PAR Capital

Q2 2016 13F · by Paul Reeder, founder

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $6.0B · prev $6.2B
Positions: 80 · prev 79
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%

Moves58 since the prior filing

+7.5 pp in · −6.8 pp out

New 12 +1.64 pp
Added 24 +5.83 pp
Trimmed 11 −1.78 pp
Exited 11 −5.06 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions40% of US stock

EXPE Expedia Group, Inc. added+4.09 pp added+4.0911.6%
UAL United Airlines Holdings, Inc. added−2.70 pp added−2.7011.1%
DAL Delta Air Lines, Inc. held held6.9%
unresolved Cigna Corporation added+1.79 pp added+1.796.4%
ALK Alaska Air Group, Inc. held held4.4%

Positions80 in this filing · 11 exited


EXPEExpedia Group, Inc.	11.55%	6,546,727	$696M	added+52%	+4.09 pp	13 q
UALUnited Airlines Holdings, Inc.	11.10%	16,294,711	$669M	added+13%	−2.70 pp	8 q
DALDelta Air Lines, Inc.	6.93%	11,465,809	$418M	held	—	13 q
unresolvedCigna Corporation	6.41%	3,017,739	$386M	added+44%	+1.79 pp	4 q
ALKAlaska Air Group, Inc.	4.40%	4,552,364	$265M	held	—	13 q
LUVSouthwest Airlines Co.	3.45%	5,297,500	$208M	added+43%	+0.79 pp	11 q
TRIPTripAdvisor, Inc.	3.41%	3,197,990	$206M	held	—	13 q
unresolvedGlobal Eagle Entmt Inc	3.19%	28,981,072	$192M	held	—	13 q
MCKMcKesson Corporation	3.10%	1,000,000	$187M	held	—	2 q
CHDNChurchill Downs Inc	2.97%	1,418,586	$179M	added+10%	−0.08 pp	13 q
unresolvedPriceline Grp Inc	2.83%	136,655	$171M	held	—	13 q
unresolvedGrubhub Inc	2.81%	5,455,000	$169M	held	—	4 q
HCAHCA Healthcare, Inc.	2.56%	2,000,000	$154M	held	—	3 q
MGMMgm Resorts International	2.50%	6,657,000	$151M	added+14%	+0.49 pp	5 q
ZZillow Group, Inc. Class C	2.34%	3,882,041	$141M	held	—	2 q
GLPIGaming and Leisure Properties, Inc.	2.33%	4,063,661	$140M	trimmed−14%	−0.01 pp	11 q
BYDBoyd Gaming Corporation	2.32%	7,605,685	$140M	added+2%	−0.14 pp	13 q
OCOwens Corning	2.21%	2,589,762	$133M	added+10%	+0.43 pp	13 q
WCGWellcare Health Plans, Inc.	1.73%	973,701	$104M	held	—	8 q
unresolvedCanadian Pac Ry Ltd	1.35%	631,450	$81M	trimmed−10%	−0.14 pp	9 q
WMSAdvanced Drainage Systems, Inc.	1.15%	2,540,000	$70M	added+27%	+0.47 pp	7 q
BRSLBrightstar Lottery PLC	1.03%	3,310,328	$62M	held	—	5 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	1.00%	3,238,670	$61M	added+2%	−0.07 pp	10 q
ZGZillow Group Inc Class A	0.98%	1,617,910	$59M	held	—	2 q
unresolvedRite Aid Corp	0.91%	7,336,922	$55M	held	—	8 q
ERICaesars Entertainment, Inc.	0.90%	3,551,839	$54M	held	—	8 q
PENNPENN Entertainment, Inc.	0.87%	3,772,013	$53M	trimmed−21%	−0.41 pp	13 q
EXPEagle Materials, Inc.	0.78%	610,781	$47M	added+13%	+0.17 pp	13 q
DVADaVita Inc.	0.75%	584,335	$45M	held	—	2 q
CARAvis Budget Group, Inc.	0.74%	1,385,869	$45M	held	—	5 q
CHGGChegg, Inc.	0.72%	8,701,613	$44M	trimmed−1%	+0.09 pp	10 q
SERVTerminix Global Holdings Inc	0.71%	1,072,500	$43M	trimmed−4%	+0.03 pp	5 q
TRUETrueCar, Inc.	0.66%	5,031,568	$39M	held	—	7 q
unresolvedIsle of Capri Casinos Inc.	0.64%	2,091,500	$38M	held	—	2 q
WMBWilliams Companies Inc.	0.63%	1,760,000	$38M	new	+0.63 pp	new
WEXWEX Inc.	0.62%	420,000	$37M	added+5%	+0.09 pp	7 q
LNWOLight & Wonder Inc	0.61%	4,000,000	$37M	held	—	9 q
AALAmerican Airlines Group Inc.	0.47%	997,099	$28M	trimmed−0%	−0.19 pp	11 q
PCYOPure Cycle Corporation	0.47%	5,982,970	$28M	held	—	13 q
WYNNWynn Resorts Ltd	0.46%	305,668	$28M	held	—	5 q
IVZInvesco LTD	0.39%	920,000	$23M	added+19%	+0.01 pp	10 q
