PAR Capital

Q1 2015 13F · by Paul Reeder, founder

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $4.3B · prev $4.3B
Positions: 70 · prev 70
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%

Moves56 since the prior filing

+9.5 pp in · −10.9 pp out

New 7 +2.56 pp
Added 28 +6.94 pp
Trimmed 14 −5.99 pp
Exited 7 −4.88 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions40% of US stock

DAL Delta Air Lines, Inc. trimmed−1.31 pp trimmed−1.3111.7%
unresolved Global Eagle Entmt Inc held held8.9%
EXPE Expedia Group, Inc. added+1.13 pp added+1.137.9%
ALK Alaska Air Group, Inc. trimmed+0.46 pp trimmed+0.467.0%
AAL American Airlines Group Inc. trimmed−0.24 pp trimmed−0.244.9%

Positions70 in this filing · 7 exited


DALDelta Air Lines, Inc.	11.67%	11,255,809	$506M	trimmed−1%	−1.31 pp	8 q
unresolvedGlobal Eagle Entmt Inc	8.90%	28,981,072	$386M	held	—	8 q
EXPEExpedia Group, Inc.	7.94%	3,659,800	$344M	added+6%	+1.13 pp	8 q
ALKAlaska Air Group, Inc.	6.95%	4,552,364	$301M	trimmed−3%	+0.46 pp	8 q
AALAmerican Airlines Group Inc.	4.87%	4,000,000	$211M	trimmed−3%	−0.24 pp	6 q
TRIPTripAdvisor, Inc.	4.02%	2,094,042	$174M	held	—	8 q
CHDNChurchill Downs Inc	3.41%	1,286,544	$148M	held	—	8 q
GLPIGaming and Leisure Properties, Inc.	3.23%	3,795,626	$140M	added+1%	+0.68 pp	6 q
UALUnited Airlines Holdings, Inc.	2.92%	1,885,000	$127M	added+4%	+0.13 pp	3 q
LUVSouthwest Airlines Co.	2.71%	2,648,000	$117M	trimmed−51%	−2.54 pp	6 q
CPACopa Holdings, S.A.	2.60%	1,115,000	$113M	added×8.9	+2.30 pp	3 q
unresolvedQunar ADR	2.44%	2,561,416	$106M	held	—	3 q
BYDBoyd Gaming Corporation	2.36%	7,198,041	$102M	trimmed−14%	−0.11 pp	8 q
MLCOMelco Resorts & Entertainment Limited	2.36%	4,773,519	$102M	added+7%	−0.25 pp	8 q
PENNPENN Entertainment, Inc.	2.31%	6,386,630	$100M	trimmed−19%	−0.18 pp	8 q
unresolvedPriceline Grp Inc	2.27%	84,400	$98M	trimmed−9%	−0.18 pp	8 q
URIUnited Rentals, Inc.	2.27%	1,080,184	$98M	added+14%	+0.04 pp	8 q
GBXThe Greenbrier Companies, Inc.	1.91%	1,426,204	$83M	trimmed−16%	−0.19 pp	8 q
unresolvedVirgin America Inc	1.51%	2,264,492	$65M	held	—	2 q
OCOwens Corning	1.42%	1,419,762	$62M	added+25%	+0.48 pp	8 q
GMGeneral Motors Company	1.41%	1,628,550	$61M	added+15%	+0.27 pp	8 q
CHGGChegg, Inc.	1.37%	7,500,000	$60M	held	—	5 q
unresolvedRite Aid Corp	1.37%	6,845,922	$59M	held	—	3 q
unresolvedCanadian Pac Ry Ltd	1.22%	290,000	$53M	added+26%	+0.20 pp	4 q
unresolvedPinnacle Entertainment Inc.	1.05%	1,259,407	$45M	added+16%	+0.49 pp	8 q
WCGWellcare Health Plans, Inc.	1.05%	500,000	$46M	held	—	3 q
unresolvedHertz Global Holdings Inc	1.03%	2,051,200	$44M	new	+1.03 pp	new
THCTenet Healthcare Corporation New	1.02%	892,700	$44M	new	+1.02 pp	new
WMSAdvanced Drainage Systems, Inc.	0.97%	1,402,300	$42M	added+12%	+0.30 pp	2 q
LNWOLight & Wonder Inc	0.74%	3,067,900	$32M	held	—	4 q
unresolvedStone Energy Corp	0.71%	2,110,300	$31M	trimmed−4%	−0.15 pp	8 q
