PAR CAPITAL MANAGEMENT INC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| UNITED AIRLS HLDGS INC | UAL | $728.9M | 5,359,741 | +4.74pp | 31q | +7.3%+$49.3M | |
| SYNCHRONY FINANCIAL | SYF | $578.9M | 7,612,137 | -0.65pp | 31q | HELD | |
| EXPEDIA GROUP INC | EXPE | $485.1M | 1,895,847 | -1.03pp | 31q | -2.9%-$14.4M | |
| DELTA AIR LINES INC OPT | DAL | $327.2M | 3,482,745 | +1.31pp | 31q | -0.9%-$3.0M | |
| WEX INC | WEX | $318.2M | 2,254,984 | -2.11pp | 31q | HELD | |
| UBER TECHNOLOGIES INC | UBER | $304.3M | 4,217,700 | -0.24pp | 4q | +12.9%+$34.7M | |
| SOUTHWEST AIRLS CO | LUV | $252.3M | 4,905,756 | +0.57pp | 26q | -6.0%-$16.1M | |
| BOOKING HOLDINGS INC | BKNG | $176.8M | 992,100 | -0.81pp | 31q | +2230.4%+$169.2M | |
| CARVANA CO | CVNA | $114.5M | 1,739,360 | -0.33pp | 13q | +400.0%+$91.6M | |
| AIRBNB INC | ABNB | $107.3M | 750,000 | -0.07pp | 5q | HELD | |
| ALLEGIANT TRAVEL CO | ALGT | $99.3M | 844,632 | +0.48pp | 31q | HELD | |
| ALASKA AIR GROUP INC | ALK | $82.5M | 1,579,636 | +0.36pp | 31q | HELD | |
| HYATT HOTELS CORP | H | $65.6M | 338,500 | +0.22pp | 18q | HELD | |
| TRIPADVISOR INC | TRIP | $55.8M | 4,072,054 | +0.13pp | 31q | HELD | |
| VISA INC | V | $43.8M | 127,600 | +0.38pp | 7q | +59.5%+$16.3M | |
| META PLATFORMS INC | META | $31.0M | 54,983 | - | new | NEW | |
| ZILLOW GROUP INC | Z | $25.9M | 823,000 | - | new | NEW | |
| TRIVAGO N V | TRVG | $23.5M | 4,292,733 | +0.25pp | 10q | +2.4%+$544.9K | |
| LYFT INC | LYFT | $23.4M | 1,605,000 | -0.62pp | 10q | -48.7%-$22.3M | |
| JETBLUE AIRWAYS CORP | JBLU | $22.9M | 4,000,000 | flat | 31q | -10.3%-$2.6M | |
| SCHWAB CHARLES CORP | SCHW | $22.6M | 245,000 | -0.13pp | 26q | -3.3%-$765.8K | |
| RYANAIR HOLDINGS PLC | RYAAY | $22.0M | 340,000 | -0.03pp | 7q | -1.4%-$323.8K | |
| GRUPO AEROMEXICO SAB DE CV | AERO | $21.4M | 1,189,824 | - | new | NEW | |
| AMERICAN AIRLINES GROUP INC | AAL | $18.1M | 1,000,000 | +0.06pp | 5q | -20.0%-$4.5M | |
| MASTERCARD INCORPORATED | MA | $15.4M | 30,000 | - | new | NEW | |
| MARRIOTT INTL INC NEW | MAR | $14.8M | 40,000 | -0.49pp | 8q | -55.6%-$18.5M | |
| REPUBLIC AWYS HLDGS INC | RJET | $10.6M | 506,844 | flat | 3q | HELD | |
| ALPHABET INC OPT | GOOG | $9.8M | 25,200 | -0.33pp | 10q | -29.2%-$4.0M | |
| BILL HOLDINGS INC | BILL | $7.2M | 200,000 | -0.26pp | 4q | -50.0%-$7.2M | |
| SKYWEST INC | SKYW | $5.5M | 54,881 | -0.82pp | 16q | -84.7%-$30.1M | |
| COPA HOLDINGS SA | CPA | $3.1M | 20,115 | -0.44pp | 5q | -87.2%-$21.3M | |
| CITIGROUP INC OPT | C | $2.8M | 10,000 | flat | 7q | HELD | |
| CARS COM INC | CARS | $2.7M | 246,299 | +0.01pp | 5q | HELD | |
| HERTZ GLOBAL HLDGS INC | HTZ | $2.1M | 911,001 | -0.14pp | 14q | -34.9%-$1.1M | |
| FLEX LTD | FLEX | $1.6M | 9,910 | - | new | NEW | |
