DC Investments Liquidated 301K PARR Shares Valued at Approximately $8 Million

On November 10, 2025, DC Investments Management, LLC disclosed it sold out of Par Pacific Holdings (NYSE:PARR) in the third quarter, liquidating 301,074 shares for an estimated $8 million net position change.

What happened

According to an SEC filing on November 10, 2025, DC Investments Management, LLC liquidated its entire stake in Par Pacific Holdings, disposing of 301,074 shares held at the end of the previous quarter. The transaction value totaled $7,987,493, based on the average share price for the quarter. The position accounted for 3.3% of the fund's reported assets in the prior filing.

What else to know

DC Investments Management, LLC sold out of Par Pacific Holdings; the position now represents 0% of the fund’s AUM, but previously represented 3.3% of the fund's AUM as of the prior quarter.

Top holdings after the filing:

• VT: $106.4 million (44.1% of AUM)
• ASML: $8.5 million (3.5% of AUM)
• PDM: $6.7 million (2.8% of AUM)
• UNH: $5.8 million (2.4% of AUM)
• EQT: $5.1 million (2.1% of AUM)

As of November 10, 2025, shares of Par Pacific Holdings were priced at $42.69, up 160.4% over the past year, outperforming the S&P 500 by 145 percentage points.

Company overview

Company snapshot

• Produces and markets refined petroleum products, including gasoline, diesel, jet fuel, and asphalt; operates fuel retail outlets and logistics infrastructure across Hawaii, the Pacific Northwest, Wyoming, and South Dakota.
• Generates revenue through refining and selling petroleum products, retail fuel and merchandise sales, and logistics services such as storage, pipelines, and terminal operations.
• Serves wholesale fuel buyers, retail consumers at branded fuel stations, and commercial customers requiring logistics and fuel distribution solutions in its regional markets.

Foolish take

DC Investments Management just completely sold off its $8 million stake in Par Pacific Holdings. This marks a full exit from an investment that had been a major contributor to the fund's portfolio. The stock has more than doubled over the past year, fueled by excellent refining margins, efficient operations, and surging demand across its regional markets. The timing of the sale suggests the fund is likely locking in those huge gains after an extended rally and reallocating the cash to other global opportunities.

Par Pacific continues to benefit from its integrated business model, which covers refining, retail fuel, and logistics infrastructure. Its focused presence in Hawaii and the Pacific Northwest provides both regional stability and exposure to niche markets that are less affected by global energy price swings. While its stock might see some short-term settling after such a steep climb, its strategic assets and improving balance sheet position it well for long-term strength in the downstream energy sector.

Glossary

Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.

Liquidated: Sold off an entire investment position, reducing the holding to zero.

Reportable assets: Investments that must be disclosed in regulatory filings, typically above a certain threshold.

Downstream energy supply chain: The sector involved in refining, distributing, and selling petroleum products to end users.

Refined petroleum products: Fuels and other materials produced from crude oil processing, such as gasoline, diesel, and jet fuel.

Logistics infrastructure: Physical assets like pipelines, storage tanks, and terminals used to transport and store energy products.

Wholesale fuel buyers: Businesses that purchase large quantities of fuel for resale or operational use.

Terminal operations: Activities at facilities where petroleum products are stored and transferred for distribution.

Integrated assets: A combination of related business operations—such as refining, retail, and logistics—within a single company.

Stake: The ownership interest or number of shares held in a company or investment.

TTM: The 12-month period ending with the most recent quarterly report.

Net position change: The difference in the value of an investment holding after buying or selling shares.

Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML and EQT. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.