PAR Capital Management is a private investment partnership that is based in Boston, and it focuses mainly on the travel and online media industries. AUM is estimated to be at least $2.5 billion. Paul Reeder started the hedge fund in 1990, and prior to which, he worked as an airline analyst at Loomis Sayles & Co.
PAR has released its latest 13F filing with the SEC, which gives us the skinny on its second quarter stock picks. Let’s take a look at their top five, which include Priceline.com Inc (NASDAQ:PCLN), Global Eagle Acquisition Corp (NASDAQ:ENT), Delta Air Lines, Inc. (NYSE:DAL), Alaska Air Group, Inc. (NYSE:ALK), and WellPoint, Inc. (NYSE:WLP). Wondering how this data changed from the first quarter?
With regard to Priceline.com Inc (NASDAQ:PCLN), the fund reported a value of $414.7 million, versus $233.5M for Q1. This is a big boost for the travel related company, which is up over 50% year-to-date, and very close to cracking $1,000.00 per share.
In second is Global Eagle, with a position worth $278.2 million. No. 2 is where the airline content and connectivity company rested in Q1, and it’s clear that PAR and Reeder are bullish on travel in general. Delta Air Lines, Inc. (NYSE:DAL) is now in the 3rd spot of the hedge fund’s equity portfolio, increasing from a value of $178.8 million to $249.2 million in Q2. Delta is up over 60% YTD, while Global Eagle has gained 3.3%.
Alaska Air Group, Inc. (NYSE:ALK)’s $219.0 million position is less than its $264.9 million value from the previous quarter, and interestingly, the stock rested in PAR’s No. 1 spot at the end of Q1. After a great start to 2013, shares of the passenger and cargo air holding company have lost over 10% since mid-May . WellPoint, Inc. (NYSE:WLP), meanwhile, sits in 5th, after a slight increase last quarter.
We’ll continue to watch the travel industry, and these stocks in particular.