PAR Capital

Q4 2018 13F · by Paul Reeder, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $6.0B · prev $8.7B
Positions: 59 · prev 76
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves62 since the prior filing

+10.1 pp in · −21.1 pp out

New 4 +1.13 pp
Added 13 +9.02 pp
Trimmed 24 −2.95 pp
Exited 21 −18.17 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions57% of US stock

Positions59 in this filing · 21 exited


UALUnited Airlines Holdings, Inc.	21.90%	15,624,152	$1.3B	held	—	18 q
EXPEExpedia Group, Inc.	15.02%	7,964,254	$897M	held	—	23 q
DALDelta Air Lines, Inc.	10.12%	12,115,809	$605M	trimmed−9%	+1.30 pp	23 q
BKNGBooking Holdings Inc.	6.36%	220,391	$380M	added+59%	+3.20 pp	4 q
LUVSouthwest Airlines Co.	3.79%	4,867,800	$226M	held	—	21 q
CHDNChurchill Downs Inc	2.78%	680,966	$166M	trimmed−2%	+0.57 pp	23 q
ALGTAllegiant Travel Company	2.70%	1,610,000	$161M	added+2%	+0.39 pp	2 q
GRPNGroupon, Inc.	2.66%	49,617,616	$159M	added×7.1	+2.36 pp	7 q
JBLUJetBlue Airways Corp	2.33%	8,675,000	$139M	added×2.7	+1.62 pp	11 q
TRIPTripAdvisor, Inc.	2.08%	2,304,017	$124M	trimmed−4%	+0.68 pp	23 q
ALKAlaska Air Group, Inc.	2.05%	2,010,000	$122M	trimmed−20%	+0.07 pp	23 q
BYDBoyd Gaming Corporation	2.02%	5,815,376	$121M	trimmed−10%	−0.48 pp	23 q
DVADaVita Inc.	1.84%	2,137,700	$110M	added+18%	+0.35 pp	4 q
BRSLBrightstar Lottery PLC	1.83%	7,470,694	$109M	trimmed−7%	0.00 pp	15 q
WEXWEX Inc.	1.70%	725,000	$102M	added+6%	+0.12 pp	17 q
SGISomnigroup International Inc.	1.42%	2,048,000	$85M	held	—	8 q
HTZGQHertz Global Holdings Inc	1.35%	5,888,576	$80M	held	—	8 q
TRUETrueCar, Inc.	1.26%	8,275,395	$75M	trimmed−8%	−0.19 pp	17 q
unresolvedTrivago NV	1.24%	13,105,000	$74M	held	—	9 q
OCOwens Corning	1.18%	1,602,144	$70M	trimmed−29%	−0.23 pp	23 q
WMSAdvanced Drainage Systems, Inc.	1.11%	2,737,000	$66M	held	—	17 q
unresolvedGlobal Eagle Entmt Inc	1.08%	28,981,072	$65M	held	—	23 q
METAMeta Platforms, Inc. Class A	1.00%	457,800	$60M	held	—	9 q
PCYOPure Cycle Corporation	0.99%	5,982,970	$59M	held	—	23 q
VVISA Inc.	0.99%	450,000	$59M	held	—	18 q
CONNQConn's Inc	0.94%	2,967,920	$56M	trimmed−4%	−0.31 pp	8 q
CZRCaesars Entertainment, Inc.	0.90%	7,947,967	$54M	trimmed−49%	−0.94 pp	5 q
SYFSynchrony Financial	0.87%	2,205,000	$52M	added+99%	+0.47 pp	7 q
WMBWilliams Companies Inc.	0.65%	1,757,798	$39M	trimmed−49%	−0.42 pp	11 q
IVViShares Core S&P 500 ETF	0.64%	151,000	$38M	new	+0.64 pp	new
RRRRed Rock Resorts, Inc. Class A	0.57%	1,667,300	$34M	added+2%	+0.07 pp	10 q
GLPIGaming and Leisure Properties, Inc.	0.54%	1,006,600	$33M	trimmed−80%	−1.47 pp	21 q
EHTHeHealth, Inc.	0.45%	702,342	$27M	trimmed−1%	+0.22 pp	7 q
ELVElevance Health, Inc.	0.33%	75,000	$20M	added+7%	+0.11 pp	2 q
unresolvedBonanza Creek Energy Inc	0.32%	929,400	$19M	added+14%	+0.04 pp	7 q
