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PAR Capital

Q2 2015 13F · by Paul Reeder, founder

As of
Jun 30, 2015
Filed
Aug 14, 2015
US stock
$4.4B · prev $4.3B
Positions
73 · 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%

Moves45 since the prior filing

The book

Focused · behaves like 22 equal-sized positions

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

Low turnover · 19% a year, about 5.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions40% of US stock

  1. DAL Delta Air Lines, Inc. added−0.18 pp added−0.1811.5%
  2. EXPE Expedia Group, Inc. added+1.36 pp added+1.369.3%
  3. unresolved Global Eagle Entmt Inc held held8.5%
  4. ALK Alaska Air Group, Inc. held held6.6%
  5. CHDN Churchill Downs Inc held held3.6%

Positions73 in this filing · 3 exited

DALDelta Air Lines, Inc.11.49%12,365,809$508Madded+10%−0.18 pp9 q
EXPEExpedia Group, Inc.9.30%3,759,800$411Madded+3%+1.36 pp9 q
unresolvedGlobal Eagle Entmt Inc8.53%28,981,072$377Mheld—9 q
ALKAlaska Air Group, Inc.6.63%4,552,364$293Mheld—9 q
CHDNChurchill Downs Inc3.64%1,286,544$161Mheld—9 q
AALAmerican Airlines Group Inc.3.61%4,000,000$160Mheld—7 q
UALUnited Airlines Holdings, Inc.3.17%2,642,632$140Madded+40%+0.25 pp4 q
LUVSouthwest Airlines Co.3.10%4,148,000$137Madded+57%+0.39 pp7 q
GLPIGaming and Leisure Properties, Inc.3.06%3,688,863$135Mtrimmed−3%−0.17 pp7 q
PENNPENN Entertainment, Inc.2.67%6,441,300$118Madded+1%+0.36 pp9 q
BYDBoyd Gaming Corporation2.59%7,664,055$115Madded+6%+0.23 pp9 q
unresolvedQunar ADR2.48%2,561,416$110Mheld—4 q
TRIPTripAdvisor, Inc.2.43%1,232,390$107Mtrimmed−41%−1.59 pp9 q
TRUETrueCar, Inc.2.22%8,185,000$98Madded×14.0+1.98 pp3 q
unresolvedPriceline Grp Inc2.20%84,400$97Mheld—9 q
CPACopa Holdings, S.A.2.08%1,115,000$92Mheld—4 q
MLCOMelco Resorts & Entertainment Limited2.01%4,523,519$89Mtrimmed−5%−0.35 pp9 q
GMGeneral Motors Company1.74%2,303,550$77Madded+41%+0.33 pp9 q
URIUnited Rentals, Inc.1.65%830,184$73Mtrimmed−23%−0.62 pp9 q
OCOwens Corning1.45%1,554,762$64Madded+10%+0.03 pp9 q
unresolvedVirgin America Inc1.41%2,264,492$62Mheld—3 q
CHGGChegg, Inc.1.33%7,500,000$59Mheld—6 q
unresolvedRite Aid Corp1.29%6,845,922$57Mheld—4 q
unresolvedCanadian Pac Ry Ltd1.20%330,000$53Madded+14%−0.02 pp5 q
CLHClean Harbors, Inc1.17%962,337$52Mnew+1.17 ppnew
LNWOLight & Wonder Inc1.08%3,067,900$48Mheld—5 q
unresolvedPinnacle Entertainment Inc.1.06%1,259,407$47Mheld—9 q
GBXThe Greenbrier Companies, Inc.1.00%945,614$44Mtrimmed−34%−0.91 pp9 q
WCGWellcare Health Plans, Inc.0.96%500,000$42Mheld—4 q
WMSAdvanced Drainage Systems, Inc.0.93%1,402,300$41Mheld—3 q
unresolvedPozen Inc.0.90%3,863,699$40Mheld—9 q
unresolvedHertz Global Holdings Inc0.84%2,051,200$37Mheld—2 q
