PAR Capital

Q2 2021 13F · by Paul Reeder, founder

As of: Jun 30, 2021
Filed: Aug 16, 2021
US stock: $4.0B · prev $4.2B
Positions: 60 · prev 46
Options notional: $62M
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.5%
Calls at notional value 0.0%

Moves57 since the prior filing

+5.8 pp in · −5.4 pp out

New 24 +1.40 pp
Added 12 +4.39 pp
Trimmed 9 −4.90 pp
Exited 10 −0.53 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions50% of US stock

EXPE Expedia Group, Inc. added+2.04 pp added+2.0415.6%
TRIP TripAdvisor, Inc. held held11.6%
SYF Synchrony Financial held held8.9%
BKNG Booking Holdings Inc. held held8.2%
UAL United Airlines Holdings, Inc. trimmed−1.16 pp trimmed−1.165.6%

Positions60 in this filing · 10 exited


EXPEExpedia Group, Inc.	15.64%	3,841,114	$629M	added+15%	+2.04 pp	33 q
TRIPTripAdvisor, Inc.	11.60%	11,572,046	$466M	held	—	33 q
SYFSynchrony Financial	8.93%	7,400,000	$359M	held	—	17 q
BKNGBooking Holdings Inc.	8.16%	150,000	$328M	held	—	14 q
UALUnited Airlines Holdings, Inc.	5.64%	4,335,000	$227M	trimmed−13%	−1.16 pp	28 q
WEXWEX Inc.	5.55%	1,150,000	$223M	added+15%	+0.61 pp	27 q
SABRSabre Corporation	4.73%	15,225,912	$190M	added0%	−0.58 pp	5 q
DALDelta Air Lines, Inc.	3.54%	3,288,800	$142M	added+10%	+0.12 pp	33 q
ALGTAllegiant Travel Company	3.38%	700,000	$136M	trimmed−7%	−0.95 pp	12 q
TRWHTwin River Worldwide Holdings, Inc.	3.07%	2,279,044	$123M	trimmed−16%	−1.11 pp	3 q
ALKAlaska Air Group, Inc.	2.85%	1,900,000	$115M	trimmed−5%	−0.43 pp	33 q
LUVSouthwest Airlines Co.	2.80%	2,118,000	$112M	trimmed−15%	−0.81 pp	6 q
VVISA Inc.	2.62%	450,000	$105M	held	—	28 q
SNCYSun Country Airlines Holdings, Inc.	1.94%	2,216,312	$78M	held	—	2 q
SCHWThe Charles Schwab Corporation	1.81%	1,000,000	$73M	held	—	6 q
unresolvedTrivago NV	1.59%	19,318,683	$64M	added+12%	−0.16 pp	19 q
AALAmerican Airlines Group Inc.	1.53%	2,902,000	$62M	added+16%	+0.12 pp	7 q
GRPNGroupon, Inc.	1.47%	1,369,500	$59M	added+9%	−0.03 pp	2 q
TRUETrueCar, Inc.	1.36%	9,668,804	$55M	added+3%	+0.29 pp	27 q
CARGCarGurus, Inc. Class A	1.30%	1,990,000	$52M	added×19.0	+1.24 pp	5 q
PFSIPennyMac Financial Services, Inc.	1.06%	691,600	$43M	held	—	11 q
SAVEQSpirit Airlines, Inc.	1.06%	1,400,000	$43M	trimmed−7%	−0.25 pp	7 q
AXPAmerican Express Company	1.03%	250,000	$41M	held	—	3 q
ABNBAirbnb, Inc. Class A	0.95%	250,000	$38M	held	—	2 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.85%	1,783,856	$34M	added+3%	+0.27 pp	15 q
STTState Street Corporation	0.84%	411,340	$34M	added+3%	+0.05 pp	2 q
JBLUJetBlue Airways Corp	0.83%	2,000,000	$34M	trimmed−3%	−0.16 pp	21 q
GDOTGreen Dot Corporation	0.76%	650,000	$30M	added×2.1	+0.42 pp	2 q
TFCTruist Financial Corporation	0.69%	500,000	$28M	new	+0.69 pp	new
RRRRed Rock Resorts, Inc. Class A	0.56%	534,529	$23M	trimmed−16%	+0.07 pp	20 q
