PAR Capital
Picture
Moves
Options: 1 move on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
Positions
| UALUnited Airlines Holdings, Inc. | 12.36% | 16,294,711 | $855M | held | — | 9 q |
| EXPEExpedia Group, Inc. | 11.98% | 7,100,027 | $829M | added+8% | +0.43 pp | 14 q |
| DALDelta Air Lines, Inc. | 6.52% | 11,465,809 | $451M | held | — | 14 q |
| unresolvedCigna Corporation | 5.69% | 3,017,739 | $393M | held | — | 5 q |
| ALKAlaska Air Group, Inc. | 4.33% | 4,552,364 | $300M | held | — | 14 q |
| unresolvedGlobal Eagle Entmt Inc | 3.48% | 28,981,072 | $241M | held | — | 14 q |
| unresolvedGrubhub Inc | 3.39% | 5,455,000 | $235M | held | — | 5 q |
| LUVSouthwest Airlines Co. | 3.09% | 5,493,200 | $214M | added+4% | −0.36 pp | 12 q |
| CHDNChurchill Downs Inc | 3.00% | 1,418,586 | $208M | held | — | 14 q |
| TRIPTripAdvisor, Inc. | 2.96% | 3,237,990 | $205M | added+1% | −0.45 pp | 14 q |
| unresolvedPriceline Grp Inc | 2.94% | 138,005 | $203M | added+1% | +0.11 pp | 14 q |
| MCKMcKesson Corporation | 2.56% | 1,060,000 | $177M | added+6% | −0.54 pp | 3 q |
| MGMMgm Resorts International | 2.50% | 6,657,000 | $173M | held | — | 6 q |
| BYDBoyd Gaming Corporation | 2.29% | 8,009,200 | $158M | added+5% | −0.03 pp | 14 q |
| HCAHCA Healthcare, Inc. | 2.19% | 2,000,000 | $151M | held | — | 4 q |
| OCOwens Corning | 2.00% | 2,589,762 | $138M | held | — | 14 q |
| ZZillow Group, Inc. Class C | 1.94% | 3,882,041 | $135M | held | — | 3 q |
| GLPIGaming and Leisure Properties, Inc. | 1.82% | 3,769,478 | $126M | trimmed−7% | −0.51 pp | 12 q |
| unresolvedCanadian Pac Ry Ltd | 1.37% | 621,450 | $95M | trimmed−2% | +0.02 pp | 10 q |
| unresolvedIsle of Capri Casinos Inc. | 1.21% | 3,741,900 | $83M | added+79% | +0.57 pp | 3 q |
| WMBWilliams Companies Inc. | 1.09% | 2,460,000 | $76M | added+40% | +0.46 pp | 2 q |
| BRSLBrightstar Lottery PLC | 0.97% | 2,750,000 | $67M | trimmed−17% | −0.06 pp | 6 q |
| ERICaesars Entertainment, Inc. | 0.95% | 4,665,000 | $66M | added+31% | +0.05 pp | 9 q |
| CHGGChegg, Inc. | 0.89% | 8,702,598 | $62M | added0% | +0.17 pp | 11 q |
| WMSAdvanced Drainage Systems, Inc. | 0.88% | 2,540,000 | $61M | held | — | 8 q |
| unresolvedRite Aid Corp | 0.88% | 7,936,922 | $61M | added+8% | −0.03 pp | 9 q |
| JBLUJetBlue Airways Corp | 0.85% | 3,392,490 | $58M | added×11.3 | +0.77 pp | 2 q |
| VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v. | 0.81% | 3,238,670 | $56M | held | — | 11 q |
| ZGZillow Group Inc Class A | 0.81% | 1,617,910 | $56M | held | — | 3 q |
| WCGWellcare Health Plans, Inc. | 0.80% | 473,701 | $55M | trimmed−51% | −0.93 pp | 9 q |
| CARAvis Budget Group, Inc. | 0.69% | 1,385,869 | $47M | held | — | 6 q |
| EXPEagle Materials, Inc. | 0.69% | 620,781 | $48M | added+2% | −0.09 pp | 14 q |
| TRUETrueCar, Inc. | 0.69% | 5,031,568 | $47M | held | — | 8 q |
| WEXWEX Inc. | 0.68% | 435,000 | $47M | added+4% | +0.06 pp | 8 q |
| PENNPENN Entertainment, Inc. | 0.66% | 3,344,013 | $45M | trimmed−11% | −0.21 pp | 14 q |
| HRIHerc Holdings Inc. | 0.63% | 1,299,000 | $44M | new | +0.63 pp | new |
| DYDycom Industries, Inc. | 0.55% | 465,000 | $38M | new | +0.55 pp | new |
| IVZInvesco LTD | 0.55% | 1,225,000 | $38M | added+33% | +0.16 pp | 11 q |
| AALAmerican Airlines Group Inc. | 0.53% | 997,099 | $37M | held | — | 12 q |
| SERVTerminix Global Holdings Inc | 0.52% | 1,072,500 | $36M | held | — | 6 q |
| PCYOPure Cycle Corporation | 0.50% | 5,982,970 | $34M | held | — | 14 q |
| LNWOLight & Wonder Inc | 0.49% | 3,024,413 | $34M | trimmed−24% | −0.12 pp | 10 q |
| DVADaVita Inc. | 0.48% | 500,000 | $33M | trimmed−14% | −0.27 pp | 3 q |
| unresolvedAralez Pharmaceuticals Inc | 0.45% | 6,400,000 | $31M | held | — | 3 q |
| WYNNWynn Resorts Ltd | 0.44% | 315,668 | $31M | added+3% | −0.02 pp | 6 q |