SERVTerminix Global Holdings Inc0.74%907,500$33Mnew+0.74 ppnew
PCYOPure Cycle Corporation0.70%5,982,970$31Mheld—9 q
ERICaesars Entertainment, Inc.0.67%3,775,395$30Mtrimmed−1%+0.23 pp4 q
GWRGenesee & Wyoming Inc.0.62%361,382$28Madded+99%+0.22 pp9 q
THCTenet Healthcare Corporation New0.51%392,700$23Mtrimmed−56%−0.51 pp2 q
SAVEQSpirit Airlines, Inc.0.49%349,900$22Mheld—9 q
APAMArtisan Partners Asset Management Inc.0.48%460,000$21Madded+15%+0.06 pp6 q
DOORMasonite International Corp0.43%272,000$19Mheld—4 q
IVZInvesco LTD0.43%510,000$19Mtrimmed−7%−0.07 pp6 q
VVISA Inc.0.39%258,000$17Madded+8%+0.03 pp4 q
CARAvis Budget Group, Inc.0.38%385,869$17Mnew+0.38 ppnew
APCAnadarko Petroleum Corp0.33%187,444$15Mheld—6 q
EXPEagle Materials, Inc.0.33%189,600$14Madded+36%+0.06 pp9 q
PGTIPGT, Inc.0.33%1,001,172$15Mheld—6 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.0.30%1,093,062$13Madded+16%+0.06 pp6 q
ENSGThe Ensign Group, Inc.0.29%250,000$13Mheld—2 q
EVLVEvine Live Inc0.26%4,242,900$11Madded+19%−0.29 pp3 q
ICEIntercontinental Exchange Inc.0.26%51,000$11Mtrimmed−15%−0.06 pp6 q
unresolvedStone Energy Corp0.26%900,000$11Mtrimmed−57%−0.45 pp9 q
CSGPCoStar Group Inc0.25%54,000$11Mheld—4 q
MLIMueller Industries, Inc.0.25%320,000$11Mtrimmed−23%−0.09 pp9 q
WEXWEX Inc.0.21%82,000$9Madded+3%+0.01 pp3 q
unresolvedNewfield Expl Co0.17%202,500$7Mheld—3 q
SFStifel Financial Corp.0.16%120,000$7Madded+4%+0.01 pp3 q
MGMMgm Resorts International0.15%360,100$7Mnew+0.15 ppnew
PRSCModivcare Inc0.15%150,066$7Mtrimmed−2%−0.04 pp3 q
FRCBFirst Republic Bk CA0.14%100,000$6Mheld—4 q
unresolvedLakes Entmnt Inc0.14%658,457$6Mheld—3 q
VRTSVirtus Investment Partners, Inc.0.13%43,000$6Madded×2.2+0.07 pp5 q
WYNNWynn Resorts Ltd0.11%50,000$5Mnew+0.11 ppnew
FCXFreeport-McMoran Inc.0.10%240,000$4Mtrimmed−56%−0.14 pp6 q
STTState Street Corporation0.10%57,700$4Mheld—3 q
unresolvedAngie's List0.08%551,000$3Mtrimmed−45%−0.06 pp2 q
unresolvedAshford Hospitality Prime Inc0.08%226,258$3Mheld—5 q
QTWOQ2 Holdings Inc0.08%125,000$4Madded+17%+0.03 pp2 q
unresolvedVantiv Inc0.08%90,000$3Mheld—3 q
unresolvedRmg Networks Hldg Corp0.07%3,587,293$3Madded×3.2−0.03 pp8 q
BRSLBrightstar Lottery PLC0.07%174,100$3Mnew+0.07 ppnew
MMYTMakeMyTrip Limited0.04%79,973$2Madded+10%0.00 pp2 q
unresolvedDover Motorsports, Inc.0.03%671,931$1Mheld—9 q
unresolvedThe First Marblehead Corp.0.01%60,000$346,000held—2 q
unresolvedElong Inc—−873,573—exited−0.35 pp—
unresolvedIsle of Capri Casinos Inc.—−326,900—exited−0.11 pp—
unresolvedViggle Inc—−186,951—exited−0.01 pp—

Source

Form
13F-HR
Reading
0 defects · 18 unresolved
Accession
0001051359-15-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet