PAR Capital

Q1 2016 13F · by Paul Reeder, founder

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $6.2B · prev $5.4B
Positions: 79 · 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%

Moves72 since the prior filing

+19.7 pp in · −16.1 pp out

New 12 +6.51 pp
Added 33 +13.23 pp
Trimmed 14 −11.02 pp
Exited 13 −5.08 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions41% of US stock

UAL United Airlines Holdings, Inc. added+7.03 pp added+7.0313.8%
DAL Delta Air Lines, Inc. trimmed−5.34 pp trimmed−5.348.9%
EXPE Expedia Group, Inc. added−1.21 pp added−1.217.5%
ALK Alaska Air Group, Inc. held held6.0%
unresolved Cigna Corporation added+1.92 pp added+1.924.6%

Positions79 in this filing · 13 exited


UALUnited Airlines Holdings, Inc.	13.80%	14,389,711	$861M	added×2.2	+7.03 pp	7 q
DALDelta Air Lines, Inc.	8.94%	11,465,809	$558M	trimmed−25%	−5.34 pp	12 q
EXPEExpedia Group, Inc.	7.46%	4,319,840	$466M	added+14%	−1.21 pp	12 q
ALKAlaska Air Group, Inc.	5.98%	4,552,364	$373M	held	—	12 q
unresolvedCigna Corporation	4.62%	2,100,000	$288M	added×2.1	+1.92 pp	3 q
unresolvedGlobal Eagle Entmt Inc	3.96%	28,981,072	$247M	held	—	12 q
TRIPTripAdvisor, Inc.	3.41%	3,197,990	$213M	added+90%	+0.77 pp	12 q
CHDNChurchill Downs Inc	3.05%	1,287,144	$190M	held	—	12 q
unresolvedPriceline Grp Inc	2.82%	136,655	$176M	added+4%	−0.27 pp	12 q
LUVSouthwest Airlines Co.	2.66%	3,710,000	$166M	trimmed−35%	−1.85 pp	10 q
MCKMcKesson Corporation	2.52%	1,000,000	$157M	new	+2.52 pp	new
HCAHCA Healthcare, Inc.	2.50%	2,000,000	$156M	added+87%	+1.17 pp	2 q
BYDBoyd Gaming Corporation	2.46%	7,441,246	$154M	trimmed−3%	−0.35 pp	12 q
GLPIGaming and Leisure Properties, Inc.	2.34%	4,727,763	$146M	added+4%	+0.01 pp	10 q
unresolvedGrubhub Inc	2.20%	5,455,000	$137M	added×2.1	+1.02 pp	3 q
MGMMgm Resorts International	2.01%	5,857,000	$126M	added×3.3	+1.26 pp	4 q
OCOwens Corning	1.78%	2,344,762	$111M	added+18%	+0.07 pp	12 q
unresolvedCanadian Pac Ry Ltd	1.49%	701,450	$93M	held	—	8 q
ZZillow Group, Inc. Class C	1.48%	3,882,041	$92M	new	+1.48 pp	new
WCGWellcare Health Plans, Inc.	1.45%	973,701	$90M	added+95%	+0.73 pp	7 q
unresolvedPinnacle Entertainment Inc.	1.34%	2,375,058	$83M	added+7%	+0.06 pp	12 q
PENNPENN Entertainment, Inc.	1.28%	4,772,013	$80M	trimmed−20%	−0.47 pp	12 q
GMGeneral Motors Company	1.26%	2,503,550	$79M	added+9%	−0.18 pp	12 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	1.07%	3,170,844	$67M	added+3%	+0.10 pp	9 q
BRSLBrightstar Lottery PLC	0.97%	3,310,328	$60M	added+98%	+0.47 pp	4 q
unresolvedRite Aid Corp	0.96%	7,336,922	$60M	added+7%	−0.03 pp	7 q
URIUnited Rentals, Inc.	0.75%	755,000	$47M	held	—	12 q
CTRPTrip.com Group Limited	0.74%	1,050,000	$46M	held	—	3 q
DVADaVita Inc.	0.69%	584,335	$43M	new	+0.69 pp	new
WMSAdvanced Drainage Systems, Inc.	0.68%	2,000,000	$43M	added+43%	+0.06 pp	6 q
SERVTerminix Global Holdings Inc	0.68%	1,122,500	$42M	added+20%	0.00 pp	4 q
AALAmerican Airlines Group Inc.	0.66%	1,000,000	$41M	trimmed−52%	−0.98 pp	10 q
ZGZillow Group Inc Class A	0.66%	1,617,910	$41M	new	+0.66 pp	new
ERICaesars Entertainment, Inc.	0.65%	3,551,839	$41M	added+39%	+0.13 pp	7 q
CHGGChegg, Inc.	0.63%	8,801,613	$39M	added+7%	−0.39 pp	9 q
CARAvis Budget Group, Inc.	0.61%	1,385,869	$38M	held	—	4 q
EXPEagle Materials, Inc.	0.61%	540,781	$38M	added×2.4	+0.36 pp	12 q
LNWOLight & Wonder Inc	0.60%	4,000,000	$38M	trimmed−3%	−0.08 pp	8 q
CLHClean Harbors, Inc	0.55%	700,000	$35M	trimmed−58%	−0.72 pp	4 q
WEXWEX Inc.	0.53%	400,000	$33M	added×2.2	+0.24 pp	6 q