| unresolvedWhiting Pete Corp New | 0.42% | 3,300,000 | $29M | new | +0.42 pp | new |
| VVISA Inc. | 0.34% | 285,000 | $24M | held | — | 9 q |
| DKSDick's Sporting Goods, Inc. | 0.29% | 350,000 | $20M | added+75% | +0.14 pp | 2 q |
| CSGPCoStar Group Inc | 0.27% | 85,000 | $18M | held | — | 9 q |
| DOORMasonite International Corp | 0.22% | 247,000 | $15M | held | — | 9 q |
| TUESTuesday Morning Corp | 0.20% | 2,288,000 | $14M | added+25% | −0.01 pp | 3 q |
| BMCHBMC Stock Holdings, Inc | 0.19% | 760,000 | $13M | held | — | 2 q |
| OLLIOllie's Bargain Outlet Holdings, Inc. | 0.19% | 503,313 | $13M | added+11% | 0.00 pp | 3 q |
| SFStifel Financial Corp. | 0.19% | 350,000 | $13M | added+8% | +0.02 pp | 8 q |
| PGTIPGT, Inc. | 0.18% | 1,146,172 | $12M | held | — | 11 q |
| PRSCModivcare Inc | 0.18% | 250,066 | $12M | added+67% | +0.07 pp | 8 q |
| RRRRed Rock Resorts, Inc. Class A | 0.18% | 535,000 | $13M | new | +0.18 pp | new |
| APCAnadarko Petroleum Corp | 0.17% | 187,444 | $12M | held | — | 11 q |
| SEMGSemgroup Corp-class A | 0.17% | 327,500 | $12M | new | +0.17 pp | new |
| WWayfair Inc. | 0.17% | 300,000 | $12M | new | +0.17 pp | new |
| unresolvedInvestment Tech. Group | 0.16% | 650,000 | $11M | trimmed−17% | −0.06 pp | 5 q |
| unresolvedNewfield Expl Co | 0.13% | 202,500 | $9M | held | — | 8 q |
| CMAComerica Incorporated | 0.12% | 175,400 | $8M | held | — | 5 q |
| ICEIntercontinental Exchange Inc. | 0.12% | 30,000 | $8M | held | — | 11 q |
| CSXCSX Corporation | 0.11% | 250,000 | $8M | added+67% | +0.05 pp | 2 q |
| unresolvedPennymac Finl Svcs Inc | 0.11% | 455,700 | $8M | added+6% | +0.02 pp | 5 q |
| XHRXenia Hotels & Resorts, Inc. | 0.10% | 474,211 | $7M | held | — | 2 q |
| FRCBFirst Republic Bk CA | 0.09% | 80,000 | $6M | held | — | 9 q |
| WEDWebster Financial Corp | 0.09% | 160,000 | $6M | held | — | 3 q |
| QTWOQ2 Holdings Inc | 0.07% | 165,000 | $5M | held | — | 7 q |
| UNPUnion Pacific Corp. | 0.07% | 50,000 | $5M | trimmed−50% | −0.07 pp | 2 q |
| unresolvedPier 1 Imports, Inc. | 0.06% | 1,000,000 | $4M | new | +0.06 pp | new |
| unresolvedPinnacle Entmt Inc New | 0.06% | 313,428 | $4M | held | — | 2 q |
| CORCencora, Inc. | 0.04% | 33,198 | $3M | held | — | 2 q |
| ETRAE*trade Financial Corp | 0.04% | 105,000 | $3M | new | +0.04 pp | new |
| unresolvedRoadrunner Trnsn Svcs Hldg I | 0.04% | 330,000 | $3M | held | — | 2 q |
| CTRPTrip.com Group Limited | 0.03% | 40,000 | $2M | held | — | 5 q |
| unresolvedRmg Networks Hldg Corp | 0.03% | 2,177,434 | $2M | trimmed−16% | −0.01 pp | 13 q |
| DOVDover Corporation | 0.02% | 671,931 | $2M | new | +0.02 pp | new |
| SPWHSportsman's Warehouse Holdings, Inc. | 0.02% | 161,419 | $2M | trimmed−31% | −0.01 pp | 2 q |
| MMYTMakeMyTrip Limited | 0.02% | 54,973 | $1M | held | — | 7 q |
| GOOGLAlphabet Inc. Class A | 0.01% | 750 | $583,000 | new | +0.01 pp | new |
| CSBRChampions Oncology, Inc. | 0.01% | 384,282 | $646,000 | trimmed−52% | −0.02 pp | 5 q |
| unresolvedHertz Global Holdings Inc | — | −2,000,000 | — | exited | −0.37 pp | — |
| PRTYParty City Holdco Inc. | — | −370,273 | — | exited | −0.09 pp | — |
| GWRGenesee & Wyoming Inc. | — | −81,382 | — | exited | −0.08 pp | — |
| unresolvedLumber Liquidators Hldgs Inc | — | −225,000 | — | exited | −0.06 pp | — |
| unresolvedDover Motorsports, Inc. | — | −671,931 | — | exited | −0.02 pp | — |
| MLCOMelco Resorts & Entertainment Limited | — | −100,000 | — | exited | −0.02 pp | — |
| unresolvedThe First Marblehead Corp. | — | −60,000 | — | exited | 0.00 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| H PUT | 100.00% | 100,000 | $5M |
Notes
| Issue | % of notes | Principal | Value |
|---|---|---|---|
| Stone Energy Corp | 100.00% | 4,509,000 | $2M |