PAR Capital

Q1 2023 13F · by Paul Reeder, founder

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $2.7B · prev $2.8B
Positions: 42 · prev 39
Options notional: $807,082
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%

Moves39 since the prior filing

+3.3 pp in · −7.2 pp out

New 8 +1.40 pp
Added 10 +1.89 pp
Trimmed 14 +0.37 pp
Exited 5 −7.57 pp

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

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions56% of US stock

WEX WEX Inc. held held12.6%
EXPE Expedia Group, Inc. held held12.5%
BKNG Booking Holdings Inc. trimmed+2.11 pp trimmed+2.1112.2%
UBER Uber Technologies, Inc. trimmed+1.25 pp trimmed+1.2510.0%
SYF Synchrony Financial added−0.76 pp added−0.768.9%

Positions42 in this filing · 5 exited


WEXWEX Inc.	12.57%	1,856,200	$341M	held	—	34 q
EXPEExpedia Group, Inc.	12.50%	3,500,000	$340M	held	—	40 q
BKNGBooking Holdings Inc.	12.21%	125,000	$332M	trimmed−10%	+2.11 pp	21 q
UBERUber Technologies, Inc.	9.99%	8,560,000	$271M	trimmed−13%	+1.25 pp	8 q
SYFSynchrony Financial	8.88%	8,295,457	$241M	added+2%	−0.76 pp	24 q
DALDelta Air Lines, Inc.	6.30%	4,900,000	$171M	trimmed−5%	+0.23 pp	40 q
TRIPTripAdvisor, Inc.	4.17%	5,700,000	$113M	trimmed−33%	−1.33 pp	40 q
SCHWThe Charles Schwab Corporation	3.59%	1,860,000	$97M	added+60%	+0.12 pp	13 q
UALUnited Airlines Holdings, Inc.	3.58%	2,200,200	$97M	trimmed−4%	+0.46 pp	35 q
CARAvis Budget Group, Inc.	3.39%	472,200	$92M	added+11%	+0.89 pp	2 q
LUVSouthwest Airlines Co.	3.07%	2,566,594	$84M	added+28%	+0.65 pp	13 q
CARGCarGurus, Inc. Class A	2.61%	3,792,350	$71M	trimmed−44%	−0.79 pp	12 q
AXPAmerican Express Company	2.13%	350,000	$58M	held	—	10 q
ALKAlaska Air Group, Inc.	1.85%	1,200,000	$50M	trimmed−20%	−0.47 pp	40 q
AALAmerican Airlines Group Inc.	1.52%	2,800,000	$41M	trimmed−5%	+0.18 pp	14 q
ABNBAirbnb, Inc. Class A	1.37%	300,000	$37M	held	—	3 q
unresolvedTrivago NV	1.23%	22,085,827	$33M	held	—	26 q
ULCCFrontier Group Holdings, Inc.	1.20%	3,325,000	$33M	trimmed−0%	−0.03 pp	5 q
SNCYSun Country Airlines Holdings, Inc.	1.13%	1,500,000	$31M	trimmed−21%	+0.05 pp	9 q
ALGTAllegiant Travel Company	1.02%	300,000	$28M	trimmed−8%	+0.22 pp	19 q
SABRSabre Corporation	0.85%	5,354,500	$23M	added×8.1	+0.70 pp	3 q
FRCBFirst Republic Bk CA	0.80%	1,550,000	$22M	new	+0.80 pp	new
AVDXAvidXchange Holdings, Inc.	0.72%	2,500,000	$20M	held	—	5 q
GDOTGreen Dot Corporation	0.57%	900,000	$15M	added+29%	+0.17 pp	9 q
JBLUJetBlue Airways Corp	0.54%	2,000,000	$15M	held	—	28 q
WEDWebster Financial Corp	0.54%	375,000	$15M	trimmed−18%	−0.24 pp	5 q
HHyatt Hotels Corporation	0.41%	100,134	$11M	added+2%	+0.09 pp	5 q
CMAComerica Incorporated	0.32%	200,000	$9M	new	+0.32 pp	new
BACBank of America Corporation	0.26%	250,000	$7M	added+25%	+0.02 pp	4 q
SOFISoFi Technologies, Inc.	0.17%	750,000	$5M	held	—	4 q
HTZHertz Global Holdings, Inc	0.10%	169,796	$3M	new	+0.10 pp	new
unresolvedVacasa Inc	0.10%	2,800,000	$3M	held	—	6 q
GOOGLAlphabet Inc. Class A	0.08%	22,000	$2M	new	+0.08 pp	new
METAMeta Platforms, Inc. Class A	0.06%	8,300	$2M	new	+0.06 pp	new
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.04%	84,000	$1M	trimmed−95%	−0.44 pp	22 q
ETSYEtsy, Inc.	0.03%	6,750	$751,478	held	—	4 q
PYPLPayPal Holdings, Inc.	0.02%	6,000	$455,640	trimmed−98%	−0.83 pp	5 q
SKYWSkywest Inc	0.02%	27,000	$598,590	added×2.7	+0.01 pp	3 q
ZZillow Group, Inc. Class C	0.02%	15,000	$667,050	new	+0.02 pp	new
EBEventbrite, Inc. Class A	0.01%	30,650	$262,977	new	+0.01 pp	new
JPMJPMorgan Chase & Co.	0.01%	3,000	$390,930	added×2.0	0.00 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	0.01%	6,500	$311,610	new	+0.01 pp	new
QUALiShares MSCI USA Quality Factor ETF	—	−1,637,000	—	exited	−6.71 pp	—
FLTCorpay, Inc.	—	−100,000	—	exited	−0.66 pp	—
QQQInvesco QQQ Trust, Series 1	—	−16,600	—	exited	−0.16 pp	—
WFCWells Fargo & Co.	—	−21,000	—	exited	−0.03 pp	—
WIXWIX.com Ltd.	—	−5,000	—	exited	−0.01 pp	—