PAR Capital

Q1 2017 13F · by Paul Reeder, founder

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $8.2B · prev $7.6B
Positions: 77 · prev 75
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%

Moves62 since the prior filing

+9.4 pp in · −4.8 pp out

New 14 +3.17 pp
Added 26 +6.26 pp
Trimmed 10 −1.67 pp
Exited 12 −3.16 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions43% of US stock

UAL United Airlines Holdings, Inc. held held14.0%
EXPE Expedia Group, Inc. added+1.47 pp added+1.4712.0%
DAL Delta Air Lines, Inc. held held6.2%
unresolved Cigna Corporation added+0.21 pp added+0.216.1%
ALK Alaska Air Group, Inc. held held5.0%

Positions77 in this filing · 12 exited


UALUnited Airlines Holdings, Inc.	13.99%	16,294,711	$1.2B	held	—	11 q
EXPEExpedia Group, Inc.	11.98%	7,812,983	$986M	added+10%	+1.47 pp	16 q
DALDelta Air Lines, Inc.	6.18%	11,065,809	$509M	held	—	16 q
unresolvedCigna Corporation	6.14%	3,450,000	$505M	added+1%	+0.21 pp	7 q
ALKAlaska Air Group, Inc.	5.05%	4,502,364	$415M	held	—	16 q
MCKMcKesson Corporation	4.83%	2,680,000	$397M	added+34%	+1.16 pp	5 q
LUVSouthwest Airlines Co.	3.67%	5,618,200	$302M	held	—	14 q
unresolvedPriceline Grp Inc	2.99%	138,005	$246M	held	—	16 q
unresolvedGrubhub Inc	2.69%	6,717,000	$221M	added+23%	+0.01 pp	7 q
TRIPTripAdvisor, Inc.	2.50%	4,757,990	$205M	added+46%	+0.52 pp	16 q
BYDBoyd Gaming Corporation	2.48%	9,256,701	$204M	added+1%	+0.07 pp	16 q
MGMMgm Resorts International	2.31%	6,944,800	$190M	added+5%	−0.19 pp	8 q
HCAHCA Healthcare, Inc.	2.16%	2,000,000	$178M	held	—	6 q
OCOwens Corning	1.91%	2,554,762	$157M	trimmed−2%	+0.15 pp	16 q
GLPIGaming and Leisure Properties, Inc.	1.89%	4,646,797	$155M	added+1%	+0.05 pp	14 q
CARAvis Budget Group, Inc.	1.66%	4,621,960	$137M	added×3.3	+1.00 pp	8 q
ZZillow Group, Inc. Class C	1.59%	3,882,041	$131M	held	—	5 q
CHDNChurchill Downs Inc	1.57%	813,165	$129M	held	—	16 q
WMBWilliams Companies Inc.	1.51%	4,190,000	$124M	added+62%	+0.46 pp	4 q
unresolvedIsle of Capri Casinos Inc.	1.30%	4,046,000	$107M	held	—	5 q
HTZGQHertz Global Holdings Inc	1.26%	5,888,576	$103M	new	+1.26 pp	new
SGISomnigroup International Inc.	1.16%	2,048,000	$95M	new	+1.16 pp	new
unresolvedGlobal Eagle Entmt Inc	1.12%	28,981,072	$92M	held	—	16 q
ERICaesars Entertainment, Inc.	0.92%	4,015,000	$76M	trimmed−14%	−0.11 pp	11 q
TRUETrueCar, Inc.	0.91%	4,828,447	$75M	trimmed−2%	+0.10 pp	10 q
CHGGChegg, Inc.	0.89%	8,702,598	$73M	held	—	13 q
unresolvedTrivago NV	0.89%	5,621,290	$73M	added×3.2	+0.62 pp	2 q
AALAmerican Airlines Group Inc.	0.86%	1,666,351	$70M	held	—	14 q
DYDycom Industries, Inc.	0.80%	705,000	$66M	added+1%	+0.07 pp	3 q
JBLUJetBlue Airways Corp	0.80%	3,193,290	$66M	trimmed−3%	−0.17 pp	4 q
HRIHerc Holdings Inc.	0.78%	1,309,000	$64M	added+1%	+0.10 pp	3 q
WMSAdvanced Drainage Systems, Inc.	0.73%	2,737,000	$60M	added+6%	+0.03 pp	10 q
unresolvedWhiting Pete Corp New	0.68%	5,915,000	$56M	added+73%	+0.14 pp	3 q
PENNPENN Entertainment, Inc.	0.66%	2,958,813	$55M	trimmed−12%	+0.06 pp	16 q
ZGZillow Group Inc Class A	0.66%	1,617,910	$55M	held	—	5 q
CSXCSX Corporation	0.64%	1,130,000	$53M	added+33%	+0.24 pp	4 q
WEXWEX Inc.	0.62%	491,000	$51M	added+4%	−0.07 pp	10 q
