$4.17 Billion is the total value of Par Capital Management's 61 reported holdings in Q3 2021. The portfolio turnover from Q2 2021 to Q3 2021 was 6.6% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| EXPE | Buy | EXPEDIA GROUP INC | $664,789,000 | +5.7% | 4,056,066 | +5.6% | 15.95% | +3.6% |
| BKNG | Buy | BOOKING HOLDINGS INC | $426,727,000 | +30.0% | 179,760 | +19.8% | 10.24% | +27.4% |
| TRIP | Buy | TRIPADVISOR INC | $417,948,000 | -10.4% | 12,347,046 | +6.7% | 10.03% | -12.2% |
| SYF | SYNCHRONY FINANCIAL | $361,712,000 | +0.7% | 7,400,000 | 0.0% | 8.68% | -1.3% | |
| WEX | Buy | WEX INC | $246,596,000 | +10.6% | 1,400,000 | +21.7% | 5.92% | +8.3% |
| UBER | Buy | UBER TECHNOLOGIES INC | $212,164,000 | +28113.3% | 4,735,800 | +31472.0% | 5.09% | +28177.8% |
| UAL | Sell | UNITED AIRLS HLDGS INC | $176,009,000 | -22.4% | 3,700,000 | -14.6% | 4.22% | -23.9% |
| SABR | Sell | SABRE CORP | $159,571,000 | -16.0% | 13,477,322 | -11.5% | 3.83% | -17.7% |
| DAL | Sell | DELTA AIR LINES INC DEL | $123,718,000 | -13.0% | 2,903,500 | -11.7% | 2.97% | -14.8% |
| ALGT | Sell | ALLEGIANT TRAVEL CO | $109,371,000 | -19.5% | 559,500 | -20.1% | 2.62% | -21.1% |
| BALY | Sell | BALLYS CORPORATION | $103,561,000 | -16.0% | 2,065,434 | -9.4% | 2.48% | -17.7% |
| LUV | Sell | SOUTHWEST AIRLS CO | $102,860,000 | -8.5% | 2,000,000 | -5.6% | 2.47% | -10.4% |
| V | VISA INC | $100,238,000 | -4.7% | 450,000 | 0.0% | 2.40% | -6.7% | |
| ALK | Sell | ALASKA AIR GROUP INC | $94,205,000 | -17.8% | 1,607,600 | -15.4% | 2.26% | -19.5% |
| SNCY | SUN CTRY AIRLS HLDGS INC | $74,335,000 | -4.6% | 2,216,312 | 0.0% | 1.78% | -6.6% | |
| SCHW | SCHWAB CHARLES CORP | $72,840,000 | +0.0% | 1,000,000 | 0.0% | 1.75% | -2.0% | |
| AAL | Buy | AMERICAN AIRLS GROUP INC | $64,382,000 | +4.6% | 3,137,500 | +8.1% | 1.54% | +2.5% |
| GRPN | Buy | GROUPON INC | $63,492,000 | +7.4% | 2,783,500 | +103.2% | 1.52% | +5.2% |
| CARG | CARGURUS INC | $62,506,000 | +19.7% | 1,990,000 | 0.0% | 1.50% | +17.4% | |
| TRVG | Buy | TRIVAGO N V | $52,164,000 | -18.4% | 21,118,927 | +9.3% | 1.25% | -20.1% |
| PFSI | PENNYMAC FINL SVCS INC NEW | $42,278,000 | -1.0% | 691,600 | 0.0% | 1.01% | -3.0% | |
| AXP | AMERICAN EXPRESS CO | $41,883,000 | +1.4% | 250,000 | 0.0% | 1.00% | -0.7% | |
| TRUE | Sell | TRUECAR INC | $39,765,000 | -27.2% | 9,558,804 | -1.1% | 0.95% | -28.7% |
| TFC | Buy | TRUIST FINL CORP | $39,589,000 | +42.7% | 675,000 | +35.0% | 0.95% | +39.7% |
| VLRS | CONTROLADORA VUELA COMP DE Aspon adr rp 10 | $38,906,000 | +13.5% | 1,783,856 | 0.0% | 0.93% | +11.2% | |
| STT | Buy | STATE STR CORP | $38,124,000 | +12.6% | 450,000 | +9.4% | 0.92% | +10.4% |
| GDOT | Buy | GREEN DOT CORPcl a | $37,004,000 | +21.5% | 735,226 | +13.1% | 0.89% | +19.0% |
| SAVE | Sell | SPIRIT AIRLS INC | $33,722,000 | -20.9% | 1,300,000 | -7.1% | 0.81% | -22.5% |
| ABNB | Sell | AIRBNB INC | $33,550,000 | -12.4% | 200,000 | -20.0% | 0.80% | -14.2% |
| JBLU | JETBLUE AWYS CORP | $30,580,000 | -8.9% | 2,000,000 | 0.0% | 0.73% | -10.7% | |
| RRR | RED ROCK RESORTS INCcl a | $27,379,000 | +20.5% | 534,529 | 0.0% | 0.66% | +18.2% | |
| MA | MASTERCARD INCORPORATEDcl a | $17,384,000 | -4.8% | 50,000 | 0.0% | 0.42% | -6.7% | |
| DFS | DISCOVER FINL SVCS | $14,221,000 | +3.9% | 115,761 | 0.0% | 0.34% | +1.8% | |
| COF | CAPITAL ONE FINL CORP | $9,718,000 | +4.7% | 60,000 | 0.0% | 0.23% | +2.6% | |
| WPCB | WARBURG PINCUS CAPTAL CORP I | $7,335,000 | +0.3% | 750,000 | 0.0% | 0.18% | -1.7% | |
