Par Capital Management - Q1 2023 holdings

$2.72 Billion is the total value of Par Capital Management's 43 reported holdings in Q1 2023. The portfolio turnover from Q4 2022 to Q1 2023 was 37.5% .

 Value Shares↓ Weighting
WEX  WEX INC$341,336,618
+12.4%
1,856,2000.0%12.56%
+15.0%
EXPE  EXPEDIA GROUP INC$339,605,000
+10.8%
3,500,0000.0%12.50%
+13.3%
BKNG SellBOOKING HOLDINGS INC$331,551,250
+18.1%
125,000
-10.3%
12.20%
+20.8%
UBER SellUBER TECHNOLOGIES INC$271,352,000
+11.7%
8,560,000
-12.9%
9.99%
+14.3%
SYF BuySYNCHRONY FINANCIAL$241,231,890
-9.9%
8,295,457
+1.8%
8.88%
-7.8%
DAL SellDELTA AIR LINES INC DEL$171,108,000
+1.4%
4,900,000
-4.6%
6.30%
+3.8%
TRIP SellTRIPADVISOR INC$113,202,000
-25.9%
5,700,000
-32.9%
4.17%
-24.2%
SCHW BuySCHWAB CHARLES CORP$97,426,800
+0.9%
1,860,000
+60.4%
3.59%
+3.3%
UAL SellUNITED AIRLS HLDGS INC$97,358,850
+12.3%
2,200,200
-4.3%
3.58%
+14.9%
CAR BuyAVIS BUDGET GROUP$91,984,560
+32.2%
472,200
+11.3%
3.39%
+35.3%
LUV BuySOUTHWEST AIRLS CO$83,516,969
+24.0%
2,566,594
+28.3%
3.07%
+26.9%
CARG SellCARGURUS INC$70,841,098
-25.0%
3,792,350
-43.8%
2.61%
-23.3%
AXP  AMERICAN EXPRESS CO$57,732,500
+11.6%
350,0000.0%2.12%
+14.2%
ALK SellALASKA AIR GROUP INC$50,352,000
-21.8%
1,200,000
-20.0%
1.85%
-20.0%
AAL SellAMERICAN AIRLS GROUP INC$41,300,000
+10.6%
2,800,000
-4.6%
1.52%
+13.2%
ABNB  AIRBNB INC$37,320,000
+45.5%
300,0000.0%1.37%
+48.9%
TRVG  TRIVAGO N V$33,349,599
+11.9%
22,085,8270.0%1.23%
+14.5%
ULCC SellFRONTIER GROUP HLDGS INC$32,718,000
-4.3%
3,325,000
-0.1%
1.20%
-2.1%
SNCY SellSUN CTRY AIRLS HLDGS INC$30,750,000
+2.0%
1,500,000
-21.1%
1.13%
+4.4%
ALGT SellALLEGIANT TRAVEL CO$27,594,000
+24.9%
300,000
-7.7%
1.02%
+27.8%
SABR BuySABRE CORP$22,970,805
+458.9%
5,354,500
+705.2%
0.84%
+470.9%
FRC NewFIRST REP BK SAN FRANCISCO C$21,684,5001,550,000
+100.0%
0.80%
 AVIDXCHANGE HOLDINGS INC$19,500,000
-21.5%
2,500,0000.0%0.72%
-19.7%
GDOT BuyGREEN DOT CORPcl a$15,462,000
+39.6%
900,000
+28.6%
0.57%
+43.0%
WBS SellWEBSTER FINL CORP$14,782,500
-31.8%
375,000
-18.1%
0.54%
-30.3%
JBLU  JETBLUE AWYS CORP$14,560,000
+12.3%
2,000,0000.0%0.54%
+15.0%
H BuyHYATT HOTELS CORP$11,193,980
+26.1%
100,134
+2.0%
0.41%
+29.2%
CMA NewCOMERICA INC$8,684,000200,000
+100.0%
0.32%
BAC BuyBANK AMERICA CORP$7,150,000
+7.9%
250,000
+25.0%
0.26%
+10.5%
SOFI  SOFI TECHNOLOGIES INC$4,552,500
+31.7%
750,0000.0%0.17%
+35.5%
HTZZ NewHERTZ GLOBAL HLDGS INC$2,765,977169,796
+100.0%
0.10%
 VACASA INC$2,694,160
-23.6%
2,800,0000.0%0.10%
-22.0%
GOOGL NewALPHABET INCcap stk cl a$2,288,00022,000
+100.0%
0.08%
FB NewMETA PLATFORMS INCcl a$1,759,1028,300
+100.0%
0.06%
VLRS SellCONTROLADORA VUELA COMP DE Aspon adr rp 10$1,044,960
-92.2%
84,000
-94.8%
0.04%
-92.1%
UBER NewUBER TECHNOLOGIES INCput$807,08233,500
+100.0%
0.03%
ETSY  ETSY INC$751,478
-7.1%
6,7500.0%0.03%
-3.4%
Z NewZILLOW GROUP INCcl c cap stk$667,05015,000
+100.0%
0.02%
SKYW BuySKYWEST INC$598,590
+262.6%
27,000
+170.0%
0.02%
+266.7%
PYPL SellPAYPAL HLDGS INC$455,640
-98.1%
6,000
-98.2%
0.02%
-98.0%
JPM BuyJPMORGAN CHASE & CO$390,930
+94.3%
3,000
+100.0%
0.01%
+100.0%
SHOP NewSHOPIFY INCcl a$311,6106,500
+100.0%
0.01%
EB NewEVENTBRITE INC$262,97730,650
+100.0%
0.01%
WIX ExitWIX COM LTD$0-5,000
-100.0%
-0.01%
ALGT ExitALLEGIANT TRAVEL COcall$0-10,000
-100.0%
-0.02%
WFC ExitWELLS FARGO CO NEW$0-21,000
-100.0%
-0.03%
QQQ ExitINVESCO QQQ TRunit ser 1$0-16,600
-100.0%
-0.16%
FLT ExitFLEETCOR TECHNOLOGIES INC$0-100,000
-100.0%
-0.66%
QUAL ExitISHARES TRmsci usa qlt fct$0-1,637,000
-100.0%
-6.71%
Original filings

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

  • View 13F-HR filed 2023-05-15
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
NameQuarters ownedLatest quarter ownedMax weighting
EXPEDIA INC DEL42Q3 202322.2%
DELTA AIR LINES INC DEL42Q3 202314.3%
TRIPADVISOR INC42Q3 202314.4%
ALASKA AIR GROUP INC42Q3 20238.2%
CONTROLADORA VUELA COMP DE A38Q3 20231.1%
UNITED CONTL HLDGS INC37Q3 202324.2%
WEX INC36Q3 202313.0%
SOUTHWEST AIRLS CO36Q3 20235.2%
AMERICAN AIRLS GROUP INC35Q3 20235.1%
PURECYCLE CORP33Q2 20211.3%

View Par Capital Management's complete holdings history.

Latest significant ownerships (13-D/G)
Par Capital Management Q1 2023 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-HR2024-02-14
13F-HR2023-11-14
13F-HR2023-08-14
13F-HR2023-05-15
13F-HR2023-02-14
13F-HR2022-11-14
13F-HR2022-08-15
13F-HR2022-05-16
13F-HR2022-02-14
13F-HR/A2021-11-15

View Par Capital Management's complete filings history.

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