PAR Capital

Q3 2013 13F · by Paul Reeder, founder

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $3.3B · prev $3.6B
Positions: 61 · prev 62
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves44 since the prior filing

+11.0 pp in · −18.5 pp out

New 5 +1.73 pp
Added 17 +9.23 pp
Trimmed 16 −12.86 pp
Exited 6 −5.62 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions45% of US stock

unresolved Priceline Grp Inc held held15.6%
ALK Alaska Air Group, Inc. added+2.06 pp added+2.068.2%
unresolved Global Eagle Entmt Inc held held8.1%
PENN PENN Entertainment, Inc. added+2.29 pp added+2.297.5%
TRIP TripAdvisor, Inc. trimmed−0.06 pp trimmed−0.065.4%

Positions61 in this filing · 6 exited


unresolvedPriceline Grp Inc	15.58%	501,700	$507M	held	—	2 q
ALKAlaska Air Group, Inc.	8.21%	4,269,282	$267M	added+1%	+2.06 pp	2 q
unresolvedGlobal Eagle Entmt Inc	8.10%	28,968,499	$264M	held	—	2 q
PENNPENN Entertainment, Inc.	7.49%	4,406,990	$244M	added+26%	+2.29 pp	2 q
TRIPTripAdvisor, Inc.	5.39%	2,314,887	$176M	trimmed−27%	−0.06 pp	2 q
unresolvedOrbitz Worldwide Inc	4.88%	16,500,000	$159M	trimmed−33%	−0.67 pp	2 q
CARAvis Budget Group, Inc.	4.73%	5,342,659	$154M	added+1%	+0.45 pp	2 q
DALDelta Air Lines, Inc.	3.92%	5,405,000	$128M	trimmed−59%	−3.08 pp	2 q
CHDNChurchill Downs Inc	3.40%	1,281,544	$111M	added+2%	+0.63 pp	2 q
EXPEExpedia Group, Inc.	2.98%	1,873,900	$97M	added+47%	+0.83 pp	2 q
MLCOMelco Resorts & Entertainment Limited	2.72%	2,780,557	$89M	held	—	2 q
BYDBoyd Gaming Corporation	2.53%	5,816,500	$82M	trimmed−30%	−0.11 pp	2 q
MGMMgm Resorts International	2.32%	3,702,900	$76M	held	—	2 q
unresolvedAetna Inc New	2.26%	1,150,000	$74M	trimmed−51%	−1.93 pp	2 q
unresolvedBally Technologies Inc	2.11%	951,740	$69M	held	—	2 q
unresolvedWellpoint Inc	1.93%	752,100	$63M	trimmed−70%	−3.82 pp	2 q
URIUnited Rentals, Inc.	1.83%	1,022,813	$60M	trimmed−27%	−0.14 pp	2 q
unresolvedUS Airways Group Inc.	1.46%	2,500,000	$47M	added×5.0	+1.23 pp	2 q
GBXThe Greenbrier Companies, Inc.	1.30%	1,709,700	$42M	held	—	2 q
KLACKLA Corporation	1.20%	642,000	$39M	added+17%	+0.34 pp	2 q
SAVEQSpirit Airlines, Inc.	1.16%	1,100,000	$38M	trimmed−43%	−0.57 pp	2 q
OCOwens Corning	1.07%	914,762	$35M	added+24%	+0.26 pp	2 q
WCGWellcare Health Plans, Inc.	1.07%	500,000	$35M	held	—	2 q
unresolvedCree Inc	1.00%	539,300	$32M	added+20%	+0.19 pp	2 q
unresolvedAixtron SE	0.87%	1,676,108	$28M	held	—	2 q
PCYOPure Cycle Corporation	0.85%	5,982,970	$28M	held	—	2 q
AYIAcuity Inc.	0.63%	223,183	$21M	trimmed−41%	−0.18 pp	2 q
CRMSalesforce, Inc.	0.63%	397,000	$21M	trimmed−38%	−0.06 pp	2 q
