PAR Capital

Q4 2021 13F · by Paul Reeder, founder

As of: Dec 31, 2021
Filed: Feb 11, 2022
US stock: $3.7B · prev $4.2B
Positions: 56 · prev 61
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%

Moves36 since the prior filing

+9.9 pp in · −9.8 pp out

New 8 +3.23 pp
Added 5 +6.70 pp
Trimmed 10 −3.51 pp
Exited 13 −6.25 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions55% of US stock

EXPE Expedia Group, Inc. added+5.56 pp added+5.5621.5%
SYF Synchrony Financial added+0.71 pp added+0.719.4%
TRIP TripAdvisor, Inc. held held9.1%
BKNG Booking Holdings Inc. trimmed−1.78 pp trimmed−1.788.5%
WEX WEX Inc. added+0.54 pp added+0.546.5%

Positions56 in this filing · 13 exited


EXPEExpedia Group, Inc.	21.51%	4,407,666	$797M	added+9%	+5.56 pp	35 q
SYFSynchrony Financial	9.39%	7,500,000	$348M	added+1%	+0.71 pp	19 q
TRIPTripAdvisor, Inc.	9.09%	12,347,046	$337M	held	—	35 q
BKNGBooking Holdings Inc.	8.46%	130,564	$313M	trimmed−27%	−1.78 pp	16 q
WEXWEX Inc.	6.46%	1,703,190	$239M	added+22%	+0.54 pp	29 q
UBERUber Technologies, Inc.	4.82%	4,253,800	$178M	trimmed−10%	−0.27 pp	3 q
UALUnited Airlines Holdings, Inc.	4.02%	3,401,893	$149M	trimmed−8%	−0.20 pp	30 q
DALDelta Air Lines, Inc.	2.90%	2,745,900	$107M	trimmed−5%	−0.07 pp	35 q
SABRSabre Corporation	2.88%	12,397,007	$106M	trimmed−8%	−0.95 pp	7 q
VVISA Inc.	2.63%	450,000	$98M	held	—	30 q
ALGTAllegiant Travel Company	2.57%	509,500	$95M	trimmed−9%	−0.05 pp	14 q
LUVSouthwest Airlines Co.	2.31%	2,000,000	$86M	held	—	8 q
SCHWThe Charles Schwab Corporation	2.27%	1,000,000	$84M	held	—	8 q
ALKAlaska Air Group, Inc.	2.23%	1,587,800	$83M	trimmed−1%	−0.03 pp	35 q
TRWHTwin River Worldwide Holdings, Inc.	2.12%	2,065,434	$79M	held	—	5 q
CARGCarGurus, Inc. Class A	1.81%	1,990,000	$67M	held	—	7 q
SNCYSun Country Airlines Holdings, Inc.	1.63%	2,216,312	$60M	held	—	4 q
AALAmerican Airlines Group Inc.	1.52%	3,137,500	$56M	held	—	9 q
unresolvedTrivago NV	1.24%	21,118,927	$46M	held	—	21 q
LYFTLyft, Inc. Class A	1.17%	1,017,000	$43M	new	+1.17 pp	new
STTState Street Corporation	1.13%	450,000	$42M	held	—	4 q
AXPAmerican Express Company	1.10%	250,000	$41M	held	—	5 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.87%	1,783,856	$32M	held	—	17 q
GDOTGreen Dot Corporation	0.78%	800,000	$29M	added+9%	−0.11 pp	4 q
TRUETrueCar, Inc.	0.78%	8,507,156	$29M	trimmed−11%	−0.17 pp	29 q
JBLUJetBlue Airways Corp	0.77%	2,000,000	$28M	held	—	23 q
HLTHilton Worldwide Holdings Inc.	0.76%	180,600	$28M	new	+0.76 pp	new
unresolvedVacasa Inc	0.63%	2,807,567	$23M	new	+0.63 pp	new
GRABGrab Holdings Limited Class A	0.48%	2,500,000	$18M	new	+0.48 pp	new
DFSDiscover Financial Services	0.36%	115,761	$13M	held	—	5 q
COFCapital One Financial	0.24%	60,000	$9M	held	—	5 q
