PAR Capital Management
BOSTON, MAfiles as PAR CAPITAL MANAGEMENT INC
$4.0bn in 45 US stocks at the end of 30 June 2026. The top 10 are 84.2% of the money. It changed about 10.9% of the portfolio this quarter.
Value
$4.0bn
Stocks
45
Top 10 share
84.2%
Turnover
10.9%
What changed this quarter
New
Bought for the first time this quarter.
- Meta PlatformsMETA0.8% of the fund
- Zillow GroupZ0.6% of the fund
- Grupo Aeromexico SAB de CVAERO0.5% of the fund
- MastercardMA0.4% of the fund
- FlexFLEX<0.1% of the fund
- eBayEBAY<0.1% of the fund
- Affirm HoldingsAFRM<0.1% of the fund
- PNC Financial Services GroupPNC<0.1% of the fund
Added
Bought more of a stock they already held.
- United Airlines HoldingsUAL18.1% of the fund+7%
- Uber TechnologiesUBER7.6% of the fund+13%
- VisaV1.1% of the fund+60%
- Trivago N VTRVG0.6% of the fund+2%
- Zoom CommunicationsZM<0.1% of the fund+183%
- Citizens Financial GroupCFG<0.1% of the fund+25%
Cut
Sold some of their stake.
- Expedia GroupEXPE12.0% of the fund-3%
- Southwest AirlinesLUV6.3% of the fund-6%
- Booking HoldingsBKNG4.4% of the fund-7%
- LyftLYFT0.6% of the fund-49%
- Jetblue AirwaysJBLU0.6% of the fund-10%
- Charles SchwabSCHW0.6% of the fund-3%
- American Airlines GroupAAL0.4% of the fund-20%
- Marriott InternationalMAR0.4% of the fund-56%
- AlphabetGOOG0.2% of the fund-29%
- BILL HoldingsBILL0.2% of the fund-50%
- SkywestSKYW0.1% of the fund-85%
- Copa HoldingsCPA<0.1% of the fund-87%
- Hertz Global HoldingsHTZ<0.1% of the fund-35%
- Truist FinancialTFC<0.1% of the fund-33%
Sold out
Sold their entire stake.
- Avis Budget GroupCAR-100%
- Sun Ctry Airls HldgsSNCY-100%
- Global Business Travel GroupGBTG-100%
- Latam Airlines Group SALTM-100%
- Frontier Group HoldingsULCC-100%
- Webster FinancialWBS-100%
- PinterestPINS-100%
- SnapSNAP-100%
Holdings
- Trivago N VTRVG
- Share
- 0.6%
- Value
- $23m
- Shares
- 4,292,733
+2%
- Ryanair HoldingsRYAAY
- Share
- 0.5%
- Value
- $22m
- Shares
- 340,000
Held
- Grupo Aeromexico SAB de CVAERO
- Share
- 0.5%
- Value
- $21m
- Shares
- 1,189,824
New
- Trip COM GroupTCOM
- Share
- <0.1%
- Value
- $538,756
- Shares
- 13,523
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| United Airlines HoldingsUAL | 18.1% | $729m | 5,359,741 | +7% |
| Synchrony FinancialSYF | 14.4% | $579m | 7,612,137 | Held |
| Expedia GroupEXPE | 12.0% | $485m | 1,895,847 | -3% |
| Delta Air LinesDAL | 8.1% | $326m | 3,482,745 | Held |
| WEXWEX | 7.9% | $318m | 2,254,984 | Held |
| Uber TechnologiesUBER | 7.6% | $304m | 4,217,700 | +13% |
| Southwest AirlinesLUV | 6.3% | $252m | 4,905,756 | -6% |
| Booking HoldingsBKNG | 4.4% | $177m | 992,100 | -7% |
| CarvanaCVNA | 2.8% | $114m | 1,739,360 | Held |
| AirbnbABNB | 2.7% | $107m | 750,000 | Held |
| Allegiant TravelALGT | 2.5% | $99m | 844,632 | Held |
| Alaska Air GroupALK | 2.0% | $82m | 1,579,636 | Held |
| Hyatt HotelsH | 1.6% | $66m | 338,500 | Held |
| TripAdvisorTRIP | 1.4% | $56m | 4,072,054 | Held |
| VisaV | 1.1% | $44m | 127,600 | +60% |
| Meta PlatformsMETA | 0.8% | $31m | 54,983 | New |
| Zillow GroupZ | 0.6% | $26m | 823,000 | New |
| Trivago N VTRVG | 0.6% | $23m | 4,292,733 | +2% |
| LyftLYFT | 0.6% | $23m | 1,605,000 | -49% |
| Jetblue AirwaysJBLU | 0.6% | $23m | 4,000,000 | -10% |
| Charles SchwabSCHW | 0.6% | $23m | 245,000 | -3% |
| Ryanair HoldingsRYAAY | 0.5% | $22m | 340,000 | Held |
| Grupo Aeromexico SAB de CVAERO | 0.5% | $21m | 1,189,824 | New |
| American Airlines GroupAAL | 0.4% | $18m | 1,000,000 | -20% |
| MastercardMA | 0.4% | $15m | 30,000 | New |
| Marriott InternationalMAR | 0.4% | $15m | 40,000 | -56% |
| Republic Airways HoldingsRJET | 0.3% | $11m | 506,844 | Held |
| AlphabetGOOG | 0.2% | $9m | 25,200 | -29% |
| BILL HoldingsBILL | 0.2% | $7m | 200,000 | -50% |
| SkywestSKYW | 0.1% | $5m | 54,881 | -85% |
| Copa HoldingsCPA | <0.1% | $3m | 20,115 | -87% |
| Cars.comCARS | <0.1% | $3m | 246,299 | Held |
| Hertz Global HoldingsHTZ | <0.1% | $2m | 911,001 | -35% |
| FlexFLEX | <0.1% | $2m | 9,910 | New |
| Zoom CommunicationsZM | <0.1% | $1m | 17,000 | +183% |
| Citizens Financial GroupCFG | <0.1% | $1m | 20,000 | +25% |
| CitigroupC | <0.1% | $1m | 10,000 | Held |
| MaplebearCART | <0.1% | $962,910 | 20,336 | Held |
| eBayEBAY | <0.1% | $894,000 | 8,000 | New |
| Trip COM GroupTCOM | <0.1% | $538,756 | 13,523 | Held |
| Truist FinancialTFC | <0.1% | $498,200 | 10,000 | -33% |
| CarGurusCARG | <0.1% | $353,718 | 10,376 | Held |
| Affirm HoldingsAFRM | <0.1% | $326,200 | 4,000 | New |
| PNC Financial Services GroupPNC | <0.1% | $246,220 | 1,000 | New |
| NextpowerNXT | <0.1% | $205,636 | 1,726 | Held |
Options (3)
- CitigroupC
- Type
- Put
- Value
- $1m
- Contracts
- 10,000
- Delta Air LinesDAL
- Type
- Put
- Value
- $983,430
- Contracts
- 10,500
- AlphabetGOOG
- Type
- Put
- Value
- $883,325
- Contracts
- 2,500
| Company | Type | Value | Contracts |
|---|---|---|---|
| CitigroupC | Put | $1m | 10,000 |
| Delta Air LinesDAL | Put | $983,430 | 10,500 |
| AlphabetGOOG | Put | $883,325 | 2,500 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 31.9% since 30 June 2025.
Where the money is
Industrials46.5%
Financial services24.4%
Retail & consumer24.0%
Technology2.9%
Media & telecom1.0%
Everyday goods0.0%
Other1.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.