$5.98 Billion is the total value of Par Capital Management's 60 reported holdings in Q4 2018. The portfolio turnover from Q3 2018 to Q4 2018 was 32.5% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | UNITED CONTL HLDGS INC | $1,308,210,000 | -6.0% | 15,624,152 | 0.0% | 21.88% | +37.0% | |
| EXPE | EXPEDIA GROUP INC | $897,173,000 | -13.7% | 7,964,254 | 0.0% | 15.00% | +25.8% | |
| DAL | Sell | DELTA AIR LINES INC DEL | $604,579,000 | -21.2% | 12,115,809 | -8.7% | 10.11% | +14.8% |
| BKNG | Buy | BOOKING HLDGS INC | $379,606,000 | +38.1% | 220,391 | +59.1% | 6.35% | +101.3% |
| LUV | SOUTHWEST AIRLS CO | $226,255,000 | -25.6% | 4,867,800 | 0.0% | 3.78% | +8.4% | |
| CHDN | Sell | CHURCHILL DOWNS INC | $166,115,000 | -13.8% | 680,966 | -1.9% | 2.78% | +25.6% |
| ALGT | Buy | ALLEGIANT TRAVEL CO | $161,354,000 | -19.6% | 1,610,000 | +1.7% | 2.70% | +17.1% |
| GRPN | Buy | GROUPON INC | $158,776,000 | +506.0% | 49,617,616 | +613.9% | 2.66% | +782.1% |
| JBLU | Buy | JETBLUE AIRWAYS CORP | $139,321,000 | +125.4% | 8,675,000 | +171.7% | 2.33% | +228.2% |
| TRIP | Sell | TRIPADVISOR INC | $124,279,000 | +1.9% | 2,304,017 | -3.5% | 2.08% | +48.4% |
| ALK | Sell | ALASKA AIR GROUP INC | $122,309,000 | -29.0% | 2,010,000 | -19.6% | 2.04% | +3.5% |
| BYD | Sell | BOYD GAMING CORP | $120,844,000 | -44.5% | 5,815,376 | -9.5% | 2.02% | -19.1% |
| DVA | Buy | DAVITA INC | $110,006,000 | -15.3% | 2,137,700 | +17.9% | 1.84% | +23.4% |
| IGT | Sell | INTERNATIONAL GAME TECHNOLOG | $109,296,000 | -31.5% | 7,470,694 | -7.5% | 1.83% | -0.2% |
| WEX | Buy | WEX INC | $101,544,000 | -26.2% | 725,000 | +5.8% | 1.70% | +7.6% |
| TPX | TEMPUR SEALY INTL INC | $84,787,000 | -21.7% | 2,048,000 | 0.0% | 1.42% | +14.0% | |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $80,379,000 | -16.4% | 5,888,576 | 0.0% | 1.34% | +21.7% | |
| TRUE | Sell | TRUECAR INC | $74,975,000 | -40.7% | 8,275,395 | -7.7% | 1.25% | -13.6% |
| TRVG | TRIVAGO N V | $73,781,000 | -8.6% | 13,105,000 | 0.0% | 1.23% | +33.1% | |
| OC | Sell | OWENS CORNING NEW | $70,462,000 | -42.6% | 1,602,144 | -29.2% | 1.18% | -16.5% |
| WMS | ADVANCED DRAIN SYS INC DEL | $66,372,000 | -21.5% | 2,737,000 | 0.0% | 1.11% | +14.3% | |
| ENT | GLOBAL EAGLE ENTMT INC | $64,628,000 | -20.9% | 28,981,072 | 0.0% | 1.08% | +15.2% | |
| FB | FACEBOOK INCcl a | $60,013,000 | -20.3% | 457,800 | 0.0% | 1.00% | +16.1% | |
| V | VISA INC | $59,373,000 | -12.1% | 450,000 | 0.0% | 0.99% | +28.1% | |
| PCYO | PURECYCLE CORP | $59,411,000 | -14.0% | 5,982,970 | 0.0% | 0.99% | +25.2% | |