QNSTQuinStreet, Inc.	0.30%	1,110,229	$18M	added×6.2	+0.27 pp	3 q
WYNNWynn Resorts Ltd	0.26%	155,000	$15M	trimmed−16%	−0.01 pp	4 q
PFSIPennyMac Financial Services, Inc.	0.25%	700,000	$15M	new	+0.25 pp	new
MGMMgm Resorts International	0.24%	600,000	$15M	trimmed−51%	−0.15 pp	15 q
CIThe Cigna Group	0.22%	70,000	$13M	new	+0.22 pp	new
CVNACarvana Co.	0.19%	345,000	$11M	trimmed−0%	−0.05 pp	7 q
TSGIStars Group INC/THE	0.19%	704,100	$12M	trimmed−56%	−0.27 pp	5 q
STMPStamps.com, Inc.	0.17%	65,717	$10M	trimmed−86%	−1.03 pp	7 q
WEDWebster Financial Corp	0.17%	210,100	$10M	held	—	12 q
SEMGSemgroup Corp-class A	0.16%	707,779	$10M	trimmed−7%	−0.03 pp	10 q
SEMSelect Medical Holdings Corp	0.15%	567,708	$9M	trimmed−8%	+0.02 pp	8 q
TREELendingTree, Inc.	0.10%	26,400	$6M	held	—	5 q
TUESTuesday Morning Corp	0.10%	3,614,118	$6M	trimmed−21%	−0.07 pp	12 q
CARAvis Budget Group, Inc.	0.08%	225,000	$5M	added+10%	0.00 pp	15 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.08%	904,600	$5M	added+24%	+0.02 pp	5 q
CORCencora, Inc.	0.06%	50,000	$4M	held	—	5 q
unresolvedDover Downs Gaming & Entmt I	0.04%	915,000	$3M	held	—	2 q
STAYExtended Stay America, Inc. Paired Share	0.04%	159,500	$2M	trimmed−66%	−0.07 pp	2 q
DESPDespegar.com Corp	0.04%	183,526	$2M	held	—	3 q
MMYTMakeMyTrip Limited	0.04%	101,200	$2M	held	—	5 q
SW5Southwestern Energy Co	0.03%	599,800	$2M	trimmed−45%	−0.03 pp	5 q
unresolvedDover Motorsports, Inc.	0.02%	671,931	$1M	held	—	8 q
EVEREverQuote, Inc. Class A	0.02%	246,300	$1M	new	+0.02 pp	new
MLCOMelco Resorts & Entertainment Limited	0.01%	50,000	$881,000	trimmed−82%	−0.06 pp	4 q
MCKMcKesson Corporation	—	−3,300,000	—	exited	−5.03 pp	—
ERICaesars Entertainment, Inc.	—	−3,926,940	—	exited	−2.19 pp	—
CTRPTrip.com Group Limited	—	−5,056,200	—	exited	−2.16 pp	—
WLLWhiting Petroleum Corp	—	−3,218,750	—	exited	−1.96 pp	—
DYDycom Industries, Inc.	—	−1,183,200	—	exited	−1.15 pp	—
HRIHerc Holdings Inc.	—	−1,907,400	—	exited	−1.12 pp	—
PENNPENN Entertainment, Inc.	—	−1,859,904	—	exited	−0.70 pp	—
CSGPCoStar Group Inc	—	−115,000	—	exited	−0.56 pp	—
DOORMasonite International Corp	—	−748,926	—	exited	−0.55 pp	—
HOMEAt Home Group Inc.	—	−1,428,500	—	exited	−0.52 pp	—
ORLYO'Reilly Automotive, Inc.	—	−100,000	—	exited	−0.40 pp	—
AAPAdvance Auto Parts Inc	—	−180,000	—	exited	−0.35 pp	—
YELPYelp Inc.	—	−500,000	—	exited	−0.28 pp	—
EXPEagle Materials, Inc.	—	−274,781	—	exited	−0.27 pp	—
ANGIAngi Inc. Class A	—	−802,040	—	exited	−0.22 pp	—
HWAYTivity Health Inc	—	−477,042	—	exited	−0.18 pp	—
unresolvedCigna Corporation	—	−70,000	—	exited	−0.17 pp	—
unresolvedPennymac Finl Svcs Inc	—	−700,000	—	exited	−0.17 pp	—
BMCHBMC Stock Holdings, Inc	—	−344,000	—	exited	−0.07 pp	—
DKSDick's Sporting Goods, Inc.	—	−150,000	—	exited	−0.06 pp	—
GWRGenesee & Wyoming Inc.	—	−60,000	—	exited	−0.06 pp	—