PAR CAPITAL MANAGEMENT INC

CIK

1051359

Location

BOSTON, MA

Portfolio Value

Mid $3,172,162,679

Diversification

Diversified

Filing Date

Global Rank

#881 / 8,603 ▼ 60 · as of Mar 2026

Top Industry

Airlines 36.9%

3Y Alpha vs SPY

+2.1%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+77.3%

SPY

+76.0%

Annualised alpha

+0.3%

Max drawdown

−35.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

44 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

16.3%

−0.2 pts

Top 5

64.4%

+2.0 pts

Top 10

84.9%

+3.4 pts

HHI

992

Diversified+47

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	38.0%	$1,206,134,700	16
Consumer Cyclical	22.3%	$706,879,048	11
Technology	21.2%	$671,542,627	6
Financial Services	18.1%	$573,150,162	7
Communication Services	0.5%	$14,456,142	4

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

16 positions

Ticker	Company	Δ Shares	Shares	Value
UBER	Uber Technologies, Inc	+2,741,773	3,736,973	$268,800,467
TRIP	TripAdvisor, Inc.	+1,891,490	4,072,054	$43,408,095
GBTG	Global Business Travel Group, Inc.	+803,390	1,686,634	$9,411,417
RJET	Republic Airways Holdings Inc.	+329,543	506,844	$9,062,370
LUV	Southwest Airlines Co	+269,000	5,219,192	$196,085,043
TRVG	trivago N.V.	+222,308	4,193,114	$11,363,338
ALGT	Allegiant Travel CO	+222,110	846,191	$68,575,318
SYF	Synchrony Financial	+112,137	7,612,137	$517,777,558
UAL	United Airlines Holdings, Inc.	+102,000	4,996,850	$460,059,979
V	Visa Inc.	+78,960	80,000	$24,179,200
BILL	BILL Holdings, Inc.	+75,000	400,000	$15,320,000
BKNG	Booking Holdings Inc.	+18,086	42,573	$7,169,838
ABNB	Airbnb, Inc.	+17,600	747,500	$94,394,300
TCOM	Trip.com Group Ltd	+9,023	13,523	$673,310
EXPE	Expedia Group, Inc.	+3,674	1,952,120	$450,724,986
WEX	WEX Inc.	+2,984	2,254,984	$345,102,751
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
CARS	Cars.com Inc.	−2,451,349	246,299	$1,999,947
WBS	Webster Financial Corp	−705,500	50,000	$3,471,000
SCHW	Schwab Charles Corp	−658,700	253,300	$23,805,134
SNCY	Sun Country Airlines Holdings, LLC	−550,200	1,467,800	$24,248,056
CARG	CarGurus, Inc.	−337,722	10,376	$353,302
DAL	Delta Air Lines, Inc.	−59,765	3,532,445	$234,836,943
MAR	Marriott International Inc /Md/	−44,900	90,000	$29,436,300
ULCC	Frontier Group Holdings, Inc.	−25,000	2,131,100	$7,522,783
LYFT	Lyft, Inc.	−10,000	3,130,000	$41,629,000
ZM	Zoom Communications, Inc.	−5,900	6,000	$482,340
CVNA	Carvana Co.	−2,800	347,872	$21,872,799
SKYW	Skywest Inc	−1,958	357,923	$32,868,069
H	Hyatt Hotels Corp	−300	338,500	$48,672,915
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
CFG	Citizens Financial Group Inc/Ri	16,000	$959,520
CART	Maplebear Inc.	20,336	$761,786
TFC	Truist Financial Corp	15,000	$689,550
PINS	Pinterest, Inc.	31,825	$583,670
SNAP	Snap Inc	110,693	$509,187
NXT	Nextpower Inc.	1,726	$208,069
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
AERO	Grupo Aeromexico, S.A.B. de C.V.	13,850,410	$304,155,003
AMZN	Amazon Com Inc	6,300	$1,454,166
DASH	DoorDash, Inc.	5,900	$1,336,232
BAC	Bank Of America Corp /De/	18,500	$1,017,500
TSLA	Tesla, Inc.	1,700	$764,524
KVYO	Klaviyo, Inc.	23,000	$746,810
MA	Mastercard Inc	900	$513,792
META	Meta Platforms, Inc.	700	$462,063
DOCU	Docusign, Inc.	5,300	$362,520
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

