PCM

PAR Capital Management Portfolio holdings

AUM $4.03B Turnover 28.57%
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
+21.91%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$4.03B
AUM Growth
+$582M
Cap. Flow
-$37.9M
Cap. Flow %
-0.94%
Top 10 Hldgs %
84.1%
Holding
56
New
8
Increased
7
Reduced
20
Closed
8
Avg Time Held Equity + Options
3.5 years
Top 10 Avg Time Held Equity + Options
4.5 years
Top 20 Avg Time Held Equity + Options
4.7 years
Avg Time Held Equity only
3.7 years
Top 10 Avg Time Held Equity only
4.5 years
Top 20 Avg Time Held Equity only
4.7 years

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$37.6M
2
UBER icon
Uber
UBER
+$35.3M
3
META icon
Meta Platforms (Facebook)
META
+$33.6M
4
Z icon
Zillow
Z
+$31.6M
5
AERO icon
Grupo Aeromexico SAB de CV
AERO
+$19.1M

Top Sells

Rank Stock Value
1
CAR icon
Avis
CAR
+$29.2M
2
SKYW icon
Skywest
SKYW
+$27M
3
SNCY icon
Sun Country Airlines
SNCY
+$24.2M
4
LYFT icon
Lyft
LYFT
+$21.3M
5
MAR icon
Marriott International
MAR
+$18.4M

Sector Composition

Rank Sector Weight
1 Industrials 39.54%
2 Consumer Discretionary 25.35%
3 Financials 16.47%
4 Technology 16.27%
5 Communication Services 2.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
UAL icon
1
United Airlines
UAL
$32.1B
$729M 18.07%
5,359,741
+362,891
+7% +$37.6M
2014 Q3
47 quarters
SYF icon
2
Synchrony
SYF
$23.3B
$579M 14.35%
7,612,137
– –
2017 Q2
36 quarters
EXPE icon
3
Expedia Group
EXPE
$33B
$485M 12.03%
1,895,847
-56,273
-3% -$13.4M
2013 Q2
52 quarters
DAL icon
4
Delta Air Lines
DAL
$50.4B
$326M 8.09%
3,482,745
-31,700
-0.9% -$2.39M
2013 Q2
52 quarters
WEX icon
5
WEX
WEX
$5.95B
$318M 7.89%
2,254,984
– –
2014 Q4
46 quarters
UBER icon
6
Uber
UBER
$142B
$304M 7.54%
4,217,700
+480,727
+13% +$35.3M
2025 Q3
3 quarters
LUV icon
7
Southwest Airlines
LUV
$19.2B
$252M 6.25%
4,905,756
-313,436
-6% -$13.2M
2020 Q1
25 quarters
BKNG icon
8
Booking.com
BKNG
$121B
$177M 4.38%
992,100
-72,225
-7% -$12.3M
2013 Q2
52 quarters
CVNA icon
9
Carvana
CVNA
$41.7B
$114M 2.84%
1,739,360
– –
2023 Q2
12 quarters
ABNB icon
10
Airbnb
ABNB
$98.5B
$107M 2.66%
750,000
+2,500
+0.3% +$341K
2025 Q2
4 quarters
ALGT icon
11
Allegiant Air
ALGT
$1.83B
$99.3M 2.46%
844,632
-1,559
-0.2% -$135K
2018 Q3
31 quarters
ALK icon
12
Alaska Air
ALK
$3.99B
$82.5M 2.04%
1,579,636
-1,864
-0.1% -$79.6K
2013 Q2
52 quarters
H icon
13
Hyatt Hotels
H
$15.1B
$65.6M 1.63%
338,500
– –
2022 Q1
17 quarters
TRIP icon
14
TripAdvisor
TRIP
$1.05B
$55.8M 1.38%
4,072,054
– –
2013 Q2
52 quarters
V icon
15
Visa
V
$735B
$43.8M 1.09%
127,600
+47,600
+60% +$15.3M
2024 Q4
6 quarters
META icon
16
Meta Platforms (Facebook)
META
$1.88T
$31M 0.77%
+54,983
New +$33.6M
2026 Q2
0 quarters
Z icon
17
Zillow
Z
$6.37B
$25.9M 0.64%
+823,000
New +$31.6M
2026 Q2
0 quarters
TRVG icon
18
trivago
TRVG
$283M
$23.5M 0.58%
4,292,733
+99,619
+2% +$352K
2024 Q1
9 quarters
LYFT icon
19
Lyft
LYFT
$6.24B
$23.4M 0.58%
1,605,000
-1,525,000
-49% -$21.3M
2024 Q1
9 quarters
JBLU icon
20
JetBlue
JBLU
$1.14B
$22.9M 0.57%
4,000,000
-457,425
-10% -$2.33M
2016 Q2
40 quarters
SCHW icon
21
Charles Schwab
SCHW
$167B
$22.6M 0.56%
245,000
-8,300
-3% -$757K
2020 Q1
25 quarters
RYAAY icon
22
Ryanair
RYAAY
$26.6B
$22M 0.55%
340,000
-5,000
-1% -$295K
2024 Q4
6 quarters
AERO icon
23
Grupo Aeromexico SAB de CV
AERO
$2.34B
$21.4M 0.53%
+1,189,824
New +$19.1M
2026 Q2
0 quarters
AAL icon
24
American Airlines Group
AAL
$7.8B
$18.1M 0.45%
1,000,000
-250,000
-20% -$3.35M
2025 Q2
4 quarters
MA icon
25
Mastercard
MA
$528B
$15.4M 0.38%
+30,000
New +$15M
2026 Q2
0 quarters
1
2 3

Similar funds

KRS
Kentucky Retirement Systems Frankfort, Kentucky $4.03B AUM 45.39% 1-Year Est. Return
PWP
Perfromance Wealth Partners Hinsdale, Illinois $4.03B AUM 33.76% 1-Year Est. Return
HA
Homestead Advisers Arlington, Virginia $4.02B AUM 34.55% 1-Year Est. Return
VI
Vestcor Inc Fredericton, New Brunswick, Canada $4.05B AUM 34.56% 1-Year Est. Return
WB
WesBanco Bank Wheeling, West Virginia $4.02B AUM 32.62% 1-Year Est. Return
SCTC
Sanibel Captiva Trust Company Sanibel, Florida $4.02B AUM 34.36% 1-Year Est. Return
APP
Avantax Planning Partners Dubuque, Iowa $4.02B AUM 20% 1-Year Est. Return
AL
Aspiriant LLC Los Angeles, California $4.05B AUM 19.01% 1-Year Est. Return

PAR Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, PAR Capital Management held 56 positions worth $4.03B, up 17% from $3.45B the previous quarter. Its ten largest holdings account for 84% of the portfolio.

PAR Capital Management's Q2 2026 filing shows 8 new, 7 increased, 20 reduced and 8 closed positions. Its largest new stake was Meta Platforms (Facebook): 54,983 shares worth $31M. The largest sale was Avis, an estimated $29.2M.

By sector, the portfolio is most concentrated in Industrials at 40% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

  • PAR Capital Management's largest Q2 2026 buy was Meta Platforms (Facebook): 54,983 shares worth $31M.
  • PAR Capital Management added most to United Airlines in Q2 2026, an estimated $37.6M increase.
  • PAR Capital Management's biggest Q2 2026 reduction was Skywest, cutting an estimated $27M.
  • PAR Capital Management fully exited Avis in Q2 2026, selling an estimated $29.2M.
  • PAR Capital Management's ten largest holdings make up 84% of its $4.03B portfolio in Q2 2026.
  • PAR Capital Management opened 8 new positions and closed 8 in Q2 2026.
  • PAR Capital Management's portfolio value rose 17% quarter-over-quarter to $4.03B.

Based on PAR Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.