PAR CAPITAL MANAGEMENT INC
Filing Date
Global Rank
#833
/ 8,517
▲ 29
Top Industry
Airlines
39.5%
3Y Alpha vs SPY
+37.0%
Period ended 47 days ago
Filed Aug 14, 2026 · 2d
26 quarters · since Mar 2020
Clone Performance
Aug 2023–Aug 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+294.1%
SPY
+76.6%
Annualised alpha
+37.1%
Max drawdown
−34.1%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
45 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
18.1%
+3.0 pts
Top 5
60.4%
+0.9 pts
Top 10
84.1%
+0.8 pts
HHI
955
Diversified+69
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Industrials | 39.6% | $1,595,802,859 |
| Consumer Cyclical | 25.4% | $1,022,766,591 |
| Financial Services | 16.5% | $665,966,672 |
| Technology | 16.3% | $656,464,992 |
| Communication Services | 2.3% | $92,875,335 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CVNA | Carvana Co. | +1,391,488 | 1,739,360 | $114,484,675 | |
| BKNG | Booking Holdings Inc. | +949,527 | 992,100 | $176,831,904 | |
| UBER | Uber Technologies, Inc | +480,727 | 4,217,700 | $304,349,232 | |
| UAL | United Airlines Holdings, Inc. | +362,891 | 5,359,741 | $728,871,178 | |
| TRVG | trivago N.V. | +99,619 | 4,292,733 | $23,481,249 | |
| V | Visa Inc. | +47,600 | 127,600 | $43,778,284 | |
| ZM | Zoom Communications, Inc. | +11,000 | 17,000 | $1,467,270 | |
| CFG | Citizens Financial Group Inc/Ri | +4,000 | 20,000 | $1,401,400 | |
| ABNB | Airbnb, Inc. | +2,500 | 750,000 | $107,325,000 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
17 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| LYFT | Lyft, Inc. | −1,525,000 | 1,605,000 | $23,449,050 | |
| HTZ | Hertz Global Holdings, Inc | −488,999 | 911,001 | $2,063,417 | |
| JBLU | Jetblue Airways Corp | −457,425 | 4,000,000 | $22,920,000 | |
| LUV | Southwest Airlines Co | −313,436 | 4,905,756 | $252,253,973 | |
| SKYW | Skywest Inc | −303,042 | 54,881 | $5,451,329 | |
| AAL | American Airlines Group Inc. | −250,000 | 1,000,000 | $18,070,000 | |
| BILL | BILL Holdings, Inc. | −200,000 | 200,000 | $7,232,000 | |
| CPA | Copa Holdings, S.A. | −137,082 | 20,115 | $3,129,290 | |
| EXPE | Expedia Group, Inc. | −56,273 | 1,895,847 | $485,109,330 | |
| MAR | Marriott International Inc /Md/ | −50,000 | 40,000 | $14,823,600 | |
| GOOGL | Alphabet Inc. | −41,500 | 27,700 | $9,787,241 | |
| DAL | Delta Air Lines, Inc. | −39,200 | 3,493,245 | $327,177,326 | |
| SCHW | Schwab Charles Corp | −8,300 | 245,000 | $22,606,150 | |
| RYAAY | Ryanair Holdings PLC | −5,000 | 340,000 | $22,015,000 | |
| TFC | Truist Financial Corp | −5,000 | 10,000 | $498,200 | |
| ALK | Alaska Air Group, Inc. | −1,864 | 1,579,636 | $82,456,999 | |
| ALGT | Allegiant Travel CO | −1,559 | 844,632 | $99,328,723 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
8 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| META | Meta Platforms, Inc. | 54,983 | $30,971,374 | |
| ZG | Zillow Group, Inc. | 823,000 | $25,940,960 | |
| AERO | Grupo Aeromexico, S.A.B. de C.V. | 1,189,824 | $21,416,832 | |
| MA | Mastercard Inc | 30,000 | $15,408,000 | |
| FLEX | Flex Ltd. | 9,910 | $1,606,113 | |
| EBAY | Ebay Inc | 8,000 | $894,000 | |
| AFRM | Affirm Holdings, Inc. | 4,000 | $326,200 | |
| PNC | Pnc Financial Services Group, Inc. | 1,000 | $246,220 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
8 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| CAR | Avis Budget Group, Inc. | 200,000 | $29,170,000 | |
| GBTG | Global Business Travel Group, Inc. | 1,686,634 | $9,411,417 | |
| LTM | Latam Airlines Group S.A. | 165,000 | $8,157,600 | |
| ULCC | Frontier Group Holdings, Inc. | 2,131,100 | $7,522,783 | |
| WBS | Webster Financial Corp | 50,000 | $3,471,000 | |
| PINS | Pinterest, Inc. | 31,825 | $583,670 | |
| SNAP | Snap Inc | 110,693 | $509,187 | |
| SNCY | Sun Country Airlines Holdings, LLC | 1,467,800 | $0 | |
| No positions match the current search. | ||||
45 tracked positions ·
$4,033,876,449 total
· filing declares
48 positions · $4,033,876,461
· as of Jun 30, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| UAL |
United Airlines Holdings, Inc.
Industrials
|
Added | 5,359,741 | $728,871,178 | 18.07% | |
| SYF |
Synchrony Financial
Financial Services
|
Held | 7,612,137 | $578,903,018 | 14.35% | |
| EXPE |
Expedia Group, Inc.
Consumer Cyclical
|
Reduced | 1,895,847 | $485,109,330 | 12.03% | |
| DAL |
Delta Air Lines, Inc.
