PAR Capital

Q3 2015 13F · by Paul Reeder, founder

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $4.7B · prev $4.4B
Positions: 80 · prev 73
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%

Moves61 since the prior filing

+9.1 pp in · −7.5 pp out

New 11 +1.78 pp
Added 35 +7.34 pp
Trimmed 11 −6.48 pp
Exited 4 −0.98 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions44% of US stock

DAL Delta Air Lines, Inc. added+2.67 pp added+2.6714.2%
EXPE Expedia Group, Inc. held held9.3%
ALK Alaska Air Group, Inc. held held7.6%
unresolved Global Eagle Entmt Inc held held7.0%
UAL United Airlines Holdings, Inc. added+2.85 pp added+2.856.0%

Positions80 in this filing · 4 exited


DALDelta Air Lines, Inc.	14.16%	14,965,809	$672M	added+21%	+2.67 pp	10 q
EXPEExpedia Group, Inc.	9.33%	3,759,800	$442M	held	—	10 q
ALKAlaska Air Group, Inc.	7.63%	4,552,364	$362M	held	—	10 q
unresolvedGlobal Eagle Entmt Inc	7.02%	28,981,072	$333M	held	—	10 q
UALUnited Airlines Holdings, Inc.	6.02%	5,380,000	$285M	added×2.0	+2.85 pp	5 q
LUVSouthwest Airlines Co.	4.58%	5,710,000	$217M	added+38%	+1.48 pp	8 q
CHDNChurchill Downs Inc	3.63%	1,286,544	$172M	held	—	10 q
unresolvedPriceline Grp Inc	3.43%	131,655	$163M	added+56%	+1.23 pp	10 q
BYDBoyd Gaming Corporation	2.64%	7,684,555	$125M	added0%	+0.05 pp	10 q
GLPIGaming and Leisure Properties, Inc.	2.60%	4,152,963	$123M	added+13%	−0.46 pp	8 q
TRIPTripAdvisor, Inc.	2.24%	1,682,390	$106M	added+37%	−0.19 pp	10 q
PENNPENN Entertainment, Inc.	2.10%	5,941,300	$100M	trimmed−8%	−0.57 pp	10 q
CLHClean Harbors, Inc	1.82%	1,968,027	$87M	added×2.0	+0.65 pp	2 q
unresolvedCanadian Pac Ry Ltd	1.81%	596,450	$86M	added+81%	+0.61 pp	6 q
AALAmerican Airlines Group Inc.	1.72%	2,100,000	$82M	trimmed−48%	−1.89 pp	8 q
OCOwens Corning	1.72%	1,944,762	$82M	added+25%	+0.27 pp	10 q
unresolvedQunar ADR	1.68%	2,652,514	$80M	added+4%	−0.80 pp	5 q
unresolvedVirgin America Inc	1.63%	2,264,492	$78M	held	—	4 q
GMGeneral Motors Company	1.46%	2,303,550	$69M	held	—	10 q
CPACopa Holdings, S.A.	1.31%	1,477,200	$62M	added+32%	−0.77 pp	5 q
CARAvis Budget Group, Inc.	1.28%	1,385,869	$61M	added×3.6	+0.90 pp	2 q
CHGGChegg, Inc.	1.22%	8,000,000	$58M	added+7%	−0.11 pp	7 q
unresolvedPinnacle Entertainment Inc.	1.09%	1,522,300	$52M	added+21%	+0.03 pp	10 q
URIUnited Rentals, Inc.	0.96%	755,000	$45M	trimmed−9%	−0.69 pp	10 q
WCGWellcare Health Plans, Inc.	0.91%	500,000	$43M	held	—	5 q
TRUETrueCar, Inc.	0.90%	8,225,324	$43M	added0%	−1.32 pp	4 q
unresolvedRite Aid Corp	0.88%	6,836,922	$42M	trimmed−0%	−0.41 pp	5 q
WMSAdvanced Drainage Systems, Inc.	0.86%	1,402,300	$41M	held	—	4 q
unresolvedHertz Global Holdings Inc	0.72%	2,051,200	$34M	held	—	3 q
MGMMgm Resorts International	0.68%	1,760,000	$32M	added×4.9	+0.53 pp	2 q
LNWOLight & Wonder Inc	0.68%	3,108,400	$32M	added+1%	−0.40 pp	6 q
SERVTerminix Global Holdings Inc	0.65%	917,500	$31M	added+1%	−0.09 pp	2 q
PCYOPure Cycle Corporation	0.62%	5,982,970	$30M	held	—	10 q
CTRPTrip.com Group Limited	0.61%	455,000	$29M	new	+0.61 pp	new
GBXThe Greenbrier Companies, Inc.	0.59%	865,614	$28M	trimmed−8%	−0.41 pp	10 q
GWRGenesee & Wyoming Inc.	0.57%	461,382	$27M	added+28%	−0.05 pp	10 q
ERICaesars Entertainment, Inc.	0.54%	2,852,335	$26M	trimmed−24%	−0.13 pp	5 q
