Par Capital Management - Q1 2021 holdings

$4.31 Billion is the total value of Par Capital Management's 47 reported holdings in Q1 2021. The portfolio turnover from Q4 2020 to Q1 2021 was 76.7% .

 Value Shares↓ Weighting
TRIP SellTRIPADVISOR INC$622,460,000
+84.8%
11,572,046
-1.1%
14.43%
+46.9%
EXPE BuyEXPEDIA GROUP INC$575,641,000
+30.7%
3,344,417
+0.5%
13.34%
+3.9%
BKNG SellBOOKING HOLDINGS INC$349,476,000
-3.1%
150,000
-7.4%
8.10%
-23.0%
SYF BuySYNCHRONY FINANCIAL$300,884,000
+24.7%
7,400,000
+6.5%
6.97%
-0.9%
UAL SellUNITED AIRLS HLDGS INC$287,700,000
-5.7%
5,000,000
-29.1%
6.67%
-25.1%
SABR SellSABRE CORP$224,755,000
+20.4%
15,175,912
-2.3%
5.21%
-4.3%
WEX  WEX INC$209,220,000
+2.8%
1,000,0000.0%4.85%
-18.3%
ALGT SellALLEGIANT TRAVEL CO$183,045,000
+19.9%
750,000
-7.0%
4.24%
-4.7%
BALY SellBALLYS CORPORATION$176,888,000
+28.0%
2,722,184
-1.1%
4.10%
+1.7%
LUV  SOUTHWEST AIRLS CO$152,650,000
+31.0%
2,500,0000.0%3.54%
+4.1%
DAL SellDELTA AIR LINES INC DEL$144,840,000
+2.9%
3,000,000
-14.3%
3.36%
-18.2%
ALK SellALASKA AIR GROUP INC$138,946,000
-5.0%
2,007,600
-28.6%
3.22%
-24.5%
V  VISA INC$95,279,000
-3.2%
450,0000.0%2.21%
-23.1%
NewTRIPADVISOR INCput$82,568,00015,350
+100.0%
1.91%
TRVG SellTRIVAGO N V$74,063,000
+44.2%
17,224,040
-18.9%
1.72%
+14.6%
SNCY NewSUN CTRY AIRLS HLDGS INC$72,176,0002,216,312
+100.0%
1.67%
SCHW  SCHWAB CHARLES CORP$65,180,000
+22.9%
1,000,0000.0%1.51%
-2.3%
GRPN NewGROUPON INC$63,409,0001,254,500
+100.0%
1.47%
AAL SellAMERICAN AIRLS GROUP INC$59,750,000
-20.3%
2,500,000
-47.4%
1.38%
-36.7%
SAVE SellSPIRIT AIRLS INC$55,350,000
+40.6%
1,500,000
-6.8%
1.28%
+11.8%
ABNB NewAIRBNB INC$46,985,000250,000
+100.0%
1.09%
PFSI  PENNYMAC FINL SVCS INC NEW$46,247,000
+1.9%
691,6000.0%1.07%
-19.0%
TRUE  TRUECAR INC$45,069,000
+13.9%
9,418,8040.0%1.04%
-9.4%
JBLU BuyJETBLUE AWYS CORP$41,778,000
+43.7%
2,054,000
+2.7%
0.97%
+14.2%
AXP BuyAMERICAN EXPRESS CO$35,360,000
+549.9%
250,000
+455.6%
0.82%
+415.7%
STT NewSTATE STR CORP$33,604,000400,000
+100.0%
0.78%
VLRS  CONTROLADORA VUELA COMP DE Aspon adr rp 10$24,741,000
+14.8%
1,735,0000.0%0.57%
-8.9%
RRR  RED ROCK RESORTS INCcl a$20,679,000
+30.1%
634,5290.0%0.48%
+3.5%
MA NewMASTERCARD INCORPORATEDcl a$17,803,00050,000
+100.0%
0.41%
GDOT NewGREEN DOT CORPcl a$14,248,000311,154
+100.0%
0.33%
DFS BuyDISCOVER FINL SVCS$10,996,000
+86.9%
115,761
+78.1%
0.26%
+48.3%
COF  CAPITAL ONE FINL CORP$7,634,000
+28.7%
60,0000.0%0.18%
+2.3%
WPCAU NewWARBURG PINCUS CAPTAL CORP Iunit 99/99/9999$7,485,000750,000
+100.0%
0.17%
WPCBU NewWARBURG PINCUS CAPTAL CORP Iunit 99/99/9999$5,040,000500,000
+100.0%
0.12%
PCYO SellPURE CYCLE CORP$4,697,000
-58.2%
350,000
-65.0%
0.11%
-66.8%
VGIIU NewVIRGIN GROUP ACQUISIT CORP Iunit 99/99/9999$3,972,000400,000
+100.0%
0.09%
CARG BuyCARGURUS INC$2,502,000
+5.1%
105,000
+40.0%
0.06%
-15.9%
WU NewWESTERN UN CO$2,466,000100,000
+100.0%
0.06%
RXRAU NewRXR ACQUISITION CORPunit 01/01/2025$985,000100,000
+100.0%
0.02%
OHPAU NewORION ACQUISITION CORPunit 02/19/2026$1,000,000100,000
+100.0%
0.02%
FUSE NewFUSION ACQUISITION CORPcl a$993,000100,000
+100.0%
0.02%
FRSGU NewFIRST RESERVE SUSTAINABLE GWunit 03/05/2026$1,000,000100,000
+100.0%
0.02%
DMYQU NewDMY TECHNOLOGY GROUP INC IVunit 99/99/9999$1,004,000100,000
+100.0%
0.02%
ATAQU NewALTIMAR ACQUISITION CORP IIIunit 99/99/9999$1,000,000100,000
+100.0%
0.02%
AUSU NewAUSTERLITZ ACQUISITION CORPunit 99/99/9999$1,003,000100,000
+100.0%
0.02%
ASZU NewAUSTERLITZ ACQUISITION CORPunit 99/99/9999$1,004,000100,000
+100.0%
0.02%
ZIXI NewZIX CORP$543,00071,900
+100.0%
0.01%
CAR ExitAVIS BUDGET GROUP$0-65,800
-100.0%
-0.07%
CVNA ExitCARVANA COcl a$0-61,500
-100.0%
-0.43%
DVA ExitDAVITA INC$0-1,216,385
-100.0%
-4.16%
Original filings

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

  • View 13F-HR filed 2021-05-17
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 Q1 2021 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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