unresolvedPozen Inc.	0.59%	3,356,299	$19M	added+3%	+0.13 pp	2 q
ATMLAtmel Corp	0.54%	2,375,000	$18M	held	—	2 q
unresolvedIsle of Capri Casinos Inc.	0.52%	2,251,736	$17M	added+21%	+0.13 pp	2 q
FFIVF5, Inc.	0.50%	189,300	$16M	new	+0.50 pp	new
SSYSStratasys Inc (ISRAEL)	0.49%	156,000	$16M	new	+0.49 pp	new
unresolvedValuevision Media Inc.	0.48%	3,562,300	$16M	trimmed−25%	−0.20 pp	2 q
GOGOGogo Inc.	0.43%	793,800	$14M	new	+0.43 pp	new
unresolvedStone Energy Corp	0.39%	395,000	$13M	held	—	2 q
GWRGenesee & Wyoming Inc.	0.37%	128,382	$12M	added+8%	+0.09 pp	2 q
MASMasco Corporation	0.35%	530,000	$11M	added+61%	+0.17 pp	2 q
MLIMueller Industries, Inc.	0.34%	201,500	$11M	held	—	2 q
unresolvedPinnacle Entertainment Inc.	0.31%	400,000	$10M	held	—	2 q
GMGeneral Motors Company	0.29%	258,550	$9M	held	—	2 q
unresolvedNewfield Expl Co	0.28%	335,000	$9M	added+6%	+0.07 pp	2 q
unresolvedAruba Networks Inc	0.26%	509,851	$8M	trimmed−47%	−0.16 pp	2 q
unresolvedMTR Gaming Group Inc	0.23%	1,615,648	$8M	added+73%	+0.14 pp	2 q
unresolvedRmg Networks Hldg Corp	0.23%	1,000,000	$8M	new	+0.23 pp	new
METAMeta Platforms, Inc. Class A	0.22%	140,000	$7M	added×2.8	+0.19 pp	2 q
EXXIEnergy Xxi Ltd	0.19%	200,000	$6M	held	—	2 q
UHSUniversal Health Services, Inc. Class B	0.18%	76,900	$6M	trimmed−77%	−0.44 pp	2 q
unresolvedAngie's List	0.17%	250,000	$6M	held	—	2 q
unresolvedLakes Entertainment Inc	0.17%	1,316,914	$5M	held	—	2 q
EXPEagle Materials, Inc.	0.15%	67,600	$5M	held	—	2 q
unresolvedArm Hdg.Spn.Adr	0.12%	80,300	$4M	trimmed−90%	−0.73 pp	2 q
MGLNMagellan Health Services, Inc.	0.12%	64,148	$4M	trimmed−80%	−0.37 pp	2 q
HZOMarineMax, Inc.	0.12%	307,283	$4M	held	—	2 q
RHPRyman Hospitality Properties, Inc	0.11%	100,000	$3M	added+43%	+0.03 pp	2 q
TAROTaro Pharmaceutical Indus	0.09%	38,437	$3M	held	—	2 q
SHWThe Sherwin-Williams Company	0.08%	15,000	$3M	new	+0.08 pp	new
unresolvedDover Motorsports, Inc.	0.05%	671,931	$2M	held	—	2 q
unresolvedThe First Marblehead Corp.	0.02%	600,000	$492,000	held	—	2 q
unresolvedJive Software Inc	0.02%	65,000	$813,000	trimmed−91%	−0.34 pp	2 q
unresolvedLone Pine Resources Inc	0.00%	392,886	$2,000	held	—	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−1,750,000	—	exited	−3.22 pp	—
unresolvedAmeristar Casinos Inc	—	−2,109,538	—	exited	−1.56 pp	—
CNICanadian National Railway	—	−750,000	—	exited	−0.60 pp	—
FCXFreeport-McMoran Inc.	—	−150,000	—	exited	−0.12 pp	—
unresolvedSkilled Healthcare Group	—	−554,715	—	exited	−0.10 pp	—
unresolvedActive Network	—	−100,000	—	exited	−0.02 pp	—