| ZOOM COMMUNICATIONS INC | ZM | $1.5M | 17,000 | +0.02pp | 4q | +183.3%+$949.4K | |
| CITIZENS FINL GROUP INC | CFG | $1.4M | 20,000 | +0.01pp | 2q | +25.0%+$280.3K | |
| MAPLEBEAR INC | CART | $962.9K | 20,336 | flat | 2q | HELD | |
| EBAY INC. | EBAY | $894.0K | 8,000 | - | new | NEW | |
| TRIP COM GROUP LTD | TCOM | $538.8K | 13,523 | -0.01pp | 3q | HELD | |
| TRUIST FINL CORP | TFC | $498.2K | 10,000 | -0.01pp | 2q | -33.3%-$249.1K | |
| CARGURUS INC | CARG | $353.7K | 10,376 | flat | 10q | HELD | |
| AFFIRM HLDGS INC | AFRM | $326.2K | 4,000 | - | new | NEW | |
| PNC FINL SVCS GROUP INC | PNC | $246.2K | 1,000 | - | new | NEW | |
| NEXTPOWER INC | NXT | $205.6K | 1,726 | flat | 2q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Transport & Logistics | $2.3B | 55.9% |
| Business Services | $923.3M | 22.9% |
| Banks & Lending | $584.2M | 14.5% |
| Software & IT Services | $131.8M | 3.3% |
| Retail & Consumer | $114.5M | 2.8% |
| Other sectors | $24.4M | 0.6% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $4.0B | 45 | 8 | 8 | 15 | 8 | 84.1% | 45 |
| Q1 2026 | $3.5B | 45 | 6 | 14 | 12 | 9 | 82.8% | 45 |
| Q4 2025 | $3.8B | 48 | 5 | 17 | 13 | 14 | 78.9% | 48 |
| Q3 2025 | $3.4B | 57 | 10 | 13 | 13 | 6 | 78.0% | 45 |
| Q2 2025 | $3.1B | 53 | 10 | 20 | 7 | 3 | 80.5% | 45 |
| Q1 2025 | $3.0B | 46 | 4 | 22 | 6 | 15 | 81.9% | 45 |
| Q4 2024 | $3.4B | 57 | 8 | 14 | 16 | 7 | 78.2% | 45 |
| Q3 2024 | $3.5B | 56 | 12 | 17 | 5 | 6 | 81.9% | 45 |
| Q2 2024 | $3.2B | 50 | 5 | 12 | 8 | 4 | 81.5% | 45 |
| Q1 2024 | $3.2B | 49 | 13 | 10 | 11 | 6 | 81.8% | 45 |
| Q4 2023 | $3.0B | 42 | 4 | 11 | 11 | 9 | 81.4% | 45 |
| Q3 2023 | $2.7B | 47 | 4 | 8 | 11 | 2 | 80.1% | 45 |
| Q2 2023 | $2.9B | 45 | 8 | 11 | 12 | 5 | 77.5% | 45 |
| Q1 2023 | $2.7B | 42 | 8 | 10 | 13 | 5 | 77.2% | 45 |
| Q4 2022 | $2.8B | 39 | 3 | 7 | 12 | 6 | 75.6% | 45 |
| Q3 2022 | $2.7B | 42 | 7 | 10 | 13 | 5 | 74.5% | 45 |
| Q2 2022 | $3.0B | 40 | 8 | 19 | 5 | 15 | 74.2% | 46 |
| Q1 2022 | $4.2B | 47 | 15 | 11 | 12 | 24 | 70.2% | 46 |
| Q4 2021 | $3.7B | 56 | 8 | 5 | 9 | 13 | 72.1% | 45 |
| Q3 2021 | $4.2B | 61 | 2 | 11 | 10 | 1 | 69.5% | 46 |
| Q2 2021 | $4.1B | 60 | 24 | 11 | 9 | 11 | 70.7% | 47 |
| Q1 2021 | $4.3B | 47 | 20 | 6 | 12 | 3 | 71.5% | 47 |
| Q4 2020 | $3.4B | 30 | 4 | 9 | 10 | 17 | 73.4% | 47 |
| Q3 2020 | $2.6B | 43 | 1 | 12 | 13 | 4 | 66.8% | 47 |
| Q2 2020 | $2.6B | 46 | 8 | 10 | 15 | 9 | 71.8% | 45 |
| Q1 2020 | $2.4B | 47 | 10 | 11 | 14 | 6 | 76.8% | 45 |
| Q4 2019 | $5.1B | 43 | 3 | 5 | 12 | 10 | 75.7% | 45 |
| Q3 2019 | $5.8B | 50 | 2 | 11 | 4 | 3 | 79.0% | 45 |
| Q2 2019 | $6.0B | 51 | 5 | 14 | 7 | 3 | 78.6% | 45 |
| Q1 2019 | $5.4B | 49 | 5 | 13 | 13 | 16 | 77.2% | 45 |
| Q4 2018 | $6.0B | 60 | 0 | 0 | 0 | 0 | 69.7% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.