unresolvedPozen Inc.	0.48%	3,863,699	$23M	held	—	10 q
VVISA Inc.	0.38%	258,000	$18M	held	—	5 q
WYNNWynn Resorts Ltd	0.38%	338,500	$18M	added×6.8	+0.27 pp	2 q
IVZInvesco LTD	0.37%	565,000	$18M	added+11%	−0.06 pp	7 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.35%	1,102,487	$16M	added+1%	+0.05 pp	7 q
DOORMasonite International Corp	0.35%	272,000	$16M	held	—	5 q
SAVEQSpirit Airlines, Inc.	0.32%	318,827	$15M	trimmed−9%	−0.17 pp	10 q
BRSLBrightstar Lottery PLC	0.32%	1,000,000	$15M	added×5.7	+0.25 pp	2 q
PGTIPGT, Inc.	0.29%	1,126,172	$14M	added+12%	−0.04 pp	7 q
unresolvedCigna Corporation	0.28%	100,000	$14M	new	+0.28 pp	new
EXPEagle Materials, Inc.	0.28%	190,781	$13M	added+1%	−0.05 pp	10 q
WEXWEX Inc.	0.28%	151,000	$13M	added+84%	+0.07 pp	4 q
APCAnadarko Petroleum Corp	0.24%	187,444	$11M	held	—	7 q
ICEIntercontinental Exchange Inc.	0.24%	48,000	$11M	trimmed−6%	−0.02 pp	7 q
CSGPCoStar Group Inc	0.23%	64,000	$11M	added+19%	−0.02 pp	5 q
EVLVEvine Live Inc	0.23%	4,242,900	$11M	held	—	4 q
APAMArtisan Partners Asset Management Inc.	0.22%	300,000	$11M	trimmed−35%	−0.26 pp	7 q
ENSGThe Ensign Group, Inc.	0.22%	250,000	$11M	held	—	3 q
9990302DApache Corp	0.21%	250,000	$10M	new	+0.21 pp	new
FRCBFirst Republic Bk CA	0.15%	110,000	$7M	added+10%	+0.01 pp	5 q
unresolvedNewfield Expl Co	0.14%	202,500	$7M	held	—	4 q
PRSCModivcare Inc	0.14%	150,066	$7M	held	—	4 q
GDENGolden Entertainment, Inc.	0.13%	658,457	$6M	new	+0.13 pp	new
SFStifel Financial Corp.	0.13%	150,000	$6M	added+25%	−0.03 pp	4 q
unresolvedGrubhub Inc	0.11%	220,000	$5M	new	+0.11 pp	new
VRTSVirtus Investment Partners, Inc.	0.11%	53,000	$5M	added+23%	−0.02 pp	6 q
STTState Street Corporation	0.10%	71,000	$5M	added+23%	0.00 pp	4 q
unresolvedStone Energy Corp	0.10%	1,000,000	$5M	added+11%	−0.16 pp	10 q
CSBRChampions Oncology, Inc.	0.09%	833,333	$4M	new	+0.09 pp	new
FCXFreeport-McMoran Inc.	0.09%	425,000	$4M	added+77%	−0.01 pp	7 q
MLCOMelco Resorts & Entertainment Limited	0.09%	295,400	$4M	trimmed−93%	−1.92 pp	10 q
Stone Energy Corpconvertible	0.09%	5,000,000	$4M	new	+0.09 pp	new
unresolvedVantiv Inc	0.09%	90,000	$4M	held	—	4 q
unresolvedInvestment Tech. Group	0.08%	275,000	$4M	new	+0.08 pp	new
QTWOQ2 Holdings Inc	0.08%	155,000	$4M	added+24%	0.00 pp	3 q
unresolvedAngie's List	0.06%	551,000	$3M	held	—	3 q
CMAComerica Incorporated	0.06%	65,000	$3M	new	+0.06 pp	new
MCMoelis & Company	0.06%	100,000	$3M	new	+0.06 pp	new
unresolvedPennymac Finl Svcs Inc	0.06%	170,000	$3M	new	+0.06 pp	new
unresolvedRmg Networks Hldg Corp	0.06%	3,412,075	$3M	trimmed−5%	−0.01 pp	9 q
unresolvedDover Motorsports, Inc.	0.03%	671,931	$2M	held	—	10 q
MMYTMakeMyTrip Limited	0.02%	79,973	$1M	held	—	3 q
unresolvedThe First Marblehead Corp.	0.00%	60,000	$206,000	held	—	3 q
THCTenet Healthcare Corporation New	—	−392,700	—	exited	−0.51 pp	—
MLIMueller Industries, Inc.	—	−320,000	—	exited	−0.25 pp	—
unresolvedLakes Entmnt Inc	—	−658,457	—	exited	−0.14 pp	—
unresolvedAshford Hospitality Prime Inc	—	−226,258	—	exited	−0.08 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 20 unresolved
Accession: 0001051359-15-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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