Par Capital Management, Inc, is a privately owned hedge fund based in Boston, Massachusetts and founded in 1990. The firm mainly provides its services to pooled investment vehicles and institutions. The 13F filings of Par Capital Management, Inc, indicated that its top three investments are Global Eagle Entertainment Inc (NASDAQ:ENT), Expedia Inc (NASDAQ:EXPE), and Delta Air Lines, Inc. (NYSE:DAL).
Global Eagle Entertainment Inc (NASDAQ:ENT) was top of the investment list of Par Capital Management, Inc, with investment worth a total of $325.16 million. Global Eagle Entertainment Inc (NASDAQ:ENT) is a company with worldwide reputation for the provision of media content, and connectivity, and digital media solutions to the travel industry. The firms that held the highest number of shares of the company for the same quarter were Par Capital Management with 28.98 million shares, followed a distant second by Abrams Capital Management, with 5 million shares. (You can see complete list of hedge funds which hold positions on Global Eagle Entertainment Inc (NASDAQ:ENT) at the end of third quarter.)
Expedia Inc (NASDAQ:EXPE) came second on the list with investment valued at $300.08 million. Expedia Inc (NASDAQ:EXPE) is a parent company to several online travel platforms, including, but not limited to hotels.com, expedia.com, hotwire.com, trivago.com, among others. The company recently purchased an Australia based rival Wotif for a total of $612 million. Expedia Inc (NASDAQ:EXPE) will be working with the Wotif team to expand its activities and strategize for long terms gains of the company. The company performed well in its third quarter 2014 report, posting adjusted earnings per share of $1.93, compared to consensus estimate of $1.74. Revenue stood at $1.71 billion, compared to $1.40 last year.
The third largest investment of Par Capital Management, Inc, for the third quarter 2014 was Delta Air Lines, Inc. (NYSE:DAL), accounting for investment worth $276.18 million. Delta Air Lines, Inc. (NYSE:DAL) is a major American airline that offers both domestic and international travel services. The company’s schedules flights for passengers, mails, and freight over specific routes. The company’s subsidiaries are DAL Global Services, Private Delta Jets, and Delta Vacations.
This article has been written by Victor Ochieng.