PAR CAPITAL MANAGEMENT INC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
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.
As of the latest 13F report, the guru’s equity portfolio contained 40 stocks valued at a total of $2.78Bil. The top holdings were EXPE(11.03%), WEX(10.93%), and BKNG(10.10%).
According to GuruFocus data, these were PAR CAPITAL MANAGEMENT INC’s top five trades of the quarter.
Meta Platforms Inc
The guru sold out of their 507,000-share investment in NAS:META. Previously, the stock had a 2.55% weight in the equity portfolio. Shares traded for an average price of $117.43 during the quarter.
On 02/18/2023, Meta Platforms Inc traded for a price of $172.88 per share and a market cap of $448.22Bil. The stock has returned -16.77% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Meta Platforms Inc has a price-earnings ratio of 20.15, a price-book ratio of 3.59, a price-earnings-to-growth (PEG) ratio of 1.31, a EV-to-Ebitda ratio of 11.50 and a price-sales ratio of 4.07.
The price-to-GF Value ratio is 0.46, earning the stock a GF Value rank of 4.
Delta Air Lines Inc
During the quarter, PAR CAPITAL MANAGEMENT INC bought 2,134,729 shares of NYSE:DAL for a total holding of 5,134,729. The trade had a 2.52% impact on the equity portfolio. During the quarter, the stock traded for an average price of $33.14.
On 02/18/2023, Delta Air Lines Inc traded for a price of $38.36 per share and a market cap of $24.60Bil. The stock has returned -11.43% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Delta Air Lines Inc has a price-earnings ratio of 18.80, a price-book ratio of 3.74, a EV-to-Ebitda ratio of 16.52 and a price-sales ratio of 0.48.
The price-to-GF Value ratio is 0.64, earning the stock a GF Value rank of 8.
Avis Budget Group Inc
The guru established a new position worth 424,400 shares in NAS:CAR, giving the stock a 2.5% weight in the equity portfolio. Shares traded for an average price of $200.58 during the quarter.
On 02/18/2023, Avis Budget Group Inc traded for a price of $240.84 per share and a market cap of $9.51Bil. The stock has returned 45.80% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Avis Budget Group Inc has a price-earnings ratio of 4.21, a price-earnings-to-growth (PEG) ratio of 0.33, a EV-to-Ebitda ratio of 4.96 and a price-sales ratio of 0.97.
The price-to-GF Value ratio is 1.16, earning the stock a GF Value rank of 5.
United Airlines Holdings Inc
PAR CAPITAL MANAGEMENT INC reduced their investment in NAS:UAL by 1,533,200 shares. The trade had a 1.85% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.58.
On 02/18/2023, United Airlines Holdings Inc traded for a price of $49.63 per share and a market cap of $16.23Bil. The stock has returned 2.63% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, United Airlines Holdings Inc has a price-earnings ratio of 22.87, a price-book ratio of 2.35, a EV-to-Ebitda ratio of 13.53 and a price-sales ratio of 0.36.
The price-to-GF Value ratio is 0.75, earning the stock a GF Value rank of 10.
Expedia Group Inc
PAR CAPITAL MANAGEMENT INC reduced their investment in NAS:EXPE by 455,000 shares. The trade had a 1.58% impact on the equity portfolio. During the quarter, the stock traded for an average price of $94.59.
On 02/18/2023, Expedia Group Inc traded for a price of $108.96 per share and a market cap of $16.71Bil. The stock has returned -47.94% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Expedia Group Inc has a price-earnings ratio of 50.92, a price-book ratio of 7.32, a EV-to-Ebitda ratio of 12.14 and a price-sales ratio of 1.48.
The price-to-GF Value ratio is 0.66, earning the stock a GF Value rank of 10.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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