Simulated Performance for PAR CAPITAL MANAGEMENT INC
| Reporting Period | Quarterly Simulated Performance | Quarterly Hit Rate | Annual Simulated Performance | Annual Hit Rate | Annual Simulated Performance Decile | Annual Simulated Performance Hedge Funds Decile | Annual Simulated Performance Quant Decile | Annual Simulated Performance Fundamental Decile |
|---|---|---|---|---|---|---|---|---|
| June 30, 2013 | 12.54 % | 0.80 | 40.23 % | 0.84 | 10 | 9 | 9 | |
| Sept. 30, 2013 | 10.53 % | 0.80 | 18.08 % | 0.65 | 7 | 7 | 7 | |
| Dec. 31, 2013 | 9.69 % | 0.69 | 17.78 % | 0.60 | 10 | 9 | 9 | |
| March 31, 2014 | 2.42 % | 0.64 | 12.28 % | 0.56 | 8 | 7 | 7 | |
| June 30, 2014 | -3.81 % | 0.31 | 7.13 % | 0.52 | 7 | 6 | 6 | |
| Sept. 30, 2014 | 9.52 % | 0.60 | 9.47 % | 0.58 | 10 | 9 | 9 | |
| Dec. 31, 2014 | 5.53 % | 0.67 | 4.70 % | 0.49 | 9 | 9 | 8 | |
| March 31, 2015 | -2.92 % | 0.46 | -4.30 % | 0.31 | 5 | 7 | 7 | |
| June 30, 2015 | -5.22 % | 0.25 | -12.27 % | 0.36 | 2 | 4 | 4 | |
| Sept. 30, 2015 | 7.40 % | 0.66 | 2.50 % | 0.70 | 1 | 2 | 2 | |
| Dec. 31, 2015 | -2.52 % | 0.49 | 7.34 % | 0.72 | 2 | 4 | 4 | |
| March 31, 2016 | -8.39 % | 0.51 | 11.74 % | 0.76 | 2 | 3 | 3 | |
| June 30, 2016 | 10.54 % | 0.72 | 35.48 % | 0.76 | 10 | 9 | 8 | |
| Sept. 30, 2016 | 8.47 % | 0.60 | 19.67 % | 0.80 | 7 | 6 | 5 | |
| Dec. 31, 2016 | 2.04 % | 0.65 | 17.51 % | 0.79 | 4 | 4 | 4 | |
| March 31, 2017 | 10.53 % | 0.69 | 15.25 % | 0.68 | 7 | 6 | 6 | |
| June 30, 2017 | -1.40 % | 0.61 | 7.22 % | 0.70 | 2 | 3 | 3 | |
| Sept. 30, 2017 | 7.20 % | 0.70 | 20.04 % | 0.62 | 8 | 7 | 7 | |
| Dec. 31, 2017 | -0.07 % | 0.51 | -11.04 % | 0.22 | 3 | 5 | 5 | |
| March 31, 2018 | 3.14 % | 0.65 | -1.15 % | 0.40 | 2 | 3 | 3 | |
| June 30, 2018 | 6.79 % | 0.53 | -0.50 % | 0.46 | 3 | 4 | 4 | |
| Sept. 30, 2018 | -18.47 % | 0.05 | -5.43 % | 0.37 | 2 | 4 | 4 | |
| Dec. 31, 2018 | 5.35 % | 0.78 | 16.49 % | 0.81 | 2 | 3 | 3 | |
| March 31, 2019 | 9.02 % | 0.61 | -43.02 % | 0.20 | 1 | 1 | 1 | |
| June 30, 2019 | -1.37 % | 0.36 | -35.85 % | 0.30 | 1 | 1 | 1 | |
| Sept. 30, 2019 | 0.77 % | 0.82 | -27.09 % | 0.45 | 1 | 1 | 1 | |
| Dec. 31, 2019 | -48.19 % | 0.02 | -7.03 % | 0.56 | 1 | 1 | 2 | |
| March 31, 2020 | 23.51 % | 0.87 | 119.19 % | 1.00 | 10 | 9 | 8 | |
| June 30, 2020 | 11.11 % | 0.69 | 67.79 % | 0.96 | 9 | 8 | 8 | |
| Sept. 30, 2020 | 37.28 % | 0.93 | 55.80 % | 0.86 | 10 | 9 | 8 | |
| Dec. 31, 2020 | 28.08 % | 0.90 | 5.04 % | 0.53 | 2 | 3 | 3 | |
| March 31, 2021 | -8.19 % | 0.39 | -17.67 % | 0.38 | 1 | 2 | 3 | |
| June 30, 2021 | -4.02 % | 0.53 | -38.28 % | 0.17 | 1 | 3 | 3 | |
| Sept. 30, 2021 | -5.92 % | 0.40 | -39.04 % | 0.15 | 1 | 2 | 3 | |
| Dec. 31, 2021 | 1.43 % | 0.49 | -31.05 % | 0.19 | 2 | 3 | 3 | |
| March 31, 2022 | -32.62 % | 0.02 | -24.09 % | 0.13 | 1 | 2 | 2 | |
| June 30, 2022 | -3.20 % | 0.36 | 31.72 % | 0.74 | 10 | 9 | 9 | |
| Sept. 30, 2022 | 5.92 % | 0.67 | 26.85 % | 0.62 | 9 | 8 | 8 | |
| Dec. 31, 2022 | 11.33 % | 0.65 | 40.66 % | 0.68 | 9 | 9 | 8 | |
| March 31, 2023 | 12.71 % | 0.76 | 39.07 % | 0.66 | 9 | 8 | 8 | |
| June 30, 2023 | -6.87 % | 0.33 | 14.13 % | 0.47 | 3 | 5 | 5 | |
| Sept. 30, 2023 | 19.94 % | 0.83 | 33.01 % | 0.66 | 6 | 7 | 6 | |
| Dec. 31, 2023 | 8.44 % | 0.64 | 26.33 % | 0.70 | 8 | 8 | 8 | |
| March 31, 2024 | -4.39 % | 0.34 | 7.28 % | 0.55 | 5 | 8 | 7 | |
| June 30, 2024 | 8.54 % | 0.59 | 32.10 % | 0.72 | 10 | 9 | 9 | |
| Sept. 30, 2024 | 18.08 % | 0.85 | - | - | ||||
| Dec. 31, 2024 | -14.59 % | 0.23 | - | - | ||||
| March 31, 2025 | 15.76 % | 0.80 | - | - | ||||
| June 30, 2025 | - | - | - | - |