PAR CAPITAL MANAGEMENT INC
CIK 1051359 · View on SEC EDGAR ↗
- Portfolio value
- $4.0B
- Positions
- 48
- As of
- June 30, 2026
#932 of 9,443 by 13F value · top 9.9%
Portfolio value QoQ: +16.9% 13F does not disclose cash
- Top 10 holdings weight
- 84.10%
- Top 25 holdings weight
- 98.31%
- Positions above 1%
- 15
- Effective number of positions
- 10.5
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 6.45% Est. buys $460,143,380 · sells $241,258,619
Median holding: 4.5 quarters Tracked Q4 2024–Q2 2026 · 50.0% still held
- New positions
- 8
- Increased
- 9
- Decreased
- 19
- Closed
- 8
Put-notional exposure: 0.1% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +14.4% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 99.6% · Options excluded: 0.4%
Sector breakdown
Industrials
47.7%
Financial Services
24.3%
Consumer Discretionary
21.1%
Communication Services
3.1%
Retail
2.9%
Real Estate
0.6%
Technology
0.2%
Financials
0.1%
Full portfolio 48 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| UAL United Airlines Holdings, Inc. - Common Stock | $728,871,179 | 18.07% | 5,359,741 | $268,811,199 | Up ×2 | ||
| SYF Synchrony Financial Common Stock | $578,903,019 | 14.35% | 7,612,137 | $61,125,460 | |||
| EXPE Expedia Group, Inc. - Common Stock | $485,109,330 | 12.03% | 1,895,847 | $34,384,343 | Down ×1 | ||
| DAL Delta Air Lines, Inc. Common Stock | $326,193,897 | 8.09% | 3,482,745 | $92,553,593 | Down ×2 | ||
| WEX WEX Inc. common stock | $318,155,693 | 7.89% | 2,254,984 | $-26,947,058 | |||
| UBER Uber Technologies, Inc. Common Stock | $304,349,232 | 7.54% | 4,217,700 | $35,548,764 | Up ×3 | ||
| LUV Southwest Airlines Company Common Stock | $252,253,974 | 6.25% | 4,905,756 | $56,168,931 | Down ×1 | ||
| BKNG Booking Holdings Inc. - Common Stock | $176,831,904 | 4.38% | 992,100 | $-2,414,049 | Up ×2 | ||
| CVNA Carvana Co. Class A Common Stock | $114,484,675 | 2.84% | 1,739,360 | $5,120,676 | Up ×1 | ||
| ABNB Airbnb, Inc. - Class A Common Stock | $107,325,000 | 2.66% | 750,000 | $12,930,700 | Up ×4 | ||
| ALGT Allegiant Travel Company - Common Stock | $99,328,723 | 2.46% | 844,632 | $30,753,404 | Down ×1 | ||
| ALK Alaska Air Group, Inc. Common Stock | $82,456,999 | 2.04% | 1,579,636 | $24,289,429 | Down ×1 | ||
| H Hyatt Hotels Corporation Class A Common Stock | $65,614,840 | 1.63% | 338,500 | $16,941,925 | |||
| TRIP TripAdvisor, Inc. - Common Stock | $55,827,860 | 1.38% | 4,072,054 | $12,419,764 | |||
| V Visa Inc. | $43,778,284 | 1.09% | 127,600 | $19,599,084 | Up ×3 | ||
| META Meta Platforms, Inc. - Class A Common Stock | $30,971,374 | 0.77% | 54,983 | ||||
| Z Zillow Group, Inc. - Class C Capital Stock | $25,940,960 | 0.64% | 823,000 | ||||
| TRVG trivago N.V. - American Depositary Shares | $23,481,250 | 0.58% | 4,292,733 | $12,117,911 | Up ×3 | ||
| LYFT Lyft, Inc. - Class A Common Stock | $23,449,050 | 0.58% | 1,605,000 | $-18,179,950 | Down ×3 | ||
| JBLU JetBlue Airways Corporation - Common Stock | $22,920,000 | 0.57% | 4,000,000 | $3,218,181 | Down ×1 | ||
| SCHW Charles Schwab Corporation (The) Common Stock | $22,606,150 | 0.56% | 245,000 | $-1,198,984 | Down ×2 | ||
| RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares | $22,015,000 | 0.55% | 340,000 | $2,074,000 | Down ×1 | ||
| AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) | $21,416,832 | 0.53% | 1,189,824 | ||||
| AAL American Airlines Group, Inc. - Common Stock | $18,070,000 | 0.45% | 1,000,000 | $4,645,000 | Down ×1 | ||
| MA Mastercard Incorporated Common Stock | $15,408,000 | 0.38% | 30,000 | ||||
| MAR Marriott International - Class A Common Stock | $14,823,600 | 0.37% | 40,000 | $-14,612,700 | Down ×3 | ||
| RJET Republic Airways Holdings Inc. - Common Stock | $10,648,792 | 0.26% | 506,844 | $1,586,421 | |||
| GOOG Alphabet Inc. - Class C Capital Stock | $8,903,916 | 0.22% | 25,200 | $-1,308,300 | Down ×2 | ||
| BILL BILL Holdings, Inc. Common Stock | $7,232,000 | 0.18% | 200,000 | $-8,088,000 | Down ×1 | ||
| SKYW SkyWest, Inc. - Common Stock | $5,451,330 | 0.14% | 54,881 | $-27,416,739 | Down ×2 | ||
| CPA Copa Holdings, S.A. Class A Common Stock | $3,129,291 | 0.08% | 20,115 | $-14,729,860 | Down ×1 | ||
| CARS Cars.com Inc. Common Stock | $2,694,511 | 0.07% | 246,299 | $694,563 | |||
| HTZ Hertz Global Holdings, Inc - Common Stock | $2,063,417 | 0.05% | 911,001 | $-4,390,583 | Down ×1 | ||
| FLEX Flex Ltd. - Ordinary Shares | $1,606,114 | 0.04% | 9,910 | ||||
| ZM Zoom Communications, Inc. - Class A Common Stock | $1,467,270 | 0.04% | 17,000 | $984,930 | Up ×1 | ||
| CFG Citizens Financial Group, Inc. Common Stock | $1,401,400 | 0.03% | 20,000 | $441,880 | Up ×1 | ||
| C Citigroup, Inc. Common Stock | $1,399,600 | 0.03% | 10,000 | $265,500 | |||
| C Citigroup, Inc. Common Stock | $1,399,600 | 0.03% | 10,000 | Put option | $265,500 | ||
| DAL Delta Air Lines, Inc. Common Stock | $983,430 | 0.02% | 10,500 | Put option | $-213,210 | Down ×1 | |
| CART Maplebear Inc. - Common Stock | $962,910 | 0.02% | 20,336 | $201,123 | |||
| EBAY eBay Inc. - Common Stock | $894,000 | 0.02% | 8,000 | ||||
| GOOG Alphabet Inc. - Class C Capital Stock | $883,325 | 0.02% | 2,500 | Put option | $-8,755,171 | Down ×1 | |
| TCOM Trip.com Group Limited - American Depositary Shares | $538,756 | 0.01% | 13,523 | $-134,554 | |||
| TFC Truist Financial Corporation Common Stock | $498,200 | 0.01% | 10,000 | $-191,350 | Down ×1 | ||
| CARG CarGurus, Inc. - Class A Common Stock | $353,718 | 0.01% | 10,376 | $415 | |||
| AFRM Affirm Holdings, Inc. - Class A Common Stock | $326,200 | 0.01% | 4,000 | ||||
| PNC PNC Financial Services Group, Inc. (The) Common Stock | $246,220 | 0.01% | 1,000 | ||||
| NXT Nextpower Inc. - Class A Common Stock | $205,636 | 0.01% | 1,726 | $-2,433 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| UAL | Bought more | +363K | +$268.8M |
| DAL | Trimmed | -32K | +$92.6M |
| SYF | Price move only | +0 | +$61.1M |
| LUV | Trimmed | -313K | +$56.2M |
| UBER | Bought more | +481K | +$35.5M |
| EXPE | Trimmed | -56K | +$34.4M |
| ALGT | Trimmed | -2K | +$30.8M |
| WEX | Price move only | +0 | -$26.9M |
| ALK | Trimmed | -2K | +$24.3M |
| V | Bought more | +48K | +$19.6M |
