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PAR CAPITAL MANAGEMENT INC

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BOSTON MA Investment Advisor Hedge Fund Activist Investor
13F Summary

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85

S&P 500
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PAR Capital Management was founded in Boston by Paul A. Reeder III.Whalewisdom has at least 107 13F filings, 8 13D filings, 72 13G filings, and 2 Form 4 filings Their last reported 13F filing for Q1 2025 included $2,990,410,244 in managed 13F securities and a top 10 holdings concentration of 81.66%. PAR Capital Management's largest holding is Expedia Group Inc with shares held of 2,387,750.
Business Description
PAR Capital Management, Inc. (the “Adviser”) is a Delaware corporation that was organized in March 1992 to serve as the investment adviser to PAR Investment Partners, L.P., a Delaware limited partnership (the “Partnership”). The general partner of the Partnership is PAR Group II, L.P. (“PAR Group”), and the Adviser is the general partner of PAR Group. The principal owner of the Adviser is Paul A. Reeder, III. As of December 31, 2023, Steven M. Smith and Marc Zimman are also shareholders of the Adviser. Certain employees of the Adviser may also invest in PAR Group. The securities industry and the varied strategies and techniques to be engaged in by the Adviser are extremely competitive and each involves a degree of risk. The Partnership competes with firms, including many of the larger securities and investment banking firms, which have substantially greater financial resources and research staffs. Investors should refer to the Partnership’s offering documents for further details with respect to methods of analyses, investment strategies, conflicts of interest, and risks of loss.
Investment Strategy
In managing the Partnership, the Adviser seeks to maximize after-tax capital appreciation by assuming high levels of risk in an aggressively managed portfolio of securities. There are no restrictions on the type of instruments in which the Partnership may invest. However, the Partnership invests primarily in publicly traded equity securities, as well as options, warrants, and swaps related to equity securities. Such equity securities may be common or preferred, voting or non-voting, and may be of U.S. or non-U.S. issuers.
Owners
  • ZIMMAN, MARC, DANIEL - SHAREHOLDER/VICE PRESIDENT
  • MOEYKENS, WILLIAM, DAVID - VICE PRESIDENT OF FINANCE
  • SMITH, STEVEN, MICHAEL - SHAREHOLDER / CHIEF OPERATING OFFICER, GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER
  • REEDER, PAUL, ARLINGTON - SHAREHOLDER/PRESIDENT
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2025-03-31

Top Buys (13F)

Name % Change
LUV Southwest Airlines C 4.95%
UBER Uber Technologies In 4.15%
CVNA Carvana Co 0.81%
LYFT Lyft Inc 0.58%
TRIP TripAdvisor Inc 0.4%

2025-03-31

Top Sells (13F)

Name % Change
DAL Delta Air Lines Inc 2.76%
TSLA Tesla Inc 2.29%
XYZ Block Inc 1.27%
AAL American Airlines Gr 1.03%
CMA Comerica, Inc. 0.91%

2025-03-31

13F Holdings Summary

Name $ Change
EXPE Expedia Group Inc 13.42%
SYF Synchrony Financial 13.28%
UAL United Airlines Hold 11.18%
UBER Uber Technologies In 11.04%
WEX WEX, Inc 9.72%

2025-03-31

13F Activity

Market Value $2.99b, Prior: $3.39b
Inflows (Outflows) as % of Total MV +2.0475%
New Purchases 7 stocks
Added To 24 stocks
Sold out of 18 stocks
Reduced holdings in 7 stocks
Top 10 Holdings % 81.66%
Turnover %[1] 37.31%
Turnover Alt %[2] 8.83%
Time Held Top 20 20.3 quarters
Time Held Top 10 15.4 quarters
Time Held All 15.65 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31

13F Sector Allocation Over Time

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2025-03-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31

Portfolio Performance