PAR Capital
Picture
Moves
Options: 2 moves 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. | 22.12% | 15,063,683 | $1.3B | trimmed−4% | −1.00 pp | 20 q |
| EXPEExpedia Group, Inc. | 21.22% | 9,509,627 | $1.3B | added+19% | +3.63 pp | 25 q |
| DALDelta Air Lines, Inc. | 9.41% | 9,891,190 | $561M | trimmed−18% | −2.15 pp | 25 q |
| BKNGBooking Holdings Inc. | 4.96% | 157,864 | $296M | trimmed−5% | −0.41 pp | 6 q |
| CHDNChurchill Downs Inc | 4.16% | 2,155,951 | $248M | held | — | 25 q |
| DVADaVita Inc. | 3.92% | 4,159,000 | $234M | added+41% | +0.94 pp | 6 q |
| ALGTAllegiant Travel Company | 3.91% | 1,625,000 | $233M | held | — | 4 q |
| GRPNGroupon, Inc. | 3.40% | 56,645,000 | $203M | added+4% | −0.20 pp | 9 q |
| ALKAlaska Air Group, Inc. | 2.90% | 2,710,000 | $173M | held | — | 25 q |
| JBLUJetBlue Airways Corp | 2.72% | 8,778,600 | $162M | held | — | 13 q |
| WEXWEX Inc. | 2.53% | 725,000 | $151M | held | — | 19 q |
| TRIPTripAdvisor, Inc. | 1.79% | 2,304,017 | $107M | held | — | 25 q |
| HTZGQHertz Global Holdings Inc | 1.58% | 5,888,576 | $94M | held | — | 10 q |
| SYFSynchrony Financial | 1.54% | 2,650,000 | $92M | added+10% | +0.12 pp | 9 q |
| unresolvedTrivago NV | 1.46% | 20,673,796 | $87M | added+54% | +0.38 pp | 11 q |
| VVISA Inc. | 1.31% | 450,000 | $78M | held | — | 20 q |
| METAMeta Platforms, Inc. Class A | 1.16% | 357,800 | $69M | held | — | 11 q |
| BYDBoyd Gaming Corporation | 1.07% | 2,359,195 | $64M | added+8% | −0.04 pp | 25 q |
| PCYOPure Cycle Corporation | 1.06% | 5,982,970 | $63M | held | — | 25 q |
| TRUETrueCar, Inc. | 0.94% | 10,299,504 | $56M | added+5% | −0.27 pp | 19 q |
| EHTHeHealth, Inc. | 0.77% | 531,142 | $46M | held | — | 9 q |
| unresolvedTwin River Worldwide Holding | 0.73% | 1,467,232 | $44M | added+2% | −0.07 pp | 2 q |
| RRRRed Rock Resorts, Inc. Class A | 0.59% | 1,646,257 | $35M | added+4% | −0.17 pp | 12 q |
| QNSTQuinStreet, Inc. | 0.47% | 1,767,697 | $28M | held | — | 5 q |
| SKYWSkywest Inc | 0.47% | 458,884 | $28M | held | — | 2 q |
| unresolvedGrubhub Inc | 0.46% | 350,000 | $27M | new | +0.46 pp | new |
| BRSLBrightstar Lottery PLC | 0.45% | 2,062,747 | $27M | added+1% | −0.04 pp | 17 q |
| CVNACarvana Co. | 0.36% | 345,000 | $22M | held | — | 9 q |
| PFSIPennyMac Financial Services, Inc. | 0.35% | 950,000 | $21M | added+26% | +0.04 pp | 3 q |
| unresolvedBonanza Creek Energy Inc | 0.33% | 945,014 | $20M | added+11% | −0.03 pp | 9 q |
| VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v. | 0.21% | 1,357,889 | $13M | added+30% | +0.05 pp | 7 q |
| TREELendingTree, Inc. | 0.19% | 26,400 | $11M | held | — | 7 q |
| WEDWebster Financial Corp | 0.17% | 210,100 | $10M | held | — | 14 q |
| GSKYGreenSky, Inc. Class A | 0.15% | 723,400 | $9M | added+61% | +0.04 pp | 2 q |
| SEMSelect Medical Holdings Corp | 0.15% | 567,708 | $9M | held | — | 10 q |
| TSGIStars Group INC/THE | 0.14% | 504,100 | $9M | trimmed−9% | −0.04 pp | 7 q |
| CARAvis Budget Group, Inc. | 0.13% | 225,000 | $8M | held | — | 17 q |
| ZZillow Group, Inc. Class C | 0.12% | 155,000 | $7M | new | +0.12 pp | new |
| CORCencora, Inc. | 0.11% | 75,000 | $6M | held | — | 7 q |
| SEMGSemgroup Corp-class A | 0.11% | 537,779 | $6M | trimmed−4% | −0.04 pp | 12 q |
| ELVElevance Health, Inc. | 0.09% | 20,000 | $6M | held | — | 4 q |
| SGISomnigroup International Inc. | 0.06% | 50,000 | $4M | trimmed−84% | −0.28 pp | 10 q |
| HOUSAnywhere Real Estate Inc. | 0.04% | 350,000 | $3M | new | +0.04 pp | new |
| DESPDespegar.com Corp | 0.04% | 183,526 | $3M | held | — | 5 q |
| MMYTMakeMyTrip Limited | 0.04% | 101,200 | $3M | held | — | 7 q |
| EVEREverQuote, Inc. Class A | 0.03% | 125,000 | $2M | trimmed−49% | 0.00 pp | 3 q |
| unresolvedDover Motorsports, Inc. | 0.02% | 590,000 | $1M | held | — | 10 q |
| PENNPENN Entertainment, Inc. | 0.02% | 75,000 | $1M | new | +0.02 pp | new |
| ZIXIZix Corporation | 0.01% | 71,900 | $654,000 | held | — | 2 q |
| FLEXFlex Ltd. | 0.00% | 9,910 | $95,000 | held | — | 2 q |
| CZRCaesars Entertainment, Inc. | — | −3,603,967 | — | exited | −0.58 pp | — |
| unresolvedGlobal Eagle Entmt Inc | — | −28,981,072 | — | exited | −0.38 pp | — |
| CIThe Cigna Group | — | −70,000 | — | exited | −0.21 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| HTZGQ CALL | 60.62% | 3,000 | $5M |
| IWM PUT | 39.38% | 200 | $3M |
Notes