PCYOPure Cycle Corporation	0.70%	5,982,970	$30M	held	—	8 q
unresolvedPozen Inc.	0.69%	3,863,699	$30M	held	—	8 q
SAVEQSpirit Airlines, Inc.	0.62%	349,900	$27M	trimmed−68%	−1.30 pp	8 q
EVLVEvine Live Inc	0.55%	3,562,300	$24M	held	—	2 q
IVZInvesco LTD	0.50%	550,000	$22M	added+10%	+0.04 pp	5 q
ERICaesars Entertainment, Inc.	0.44%	3,800,595	$19M	added+1%	+0.09 pp	3 q
APAMArtisan Partners Asset Management Inc.	0.42%	400,000	$18M	trimmed−9%	−0.09 pp	5 q
DOORMasonite International Corp	0.42%	272,000	$18M	added+20%	+0.10 pp	3 q
GWRGenesee & Wyoming Inc.	0.40%	181,382	$17M	held	—	8 q
APCAnadarko Petroleum Corp	0.36%	187,444	$16M	added+67%	+0.15 pp	5 q
VVISA Inc.	0.36%	240,000	$16M	held	—	3 q
unresolvedElong Inc	0.35%	873,573	$15M	added+1%	−0.01 pp	2 q
MLIMueller Industries, Inc.	0.34%	413,000	$15M	held	—	8 q
ICEIntercontinental Exchange Inc.	0.32%	60,000	$14M	added+4%	+0.03 pp	5 q
EXPEagle Materials, Inc.	0.27%	139,600	$12M	held	—	8 q
ENSGThe Ensign Group, Inc.	0.27%	250,000	$12M	new	+0.27 pp	new
PGTIPGT, Inc.	0.26%	1,001,172	$11M	held	—	5 q
CSGPCoStar Group Inc	0.25%	54,000	$11M	added+8%	+0.04 pp	3 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.24%	945,808	$11M	added+9%	+0.06 pp	5 q
FCXFreeport-McMoran Inc.	0.24%	540,000	$10M	held	—	5 q
TRUETrueCar, Inc.	0.24%	585,791	$10M	added×3.4	+0.15 pp	2 q
WEXWEX Inc.	0.20%	79,400	$9M	added+65%	+0.09 pp	2 q
PRSCModivcare Inc	0.19%	152,718	$8M	added×2.2	+0.13 pp	2 q
unresolvedNewfield Expl Co	0.16%	202,500	$7M	added×2.0	+0.10 pp	2 q
SFStifel Financial Corp.	0.15%	115,000	$6M	added+15%	+0.03 pp	2 q
unresolvedAngie's List	0.14%	1,000,000	$6M	new	+0.14 pp	new
FRCBFirst Republic Bk CA	0.13%	100,000	$6M	added+32%	+0.04 pp	3 q
unresolvedLakes Entmnt Inc	0.13%	658,457	$6M	held	—	2 q
unresolvedIsle of Capri Casinos Inc.	0.11%	326,900	$5M	trimmed−65%	−0.07 pp	8 q
unresolvedRmg Networks Hldg Corp	0.10%	1,137,043	$4M	added+2%	+0.07 pp	7 q
STTState Street Corporation	0.10%	57,700	$4M	added+15%	+0.01 pp	2 q
unresolvedAshford Hospitality Prime Inc	0.09%	226,258	$4M	held	—	4 q
unresolvedVantiv Inc	0.08%	90,000	$3M	added×2.6	+0.05 pp	2 q
VRTSVirtus Investment Partners, Inc.	0.06%	19,500	$3M	trimmed−3%	−0.02 pp	4 q
QTWOQ2 Holdings Inc	0.05%	107,100	$2M	new	+0.05 pp	new
unresolvedDover Motorsports, Inc.	0.04%	671,931	$2M	held	—	8 q
MMYTMakeMyTrip Limited	0.04%	72,954	$2M	new	+0.04 pp	new
unresolvedThe First Marblehead Corp.	0.01%	60,000	$374,000	new	+0.01 pp	new
unresolvedViggle Inc	0.01%	186,951	$267,000	trimmed−86%	−0.07 pp	4 q
unresolvedOrbitz Worldwide Inc	—	−16,500,000	—	exited	−3.14 pp	—
ALGTAllegiant Travel Company	—	−232,299	—	exited	−0.81 pp	—
MGLNMagellan Health Services, Inc.	—	−402,900	—	exited	−0.56 pp	—
LVSLas Vegas Sands Corp.	—	−150,000	—	exited	−0.20 pp	—
unresolvedCivitas Solutions Inc	—	−225,500	—	exited	−0.09 pp	—
unresolvedBonanza Creek Energy Inc	—	−92,892	—	exited	−0.05 pp	—
JPMJPMorgan Chase & Co.	—	−20,000	—	exited	−0.03 pp	—