| CONN | Sell | CONNS INC | $55,975,000 | -48.5% | 2,967,920 | -3.6% | 0.94% | -25.1% |
| CZR | Sell | CAESARS ENTMT CORP | $53,967,000 | -66.3% | 7,947,967 | -49.1% | 0.90% | -50.9% |
| SYF | Buy | SYNCHRONY FINL | $51,729,000 | +49.9% | 2,205,000 | +98.6% | 0.86% | +118.4% |
| WMB | Sell | WILLIAMS COS INC DEL | $38,759,000 | -58.5% | 1,757,798 | -48.8% | 0.65% | -39.5% |
| IVV | New | ISHARES TRcore s&p500 etf | $37,993,000 | – | 151,000 | +100.0% | 0.64% | – |
| RRR | Buy | RED ROCK RESORTS INCcl a | $33,863,000 | -22.0% | 1,667,300 | +2.4% | 0.57% | +13.7% |
| GLPI | Sell | GAMING & LEISURE PPTYS INC | $32,523,000 | -81.4% | 1,006,600 | -79.7% | 0.54% | -72.8% |
| EHTH | Sell | EHEALTH INC | $26,984,000 | +34.2% | 702,342 | -1.3% | 0.45% | +95.2% |
| ANTM | Buy | ANTHEM INC | $19,697,000 | +2.7% | 75,000 | +7.1% | 0.33% | +49.5% |
| BCEI | Buy | BONANZA CREEK ENERGY INC | $19,211,000 | -20.7% | 929,400 | +14.3% | 0.32% | +15.5% |
| QNST | Buy | QUINSTREET INC | $18,019,000 | +637.6% | 1,110,229 | +516.8% | 0.30% | +975.0% |
| WYNN | Sell | WYNN RESORTS LTD | $15,331,000 | -34.8% | 155,000 | -16.2% | 0.26% | -5.2% |
| PFSI | New | PENNYMAC FINL SVCS INC | $14,882,000 | – | 700,000 | +100.0% | 0.25% | – |
| MGM | Sell | MGM RESORTS INTERNATIONAL | $14,556,000 | -57.6% | 600,000 | -51.2% | 0.24% | -38.3% |
| CI | New | CIGNA CORP NEW | $13,294,000 | – | 70,000 | +100.0% | 0.22% | – |
| TSG | Sell | STARS GROUP INC | $11,632,000 | -70.9% | 704,100 | -56.1% | 0.20% | -57.5% |
| CVNA | Sell | CARVANA COcl a | $11,285,000 | -44.8% | 345,000 | -0.3% | 0.19% | -19.6% |
| WBS | WEBSTER FINL CORP CONN | $10,356,000 | -16.4% | 210,100 | 0.0% | 0.17% | +21.8% | |
| STMP | Sell | STAMPS COM INC | $10,228,000 | -90.2% | 65,717 | -85.8% | 0.17% | -85.7% |
| SEMG | Sell | SEMGROUP CORPcl a | $9,753,000 | -42.0% | 707,779 | -7.2% | 0.16% | -15.5% |
| SEM | Sell | SELECT MED HLDGS CORP | $8,714,000 | -23.3% | 567,708 | -8.0% | 0.15% | +12.3% |
| CAESARS ENTMT CORPnote 5.000%10/0 | $7,247,000 | -25.0% | 5,933,044 | 0.0% | 0.12% | +9.0% | ||
| TUESQ | Sell | TUESDAY MORNING CORP | $6,144,000 | -58.0% | 3,614,118 | -20.9% | 0.10% | -38.7% |
| TREE | LENDINGTREE INC NEW | $5,797,000 | -4.6% | 26,400 | 0.0% | 0.10% | +38.6% | |
| CAR | Buy | AVIS BUDGET GROUP | $5,058,000 | -22.9% | 225,000 | +10.3% | 0.08% | +13.3% |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $4,840,000 | -11.1% | 904,600 | +24.0% | 0.08% | +30.6% |
| ABC | AMERISOURCEBERGEN CORP | $3,720,000 | -19.3% | 50,000 | 0.0% | 0.06% | +17.0% | |
| DDE | DOVER DOWNS GAMING & ENTMT I | $2,535,000 | -2.5% | 915,000 | 0.0% | 0.04% | +40.0% | |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $2,462,000 | -11.4% | 101,200 | 0.0% | 0.04% | +28.1% | |
| STAY | Sell | EXTENDED STAY AMER INCunit 99/99/9999b | $2,472,000 | -74.3% | 159,500 | -66.4% | 0.04% | -62.7% |
| DESP | DESPEGAR COM CORP | $2,278,000 | -26.4% | 183,526 | 0.0% | 0.04% | +5.6% | |
| SWN | Sell | SOUTHWESTERN ENERGY CO | $2,045,000 | -63.6% | 599,800 | -45.5% | 0.03% | -47.7% |
| DVD | DOVER MOTORSPORTS INC | $1,263,000 | -12.6% | 671,931 | 0.0% | 0.02% | +23.5% | |
| EVER | New | EVERQUOTE INC | $1,030,000 | – | 246,300 | +100.0% | 0.02% | – |
| MLCO | Sell | MELCO RESORT ENTERTAINMENT Ladr | $881,000 | -84.9% | 50,000 | -81.8% | 0.02% | -77.6% |
| DKS | Exit | DICKS SPORTING GOODS INC | $0 | – | -150,000 | -100.0% | -0.06% | – |
| GWR | Exit | GENESEE & WYO INCcl a | $0 | – | -60,000 | -100.0% | -0.06% | – |
| BMCH | Exit | BMC STK HLDGS INC | $0 | – | -344,000 | -100.0% | -0.07% | – |
| CI | Exit | CIGNA CORPORATION | $0 | – | -70,000 | -100.0% | -0.17% | – |
| PFSI | Exit | PENNYMAC FINL SVCS INCcl a | $0 | – | -700,000 | -100.0% | -0.17% | – |
| TVTY | Exit | TIVITY HEALTH INC | $0 | – | -477,042 | -100.0% | -0.18% | – |
| ANGI | Exit | ANGI HOMESERVICES INC | $0 | – | -802,040 | -100.0% | -0.22% | – |
| EXP | Exit | EAGLE MATERIALS INC | $0 | – | -274,781 | -100.0% | -0.27% | – |
| YELP | Exit | YELP INCcl a | $0 | – | -500,000 | -100.0% | -0.28% | – |
| AAP | Exit | ADVANCE AUTO PARTS INC | $0 | – | -180,000 | -100.0% | -0.35% | – |
| ORLY | Exit | O REILLY AUTOMOTIVE INC NEW | $0 | – | -100,000 | -100.0% | -0.40% | – |
| HOME | Exit | AT HOME GROUP INC | $0 | – | -1,428,500 | -100.0% | -0.52% | – |
| DOOR | Exit | MASONITE INTL CORP NEW | $0 | – | -748,926 | -100.0% | -0.55% | – |
| CSGP | Exit | COSTAR GROUP INC | $0 | – | -115,000 | -100.0% | -0.56% | – |
| PENN | Exit | PENN NATL GAMING INC | $0 | – | -1,859,904 | -100.0% | -0.70% | – |
| HRI | Exit | HERC HLDGS INC | $0 | – | -1,907,400 | -100.0% | -1.12% | – |
| DY | Exit | DYCOM INDS INC | $0 | – | -1,183,200 | -100.0% | -1.15% | – |
| WLL | Exit | WHITING PETE CORP NEW | $0 | – | -3,218,750 | -100.0% | -1.96% | – |
| CTRP | Exit | CTRIP COM INTL LTD | $0 | – | -5,056,200 | -100.0% | -2.16% | – |
| ERI | Exit | ELDORADO RESORTS INC | $0 | – | -3,926,940 | -100.0% | -2.19% | – |
| MCK | Exit | MCKESSON CORP | $0 | – | -3,300,000 | -100.0% | -5.02% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2019-02-14
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 | 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.