| WH | WYNDHAM HOTELS & RESORTS INC | $6,561,000 | +6.8% | 85,000 | 0.0% | 0.16% | +4.7% | |
| WPCA | WARBURG PINCUS CAPTAL CORP I | $4,910,000 | +0.2% | 500,000 | 0.0% | 0.12% | -1.7% | |
| VGII | VIRGIN GROUP ACQUISIT CORP I | $3,884,000 | -0.8% | 400,000 | 0.0% | 0.09% | -3.1% | |
| WU | WESTERN UN CO | $2,022,000 | -12.0% | 100,000 | 0.0% | 0.05% | -12.5% | |
| CND | New | CONCORD ACQUISITION CORP | $1,008,000 | – | 100,000 | +100.0% | 0.02% | – |
| FRSG | FIRST RESERVE SUSTAINABLE GW | $984,000 | +1.4% | 100,000 | 0.0% | 0.02% | 0.0% | |
| AUS | AUSTERLITZ ACQUISITION CORP | $994,000 | +0.2% | 100,000 | 0.0% | 0.02% | 0.0% | |
| DMYQU | DMY TECHNOLOGY GROUP INC IVunit 99/99/9999 | $991,000 | +1.4% | 100,000 | 0.0% | 0.02% | 0.0% | |
| ATAQ | ALTIMAR ACQUISITION CORP III | $974,000 | -0.1% | 100,000 | 0.0% | 0.02% | -4.2% | |
| FSNB | FUSION ACQUISITION CORP II | $971,000 | +0.4% | 100,000 | 0.0% | 0.02% | -4.2% | |
| ASZ | AUSTERLITZ ACQUISITION CORP | $975,000 | +0.2% | 100,000 | 0.0% | 0.02% | -4.2% | |
| OHPA | ORION ACQUISITION CORP | $970,000 | +0.4% | 100,000 | 0.0% | 0.02% | -4.2% | |
| RXR ACQUISITION CORP | $972,000 | +0.1% | 100,000 | 0.0% | 0.02% | -4.2% | ||
| ZIXI | ZIX CORP | $508,000 | +0.2% | 71,900 | 0.0% | 0.01% | 0.0% | |
| ETSY | New | ETSY INC | $312,000 | – | 1,500 | +100.0% | 0.01% | – |
| WPCBWS | WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999 | $140,000 | -28.2% | 150,000 | 0.0% | 0.00% | -40.0% | |
| WPCAWS | WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999 | $105,000 | -22.2% | 100,000 | 0.0% | 0.00% | 0.0% | |
| VGIIWS | VIRGIN GROUP ACQUISIT CORP I*w exp 03/13/202 | $69,000 | -32.4% | 80,000 | 0.0% | 0.00% | 0.0% | |
| DMYQWS | DMY TECHNOLOGY GROUP INC IV*w exp 03/04/202 | $38,000 | +35.7% | 20,000 | 0.0% | 0.00% | 0.0% | |
| ASZWS | AUSTERLITZ ACQUISITION CORP*w exp 02/19/202 | $42,000 | -2.3% | 25,000 | 0.0% | 0.00% | 0.0% | |
| AUSWS | AUSTERLITZ ACQUISITION CORP*w exp 02/19/202 | $26,000 | -16.1% | 25,000 | 0.0% | 0.00% | 0.0% | |
| FSNBWS | FUSION ACQUISITION CORP II*w exp 02/29/202 | $22,000 | -33.3% | 33,333 | 0.0% | 0.00% | 0.0% | |
| ATAQWS | ALTIMAR ACQUISITION CORP III*w exp 08/03/202 | $26,000 | -7.1% | 25,000 | 0.0% | 0.00% | 0.0% | |
| FRSGW | FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202 | $21,000 | -27.6% | 25,000 | 0.0% | 0.00% | 0.0% | |
| RXRAW | RXR ACQUISITION CORP*w exp 03/08/202 | $15,000 | -28.6% | 20,000 | 0.0% | 0.00% | -100.0% | |
| OHPAW | ORION ACQUISITION CORP*w exp 02/19/202 | $16,000 | -33.3% | 25,000 | 0.0% | 0.00% | -100.0% | |
| PCYO | Exit | PURE CYCLE CORP | $0 | – | -31,000 | -100.0% | -0.01% | – |
| TRIP | Exit | TRIPADVISOR INCput | $0 | – | -1,535,000 | -100.0% | -1.52% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR/A filed 2021-11-15
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 | 40 | Q1 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 40 | Q1 2023 | 14.3% |
| TRIPADVISOR INC | 40 | Q1 2023 | 14.4% |
| ALASKA AIR GROUP INC | 40 | Q1 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 36 | Q1 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 35 | Q1 2023 | 24.2% |
| WEX INC | 34 | Q1 2023 | 12.6% |
| SOUTHWEST AIRLS CO | 34 | Q1 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 33 | Q1 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 | 2023-05-15 |
| 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 |
| 13F-HR | 2021-08-16 |
| 13F-HR | 2021-05-17 |
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.