$2.78 Billion is the total value of Par Capital Management's 40 reported holdings in Q4 2022. The portfolio turnover from Q3 2022 to Q4 2022 was 23.8% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| EXPE | Sell | EXPEDIA GROUP INC | $306,600,000 | -17.3% | 3,500,000 | -11.5% | 11.03% | -19.8% |
| WEX | Buy | WEX INC | $303,767,130 | +29.4% | 1,856,200 | +0.3% | 10.93% | +25.4% |
| BKNG | Sell | BOOKING HOLDINGS INC | $280,778,886 | +22.1% | 139,325 | -0.5% | 10.10% | +18.4% |
| SYF | SYNCHRONY FINANCIAL | $267,809,000 | +16.6% | 8,150,000 | 0.0% | 9.63% | +13.0% | |
| UBER | Sell | UBER TECHNOLOGIES INC | $242,977,196 | -8.3% | 9,825,200 | -1.8% | 8.74% | -11.1% |
| QUAL | Sell | ISHARES TRmsci usa qlt fct | $186,552,520 | +3.6% | 1,637,000 | -5.5% | 6.71% | +0.4% |
| DAL | Buy | DELTA AIR LINES INC DEL | $168,727,195 | +100.4% | 5,134,729 | +71.2% | 6.07% | +94.3% |
| TRIP | Sell | TRIPADVISOR INC | $152,830,000 | -23.2% | 8,500,000 | -5.6% | 5.50% | -25.5% |
| SCHW | Buy | SCHWAB CHARLES CORP | $96,539,970 | +16.3% | 1,159,500 | +0.4% | 3.47% | +12.8% |
| CARG | Buy | CARGURUS INC | $94,492,547 | +5.9% | 6,744,650 | +7.1% | 3.40% | +2.7% |
| UAL | Sell | UNITED AIRLS HLDGS INC | $86,710,000 | -30.5% | 2,300,000 | -40.0% | 3.12% | -32.6% |
| CAR | New | AVIS BUDGET GROUP | $69,571,892 | – | 424,400 | +100.0% | 2.50% | – |
| LUV | SOUTHWEST AIRLS CO | $67,340,000 | +9.2% | 2,000,000 | 0.0% | 2.42% | +5.9% | |
| ALK | ALASKA AIR GROUP INC | $64,410,000 | +9.7% | 1,500,000 | 0.0% | 2.32% | +6.4% | |
| AXP | AMERICAN EXPRESS CO | $51,712,500 | +9.5% | 350,000 | 0.0% | 1.86% | +6.2% | |
| AAL | AMERICAN AIRLS GROUP INC | $37,338,555 | +5.6% | 2,935,421 | 0.0% | 1.34% | +2.4% | |
| ULCC | Buy | FRONTIER GROUP HLDGS INC | $34,186,766 | +61.6% | 3,328,799 | +52.6% | 1.23% | +56.7% |
| SNCY | Sell | SUN CTRY AIRLS HLDGS INC | $30,134,000 | +12.6% | 1,900,000 | -3.4% | 1.08% | +9.3% |
| TRVG | TRIVAGO N V | $29,815,866 | +16.4% | 22,085,827 | 0.0% | 1.07% | +12.8% | |
| ABNB | Buy | AIRBNB INC | $25,650,000 | -18.3% | 300,000 | +0.3% | 0.92% | -20.8% |
| Buy | AVIDXCHANGE HOLDINGS INC | $24,850,000 | +47.6% | 2,500,000 | +25.0% | 0.89% | +43.0% | |
| PYPL | Buy | PAYPAL HLDGS INC | $23,573,820 | -6.5% | 331,000 | +13.0% | 0.85% | -9.3% |
| ALGT | Sell | ALLEGIANT TRAVEL CO | $22,096,750 | -16.3% | 325,000 | -10.1% | 0.80% | -18.8% |
| WBS | Sell | WEBSTER FINL CORP | $21,681,720 | -20.1% | 458,000 | -23.7% | 0.78% | -22.5% |
| FLT | FLEETCOR TECHNOLOGIES INC | $18,368,000 | +4.3% | 100,000 | 0.0% | 0.66% | +1.2% | |
| VLRS | CONTROLADORA VUELA COMP DE Aspon adr rp 10 | $13,376,000 | +19.6% | 1,600,000 | 0.0% | 0.48% | +15.9% | |
| JBLU | JETBLUE AWYS CORP | $12,960,000 | -2.3% | 2,000,000 | 0.0% | 0.47% | -5.3% | |
| GDOT | Sell | GREEN DOT CORPcl a | $11,074,000 | -31.4% | 700,000 | -17.6% | 0.40% | -33.4% |
| H | Buy | HYATT HOTELS CORP | $8,876,220 | +13.5% | 98,134 | +1.6% | 0.32% | +10.0% |
| BAC | BANK AMERICA CORP | $6,624,000 | +9.7% | 200,000 | 0.0% | 0.24% | +6.2% | |
| QQQ | INVESCO QQQ TRunit ser 1 | $4,420,248 | -0.4% | 16,600 | 0.0% | 0.16% | -3.6% | |
| SABR | Sell | SABRE CORP | $4,109,700 | -20.8% | 665,000 | -34.0% | 0.15% | -22.9% |
| VACASA INC | $3,528,000 | -59.0% | 2,800,000 | 0.0% | 0.13% | -60.2% | ||
| SOFI | Sell | SOFI TECHNOLOGIES INC | $3,457,500 | -12.2% | 750,000 | -7.1% | 0.12% | -15.1% |
| WFC | Buy | WELLS FARGO CO NEW | $867,090 | +85.7% | 21,000 | +81.0% | 0.03% | +82.4% |
| ETSY | Sell | ETSY INC | $808,515 | -42.9% | 6,750 | -52.3% | 0.03% | -45.3% |
| ALGT | New | ALLEGIANT TRAVEL COcall | $679,900 | – | 10,000 | +100.0% | 0.02% | – |
| WIX | New | WIX COM LTD | $384,150 | – | 5,000 | +100.0% | 0.01% | – |
| JPM | New | JPMORGAN CHASE & CO | $201,150 | – | 1,500 | +100.0% | 0.01% | – |
| SKYW | SKYWEST INC | $165,100 | +1.3% | 10,000 | 0.0% | 0.01% | 0.0% | |
| SPOT | Exit | SPOTIFY TECHNOLOGY S A | $0 | – | -6,500 | -100.0% | -0.02% | – |
| APLE | Exit | APPLE HOSPITALITY REIT INC | $0 | – | -218,087 | -100.0% | -0.11% | – |
| ARKF | Exit | ARK ETF TRfintech innova | $0 | – | -350,000 | -100.0% | -0.20% | – |
| TRUE | Exit | TRUECAR INC | $0 | – | -5,370,000 | -100.0% | -0.30% | – |
| MA | Exit | MASTERCARD INCORPORATEDcl a | $0 | – | -70,000 | -100.0% | -0.74% | – |
| FB | Exit | META PLATFORMS INCcl a | $0 | – | -507,000 | -100.0% | -2.55% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2023-02-14
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 | 41 | Q2 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 41 | Q2 2023 | 14.3% |
| TRIPADVISOR INC | 41 | Q2 2023 | 14.4% |
| ALASKA AIR GROUP INC | 41 | Q2 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 37 | Q2 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 36 | Q2 2023 | 24.2% |
| WEX INC | 35 | Q2 2023 | 12.6% |
| SOUTHWEST AIRLS CO | 35 | Q2 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 34 | Q2 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 | 2023-11-14 |
| 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 |
| 13F-HR | 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.