdings history.

Latest significant ownerships (13-D/G)
Par Capital Management Q3 2018 significant holdings filed using form 13D/G when ownership exceeds 5% of a company's total stock issue.
FiledShares Percentage
Global Eagle Entertainment Inc.May 22, 201429,478,01141.0%
Orbitz Worldwide, Inc.November 16, 200924,624,12524.4%
US AIRWAYS GROUP INCMarch 17, 200611,768,48514.3%
DECKERS OUTDOOR CORPFebruary 14, 20061,147,5679.3%
D&K HEALTHCARE RESOURCES INCSold outFebruary 14, 200600.0%
FLYI INCSold outFebruary 14, 200600.0%
LODGENET ENTERTAINMENT CORPFebruary 14, 2006750,0004.1%
PURE CYCLE CORPFebruary 14, 20061,996,73913.7%
ULTIMATE ELECTRONICS INCSold outFebruary 14, 200600.0%
AMERICA WEST HOLDINGS CORPFebruary 14, 2005603,0001.7%

View Par Capital Management's complete significant-ownership history.

Latest filings
TypeFiled
13F-HR2024-08-14
N-PX2024-08-07
13F-HR2024-05-15
13F-HR2024-02-14
13F-HR2023-11-14
13F-HR2023-08-14
13F-HR2023-05-15
13F-HR2023-02-14
13F-HR2022-11-14
13F-HR2022-08-15

View Par Capital Management's complete filings history.

Compare quarters

Export Par Capital Management's holdings