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PAR Capital

Q1 2022 13F · by Paul Reeder, founder

As of
Mar 31, 2022
Filed
May 12, 2022
US stock
$4.2B · prev $3.7B
Positions
47 · prev 56
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%

Moves63 since the prior filing

The book

Concentrated · behaves like 13 equal-sized positions

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

Moderate turnover · 32% a year, about 3.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions50% of US stock

  1. EXPE Expedia Group, Inc. trimmed−2.34 pp trimmed−2.3419.2%
  2. BKNG Booking Holdings Inc. added+1.16 pp added+1.169.6%
  3. TRIP TripAdvisor, Inc. trimmed−1.45 pp trimmed−1.457.6%
  4. WEX WEX Inc. added+0.81 pp added+0.817.3%
  5. UBER Uber Technologies, Inc. added+1.85 pp added+1.856.7%

Positions47 in this filing · 24 exited

EXPEExpedia Group, Inc.19.17%4,100,000$802Mtrimmed−7%−2.34 pp36 q
BKNGBooking Holdings Inc.9.62%171,364$402Madded+31%+1.16 pp17 q
TRIPTripAdvisor, Inc.7.64%11,784,438$320Mtrimmed−5%−1.45 pp36 q
WEXWEX Inc.7.27%1,705,090$304Madded0%+0.81 pp30 q
UBERUber Technologies, Inc.6.67%7,821,339$279Madded+84%+1.85 pp4 q
SYFSynchrony Financial6.41%7,700,000$268Madded+3%−2.98 pp20 q
LUVSouthwest Airlines Co.3.78%3,454,404$158Madded+73%+1.47 pp9 q
UALUnited Airlines Holdings, Inc.3.43%3,100,000$144Mtrimmed−9%−0.59 pp31 q
SABRSabre Corporation3.32%12,163,107$139Mtrimmed−2%+0.44 pp8 q
CARGCarGurus, Inc. Class A2.93%2,890,767$123Madded+45%+1.12 pp8 q
DALDelta Air Lines, Inc.2.84%3,000,000$119Madded+9%−0.06 pp36 q
METAMeta Platforms, Inc. Class A2.84%535,000$119Mnew+2.84 ppnew
ALKAlaska Air Group, Inc.2.22%1,603,900$93Madded+1%−0.01 pp36 q
SAVEQSpirit Airlines, Inc.2.13%4,083,763$89Mnew+2.13 ppnew
SCHWThe Charles Schwab Corporation2.01%1,000,000$84Mheld—9 q
ALGTAllegiant Travel Company1.55%400,000$65Mtrimmed−21%−1.02 pp15 q
SNCYSun Country Airlines Holdings, Inc.1.37%2,192,712$57Mtrimmed−1%−0.26 pp5 q
AALAmerican Airlines Group Inc.1.32%3,030,000$55Mtrimmed−3%−0.20 pp10 q
TRWHTwin River Worldwide Holdings, Inc.1.32%1,798,819$55Mtrimmed−13%−0.80 pp6 q
unresolvedTrivago NV1.25%22,085,827$52Madded+5%+0.01 pp22 q
APLEApple Hospitality REIT, Inc.1.20%2,795,631$50Madded×13.5+1.11 pp2 q
AXPAmerican Express Company1.12%250,000$47Mheld—6 q
STTState Street Corporation0.94%450,000$39Mheld—5 q
GOOGLAlphabet Inc. Class A0.80%11,920$33Mnew+0.80 ppnew
ULCCFrontier Group Holdings, Inc.0.79%2,907,948$33Mnew+0.79 ppnew
TRUETrueCar, Inc.0.77%8,157,142$32Mtrimmed−4%−0.01 pp30 q
JBLUJetBlue Airways Corp0.73%2,050,000$31Madded+3%−0.04 pp24 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.0.65%1,500,000$27Mtrimmed−16%−0.22 pp18 q
unresolvedVacasa Inc0.55%2,807,567$23Mheld—2 q
WEDWebster Financial Corp0.40%300,000$17Mnew+0.40 ppnew
GDOTGreen Dot Corporation0.33%500,000$14Mtrimmed−38%−0.45 pp5 q
DFSDiscover Financial Services0.30%115,761$13Mheld—6 q
AVDXAvidXchange Holdings, Inc.0.28%1,450,000$12Mnew+0.28 ppnew
PYPLPayPal Holdings, Inc.0.28%100,000$12Mnew+0.28 ppnew
MAMastercard Incorporated0.26%30,000$11Mnew+0.26 ppnew
GBTGGlobal Business Travel Group, Inc.0.26%1,111,000$11Mnew+0.26 ppnew
TFCTruist Financial Corporation0.24%175,000$10Mnew+0.24 ppnew
AERAercap Holdings N.V.0.23%192,263$10Mnew+0.23 ppnew
GRABGrab Holdings Limited Class A0.21%2,500,000$9Mheld—2 q
TREELendingTree, Inc.0.18%63,300$8Madded×2.6+0.10 pp2 q
WHWyndham Hotels & Resorts, Inc.0.17%85,000$7Mheld—4 q
unresolvedVirgin Group Acquisit Corp I0.09%400,000$4Mheld—4 q
HHyatt Hotels Corporation0.05%24,000$2Mnew+0.05 ppnew
CHGGChegg, Inc.0.02%20,000$726,000new+0.02 ppnew
XYZBlock, Inc.0.02%5,300$719,000new+0.02 ppnew
CPACopa Holdings, S.A.0.02%9,500$795,000new+0.02 ppnew
GROVWGrove Collaborative Wts0.00%34,613$13,000trimmed−57%0.00 pp4 q
VVISA Inc.—−450,000—exited−2.63 pp—
LYFTLyft, Inc. Class A—−1,017,000—exited−1.17 pp—
HLTHilton Worldwide Holdings Inc.—−180,600—exited−0.76 pp—
COFCapital One Financial—−60,000—exited−0.24 pp—
unresolvedWarburg Pincus Captal Corp I-b—−750,000—exited−0.20 pp—
unresolvedWarburg Pincus Captal Corp I-a—−500,000—exited−0.13 pp—
unresolvedConcord Acquisition Corp—−100,000—exited−0.03 pp—
unresolvedFirst Reserve Sustainable Gw—−100,000—exited−0.03 pp—
unresolvedFusion Acquisition Corp II—−99,999—exited−0.03 pp—
unresolvedOrion Acquisition Corp—−100,000—exited−0.03 pp—
unresolvedRxr Acquisition Corp—−100,000—exited−0.03 pp—
unresolvedAltimar Acquisition Corp III—−100,000—exited−0.03 pp—
unresolvedAusterlitz Acquisition Corp—−100,000—exited−0.03 pp—
unresolvedAusterlitz Acquisition Corp II—−100,000—exited−0.03 pp—
PLPlanet Labs PBC—−100,000—exited−0.02 pp—
ETSYEtsy, Inc.—−1,500—exited−0.01 pp—
unresolvedFirst Reserve Sustainable Gw—−25,000—exited0.00 pp—
unresolvedFusion Acquisition Corp II—−33,333—exited0.00 pp—
unresolvedOrion Acquisition Corp—−25,000—exited0.00 pp—
unresolvedPlanet Labs Pbc—−20,000—exited0.00 pp—
unresolvedRxr Acquisition Corp—−20,000—exited0.00 pp—
ATAQFAltimar Acquisition A -CW28—−25,000—exited0.00 pp—
WPCBFWarburg Pincus Cap I-b Wt—−100,000—exited0.00 pp—
unresolvedWarburg Pincus Captal Corp I—−150,000—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 3 unresolved
Accession
0001051359-22-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet