PAR CAPITAL MANAGEMENT INC

PAR Capital Management Inc. is a hedge fund sponsor based out of Boston, Massachusetts. The company was established in 1990 by Paul Arlington Reeder and Edward L. Shapiro, both of whom are still with the company today acting as its President and Vice President, respectively. PAR Capital Management has grown from its inception to now have 21 employees of which 14 are investment professionals. The firm is employee owned with founders Paul A. Reeder and Edward L. Shapiro holding the highest ownership in the firm. The company conducts its research externally, utilizing a fundamental methodology to make its investment decisions. PAR Capital Management invests in the public equity markets on a global scale and its philosophy focuses on a blief that “long term investment success can be achieved through narrowly focused and rigorous fundamental research, disciplined portfolio management, and the alignment of incentives between manager and client.” PAR Capital Management invests most heavily in the transports sector, which alone makes up over a third of its client base, and consumer discretionary sector, which makes up another over 30% of its allocations. The company also invests in the finance, industrials, information technology, and real estate sectors, among others to a lesser degree, in order of decreasing allocation. PAR Capital Management’s top 10 holdings together make up over half of its total holdings and the firm has a turnover rate of approximately 12.3%. The company holds over $4 billion in total assets under management in 1 single discretionary account. Although PAR Capital Management’s single account has stayed that number in recent years, its total assets under management has been rising steadily, increasing significantly from $2.5 billion back in 2012 to experience over a billion in growth. The company’s sole client is a pooled investment vehicle and the company takes advisory fees in the form of a percentage of assets and various performance based fees.