SERVTerminix Global Holdings Inc	0.54%	1,072,500	$45M	held	—	8 q
RRRRed Rock Resorts, Inc. Class A	0.51%	1,879,671	$42M	added+73%	+0.18 pp	3 q
BRSLBrightstar Lottery PLC	0.50%	1,750,000	$41M	trimmed−36%	−0.42 pp	8 q
unresolvedRite Aid Corp	0.46%	9,000,000	$38M	held	—	11 q
unresolvedCanadian Pac Ry Ltd	0.44%	246,450	$36M	trimmed−58%	−0.66 pp	12 q
VVISA Inc.	0.43%	400,000	$36M	added+7%	+0.05 pp	11 q
PCYOPure Cycle Corporation	0.40%	5,982,970	$33M	held	—	16 q
DOORMasonite International Corp	0.37%	380,000	$30M	added+42%	+0.14 pp	11 q
EXPEagle Materials, Inc.	0.32%	274,781	$27M	trimmed−23%	−0.14 pp	16 q
CONNQConn's Inc	0.30%	2,830,000	$25M	new	+0.30 pp	new
CSGPCoStar Group Inc	0.29%	115,000	$24M	held	—	11 q
PRSCModivcare Inc	0.27%	500,000	$22M	held	—	10 q
BMCHBMC Stock Holdings, Inc	0.25%	905,200	$20M	added+12%	+0.04 pp	4 q
SEMGSemgroup Corp-class A	0.21%	477,500	$17M	added+26%	0.00 pp	3 q
TUESTuesday Morning Corp	0.20%	4,338,114	$16M	added+24%	−0.05 pp	5 q
unresolvedAralez Pharmaceuticals Inc	0.17%	6,400,000	$14M	held	—	5 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.17%	409,265	$14M	added+7%	+0.03 pp	5 q
PGTIPGT, Inc.	0.15%	1,161,394	$12M	added+1%	−0.02 pp	13 q
TREELendingTree, Inc.	0.13%	82,469	$10M	held	—	2 q
THCTenet Healthcare Corporation New	0.12%	550,000	$10M	new	+0.12 pp	new
unresolvedPennymac Finl Svcs Inc	0.10%	495,000	$8M	added+11%	0.00 pp	7 q
WEDWebster Financial Corp	0.10%	160,000	$8M	held	—	5 q
XHRXenia Hotels & Resorts, Inc.	0.10%	474,211	$8M	held	—	4 q
FRCBFirst Republic Bk CA	0.09%	80,000	$8M	held	—	11 q
SEMSelect Medical Holdings Corp	0.09%	527,058	$7M	new	+0.09 pp	new
unresolvedPier 1 Imports, Inc.	0.08%	890,400	$6M	new	+0.08 pp	new
unresolvedStone Energy Corp	0.08%	288,141	$6M	new	+0.08 pp	new
METAMeta Platforms, Inc. Class A	0.07%	40,000	$6M	held	—	2 q
unresolvedPinnacle Entmt Inc New	0.07%	313,428	$6M	held	—	4 q
QTWOQ2 Holdings Inc	0.07%	165,000	$6M	held	—	9 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.04%	250,000	$3M	trimmed−90%	−0.45 pp	13 q
XONPrecigen, Inc.	0.04%	176,410	$3M	new	+0.04 pp	new
unresolvedBankrate Inc DEL	0.02%	208,794	$2M	new	+0.02 pp	new
CTRPTrip.com Group Limited	0.02%	40,000	$2M	held	—	7 q
unresolvedDover Motorsports, Inc.	0.02%	671,931	$1M	new	+0.02 pp	new
unresolvedRoadrunner Trnsn Svcs Hldg I	0.01%	63,000	$433,000	trimmed−81%	−0.03 pp	4 q
unresolvedBazaarvoice Inc	0.00%	90,000	$387,000	new	0.00 pp	new
HUBSHubspot, Inc.	0.00%	4,000	$242,000	new	0.00 pp	new
RHIRobert Half Inc.	0.00%	5,000	$244,000	new	0.00 pp	new
WIXWIX.com Ltd.	0.00%	4,000	$272,000	new	0.00 pp	new
WCGWellcare Health Plans, Inc.	—	−473,701	—	exited	−0.85 pp	—
LNWOLight & Wonder Inc	—	−2,988,213	—	exited	−0.55 pp	—
DVADaVita Inc.	—	−600,000	—	exited	−0.50 pp	—
IVZInvesco LTD	—	−1,225,000	—	exited	−0.49 pp	—
SFStifel Financial Corp.	—	−375,000	—	exited	−0.24 pp	—
ICEIntercontinental Exchange Inc.	—	−225,000	—	exited	−0.17 pp	—
unresolvedInvestment Tech. Group	—	−645,000	—	exited	−0.17 pp	—
CMAComerica Incorporated	—	−94,300	—	exited	−0.08 pp	—
ETRAE*trade Financial Corp	—	−105,000	—	exited	−0.05 pp	—
ZNGAZynga Inc. Cl A	—	−750,000	—	exited	−0.03 pp	—
DOVDover Corporation	—	−671,931	—	exited	−0.02 pp	—
WYNNWynn Resorts Ltd	—	−10,000	—	exited	−0.01 pp	—