WHWyndham Hotels & Resorts, Inc.	0.21%	85,000	$8M	held	—	3 q
unresolvedWarburg Pincus Captal Corp I-b	0.20%	750,000	$7M	held	—	3 q
unresolvedWarburg Pincus Captal Corp I-a	0.13%	500,000	$5M	held	—	3 q
unresolvedVirgin Group Acquisit Corp I	0.11%	400,000	$4M	held	—	3 q
APLEApple Hospitality REIT, Inc.	0.09%	207,701	$3M	new	+0.09 pp	new
TREELendingTree, Inc.	0.08%	24,000	$3M	new	+0.08 pp	new
unresolvedConcord Acquisition Corp	0.03%	100,000	$1M	held	—	2 q
unresolvedFirst Reserve Sustainable Gw	0.03%	100,000	$990,000	held	—	3 q
unresolvedFusion Acquisition Corp II	0.03%	99,999	$970,000	trimmed0%	+0.01 pp	3 q
unresolvedOrion Acquisition Corp	0.03%	100,000	$978,000	held	—	3 q
unresolvedRxr Acquisition Corp	0.03%	100,000	$975,000	held	—	3 q
unresolvedAltimar Acquisition Corp III	0.03%	100,000	$976,000	held	—	3 q
unresolvedAusterlitz Acquisition Corp	0.03%	100,000	$971,000	held	—	3 q
unresolvedAusterlitz Acquisition Corp II	0.03%	100,000	$972,000	held	—	3 q
PLPlanet Labs PBC	0.02%	100,000	$615,000	new	+0.02 pp	new
ETSYEtsy, Inc.	0.01%	1,500	$328,000	held	—	2 q
unresolvedFirst Reserve Sustainable Gw	0.00%	25,000	$21,000	held	—	3 q
unresolvedFusion Acquisition Corp II	0.00%	33,333	$20,000	held	—	3 q
unresolvedOrion Acquisition Corp	0.00%	25,000	$16,000	held	—	3 q
unresolvedPlanet Labs Pbc	0.00%	20,000	$39,000	new	0.00 pp	new
unresolvedRxr Acquisition Corp	0.00%	20,000	$14,000	held	—	3 q
ATAQFAltimar Acquisition A -CW28	0.00%	25,000	$23,000	held	—	3 q
GROVWGrove Collaborative Wts	0.00%	80,000	$67,000	held	—	3 q
WPCBFWarburg Pincus Cap I-b Wt	0.00%	100,000	$99,000	trimmed−33%	0.00 pp	3 q
unresolvedWarburg Pincus Captal Corp I	0.00%	150,000	$150,000	added+50%	0.00 pp	3 q
GRPNGroupon, Inc.	—	−2,783,500	—	exited	−1.52 pp	—
PFSIPennyMac Financial Services, Inc.	—	−691,600	—	exited	−1.01 pp	—
TFCTruist Financial Corporation	—	−675,000	—	exited	−0.95 pp	—
SAVEQSpirit Airlines, Inc.	—	−1,300,000	—	exited	−0.81 pp	—
ABNBAirbnb, Inc. Class A	—	−200,000	—	exited	−0.80 pp	—
RRRRed Rock Resorts, Inc. Class A	—	−534,529	—	exited	−0.66 pp	—
MAMastercard Incorporated	—	−50,000	—	exited	−0.42 pp	—
WUThe Western Union Company	—	−100,000	—	exited	−0.05 pp	—
unresolvedDmy Technology Group Inc IV	—	−100,000	—	exited	−0.02 pp	—
ZIXIZix Corporation	—	−71,900	—	exited	−0.01 pp	—
unresolvedDmy Technology Group Inc IV	—	−20,000	—	exited	0.00 pp	—
unresolvedAusterlitz Acquisition Corp	—	−25,000	—	exited	0.00 pp	—
unresolvedAusterlitz Acquisition Corp	—	−25,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 19 unresolved
Accession: 0001051359-22-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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