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PAR Capital

Q2 2014 13F · by Paul Reeder, founder

As of
Jun 30, 2014
Filed
Aug 14, 2014
US stock
$3.6B · prev $3.3B
Positions
64 · prev 64
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%

Moves43 since the prior filing

The book

Focused · behaves like 23 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 21% a year, about 4.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions37% of US stock

  1. unresolved Global Eagle Entmt Inc held held9.9%
  2. EXPE Expedia Group, Inc. added+1.40 pp added+1.407.2%
  3. unresolved Priceline Grp Inc added+3.77 pp added+3.777.0%
  4. TRIP TripAdvisor, Inc. held held6.3%
  5. ALK Alaska Air Group, Inc. held held6.2%

Positions64 in this filing · 7 exited

unresolvedGlobal Eagle Entmt Inc9.91%28,968,499$359Mheld—5 q
EXPEExpedia Group, Inc.7.20%3,314,800$261Madded+25%+1.40 pp5 q
unresolvedPriceline Grp Inc7.04%212,000$255Madded×2.3+3.77 pp5 q
TRIPTripAdvisor, Inc.6.26%2,087,742$227Mheld—5 q
ALKAlaska Air Group, Inc.6.17%2,351,182$223Mheld—5 q
DALDelta Air Lines, Inc.5.73%5,363,800$208Mtrimmed−1%+0.03 pp5 q
unresolvedOrbitz Worldwide Inc4.05%16,500,000$147Mheld—5 q
LUVSouthwest Airlines Co.3.97%5,360,000$144Madded+11%+0.53 pp3 q
MLCOMelco Resorts & Entertainment Limited3.77%3,826,642$137Madded+53%+0.85 pp5 q
CHDNChurchill Downs Inc3.20%1,286,544$116Mheld—5 q
AALAmerican Airlines Group Inc.2.96%2,500,000$107Mheld—3 q
BYDBoyd Gaming Corporation2.76%8,236,655$100Madded+3%−0.44 pp5 q
URIUnited Rentals, Inc.2.70%934,813$98Mheld—5 q
GBXThe Greenbrier Companies, Inc.2.69%1,693,700$98Mheld—5 q
PENNPENN Entertainment, Inc.2.58%7,700,300$93Mheld—5 q
GLPIGaming and Leisure Properties, Inc.2.41%2,568,598$87Madded+16%−0.03 pp3 q
SAVEQSpirit Airlines, Inc.2.18%1,250,000$79Mheld—5 q
unresolvedBally Technologies Inc1.73%951,740$63Mheld—5 q
CRMSalesforce, Inc.1.37%856,000$50Madded+54%+0.41 pp5 q
AYIAcuity Inc.1.36%356,783$49Madded×2.3+0.75 pp5 q
KLACKLA Corporation1.29%642,000$47Mheld—5 q
OCOwens Corning1.19%1,114,762$43Madded+2%−0.23 pp5 q
PCYOPure Cycle Corporation1.12%5,982,970$41Mheld—5 q
VECOVeeco Instruments Inc1.01%985,465$37Mheld—2 q
CHGGChegg, Inc.0.90%4,650,000$33Madded×4.7+0.69 pp2 q
SLABSilicon Laboratories Inc0.89%656,000$32Madded+27%+0.07 pp3 q
unresolvedStone Energy Corp0.88%680,836$32Mtrimmed−18%−0.17 pp5 q
GMGeneral Motors Company0.77%768,550$28Madded+62%+0.28 pp5 q
unresolvedCanadian Pac Ry Ltd0.75%150,000$27Mnew+0.75 ppnew
unresolvedAixtron SE0.72%1,798,509$26Mheld—5 q
MGLNMagellan Health Services, Inc.0.69%400,000$25Madded+21%+0.10 pp5 q
unresolvedPozen Inc.0.66%2,863,699$24Mtrimmed−15%−0.15 pp5 q
unresolvedInvensense Inc0.62%992,402$23Mheld—3 q
unresolvedIsle of Capri Casinos Inc.0.61%2,563,000$22Madded+75%+0.27 pp5 q
APCAnadarko Petroleum Corp0.57%187,444$21Mheld—2 q
IVZInvesco LTD0.55%530,000$20Madded+6%−0.01 pp2 q
FCXFreeport-McMoran Inc.0.54%540,000$20Madded+44%+0.17 pp2 q
GWRGenesee & Wyoming Inc.0.53%181,382$19Mheld—5 q
unresolvedValuevision Media Inc.0.49%3,562,300$18Mheld—5 q
ICEIntercontinental Exchange Inc.0.42%80,000$15Madded+68%+0.14 pp2 q
unresolvedMTR Gaming Group Inc0.42%2,812,564$15Madded+1%−0.01 pp5 q
MOHMolina Healthcare, Inc.0.37%300,000$13Mheld—3 q
APAMArtisan Partners Asset Management Inc.0.36%230,000$13Madded+77%+0.11 pp2 q
unresolvedCree Inc0.35%254,300$13Mtrimmed−57%−0.67 pp5 q
MLIMueller Industries, Inc.0.34%413,000$12Mheld—5 q
SSYSStratasys Inc (ISRAEL)0.34%106,940$12Madded+39%+0.09 pp4 q
unresolvedPinnacle Entertainment Inc.0.28%400,000$10Mheld—5 q
METAMeta Platforms, Inc. Class A0.26%140,000$9Mheld—5 q
JPMJPMorgan Chase & Co.0.22%140,000$8Mtrimmed−13%−0.07 pp2 q
PGTIPGT, Inc.0.22%941,172$8Madded+59%+0.01 pp2 q
EXPEagle Materials, Inc.0.20%78,600$7Mheld—5 q
VRTSVirtus Investment Partners, Inc.0.19%32,500$7Mnew+0.19 ppnew
unresolvedLakes Entertainment Inc0.17%1,316,914$6Mheld—5 q
MASMasco Corporation0.16%262,900$6Mtrimmed−8%−0.03 pp5 q
unresolvedViggle Inc0.16%1,375,000$6Mnew+0.16 ppnew
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.0.14%545,000$5Madded×3.9+0.10 pp2 q
EXXIEnergy Xxi Ltd0.14%219,800$5Mheld—2 q
unresolvedInternational Game Technology0.12%263,100$4Mnew+0.12 ppnew
LNWOLight & Wonder Inc0.11%357,832$4Mnew+0.11 ppnew
unresolvedArm Hdg.Spn.Adr0.07%55,558$3Mnew+0.07 ppnew
unresolvedRmg Networks Hldg Corp0.07%1,112,293$2Madded+11%−0.10 pp4 q
unresolvedDover Motorsports, Inc.0.05%671,931$2Mheld—5 q
unresolvedAshford Hospitality Prime Inc0.03%67,900$1Mnew+0.03 ppnew
unresolvedThe First Marblehead Corp.0.01%60,000$315,000held—2 q
CARAvis Budget Group, Inc.—−2,502,660—exited−3.68 pp—
ATMLAtmel Corp—−1,325,000—exited−0.33 pp—
unresolvedWellpoint Inc—−100,000—exited−0.30 pp—
GRPNGroupon, Inc.—−950,000—exited−0.23 pp—
unresolvedRex Energy Corporation—−170,000—exited−0.10 pp—
unresolvedNewfield Expl Co—−55,000—exited−0.05 pp—
SHWThe Sherwin-Williams Company—−9,000—exited−0.05 pp—

Source

Form
13F-HR
Reading
0 defects · 22 unresolved
Accession
0001051359-14-000010
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet