PCM

PAR Capital Management Portfolio holdings

AUM $2.98B

This Quarter Return

-9.8%

1 Year Return

+19.39%

3 Year Return

+46.61%

5 Year Return

+239.16%

10 Year Return

+277.82%

AUM

$2.98B

AUM Growth

-$405M (-12%)

Cap. Flow

+$31.5M

Cap. Flow % of AUM

1.06%

Top 10 Holdings %Top 10 Hldgs %

81.89%

Holding

New

Increased

Reduced

Closed

Top Buys

1	Southwest Airlines LUV	$141M
2	Uber UBER	$48.3M
3	Lyft LYFT	$17.2M
4	Carvana CVNA	$15.3M
5	Alaska Air ALK	$11M

Top Sells

1	Tesla TSLA	$77.7M
2	XYZ Block, Inc. XYZ	$43M
3	Delta Air Lines DAL	$38.8M
4	American Airlines Group AAL	$34.9M
5	Comerica CMA	$30.9M

Sector Composition

1	Industrials	31.43%
2	Consumer Discretionary	27.37%
3	Technology	23.56%
4	Financials	17%
5	Communication Services	0.64%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Expedia Group EXPE $22.8B	$401M	13.42%	2,387,750 +12,906	+0.5%	+$2.17M
2	2 Synchrony SYF $26.1B	$397M	13.28%	7,500,000 +100,000	+1%	+$5.29M
3	3 United Airlines UAL $28.2B	$334M	11.18%	4,841,050	–	–
4	4 Uber UBER $193B	$330M	11.04%	4,529,829 +663,000	+17%	+$48.3M
5	5 WEX WEX $5.22B	$291M	9.72%	1,850,500 +500	+0%	+$78.5K
6	6 Southwest Airlines LUV $19.4B	$199M	6.64%	5,916,492 +4,204,300	+246%	+$141M
7	7 Booking.com BKNG $186B	$174M	5.81%	37,731 -30	-0.1%	-$138K
8	8 Delta Air Lines DAL $36.4B	$155M	5.2%	3,564,000 -891,000	-20%	-$38.8M
9	9 CarGurus CARG $3.33B	$81.9M	2.74%	2,810,956 +143,900	+5%	+$4.19M
10	10 Carvana CVNA $47B	$78.9M	2.64%	377,200 +72,960	+24%	+$15.3M
11	11 Charles Schwab SCHW $166B	$70.8M	2.37%	905,000	–	–
12	12 Avis CAR $6.78B	$57.1M	1.91%	751,770	–	–
13	13 Alaska Air ALK $6.27B	$52.9M	1.77%	1,075,576 +224,487	+26%	+$11M
14	14 TripAdvisor TRIP $2.15B	$41M	1.37%	2,896,475 +654,475	+29%	+$9.27M
15	15 Webster Financial WBS $9.93B	$36.1M	1.21%	700,000	–	–
16	16 Sabre SABR $1.29B	$34.5M	1.15%	12,267,052 +1,400,330	+13%	+$3.93M
17	17 Skywest SKYW $4.32B	$31.8M	1.06%	363,451 +123,510	+51%	+$10.8M
18	18 AvidXchange AVDX $2.03B	$28M	0.94%	3,300,000 +300,000	+10%	+$2.54M
19	19 Allegiant Air ALGT $995M	$27.2M	0.91%	526,430 -13,119	-2%	-$678K
20	20 Sun Country Airlines SNCY $679M	$24.1M	0.81%	1,959,372 -295,583	-13%	-$3.64M
21	21 Marriott International Class A Common Stock MAR $76.7B	$18.8M	0.63%	79,100 +200	+0.3%	+$47.6K
22	22 Lyft LYFT $6.26B	$18.7M	0.63%	1,575,000 +1,450,000	+1,160%	+$17.2M
23	23 Ryanair RYAAY $30.5B	$15.1M	0.5%	356,000 +11,000	+3%	+$466K
24	TRVG 24 trivago TRVG $264M	$14.6M	0.49%	3,567,969 +23,738	+0.7%	+$97.3K
25	LTM 25 LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of Common Stock) LTM $12.6B	$14.6M	0.49%	467,500	–	–