# PAR CAPITAL MANAGEMENT INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1051359. Source: https://holderbook.com/funds/1051359-par-capital-management-inc/

- Reported value: $4.0B
- Positions: 45
- Weight of the ten largest: 84.1%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $728.9M | 5,359,741 | 18.1% | 31 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $578.9M | 7,612,137 | 14.4% | 31 |
| EXPEDIA GROUP INC | [EXPE](https://holderbook.com/stocks/EXPE/) | $485.1M | 1,895,847 | 12.0% | 31 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $327.2M | 3,482,745 | 8.1% | 31 |
| WEX INC | [WEX](https://holderbook.com/stocks/WEX/) | $318.2M | 2,254,984 | 7.9% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $304.3M | 4,217,700 | 7.5% | 4 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $252.3M | 4,905,756 | 6.3% | 26 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $176.8M | 992,100 | 4.4% | 31 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $114.5M | 1,739,360 | 2.8% | 13 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $107.3M | 750,000 | 2.7% | 5 |
| ALLEGIANT TRAVEL CO | [ALGT](https://holderbook.com/stocks/ALGT/) | $99.3M | 844,632 | 2.5% | 31 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $82.5M | 1,579,636 | 2.0% | 31 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $65.6M | 338,500 | 1.6% | 18 |
| TRIPADVISOR INC | [TRIP](https://holderbook.com/stocks/TRIP/) | $55.8M | 4,072,054 | 1.4% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $43.8M | 127,600 | 1.1% | 7 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $31.0M | 54,983 | 0.8% | 1 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $25.9M | 823,000 | 0.6% | 1 |
| TRIVAGO N V | [TRVG](https://holderbook.com/stocks/TRVG/) | $23.5M | 4,292,733 | 0.6% | 10 |
| LYFT INC | [LYFT](https://holderbook.com/stocks/LYFT/) | $23.4M | 1,605,000 | 0.6% | 10 |
| JETBLUE AIRWAYS CORP | [JBLU](https://holderbook.com/stocks/JBLU/) | $22.9M | 4,000,000 | 0.6% | 31 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $22.6M | 245,000 | 0.6% | 26 |
| RYANAIR HOLDINGS PLC | [RYAAY](https://holderbook.com/stocks/RYAAY/) | $22.0M | 340,000 | 0.5% | 7 |
| GRUPO AEROMEXICO SAB DE CV | [AERO](https://holderbook.com/stocks/AERO/) | $21.4M | 1,189,824 | 0.5% | 1 |
| AMERICAN AIRLINES GROUP INC | [AAL](https://holderbook.com/stocks/AAL/) | $18.1M | 1,000,000 | 0.4% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $15.4M | 30,000 | 0.4% | 1 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $14.8M | 40,000 | 0.4% | 8 |
| REPUBLIC AWYS HLDGS INC | [RJET](https://holderbook.com/stocks/RJET/) | $10.6M | 506,844 | 0.3% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $9.8M | 25,200 | 0.2% | 10 |
| BILL HOLDINGS INC | [BILL](https://holderbook.com/stocks/BILL/) | $7.2M | 200,000 | 0.2% | 4 |
| SKYWEST INC | [SKYW](https://holderbook.com/stocks/SKYW/) | $5.5M | 54,881 | 0.1% | 16 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $3.1M | 20,115 | 0.1% | 5 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $2.8M | 10,000 | 0.1% | 7 |
| CARS COM INC | [CARS](https://holderbook.com/stocks/CARS/) | $2.7M | 246,299 | 0.1% | 5 |
| HERTZ GLOBAL HLDGS INC | [HTZ](https://holderbook.com/stocks/HTZ/) | $2.1M | 911,001 | 0.1% | 14 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $1.6M | 9,910 | 0.0% | 1 |
| ZOOM COMMUNICATIONS INC | [ZM](https://holderbook.com/stocks/ZM/) | $1.5M | 17,000 | 0.0% | 4 |
| CITIZENS FINL GROUP INC | [CFG](https://holderbook.com/stocks/CFG/) | $1.4M | 20,000 | 0.0% | 2 |
| MAPLEBEAR INC | [CART](https://holderbook.com/stocks/CART/) | $962.9K | 20,336 | 0.0% | 2 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $894.0K | 8,000 | 0.0% | 1 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $538.8K | 13,523 | 0.0% | 3 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $498.2K | 10,000 | 0.0% | 2 |
| CARGURUS INC | [CARG](https://holderbook.com/stocks/CARG/) | $353.7K | 10,376 | 0.0% | 10 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $326.2K | 4,000 | 0.0% | 1 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $246.2K | 1,000 | 0.0% | 1 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $205.6K | 1,726 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +19.1% | +14.8% | +4.3% | 99% |
| Q1 2026 | -13.6% | -4.6% | -8.9% | 100% |
| Q4 2025 | +13.1% | +2.4% | +10.7% | 98% |
| Q3 2025 | +9.4% | +7.8% | +1.6% | 100% |
| Q2 2025 | +15.5% | +10.5% | +5.1% | 100% |
| Q1 2025 | -14.7% | -4.6% | -10.2% | 100% |
| Q4 2024 | +17.9% | +2.1% | +15.7% | 100% |
| Q3 2024 | +8.5% | +5.4% | +3.0% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.0B | 45 |
| Q1 2026 | $3.5B | 45 |
| Q4 2025 | $3.8B | 48 |
| Q3 2025 | $3.4B | 57 |
| Q2 2025 | $3.1B | 53 |
| Q1 2025 | $3.0B | 46 |
| Q4 2024 | $3.4B | 57 |
| Q3 2024 | $3.5B | 56 |
| Q2 2024 | $3.2B | 50 |
| Q1 2024 | $3.2B | 49 |
| Q4 2023 | $3.0B | 42 |
| Q3 2023 | $2.7B | 47 |