unresolvedVirgin America Inc	0.49%	790,000	$30M	trimmed−65%	−1.01 pp	6 q
GWRGenesee & Wyoming Inc.	0.47%	471,382	$30M	held	—	12 q
unresolvedIsle of Capri Casinos Inc.	0.47%	2,091,500	$29M	new	+0.47 pp	new
WYNNWynn Resorts Ltd	0.46%	305,668	$29M	trimmed−10%	+0.03 pp	4 q
TRUETrueCar, Inc.	0.45%	5,031,568	$28M	added+20%	−0.29 pp	6 q
PCYOPure Cycle Corporation	0.43%	5,982,970	$27M	held	—	12 q
IVZInvesco LTD	0.38%	770,000	$24M	added+28%	+0.01 pp	9 q
unresolvedHertz Global Holdings Inc	0.34%	2,000,000	$21M	held	—	5 q
VVISA Inc.	0.34%	280,000	$21M	added+9%	−0.03 pp	7 q
unresolvedAralez Pharmaceuticals Inc	0.31%	5,365,000	$19M	new	+0.31 pp	new
DOORMasonite International Corp	0.29%	272,000	$18M	held	—	7 q
CSGPCoStar Group Inc	0.24%	81,000	$15M	added+27%	0.00 pp	7 q
unresolvedInvestment Tech. Group	0.23%	642,800	$14M	added+17%	+0.06 pp	3 q
PGTIPGT, Inc.	0.18%	1,146,172	$11M	held	—	9 q
unresolvedPlains Gp Hldgs L P	0.18%	1,299,974	$11M	added×2.4	+0.09 pp	2 q
STTState Street Corporation	0.17%	180,000	$11M	added×2.0	+0.06 pp	6 q
APCAnadarko Petroleum Corp	0.14%	187,444	$9M	held	—	9 q
SFStifel Financial Corp.	0.14%	300,000	$9M	added+54%	−0.01 pp	6 q
PRSCModivcare Inc	0.12%	150,066	$8M	held	—	6 q
CMAComerica Incorporated	0.11%	175,000	$7M	added+84%	+0.04 pp	3 q
ICEIntercontinental Exchange Inc.	0.11%	30,000	$7M	trimmed−25%	−0.08 pp	9 q
unresolvedNewfield Expl Co	0.11%	202,500	$7M	held	—	6 q
unresolvedStaples Inc	0.11%	650,000	$7M	new	+0.11 pp	new
TUESTuesday Morning Corp	0.11%	847,000	$7M	new	+0.11 pp	new
APAMArtisan Partners Asset Management Inc.	0.09%	175,000	$5M	trimmed−42%	−0.11 pp	9 q
FRCBFirst Republic Bk CA	0.09%	80,000	$5M	held	—	7 q
FCXFreeport-McMoran Inc.	0.08%	472,500	$5M	trimmed−41%	−0.02 pp	9 q
WEDWebster Financial Corp	0.07%	117,673	$4M	new	+0.07 pp	new
unresolvedPennymac Finl Svcs Inc	0.06%	335,000	$4M	added+72%	0.00 pp	3 q
QTWOQ2 Holdings Inc	0.06%	165,000	$4M	added+6%	−0.02 pp	5 q
CSBRChampions Oncology, Inc.	0.05%	833,333	$3M	held	—	3 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.05%	145,675	$3M	new	+0.05 pp	new
unresolvedRmg Networks Hldg Corp	0.05%	2,587,293	$3M	trimmed−14%	+0.01 pp	11 q
GDENGolden Entertainment, Inc.	0.04%	253,887	$3M	trimmed−47%	−0.05 pp	3 q
PRTYParty City Holdco Inc.	0.04%	151,300	$2M	new	+0.04 pp	new
MLCOMelco Resorts & Entertainment Limited	0.03%	100,000	$2M	held	—	12 q
unresolvedDover Motorsports, Inc.	0.02%	671,931	$2M	held	—	12 q
MMYTMakeMyTrip Limited	0.02%	79,973	$1M	held	—	5 q
unresolvedThe First Marblehead Corp.	0.00%	60,000	$228,000	new	0.00 pp	new
unresolvedQunar ADR	—	−2,746,586	—	exited	−2.67 pp	—
NSCNorfolk Southern Corp.	—	−450,000	—	exited	−0.70 pp	—
unresolvedPozen Inc.	—	−3,863,699	—	exited	−0.49 pp	—
GBXThe Greenbrier Companies, Inc.	—	−422,275	—	exited	−0.25 pp	—
CSXCSX Corporation	—	−500,000	—	exited	−0.24 pp	—
ENSGThe Ensign Group, Inc.	—	−500,000	—	exited	−0.21 pp	—
EVLVEvine Live Inc	—	−4,242,900	—	exited	−0.14 pp	—
VRTSVirtus Investment Partners, Inc.	—	−45,000	—	exited	−0.10 pp	—
unresolvedAngie's List	—	−551,000	—	exited	−0.09 pp	—
9990302DApache Corp	—	−90,000	—	exited	−0.07 pp	—
unresolvedVantiv Inc	—	−73,300	—	exited	−0.06 pp	—
MCMoelis & Company	—	−75,000	—	exited	−0.04 pp	—
unresolvedStone Energy Corp	—	−215,000	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 19 unresolved
Accession: 0001051359-16-000013
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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