PAR CAPITAL MANAGEMENT INC
CIK 0001051359
Annualised vol
20.825436%
Beta
0.753308
HHI
954.578649
Top-10 weight
84.099698%
VaR 95%
1.888366%
VaR 99%
3.479621%
Max drawdown
43.12476%
Matched value
74.325463%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| SYF | UNCHANGED | 7,612,137 | 7,612,137 | 0.0% | 578,903,019 |
| EXPE | REDUCED | 1,895,847 | 1,952,120 | -2.88% | 485,109,330 |
| DAL | REDUCED | 3,493,245 | 3,532,445 | -1.11% | 327,177,327 |
| WEX | UNCHANGED | 2,254,984 | 2,254,984 | 0.0% | 318,155,693 |
| UBER | ADDED | 4,217,700 | 3,736,973 | 12.86% | 304,349,232 |
| BKNG | ADDED | 992,100 | 42,573 | 2230.35% | 176,831,904 |
| CVNA | ADDED | 1,739,360 | 347,872 | 400.0% | 114,484,675 |
| ABNB | ADDED | 750,000 | 747,500 | 0.33% | 107,325,000 |
| ALGT | REDUCED | 844,632 | 846,191 | -0.18% | 99,328,723 |
| ALK | REDUCED | 1,579,636 | 1,581,500 | -0.12% | 82,456,999 |
| H | UNCHANGED | 338,500 | 338,500 | 0.0% | 65,614,840 |
| TRIP | UNCHANGED | 4,072,054 | 4,072,054 | 0.0% | 55,827,860 |
| V | ADDED | 127,600 | 80,000 | 59.5% | 43,778,284 |
| META | NEW | 54,983 | - | - | 30,971,374 |
| ZG | NEW | 823,000 | - | - | 25,940,960 |
| TRVG | ADDED | 4,292,733 | 4,193,114 | 2.38% | 23,481,250 |
| LYFT | REDUCED | 1,605,000 | 3,130,000 | -48.72% | 23,449,050 |
| JBLU | REDUCED | 4,000,000 | 4,457,425 | -10.26% | 22,920,000 |
| SCHW | REDUCED | 245,000 | 253,300 | -3.28% | 22,606,150 |
| RYAAY | REDUCED | 340,000 | 345,000 | -1.45% | 22,015,000 |
| AAL | REDUCED | 1,000,000 | 1,250,000 | -20.0% | 18,070,000 |
| MA | NEW | 30,000 | - | - | 15,408,000 |
| GOOGL | REDUCED | 27,700 | 69,200 | -59.97% | 9,787,241 |
| BILL | REDUCED | 200,000 | 400,000 | -50.0% | 7,232,000 |
| SKYW | REDUCED | 54,881 | 357,923 | -84.67% | 5,451,330 |
| C | UNCHANGED | 20,000 | 20,000 | 0.0% | 2,799,200 |
| CARS | UNCHANGED | 246,299 | 246,299 | 0.0% | 2,694,511 |
| FLEX | NEW | 9,910 | - | - | 1,606,114 |
| ZM | ADDED | 17,000 | 6,000 | 183.33% | 1,467,270 |
| CART | UNCHANGED | 20,336 | 20,336 | 0.0% | 962,910 |
| EBAY | NEW | 8,000 | - | - | 894,000 |
| TCOM | UNCHANGED | 13,523 | 13,523 | 0.0% | 538,756 |
| CARG | UNCHANGED | 10,376 | 10,376 | 0.0% | 353,718 |
| NXT | UNCHANGED | 1,726 | 1,726 | 0.0% | 205,636 |
| GBTG | CLOSED OUT | 0 | 1,686,634 | -100.0% | 0 |
| CAR | CLOSED OUT | 0 | 200,000 | -100.0% | 0 |
| SNAP | CLOSED OUT | 0 | 110,693 | -100.0% | 0 |
| PINS | CLOSED OUT | 0 | 31,825 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| - | UNITED AIRLS HLDGS INC | COM | 910047109 | 728,871,179 | 18.07 | 5359741.0 | |
| SYF | UNCHANGED | SYNCHRONY FINANCIAL | COM | 87165B103 | 578,903,019 | 14.35 | 7612137.0 |
| EXPE | REDUCED | EXPEDIA GROUP INC | COM NEW | 30212P303 | 485,109,330 | 12.03 | 1895847.0 |
| DAL | REDUCED | DELTA AIR LINES INC | COM NEW | 247361702 | 326,193,897 | 8.09 | 3482745.0 |
| WEX | UNCHANGED | WEX INC | COM | 96208T104 | 318,155,693 | 7.89 | 2254984.0 |
| UBER | ADDED | UBER TECHNOLOGIES INC | COM | 90353T100 | 304,349,232 | 7.54 | 4217700.0 |
| - | SOUTHWEST AIRLS CO | COM | 844741108 | 252,253,974 | 6.25 | 4905756.0 | |
| BKNG | ADDED | BOOKING HOLDINGS INC | COM | 09857L108 | 176,831,904 | 4.38 | 992100.0 |
| CVNA | ADDED | CARVANA CO | CL A | 146869102 | 114,484,675 | 2.84 | 1739360.0 |
| ABNB | ADDED | AIRBNB INC | COM CL A | 009066101 | 107,325,000 | 2.66 | 750000.0 |
| ALGT | REDUCED | ALLEGIANT TRAVEL CO | COM | 01748X102 | 99,328,723 | 2.46 | 844632.0 |
| ALK | REDUCED | ALASKA AIR GROUP INC | COM | 011659109 | 82,456,999 | 2.04 | 1579636.0 |
