PAR Capital

Q2 2022 13F · by Paul Reeder, founder

As of: Jun 30, 2022
Filed: Aug 9, 2022
US stock: $3.0B · prev $4.2B
Positions: 40 · prev 47
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%

Moves48 since the prior filing

+9.5 pp in · −9.5 pp out

New 8 +1.35 pp
Added 20 +8.19 pp
Trimmed 5 −2.29 pp
Exited 15 −7.18 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions50% of US stock

Positions40 in this filing · 15 exited


EXPEExpedia Group, Inc.	13.36%	4,200,000	$398M	added+2%	−5.81 pp	37 q
BKNGBooking Holdings Inc.	10.27%	175,064	$306M	added+2%	+0.65 pp	18 q
WEXWEX Inc.	9.43%	1,807,300	$281M	added+6%	+2.16 pp	31 q
UBERUber Technologies, Inc.	9.18%	13,384,660	$274M	added+71%	+2.51 pp	5 q
SYFSynchrony Financial	7.41%	8,000,000	$221M	added+4%	+1.00 pp	21 q
TRIPTripAdvisor, Inc.	6.67%	11,167,604	$199M	trimmed−5%	−0.97 pp	37 q
METAMeta Platforms, Inc. Class A	6.29%	1,162,602	$187M	added×2.2	+3.45 pp	2 q
LUVSouthwest Airlines Co.	4.18%	3,454,404	$125M	held	—	10 q
UALUnited Airlines Holdings, Inc.	4.02%	3,385,827	$120M	added+9%	+0.59 pp	32 q
SAVEQSpirit Airlines, Inc.	3.41%	4,262,977	$102M	added+4%	+1.28 pp	2 q
CARGCarGurus, Inc. Class A	2.95%	4,099,767	$88M	added+42%	+0.02 pp	9 q
DALDelta Air Lines, Inc.	2.92%	3,008,000	$87M	added0%	+0.08 pp	37 q
SCHWThe Charles Schwab Corporation	2.44%	1,150,000	$73M	added+15%	+0.43 pp	10 q
ALKAlaska Air Group, Inc.	2.31%	1,717,880	$69M	added+7%	+0.09 pp	37 q
ALGTAllegiant Travel Company	1.50%	395,500	$45M	trimmed−1%	−0.05 pp	16 q
SNCYSun Country Airlines Holdings, Inc.	1.35%	2,192,712	$40M	held	—	6 q
AALAmerican Airlines Group Inc.	1.29%	3,030,000	$38M	held	—	11 q
AXPAmerican Express Company	1.16%	250,000	$35M	held	—	7 q
unresolvedTrivago NV	1.10%	22,085,827	$33M	held	—	23 q
ULCCFrontier Group Holdings, Inc.	0.95%	3,023,848	$28M	added+4%	+0.16 pp	2 q
STTState Street Corporation	0.93%	450,000	$28M	held	—	6 q
WEDWebster Financial Corp	0.85%	600,000	$25M	added×2.0	+0.45 pp	2 q
MAMastercard Incorporated	0.74%	70,000	$22M	added×2.3	+0.48 pp	2 q
TRUETrueCar, Inc.	0.73%	8,457,142	$22M	added+4%	−0.04 pp	31 q
FLTCorpay, Inc.	0.70%	100,000	$21M	new	+0.70 pp	new
PYPLPayPal Holdings, Inc.	0.64%	275,000	$19M	added×2.8	+0.36 pp	2 q
GDOTGreen Dot Corporation	0.63%	742,382	$19M	added+48%	+0.30 pp	6 q
JBLUJetBlue Airways Corp	0.56%	2,000,000	$17M	trimmed−2%	−0.17 pp	25 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.55%	1,600,000	$16M	added+7%	−0.10 pp	19 q
AVDXAvidXchange Holdings, Inc.	0.41%	2,000,000	$12M	added+38%	+0.13 pp	2 q
unresolvedVacasa Inc	0.27%	2,807,567	$8M	held	—	3 q
BACBank of America Corporation	0.21%	200,000	$6M	new	+0.21 pp	new
ARKFARK Blockchain & Fintech Innovation ETF	0.18%	350,000	$5M	new	+0.18 pp	new
APLEApple Hospitality REIT, Inc.	0.14%	280,501	$4M	trimmed−90%	−1.06 pp	3 q
SOFISoFi Technologies, Inc.	0.13%	750,000	$4M	new	+0.13 pp	new
CARAvis Budget Group, Inc.	0.09%	18,000	$3M	new	+0.09 pp	new
ETSYEtsy, Inc.	0.02%	6,750	$494,000	new	+0.02 pp	new
HSTHost Hotels & Resorts, Inc.	0.01%	15,000	$235,000	new	+0.01 pp	new
HHyatt Hotels Corporation	0.01%	5,000	$370,000	trimmed−79%	−0.04 pp	2 q
SIX1Six Flags Entertainment Corp.	0.01%	10,000	$217,000	new	+0.01 pp	new
SABRSabre Corporation	—	−12,163,107	—	exited	−3.32 pp	—
TRWHTwin River Worldwide Holdings, Inc.	—	−1,798,819	—	exited	−1.32 pp	—
GOOGLAlphabet Inc. Class A	—	−11,920	—	exited	−0.80 pp	—
DFSDiscover Financial Services	—	−115,761	—	exited	−0.30 pp	—
GBTGGlobal Business Travel Group, Inc.	—	−1,111,000	—	exited	−0.26 pp	—
TFCTruist Financial Corporation	—	−175,000	—	exited	−0.24 pp	—
AERAercap Holdings N.V.	—	−192,263	—	exited	−0.23 pp	—
GRABGrab Holdings Limited Class A	—	−2,500,000	—	exited	−0.21 pp	—
TREELendingTree, Inc.	—	−63,300	—	exited	−0.18 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−85,000	—	exited	−0.17 pp	—
unresolvedVirgin Group Acquisit Corp I	—	−400,000	—	exited	−0.09 pp	—
CHGGChegg, Inc.	—	−20,000	—	exited	−0.02 pp	—
XYZBlock, Inc.	—	−5,300	—	exited	−0.02 pp	—
CPACopa Holdings, S.A.	—	−9,500	—	exited	−0.02 pp	—
GROVWGrove Collaborative Wts	—	−34,613	—	exited	0.00 pp	—