MAMastercard Incorporated	0.45%	50,000	$18M	held	—	2 q
DFSDiscover Financial Services	0.34%	115,761	$14M	held	—	3 q
COFCapital One Financial	0.23%	60,000	$9M	held	—	3 q
unresolvedWarburg Pincus Captal Corp I-b	0.18%	750,000	$7M	new	+0.18 pp	new
WHWyndham Hotels & Resorts, Inc.	0.15%	85,000	$6M	new	+0.15 pp	new
unresolvedWarburg Pincus Captal Corp I-a	0.12%	500,000	$5M	new	+0.12 pp	new
unresolvedVirgin Group Acquisit Corp I	0.10%	400,000	$4M	new	+0.10 pp	new
WUThe Western Union Company	0.06%	100,000	$2M	held	—	2 q
unresolvedDmy Technology Group Inc IV	0.02%	100,000	$977,000	held	—	2 q
unresolvedFirst Reserve Sustainable Gw	0.02%	100,000	$970,000	new	+0.02 pp	new
unresolvedFusion Acquisition Corp II	0.02%	100,000	$967,000	new	+0.02 pp	new
unresolvedOrion Acquisition Corp	0.02%	100,000	$966,000	new	+0.02 pp	new
unresolvedRxr Acquisition Corp	0.02%	100,000	$971,000	new	+0.02 pp	new
UBERUber Technologies, Inc.	0.02%	15,000	$752,000	new	+0.02 pp	new
unresolvedAltimar Acquisition Corp III	0.02%	100,000	$975,000	new	+0.02 pp	new
unresolvedAusterlitz Acquisition Corp	0.02%	100,000	$992,000	new	+0.02 pp	new
unresolvedAusterlitz Acquisition Corp II	0.02%	100,000	$973,000	new	+0.02 pp	new
PCYOPure Cycle Corporation	0.01%	31,000	$428,000	trimmed−91%	−0.10 pp	33 q
ZIXIZix Corporation	0.01%	71,900	$507,000	held	—	2 q
unresolvedDmy Technology Group Inc IV	0.00%	20,000	$28,000	new	0.00 pp	new
unresolvedFirst Reserve Sustainable Gw	0.00%	25,000	$29,000	new	0.00 pp	new
unresolvedFusion Acquisition Corp II	0.00%	33,333	$33,000	new	0.00 pp	new
unresolvedOrion Acquisition Corp	0.00%	25,000	$24,000	new	0.00 pp	new
unresolvedRxr Acquisition Corp	0.00%	20,000	$21,000	new	0.00 pp	new
ATAQFAltimar Acquisition A -CW28	0.00%	25,000	$28,000	new	0.00 pp	new
unresolvedAusterlitz Acquisition Corp	0.00%	25,000	$31,000	new	0.00 pp	new
unresolvedAusterlitz Acquisition Corp	0.00%	25,000	$43,000	new	0.00 pp	new
GROVWGrove Collaborative Wts	0.00%	80,000	$102,000	new	0.00 pp	new
WPCBFWarburg Pincus Cap I-b Wt	0.00%	150,000	$195,000	new	0.00 pp	new
unresolvedWarburg Pincus Captal Corp I	0.00%	100,000	$135,000	new	0.00 pp	new
unresolvedWarburg Pincus Captal Corp I	—	−750,000	—	exited	−0.18 pp	—
unresolvedWarburg Pincus Captal Corp I	—	−500,000	—	exited	−0.12 pp	—
unresolvedVirgin Group Acquisit Corp I	—	−400,000	—	exited	−0.09 pp	—
unresolvedFirst Reserve Sustainable Gw	—	−100,000	—	exited	−0.02 pp	—
unresolvedFusion Acquisition Corp	—	−100,000	—	exited	−0.02 pp	—
unresolvedOrion Acquisition Corp	—	−100,000	—	exited	−0.02 pp	—
unresolvedRxr Acquisition Corp	—	−100,000	—	exited	−0.02 pp	—
unresolvedAltimar Acquisition Corp III	—	−100,000	—	exited	−0.02 pp	—
unresolvedAusterlitz Acquisition Corp	—	−100,000	—	exited	−0.02 pp	—
unresolvedAusterlitz Acquisition Corp	—	−100,000	—	exited	−0.02 pp	—