| H | UNCHANGED | HYATT HOTELS CORP | COM CL A | 448579102 | 65,614,840 | 1.63 | 338500.0 |
| TRIP | UNCHANGED | TRIPADVISOR INC | COM | 896945201 | 55,827,860 | 1.38 | 4072054.0 |
| V | ADDED | VISA INC | COM CL A | 92826C839 | 43,778,284 | 1.09 | 127600.0 |
| META | NEW | META PLATFORMS INC | CL A | 30303M102 | 30,971,374 | 0.77 | 54983.0 |
| ZG | NEW | ZILLOW GROUP INC | CL C CAP STK | 98954M200 | 25,940,960 | 0.64 | 823000.0 |
| TRVG | ADDED | TRIVAGO N V | SPON ADS A SHS N | 89686D303 | 23,481,250 | 0.58 | 4292733.0 |
| LYFT | REDUCED | LYFT INC | CL A COM | 55087P104 | 23,449,050 | 0.58 | 1605000.0 |
| JBLU | REDUCED | JETBLUE AIRWAYS CORP | COM | 477143101 | 22,920,000 | 0.57 | 4000000.0 |
| SCHW | REDUCED | SCHWAB CHARLES CORP | COM | 808513105 | 22,606,150 | 0.56 | 245000.0 |
| RYAAY | REDUCED | RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 | 22,015,000 | 0.55 | 340000.0 |
| - | GRUPO AEROMEXICO SAB DE CV | SPONSORED ADS | 40054J109 | 21,416,832 | 0.53 | 1189824.0 | |
| AAL | REDUCED | AMERICAN AIRLINES GROUP INC | COM | 02376R102 | 18,070,000 | 0.45 | 1000000.0 |
| MA | NEW | MASTERCARD INCORPORATED | CL A | 57636Q104 | 15,408,000 | 0.38 | 30000.0 |
| - | MARRIOTT INTL INC NEW | CL A | 571903202 | 14,823,600 | 0.37 | 40000.0 | |
| - | REPUBLIC AWYS HLDGS INC | COM SHS | 590479408 | 10,648,792 | 0.26 | 506844.0 | |
| GOOGL | REDUCED | ALPHABET INC | CAP STK CL C | 02079K107 | 8,903,916 | 0.22 | 25200.0 |
| BILL | REDUCED | BILL HOLDINGS INC | COM | 090043100 | 7,232,000 | 0.18 | 200000.0 |
| SKYW | REDUCED | SKYWEST INC | COM | 830879102 | 5,451,330 | 0.14 | 54881.0 |
| - | COPA HOLDINGS SA | CL A | P31076105 | 3,129,291 | 0.08 | 20115.0 | |
| CARS | UNCHANGED | CARS COM INC | COM | 14575E105 | 2,694,511 | 0.07 | 246299.0 |
| - | HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 | 2,063,417 | 0.05 | 911001.0 | |
| FLEX | NEW | FLEX LTD | ORD | Y2573F102 | 1,606,114 | 0.04 | 9910.0 |
| ZM | ADDED | ZOOM COMMUNICATIONS INC | CL A | 98980L101 | 1,467,270 | 0.04 | 17000.0 |
| - | CITIZENS FINL GROUP INC | COM | 174610105 | 1,401,400 | 0.03 | 20000.0 | |
| C | UNCHANGED | CITIGROUP INC | COM NEW | 172967424 | 1,399,600 | 0.03 | 10000.0 |
| C | UNCHANGED | CITIGROUP INC | COM NEW | 172967424 | 1,399,600 | 0.03 | 10000.0 |
| DAL | REDUCED | DELTA AIR LINES INC | COM NEW | 247361702 | 983,430 | 0.02 | 10500.0 |
| CART | UNCHANGED | MAPLEBEAR INC | COM | 565394103 | 962,910 | 0.02 | 20336.0 |
| EBAY | NEW | EBAY INC. | COM | 278642103 | 894,000 | 0.02 | 8000.0 |
| GOOGL | REDUCED | ALPHABET INC | CAP STK CL C | 02079K107 | 883,325 | 0.02 | 2500.0 |
| TCOM | UNCHANGED | TRIP COM GROUP LTD | ADS | 89677Q107 | 538,756 | 0.01 | 13523.0 |
| - | TRUIST FINL CORP | COM | 89832Q109 | 498,200 | 0.01 | 10000.0 | |
| CARG | UNCHANGED | CARGURUS INC | COM CL A | 141788109 | 353,718 | 0.01 | 10376.0 |
| - | AFFIRM HLDGS INC | COM CL A | 00827B106 | 326,200 | 0.01 | 4000.0 | |
| - | PNC FINL SVCS GROUP INC | COM | 693475105 | 246,220 | 0.01 | 1000.0 | |
| NXT | UNCHANGED | NEXTPOWER INC | CLASS A COM | 65290E101 | 205,636 | 0.01 | 1726.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | 4,033,876,461 | 48 | 20.825436 | 0.753308 | 43.12476 |
| 2026-03-31 | 2026-05-15 | 3,451,580,722 | 48 | 22.089416 | 0.795068 | 45.424005 |
| 2025-12-31 | 2026-02-17 | 3,783,262,230 | 53 | 19.39544 | 0.698359 | 40.089167 |
| 2025-09-30 | 2025-11-14 | 3,415,348,026 | 65 | 19.735074 | 0.7193 | 40.921582 |
| 2025-03-31 | 2025-05-15 | 2,990,410,244 | 49 | 19.911426 | 0.715501 | 42.852537 |
| 2024-12-31 | 2025-02-14 | 3,389,247,256 | 60 | 19.047428 | 0.709693 | 41.002966 |