PUT
+ SHARES
Industrials
|
Reduced | 3,493,245 | $327,177,326 | 8.11% | |
| WEX |
WEX Inc.
Technology
|
Held | 2,254,984 | $318,155,692 | 7.89% | |
| UBER |
Uber Technologies, Inc
Technology
|
Added | 4,217,700 | $304,349,232 | 7.54% | |
| LUV |
Southwest Airlines Co
Industrials
|
Reduced | 4,905,756 | $252,253,973 | 6.25% | |
| BKNG |
Booking Holdings Inc.
Consumer Cyclical
|
Added | 992,100 | $176,831,904 | 4.38% | |
| CVNA |
Carvana Co.
Consumer Cyclical
|
Added | 1,739,360 | $114,484,675 | 2.84% | |
| ABNB |
Airbnb, Inc.
Consumer Cyclical
|
Added | 750,000 | $107,325,000 | 2.66% | |
| ALGT |
Allegiant Travel CO
Industrials
|
Reduced | 844,632 | $99,328,723 | 2.46% | |
| ALK |
Alaska Air Group, Inc.
Industrials
|
Reduced | 1,579,636 | $82,456,999 | 2.04% | |
| H |
Hyatt Hotels Corp
Consumer Cyclical
|
Held | 338,500 | $65,614,840 | 1.63% | |
| TRIP |
TripAdvisor, Inc.
Consumer Cyclical
|
Held | 4,072,054 | $55,827,860 | 1.38% | |
| V |
Visa Inc.
Financial Services
|
Added | 127,600 | $43,778,284 | 1.09% | |
| META |
Meta Platforms, Inc.
Communication Services
|
NEW | 54,983 | $30,971,374 | 0.77% | |
| ZG |
Zillow Group, Inc.
Communication Services
|
NEW | 823,000 | $25,940,960 | 0.64% | |
| TRVG |
trivago N.V.
Communication Services
|
Added | 4,292,733 | $23,481,249 | 0.58% | |
| LYFT |
Lyft, Inc.
Technology
|
Reduced | 1,605,000 | $23,449,050 | 0.58% | |
| JBLU |
Jetblue Airways Corp
Industrials
|
Reduced | 4,000,000 | $22,920,000 | 0.57% | |
| SCHW |
Schwab Charles Corp
Financial Services
|
Reduced | 245,000 | $22,606,150 | 0.56% | |
| RYAAY |
Ryanair Holdings PLC
Industrials
|
Reduced | 340,000 | $22,015,000 | 0.55% | |
| AERO |
Grupo Aeromexico, S.A.B. de C.V.
Industrials
|
NEW | 1,189,824 | $21,416,832 | 0.53% | |
| AAL |
American Airlines Group Inc.
Industrials
|
Reduced | 1,000,000 | $18,070,000 | 0.45% | |
| MA |
Mastercard Inc
Financial Services
|
NEW | 30,000 | $15,408,000 | 0.38% | |
| MAR |
Marriott International Inc /Md/
Consumer Cyclical
|
Reduced | 40,000 | $14,823,600 | 0.37% | |
| RJET |
Republic Airways Holdings Inc.
Industrials
|
Held | 506,844 | $10,648,792 | 0.26% | |
| GOOGL |
Alphabet Inc.
PUT
+ SHARES
Communication Services
|
Reduced | 27,700 | $9,787,241 | 0.24% | |
| BILL |
BILL Holdings, Inc.
Technology
|
Reduced | 200,000 | $7,232,000 | 0.18% | |
| SKYW |
Skywest Inc
Industrials
|
Reduced | 54,881 | $5,451,329 | 0.14% | |
| CPA |
Copa Holdings, S.A.
Industrials
|
Reduced | 20,115 | $3,129,290 | 0.08% | |
| C |
Citigroup Inc
PUT
+ SHARES
Financial Services
|
Held | 20,000 | $2,799,200 | 0.07% | |
| CARS |
Cars.com Inc.
Communication Services
|
Held | 246,299 | $2,694,511 | 0.07% | |
| HTZ |
Hertz Global Holdings, Inc
Industrials
|
Reduced | 911,001 | $2,063,417 | 0.05% | |
| FLEX |
Flex Ltd.
Technology
|
NEW | 9,910 | $1,606,113 | 0.04% | |
| ZM |
Zoom Communications, Inc.
Technology
|
Added | 17,000 | $1,467,270 | 0.04% | |
| CFG |
Citizens Financial Group Inc/Ri
Financial Services
|
Added | 20,000 | $1,401,400 | 0.03% | |
| CART |
Maplebear Inc.
Consumer Cyclical
|
Held | 20,336 | $962,909 | 0.02% | |
| EBAY |
Ebay Inc
Consumer Cyclical
|
NEW | 8,000 | $894,000 | 0.02% | |
| TCOM |
Trip.com Group Ltd
Consumer Cyclical
|
Held | 13,523 | $538,756 | 0.01% | |
| TFC |
Truist Financial Corp
Financial Services
|
Reduced | 10,000 | $498,200 | 0.01% | |
| CARG |
CarGurus, Inc.
Consumer Cyclical
|
Held | 10,376 | $353,717 | 0.01% | |
| AFRM |
Affirm Holdings, Inc.
Financial Services
|
NEW | 4,000 | $326,200 | 0.01% | |
| PNC |
Pnc Financial Services Group, Inc.
Financial Services
|
NEW | 1,000 | $246,220 | 0.01% | |
| NXT |
Nextpower Inc.
Technology
|
Held | 1,726 | $205,635 | 0.01% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.