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PAR Capital

Q1 2019 13F · by Paul Reeder, founder

As of
Mar 31, 2019
Filed
May 15, 2019
US stock
$5.4B · prev $6.0B
Positions
49 · prev 59
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%

Moves48 since the prior filing

The book

Very concentrated · behaves like 9 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 16% a year, about 6.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions62% of US stock

  1. UAL United Airlines Holdings, Inc. trimmed+1.22 pp trimmed+1.2223.1%
  2. EXPE Expedia Group, Inc. held held17.6%
  3. DAL Delta Air Lines, Inc. trimmed+1.44 pp trimmed+1.4411.6%
  4. BKNG Booking Holdings Inc. trimmed−0.99 pp trimmed−0.995.4%
  5. ALGT Allegiant Travel Company added+1.20 pp added+1.203.9%

Positions49 in this filing · 15 exited

UALUnited Airlines Holdings, Inc.23.12%15,619,152$1.2Btrimmed−0%+1.22 pp19 q
EXPEExpedia Group, Inc.17.59%7,964,254$948Mheld—24 q
DALDelta Air Lines, Inc.11.56%12,065,809$623Mtrimmed−0%+1.44 pp24 q
BKNGBooking Holdings Inc.5.37%165,864$289Mtrimmed−25%−0.99 pp5 q
ALGTAllegiant Travel Company3.90%1,625,000$210Madded+1%+1.20 pp3 q
CHDNChurchill Downs Inc3.61%2,155,951$195Madded+6%+0.83 pp24 q
GRPNGroupon, Inc.3.60%54,645,000$194Madded+10%+0.94 pp8 q
DVADaVita Inc.2.98%2,957,700$161Madded+38%+1.14 pp5 q
ALKAlaska Air Group, Inc.2.82%2,710,000$152Madded+35%+0.77 pp24 q
JBLUJetBlue Airways Corp2.66%8,778,600$144Madded+1%+0.33 pp12 q
WEXWEX Inc.2.58%725,000$139Mheld—18 q
TRIPTripAdvisor, Inc.2.20%2,304,017$119Mheld—24 q
HTZGQHertz Global Holdings Inc1.90%5,888,576$102Mheld—9 q
SYFSynchrony Financial1.42%2,400,000$77Madded+9%+0.55 pp8 q
VVISA Inc.1.30%450,000$70Mheld—19 q
TRUETrueCar, Inc.1.21%9,816,895$65Madded+19%−0.05 pp18 q
BYDBoyd Gaming Corporation1.11%2,194,195$60Mtrimmed−62%−0.91 pp24 q
METAMeta Platforms, Inc. Class A1.11%357,800$60Mtrimmed−22%+0.11 pp10 q
PCYOPure Cycle Corporation1.09%5,982,970$59Mheld—24 q
unresolvedTrivago NV1.08%13,455,000$58Madded+3%−0.16 pp10 q
unresolvedTwin River Worldwide Holding0.80%1,432,258$43Mnew+0.80 ppnew
RRRRed Rock Resorts, Inc. Class A0.76%1,579,404$41Mtrimmed−5%+0.19 pp11 q
EHTHeHealth, Inc.0.61%531,142$33Mtrimmed−24%+0.16 pp8 q
CZRCaesars Entertainment, Inc.0.58%3,603,967$31Mtrimmed−55%−0.32 pp6 q
BRSLBrightstar Lottery PLC0.49%2,042,747$27Mtrimmed−73%−1.34 pp16 q
SKYWSkywest Inc0.46%458,884$25Mnew+0.46 ppnew
QNSTQuinStreet, Inc.0.44%1,767,697$24Madded+59%+0.14 pp4 q
unresolvedGlobal Eagle Entmt Inc0.38%28,981,072$21Mheld—24 q
CVNACarvana Co.0.37%345,000$20Mheld—8 q
unresolvedBonanza Creek Energy Inc0.36%853,568$19Mtrimmed−8%+0.04 pp8 q
SGISomnigroup International Inc.0.34%314,900$18Mtrimmed−85%−1.08 pp9 q
PFSIPennyMac Financial Services, Inc.0.31%756,300$17Madded+8%+0.06 pp2 q
CIThe Cigna Group0.21%70,000$11Mheld—2 q
WEDWebster Financial Corp0.20%210,100$11Mheld—13 q
TSGIStars Group INC/THE0.18%554,100$10Mtrimmed−21%−0.01 pp6 q
TREELendingTree, Inc.0.17%26,400$9Mheld—6 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.0.16%1,041,608$9Madded+15%+0.08 pp6 q
CARAvis Budget Group, Inc.0.15%225,000$8Mheld—16 q
SEMSelect Medical Holdings Corp0.15%567,708$8Mheld—9 q
SEMGSemgroup Corp-class A0.15%557,779$8Mtrimmed−21%−0.01 pp11 q
CORCencora, Inc.0.11%75,000$6Madded+50%+0.05 pp6 q
ELVElevance Health, Inc.0.11%20,000$6Mtrimmed−73%−0.22 pp3 q
GSKYGreenSky, Inc. Class A0.11%450,000$6Mnew+0.11 ppnew
DESPDespegar.com Corp0.05%183,526$3Mheld—4 q
MMYTMakeMyTrip Limited0.05%101,200$3Mheld—6 q
EVEREverQuote, Inc. Class A0.03%246,300$2Mheld—2 q
unresolvedDover Motorsports, Inc.0.02%590,000$1Mtrimmed−12%0.00 pp9 q
ZIXIZix Corporation0.01%71,900$495,000new+0.01 ppnew
FLEXFlex Ltd.0.00%9,910$99,000new0.00 ppnew
LUVSouthwest Airlines Co.—−4,867,800—exited−3.79 pp—
OCOwens Corning—−1,602,144—exited−1.18 pp—
WMSAdvanced Drainage Systems, Inc.—−2,737,000—exited−1.11 pp—
CONNQConn's Inc—−2,967,920—exited−0.94 pp—
WMBWilliams Companies Inc.—−1,757,798—exited−0.65 pp—
IVViShares Core S&P 500 ETF—−151,000—exited−0.64 pp—
GLPIGaming and Leisure Properties, Inc.—−1,006,600—exited−0.54 pp—
WYNNWynn Resorts Ltd—−155,000—exited−0.26 pp—
MGMMgm Resorts International—−600,000—exited−0.24 pp—
STMPStamps.com, Inc.—−65,717—exited−0.17 pp—
TUESTuesday Morning Corp—−3,614,118—exited−0.10 pp—
unresolvedDover Downs Gaming & Entmt I—−915,000—exited−0.04 pp—
STAYExtended Stay America, Inc. Paired Share—−159,500—exited−0.04 pp—
SW5Southwestern Energy Co—−599,800—exited−0.03 pp—
MLCOMelco Resorts & Entertainment Limited—−50,000—exited−0.01 pp—

Source

Form
13F-HR
Reading
0 defects · 5 unresolved
Accession
0001051359-19-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet