PAR Capital

Q4 2015 13F · by Paul Reeder, founder

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $5.4B · prev $4.7B
Positions: 80 · prev 80
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%

Moves54 since the prior filing

+7.5 pp in · −3.6 pp out

New 4 +2.36 pp
Added 30 +5.17 pp
Trimmed 16 −1.84 pp
Exited 4 −1.72 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.8 years per position

Low
Moderate
High

Top 5 positions42% of US stock

DAL Delta Air Lines, Inc. added+0.12 pp added+0.1214.3%
EXPE Expedia Group, Inc. added−0.66 pp added−0.668.7%
UAL United Airlines Holdings, Inc. added+0.75 pp added+0.756.8%
ALK Alaska Air Group, Inc. held held6.7%
unresolved Global Eagle Entmt Inc held held5.3%

Positions80 in this filing · 4 exited


DALDelta Air Lines, Inc.	14.28%	15,315,809	$776M	added+2%	+0.12 pp	11 q
EXPEExpedia Group, Inc.	8.67%	3,792,840	$471M	added+1%	−0.66 pp	11 q
UALUnited Airlines Holdings, Inc.	6.77%	6,423,600	$368M	added+19%	+0.75 pp	6 q
ALKAlaska Air Group, Inc.	6.74%	4,552,364	$367M	held	—	11 q
unresolvedGlobal Eagle Entmt Inc	5.26%	28,981,072	$286M	held	—	11 q
LUVSouthwest Airlines Co.	4.51%	5,687,500	$245M	trimmed−0%	−0.07 pp	9 q
CHDNChurchill Downs Inc	3.35%	1,287,144	$182M	added0%	−0.28 pp	11 q
unresolvedPriceline Grp Inc	3.09%	131,655	$168M	held	—	11 q
BYDBoyd Gaming Corporation	2.81%	7,684,555	$153M	held	—	11 q
unresolvedCigna Corporation	2.70%	1,001,753	$147M	added×10.0	+2.42 pp	2 q
unresolvedQunar ADR	2.67%	2,746,586	$145M	added+4%	+0.99 pp	6 q
TRIPTripAdvisor, Inc.	2.64%	1,682,390	$143M	held	—	11 q
GLPIGaming and Leisure Properties, Inc.	2.33%	4,546,805	$126M	added+9%	−0.27 pp	9 q
PENNPENN Entertainment, Inc.	1.75%	5,941,300	$95M	held	—	11 q
OCOwens Corning	1.71%	1,979,762	$93M	added+2%	−0.01 pp	11 q
unresolvedCanadian Pac Ry Ltd	1.65%	701,450	$90M	added+18%	−0.16 pp	7 q
AALAmerican Airlines Group Inc.	1.64%	2,100,000	$89M	held	—	9 q
unresolvedVirgin America Inc	1.50%	2,264,492	$82M	held	—	5 q
GMGeneral Motors Company	1.44%	2,303,550	$78M	held	—	11 q
HCAHCA Healthcare, Inc.	1.33%	1,067,529	$72M	new	+1.33 pp	new
unresolvedPinnacle Entertainment Inc.	1.28%	2,228,528	$69M	added+46%	+0.19 pp	11 q
CLHClean Harbors, Inc	1.27%	1,655,000	$69M	trimmed−16%	−0.55 pp	3 q
unresolvedGrubhub Inc	1.18%	2,639,871	$64M	added×12.0	+1.07 pp	2 q
CHGGChegg, Inc.	1.02%	8,200,000	$55M	added+3%	−0.20 pp	8 q
URIUnited Rentals, Inc.	1.01%	755,000	$55M	held	—	11 q
unresolvedRite Aid Corp	0.99%	6,836,922	$54M	held	—	6 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.97%	3,085,787	$53M	added×2.8	+0.62 pp	8 q
CARAvis Budget Group, Inc.	0.93%	1,385,869	$50M	held	—	3 q
CTRPTrip.com Group Limited	0.90%	1,050,000	$49M	added+15%	+0.29 pp	2 q
MGMMgm Resorts International	0.75%	1,800,000	$41M	added+2%	+0.07 pp	3 q
TRUETrueCar, Inc.	0.74%	4,200,041	$40M	trimmed−49%	−0.16 pp	5 q
WCGWellcare Health Plans, Inc.	0.72%	500,000	$39M	held	—	6 q
NSCNorfolk Southern Corp.	0.70%	450,000	$38M	new	+0.70 pp	new
LNWOLight & Wonder Inc	0.68%	4,110,955	$37M	added+32%	0.00 pp	7 q
SERVTerminix Global Holdings Inc	0.68%	937,500	$37M	added+2%	+0.03 pp	3 q
WMSAdvanced Drainage Systems, Inc.	0.62%	1,402,300	$34M	held	—	5 q
PCYOPure Cycle Corporation	0.53%	5,982,970	$29M	held	—	11 q
