PAR Capital
Picture
Moves
Options: 5 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- added+12.30
- held
- trimmed−13.47
- trimmed−7.05
- trimmed+0.10
Positions
| BKNGBooking Holdings Inc. | 18.61% | 321,444 | $432M | added×2.0 | +12.30 pp | 9 q |
| DVADaVita Inc. | 13.61% | 4,159,000 | $316M | held | — | 9 q |
| UALUnited Airlines Holdings, Inc. | 10.69% | 7,875,791 | $248M | trimmed−44% | −13.47 pp | 23 q |
| EXPEExpedia Group, Inc. | 9.57% | 3,952,639 | $222M | trimmed−50% | −7.05 pp | 28 q |
| ALGTAllegiant Travel Company | 5.60% | 1,589,541 | $130M | trimmed−2% | +0.10 pp | 7 q |
| DALDelta Air Lines, Inc. | 4.95% | 4,033,500 | $115M | added+1% | +0.40 pp | 28 q |
| CHDNChurchill Downs Inc | 4.65% | 1,050,000 | $108M | added+5% | +1.98 pp | 28 q |
| WEXWEX Inc. | 3.60% | 800,000 | $84M | added+10% | +0.65 pp | 22 q |
| SYFSynchrony Financial | 3.46% | 5,000,000 | $80M | added+79% | +1.50 pp | 12 q |
| VVISA Inc. | 3.12% | 450,000 | $73M | held | — | 23 q |
| TRIPTripAdvisor, Inc. | 2.53% | 3,379,017 | $59M | held | — | 28 q |
| JBLUJetBlue Airways Corp | 2.50% | 6,478,547 | $58M | trimmed−26% | −0.70 pp | 16 q |
| ALKAlaska Air Group, Inc. | 2.35% | 1,915,361 | $55M | trimmed−29% | −1.22 pp | 28 q |
| unresolvedTwin River Worldwide Holding | 1.53% | 2,733,780 | $36M | added+43% | +0.58 pp | 5 q |
| unresolvedTrivago NV | 1.32% | 21,029,796 | $31M | held | — | 14 q |
| BYDBoyd Gaming Corporation | 1.18% | 1,904,465 | $27M | added+16% | +0.22 pp | 28 q |
| TRUETrueCar, Inc. | 1.07% | 10,299,504 | $25M | held | — | 22 q |
| SCHWThe Charles Schwab Corporation | 1.01% | 700,000 | $24M | new | +1.01 pp | new |
| PCYOPure Cycle Corporation | 0.94% | 1,959,926 | $22M | trimmed−23% | +0.32 pp | 28 q |
| GRPNGroupon, Inc. | 0.92% | 21,815,500 | $21M | trimmed−61% | −1.70 pp | 12 q |
| SAVEQSpirit Airlines, Inc. | 0.91% | 1,639,921 | $21M | added×3.2 | +0.51 pp | 2 q |
| PFSIPennyMac Financial Services, Inc. | 0.90% | 944,900 | $21M | held | — | 6 q |
| CVNACarvana Co. | 0.87% | 368,588 | $20M | added+7% | +0.25 pp | 12 q |
| RRRRed Rock Resorts, Inc. Class A | 0.72% | 1,962,235 | $17M | added+70% | +0.18 pp | 15 q |
| GLPIGaming and Leisure Properties, Inc. | 0.61% | 508,600 | $14M | new | +0.61 pp | new |
| AALAmerican Airlines Group Inc. | 0.60% | 1,150,000 | $14M | trimmed−68% | −1.39 pp | 2 q |
| SEMSelect Medical Holdings Corp | 0.37% | 567,708 | $9M | held | — | 13 q |
| SKYWSkywest Inc | 0.35% | 307,884 | $8M | trimmed−33% | −0.23 pp | 5 q |
| TREELendingTree, Inc. | 0.21% | 26,400 | $5M | held | — | 10 q |
| RHPRyman Hospitality Properties, Inc | 0.20% | 129,512 | $5M | new | +0.20 pp | new |
| CHGGChegg, Inc. | 0.15% | 100,000 | $4M | held | — | 3 q |
| PENNPENN Entertainment, Inc. | 0.15% | 276,300 | $3M | trimmed−53% | −0.14 pp | 4 q |
| VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v. | 0.14% | 950,000 | $3M | trimmed−35% | −0.16 pp | 10 q |
| EVEREverQuote, Inc. Class A | 0.14% | 125,000 | $3M | held | — | 6 q |
| PAGPPlains GP Holdings, L.P. Class A Units representing Limited Partner Interests | 0.10% | 420,000 | $2M | new | +0.10 pp | new |
| MMYTMakeMyTrip Limited | 0.07% | 131,288 | $2M | added+30% | +0.02 pp | 10 q |
| GSKYGreenSky, Inc. Class A | 0.06% | 349,000 | $1M | trimmed−50% | −0.06 pp | 5 q |
| MLCOMelco Resorts & Entertainment Limited | 0.05% | 85,000 | $1M | new | +0.05 pp | new |
| LUVSouthwest Airlines Co. | 0.05% | 31,000 | $1M | new | +0.05 pp | new |
| DESPDespegar.com Corp | 0.04% | 183,526 | $1M | held | — | 8 q |
| unresolvedDover Motorsports, Inc. | 0.03% | 590,000 | $738,000 | held | — | 13 q |
| SEICSEI Investments Co | 0.03% | 15,965 | $740,000 | new | +0.03 pp | new |
| TCOMTrip.com Group Limited | 0.02% | 20,000 | $469,000 | new | +0.02 pp | new |
| ZIXIZix Corporation | 0.01% | 71,900 | $310,000 | new | +0.01 pp | new |
| AMAntero Midstream Corporation | 0.00% | 22,950 | $48,000 | trimmed−93% | −0.05 pp | 2 q |
| HTZGQHertz Global Holdings Inc | — | −9,039,094 | — | exited | −2.77 pp | — |
| METAMeta Platforms, Inc. Class A | — | −357,300 | — | exited | −1.43 pp | — |
| BRSLBrightstar Lottery PLC | — | −1,361,347 | — | exited | −0.40 pp | — |
| QNSTQuinStreet, Inc. | — | −1,176,100 | — | exited | −0.35 pp | — |
| unresolvedBonanza Creek Energy Inc | — | −601,714 | — | exited | −0.27 pp | — |
| CARAvis Budget Group, Inc. | — | −225,000 | — | exited | −0.14 pp | — |
| HOUSAnywhere Real Estate Inc. | — | −350,000 | — | exited | −0.07 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| CVNA CALL | 52.79% | 3,017 | $17M |
| LUV PUT | 29.85% | 3,500 | $9M |
| HTZGQ CALL | 13.74% | 7,000 | $4M |
| LYFT CALL | 2.26% | 200 | $712,000 |
| UAL PUT | 1.35% | 135 | $426,000 |
Notes