Par Capital Management - Q4 2020 holdings

$3.43 Billion is the total value of Par Capital Management's 30 reported holdings in Q4 2020. The portfolio turnover from Q3 2020 to Q4 2020 was 48.8% .

 Value Shares↓ Weighting
EXPE BuyEXPEDIA GROUP INC$440,444,000
+90.3%
3,326,617
+31.8%
12.85%
+46.4%
BKNG SellBOOKING HOLDINGS INC$360,818,000
+30.1%
162,000
-0.1%
10.52%
+0.1%
TRIP BuyTRIPADVISOR INC$336,810,000
+104.3%
11,702,908
+39.1%
9.82%
+57.2%
UAL SellUNITED AIRLS HLDGS INC$305,141,000
+15.0%
7,055,291
-7.6%
8.90%
-11.6%
SYF BuySYNCHRONY FINANCIAL$241,235,000
+40.2%
6,950,000
+5.7%
7.04%
+7.8%
WEX BuyWEX INC$203,530,000
+68.7%
1,000,000
+15.2%
5.94%
+29.8%
SABR BuySABRE CORP$186,706,000
+94.1%
15,532,944
+5.1%
5.45%
+49.3%
ALGT SellALLEGIANT TRAVEL CO$152,622,000
+1.5%
806,500
-35.8%
4.45%
-21.9%
ALK BuyALASKA AIR GROUP INC$146,200,000
+93.7%
2,811,533
+36.4%
4.26%
+49.0%
DVA  DAVITA INC$142,804,000
+37.1%
1,216,3850.0%4.16%
+5.4%
DAL SellDELTA AIR LINES INC DEL$140,735,000
+30.5%
3,500,000
-0.8%
4.10%
+0.4%
BALY NewBALLYS CORPORATION$138,242,0002,752,184
+100.0%
4.03%
LUV SellSOUTHWEST AIRLS CO$116,525,000
+21.2%
2,500,000
-2.5%
3.40%
-6.8%
V  VISA INC$98,429,000
+9.4%
450,0000.0%2.87%
-15.9%
AAL BuyAMERICAN AIRLS GROUP INC$75,004,000
+202.3%
4,756,100
+135.6%
2.19%
+132.5%
SCHW BuySCHWAB CHARLES CORP$53,040,000
+62.7%
1,000,000
+11.1%
1.55%
+25.2%
TRVG  TRIVAGO N V$51,376,000
+56.1%
21,229,7960.0%1.50%
+20.0%
PFSI SellPENNYMAC FINL SVCS INC NEW$45,383,000
+2.5%
691,600
-9.2%
1.32%
-21.1%
TRUE SellTRUECAR INC$39,559,000
-23.2%
9,418,804
-8.6%
1.15%
-40.9%
SAVE BuySPIRIT AIRLS INC$39,360,000
+144.5%
1,609,800
+61.0%
1.15%
+88.2%
JBLU  JETBLUE AWYS CORP$29,080,000
+28.3%
2,000,0000.0%0.85%
-1.3%
VLRS  CONTROLADORA VUELA COMP DE Aspon adr rp 10$21,549,000
+72.3%
1,735,0000.0%0.63%
+32.7%
RRR SellRED ROCK RESORTS INCcl a$15,889,000
-44.3%
634,529
-62.0%
0.46%
-57.2%
CVNA SellCARVANA COcl a$14,732,000
-17.4%
61,500
-23.1%
0.43%
-36.5%
PCYO  PURE CYCLE CORP$11,230,000
+24.6%
1,000,0000.0%0.33%
-4.1%
COF NewCAPITAL ONE FINL CORP$5,931,00060,000
+100.0%
0.17%
DFS NewDISCOVER FINL SVCS$5,884,00065,000
+100.0%
0.17%
AXP NewAMERICAN EXPRESS CO$5,441,00045,000
+100.0%
0.16%
CAR SellAVIS BUDGET GROUP$2,454,000
-82.1%
65,800
-87.4%
0.07%
-86.2%
CARG SellCARGURUS INC$2,380,000
-72.5%
75,000
-81.2%
0.07%
-79.0%
FLEX ExitFLEX LTDord$0-9,910
-100.0%
-0.00%
ZIXI ExitZIX CORP$0-71,900
-100.0%
-0.02%
TCOM ExitTRIP COM GROUP LTDads$0-20,000
-100.0%
-0.02%
DESP ExitDESPEGAR COM CORP$0-183,526
-100.0%
-0.04%
MGP ExitMGM GROWTH PPTYS LLC$0-43,300
-100.0%
-0.05%
MMYT ExitMAKEMYTRIP LIMITED MAURITIUS$0-131,288
-100.0%
-0.08%
ANGI ExitANGI HOMESERVICES INC$0-200,000
-100.0%
-0.08%
SKYW ExitSKYWEST INC$0-143,984
-100.0%
-0.16%
EVER ExitEVERQUOTE INC$0-125,000
-100.0%
-0.18%
CHGG ExitCHEGG INC$0-125,000
-100.0%
-0.34%
GLPI ExitGAMING & LEISURE PPTYS INC$0-243,869
-100.0%
-0.34%
TREE ExitLENDINGTREE INC NEW$0-30,000
-100.0%
-0.35%
PENN ExitPENN NATL GAMING INC$0-201,300
-100.0%
-0.56%
GRPN ExitGROUPON INC$0-940,775
-100.0%
-0.73%
BYD ExitBOYD GAMING CORP$0-1,704,537
-100.0%
-1.98%
TRWH ExitTWIN RIV WORLDWIDE HLDGS INC$0-2,752,184
-100.0%
-2.74%
CHDN ExitCHURCHILL DOWNS INC$0-1,023,720
-100.0%
-6.36%
Original filings

The following EDGAR filing(s) were analyzed to create this report:

  • View 13F-HR filed 2021-02-16
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 Q4 2020 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.

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