ERICaesars Entertainment, Inc.	0.52%	2,551,710	$28M	trimmed−11%	−0.02 pp	6 q
unresolvedHertz Global Holdings Inc	0.52%	2,000,000	$28M	trimmed−3%	−0.20 pp	4 q
BRSLBrightstar Lottery PLC	0.50%	1,673,081	$27M	added+67%	+0.18 pp	3 q
unresolvedPozen Inc.	0.49%	3,863,699	$26M	held	—	11 q
GWRGenesee & Wyoming Inc.	0.47%	471,382	$25M	added+2%	−0.10 pp	11 q
WYNNWynn Resorts Ltd	0.43%	340,000	$24M	added0%	+0.05 pp	3 q
VVISA Inc.	0.37%	258,000	$20M	held	—	6 q
IVZInvesco LTD	0.37%	600,000	$20M	added+6%	0.00 pp	8 q
DOORMasonite International Corp	0.31%	272,000	$17M	held	—	6 q
WEXWEX Inc.	0.29%	180,000	$16M	added+19%	+0.01 pp	5 q
EXPEagle Materials, Inc.	0.25%	225,781	$14M	added+18%	−0.03 pp	11 q
GBXThe Greenbrier Companies, Inc.	0.25%	422,275	$14M	trimmed−51%	−0.34 pp	11 q
CSXCSX Corporation	0.24%	500,000	$13M	new	+0.24 pp	new
CSGPCoStar Group Inc	0.24%	64,000	$13M	held	—	6 q
PGTIPGT, Inc.	0.24%	1,146,172	$13M	added+2%	−0.05 pp	8 q
ENSGThe Ensign Group, Inc.	0.21%	500,000	$11M	held	—	4 q
APAMArtisan Partners Asset Management Inc.	0.20%	300,000	$11M	held	—	8 q
ICEIntercontinental Exchange Inc.	0.19%	40,000	$10M	trimmed−17%	−0.05 pp	8 q
APCAnadarko Petroleum Corp	0.17%	187,444	$9M	held	—	8 q
unresolvedInvestment Tech. Group	0.17%	550,000	$9M	added×2.0	+0.09 pp	2 q
SFStifel Financial Corp.	0.15%	195,000	$8M	added+30%	+0.02 pp	5 q
EVLVEvine Live Inc	0.14%	4,242,900	$8M	held	—	5 q
PRSCModivcare Inc	0.13%	150,066	$7M	held	—	5 q
unresolvedNewfield Expl Co	0.12%	202,500	$7M	held	—	5 q
STTState Street Corporation	0.11%	90,000	$6M	added+27%	+0.01 pp	5 q
FRCBFirst Republic Bk CA	0.10%	80,000	$5M	trimmed−27%	−0.05 pp	6 q
FCXFreeport-McMoran Inc.	0.10%	800,000	$5M	added+88%	+0.01 pp	8 q
VRTSVirtus Investment Partners, Inc.	0.10%	45,000	$5M	trimmed−15%	−0.01 pp	7 q
unresolvedAngie's List	0.09%	551,000	$5M	held	—	4 q
GDENGolden Entertainment, Inc.	0.09%	477,716	$5M	trimmed−27%	−0.04 pp	2 q
unresolvedPlains Gp Hldgs L P	0.09%	543,309	$5M	new	+0.09 pp	new
QTWOQ2 Holdings Inc	0.08%	155,000	$4M	held	—	4 q
9990302DApache Corp	0.07%	90,000	$4M	trimmed−64%	−0.14 pp	2 q
CMAComerica Incorporated	0.07%	95,000	$4M	added+46%	+0.01 pp	2 q
unresolvedPennymac Finl Svcs Inc	0.06%	195,000	$3M	added+15%	0.00 pp	2 q
unresolvedVantiv Inc	0.06%	73,300	$3M	trimmed−19%	−0.03 pp	5 q
CSBRChampions Oncology, Inc.	0.05%	833,333	$3M	held	—	2 q
MCMoelis & Company	0.04%	75,000	$2M	trimmed−25%	−0.02 pp	2 q
unresolvedRmg Networks Hldg Corp	0.04%	2,995,293	$2M	trimmed−12%	−0.02 pp	10 q
unresolvedDover Motorsports, Inc.	0.03%	671,931	$2M	held	—	11 q
MLCOMelco Resorts & Entertainment Limited	0.03%	100,000	$2M	trimmed−66%	−0.06 pp	11 q
MMYTMakeMyTrip Limited	0.03%	79,973	$1M	held	—	4 q
unresolvedStone Energy Corp	0.02%	215,000	$922,000	trimmed−79%	−0.08 pp	11 q
CPACopa Holdings, S.A.	—	−1,477,200	—	exited	−1.31 pp	—
SAVEQSpirit Airlines, Inc.	—	−318,827	—	exited	−0.32 pp	—
Stone Energy Corpconvertible	—	−5,000,000	—	exited	−0.09 pp	—
unresolvedThe First Marblehead Corp.	—	−60,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 20 unresolved
Accession: 0001051359-16-000012
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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