44 positions · $3,172,162,679 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SYF	Synchrony Financial Financial Services	Added	7,612,137	+112,137	$517,777,558	−17.3%	16.32%
UAL	United Airlines Holdings, Inc. Industrials	Added	4,996,850	+102,000	$460,059,979	−15.9%	14.50%
EXPE	Expedia Group, Inc. Consumer Cyclical	Added	1,952,120	+3,674	$450,724,986	−18.3%	14.21%
WEX	WEX Inc. Technology	Added	2,254,984	+2,984	$345,102,751	+2.9%	10.88%
UBER	Uber Technologies, Inc Technology	Added	3,736,973	+2,741,773	$268,800,467	+230.6%	8.47%
DAL	Delta Air Lines, Inc. Industrials	Reduced	3,532,445	-59,765	$234,836,943	−5.8%	7.40%
LUV	Southwest Airlines Co Industrials	Added	5,219,192	+269,000	$196,085,043	−4.2%	6.18%
ABNB	Airbnb, Inc. Consumer Cyclical	Added	747,500	+17,600	$94,394,300	−4.7%	2.98%
ALGT	Allegiant Travel CO Industrials	Added	846,191	+222,110	$68,575,318	+28.9%	2.16%
ALK	Alaska Air Group, Inc. Industrials	Held	1,581,500	0	$58,167,570	−26.9%	1.83%
H	Hyatt Hotels Corp Consumer Cyclical	Reduced	338,500	-300	$48,672,915	−10.4%	1.53%
TRIP	TripAdvisor, Inc. Consumer Cyclical	Added	4,072,054	+1,891,490	$43,408,095	+36.7%	1.37%
LYFT	Lyft, Inc. Technology	Reduced	3,130,000	-10,000	$41,629,000	−31.6%	1.31%
SKYW	Skywest Inc Industrials	Reduced	357,923	-1,958	$32,868,069	−9.0%	1.04%
MAR	Marriott International Inc /Md/ Consumer Cyclical	Reduced	90,000	-44,900	$29,436,300	−29.7%	0.93%
CAR	Avis Budget Group, Inc. Industrials	Held	200,000	0	$29,170,000	+13.7%	0.92%
SNCY	Sun Country Airlines Holdings, LLC Industrials	Reduced	1,467,800	-550,200	$24,248,056	−16.5%	0.76%
V	Visa Inc. Financial Services	Added	80,000	+78,960	$24,179,200	+6529.2%	0.76%
SCHW	Schwab Charles Corp Financial Services	Reduced	253,300	-658,700	$23,805,134	−73.9%	0.75%
CVNA	Carvana Co. Consumer Cyclical	Reduced	347,872	-2,800	$21,872,799	−26.1%	0.69%
RYAAY	Ryanair Holdings PLC Industrials	Held	345,000	0	$19,941,000	−19.9%	0.63%
JBLU	Jetblue Airways Corp Industrials	Held	4,457,425	0	$19,701,818	−2.9%	0.62%
CPA	Copa Holdings, S.A. Industrials	Held	157,197	0	$17,859,151	−5.8%	0.56%
BILL	BILL Holdings, Inc. Technology	Added	400,000	+75,000	$15,320,000	−13.6%	0.48%
AAL	American Airlines Group Inc. Industrials	Held	1,250,000	0	$13,425,000	−29.9%	0.42%
TRVG	trivago N.V. Communication Services	Added	4,193,114	+222,308	$11,363,338	−1.3%	0.36%
GBTG	Global Business Travel Group, Inc. Consumer Cyclical	Added	1,686,634	+803,390	$9,411,417	+39.3%	0.30%
RJET	Republic Airways Holdings Inc. Industrials	Added	506,844	+329,543	$9,062,370	+178.2%	0.29%
LTM	Latam Airlines Group S.A. Industrials	Held	165,000	0	$8,157,600	−8.5%	0.26%
ULCC	Frontier Group Holdings, Inc. Industrials	Reduced	2,131,100	-25,000	$7,522,783	−25.9%	0.24%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	42,573	+18,086	$7,169,838	+36.7%	0.23%
HTZ	Hertz Global Holdings, Inc Industrials	Held	1,400,000	0	$6,454,000	−10.3%	0.20%
WBS	Webster Financial Corp Financial Services	Reduced	50,000	-705,500	$3,471,000	−92.7%	0.11%
C	Citigroup Inc Financial Services	Held	20,000	0	$2,268,200	−2.8%	0.07%
CARS	Cars.com Inc. Communication Services	Reduced	246,299	-2,451,349	$1,999,947	−93.9%	0.06%
CFG	Citizens Financial Group Inc/Ri Financial Services	NEW	16,000	NEW	$959,520	NEW	0.03%
CART	Maplebear Inc. Consumer Cyclical	NEW	20,336	NEW	$761,786	NEW	0.02%
TFC	Truist Financial Corp Financial Services	NEW	15,000	NEW	$689,550	NEW	0.02%
TCOM	Trip.com Group Ltd Consumer Cyclical	Added	13,523	+9,023	$673,310	+108.1%	0.02%
PINS	Pinterest, Inc. Communication Services	NEW	31,825	NEW	$583,670	NEW	0.02%
SNAP	Snap Inc Communication Services	NEW	110,693	NEW	$509,187	NEW	0.02%
ZM	Zoom Communications, Inc. Technology	Reduced	6,000	-5,900	$482,340	−53.0%	0.02%
CARG	CarGurus, Inc. Consumer Cyclical	Reduced	10,376	-337,722	$353,302	−97.4%	0.01%
NXT	Nextpower Inc. Technology	NEW	1,726	NEW	$208,069	NEW	0.01%