1 position hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| UBER | June 30, 2025 | 4,545,329 | $331,172,671 | -16.2% |
| TSLA | March 31, 2025 | 192,300 | $77,658,432 | 34.6% |
| SABR | Sept. 30, 2025 | 19,350,000 | $61,146,000 | 13.1% |
| XYZ | March 31, 2025 | 505,500 | $42,962,445 | 47.4% |
| AAL | March 31, 2025 | 2,000,000 | $34,860,000 | 29.7% |
| AVDX | Dec. 31, 2025 | 3,299,292 | $32,827,955 | No longer tracked |
| CMA | March 31, 2025 | 500,000 | $30,925,000 | No longer tracked |
| AERO | March 31, 2026 | 13,850,410 | $30,415,500 | -4.4% |
| CAR | June 30, 2026 | 200,000 | $29,170,000 | -1.5% |
| SNCY | June 30, 2026 | 1,467,800 | $24,248,056 | No longer tracked |
| GBTG | June 30, 2026 | 1,686,634 | $9,411,418 | 0.8% |
| VLRS | March 31, 2025 | 1,261,904 | $9,388,566 | 32.4% |
| LTM | June 30, 2026 | 165,000 | $8,157,600 | -12.9% |
| ULCC | June 30, 2026 | 2,131,100 | $7,522,783 | -26.5% |
| WBS | June 30, 2026 | 50,000 | $3,471,000 | 1.5% |
| MESA | Dec. 31, 2025 | 2,585,876 | $3,361,639 | No longer tracked |
| SOFI | Dec. 31, 2025 | 110,000 | $2,906,200 | -28.7% |
| BK | Dec. 31, 2025 | 26,364 | $2,872,621 | No longer tracked |
| CART | Dec. 31, 2025 | 75,000 | $2,757,000 | 11.7% |
| GRAB | Dec. 31, 2025 | 362,000 | $2,179,240 | -28.8% |
| WH | Dec. 31, 2025 | 27,000 | $2,157,300 | 0.2% |
| WIX | March 31, 2025 | 9,600 | $2,059,680 | -50.8% |
| AMZN | March 31, 2026 | 6,300 | $1,454,166 | 23.8% |
| DASH | March 31, 2026 | 5,900 | $1,336,232 | 46.2% |
| BILL | March 31, 2025 | 15,000 | $1,270,650 | 3.2% |
| BAC | March 31, 2026 | 18,500 | $1,017,500 | 28.1% |
| CCL | June 30, 2025 | 50,700 | $990,171 | -8.7% |
| TSLA | March 31, 2026 | 1,700 | $764,524 | -6.2% |
| KVYO | March 31, 2026 | 23,000 | $746,810 | -7.9% |
| VCSA | March 31, 2025 | 139,654 | $684,305 | No longer tracked |
| PNC | March 31, 2025 | 3,500 | $674,975 | 38.8% |
| CFG | March 31, 2025 | 15,000 | $656,400 | 71.8% |
| TFC | March 31, 2025 | 14,500 | $629,010 | 23.2% |
| PNC | Dec. 31, 2025 | 3,000 | $602,790 | 16.9% |
| PINS | June 30, 2026 | 31,825 | $583,671 | 9.7% |
| FLEX | Dec. 31, 2025 | 9,910 | $574,483 | 84.5% |
| PINS | Sept. 30, 2025 | 15,000 | $537,900 | -28.3% |
| MA | March 31, 2026 | 900 | $513,792 | 15.1% |
| SNAP | June 30, 2026 | 110,693 | $509,188 | 18.7% |
| META | Sept. 30, 2025 | 660 | $487,139 | -25.3% |
| META | March 31, 2026 | 700 | $462,063 | -4.1% |
| W | Sept. 30, 2025 | 9,000 | $460,260 | 13.4% |
| EBAY | March 31, 2025 | 7,000 | $433,650 | 53.6% |
| AFRM | Dec. 31, 2025 | 5,500 | $401,940 | 1.3% |
| CCL | Dec. 31, 2025 | 13,500 | $390,285 | -15.9% |
| SHOP | Dec. 31, 2025 | 2,500 | $371,675 | -9.4% |
| DOCU | March 31, 2026 | 5,300 | $362,520 | 28.5% |
| SHOP | March 31, 2025 | 3,000 | $318,990 | 52.7% |
| SEIC | Sept. 30, 2025 | 3,500 | $314,510 | 28.4% |
| Z | Dec. 31, 2025 | 4,000 | $308,200 | -47.7% |
| NCLH | March 31, 2025 | 11,000 | $283,030 | -9.2% |
| PYPL | March 31, 2025 | 3,000 | $256,050 | -4.7% |
| HUBS | Dec. 31, 2025 | 500 | $233,900 | -41.8% |
| HLT | June 30, 2025 | 950 | $216,173 | 24.1% |
| EB | Sept. 30, 2025 | 31,000 | $81,530 | No longer tracked |