unresolvedHertz Global Holdings Inc	0.37%	2,000,000	$22M	held	—	6 q
unresolvedAralez Pharmaceuticals Inc	0.35%	6,400,000	$21M	added+19%	+0.04 pp	2 q
VVISA Inc.	0.35%	285,000	$21M	added+2%	+0.01 pp	8 q
CSGPCoStar Group Inc	0.31%	85,000	$19M	added+5%	+0.07 pp	8 q
DOORMasonite International Corp	0.27%	247,000	$16M	trimmed−9%	−0.02 pp	8 q
BMCHBMC Stock Holdings, Inc	0.22%	760,000	$14M	new	+0.22 pp	new
unresolvedInvestment Tech. Group	0.22%	785,000	$13M	added+22%	−0.01 pp	4 q
TUESTuesday Morning Corp	0.21%	1,835,517	$13M	added×2.2	+0.10 pp	2 q
PGTIPGT, Inc.	0.20%	1,146,172	$12M	held	—	10 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.19%	453,313	$11M	added×3.1	+0.14 pp	2 q
APCAnadarko Petroleum Corp	0.17%	187,444	$10M	held	—	10 q
SFStifel Financial Corp.	0.17%	325,000	$10M	added+8%	+0.03 pp	7 q
DKSDick's Sporting Goods, Inc.	0.15%	200,000	$9M	new	+0.15 pp	new
unresolvedNewfield Expl Co	0.15%	202,500	$9M	held	—	7 q
UNPUnion Pacific Corp.	0.14%	100,000	$9M	new	+0.14 pp	new
ICEIntercontinental Exchange Inc.	0.13%	30,000	$8M	held	—	10 q
XHRXenia Hotels & Resorts, Inc.	0.13%	474,211	$8M	new	+0.13 pp	new
CMAComerica Incorporated	0.12%	175,400	$7M	added0%	+0.01 pp	4 q
PRSCModivcare Inc	0.11%	150,066	$7M	held	—	7 q
FRCBFirst Republic Bk CA	0.09%	80,000	$6M	held	—	8 q
PRTYParty City Holdco Inc.	0.09%	370,273	$5M	added×2.4	+0.05 pp	2 q
unresolvedPennymac Finl Svcs Inc	0.09%	430,000	$5M	added+28%	+0.03 pp	4 q
WEDWebster Financial Corp	0.09%	160,000	$5M	added+36%	+0.02 pp	2 q
GWRGenesee & Wyoming Inc.	0.08%	81,382	$5M	trimmed−83%	−0.39 pp	13 q
JBLUJetBlue Airways Corp	0.08%	300,000	$5M	new	+0.08 pp	new
QTWOQ2 Holdings Inc	0.08%	165,000	$5M	held	—	6 q
CSXCSX Corporation	0.06%	150,000	$4M	new	+0.06 pp	new
unresolvedLumber Liquidators Hldgs Inc	0.06%	225,000	$3M	new	+0.06 pp	new
unresolvedPinnacle Entmt Inc New	0.06%	313,428	$3M	new	+0.06 pp	new
CORCencora, Inc.	0.04%	33,198	$3M	new	+0.04 pp	new
unresolvedRmg Networks Hldg Corp	0.04%	2,587,293	$3M	held	—	12 q
unresolvedRoadrunner Trnsn Svcs Hldg I	0.04%	330,000	$2M	new	+0.04 pp	new
CSBRChampions Oncology, Inc.	0.03%	796,900	$2M	trimmed−4%	−0.02 pp	4 q
CTRPTrip.com Group Limited	0.03%	40,000	$2M	trimmed−96%	−0.71 pp	4 q
SPWHSportsman's Warehouse Holdings, Inc.	0.03%	235,000	$2M	new	+0.03 pp	new
unresolvedDover Motorsports, Inc.	0.02%	671,931	$1M	held	—	13 q
MLCOMelco Resorts & Entertainment Limited	0.02%	100,000	$1M	held	—	13 q
MMYTMakeMyTrip Limited	0.01%	54,973	$817,000	trimmed−31%	−0.01 pp	6 q
unresolvedThe First Marblehead Corp.	0.00%	60,000	$292,000	held	—	2 q
unresolvedPinnacle Entertainment Inc.	—	−2,375,058	—	exited	−1.34 pp	—
GMGeneral Motors Company	—	−2,503,550	—	exited	−1.26 pp	—
URIUnited Rentals, Inc.	—	−755,000	—	exited	−0.75 pp	—
CLHClean Harbors, Inc	—	−700,000	—	exited	−0.55 pp	—
unresolvedVirgin America Inc	—	−790,000	—	exited	−0.49 pp	—
unresolvedPlains Gp Hldgs L P	—	−1,299,974	—	exited	−0.18 pp	—
STTState Street Corporation	—	−180,000	—	exited	−0.17 pp	—
unresolvedStaples Inc	—	−650,000	—	exited	−0.11 pp	—
APAMArtisan Partners Asset Management Inc.	—	−175,000	—	exited	−0.09 pp	—
FCXFreeport-McMoran Inc.	—	−472,500	—	exited	−0.08 pp	—
GDENGolden Entertainment, Inc.	—	−253,887	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 18 unresolved
Accession: 0001051359-16-000014
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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