PAR Capital Management’s Southwest Airlines LUV Stock Holding History

PAR Capital Management’s Portfolio LUV Stock Details LUV Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$196M	Buy	5,219,192 +269,000	+5%	+$12.1M	5.68%	7
2025 Q4	$205M	Hold	4,950,192	–	–	5.41%	6
2025 Q3	$158M	Sell	4,950,192 -967,300	-16%	-$31.6M	4.63%	7
2025 Q2	$192M	Buy	5,917,492 +1,000	+0%	+$30.1K	6.25%	6
2025 Q1	$199M	Buy	5,916,492 +4,204,300	+246%	+$133M	6.64%	6
2024 Q4	$57.6M	Buy	1,712,192 +3,000	+0.2%	+$95.7K	1.7%	13
2024 Q3	$50.6M	Buy	1,709,192 +166,574	+11%	+$4.61M	1.44%	12
2024 Q2	$44.1M	Sell	1,542,618 -31,482	-2%	-$878K	1.39%	13
2024 Q1	$45.9M	Buy	1,574,100 +89,100	+6%	+$2.76M	1.43%	11
2023 Q4	$42.9M	Sell	1,485,000 -15,000	-1%	-$390K	1.41%	13
2023 Q3	$40.6M	Sell	1,500,000 -500,000	-25%	-$16.3M	1.52%	13
2023 Q2	$72.4M	Sell	2,000,000 -566,594	-22%	-$17.8M	2.52%	10
2023 Q1	$83.5M	Buy	2,566,594 +566,594	+28%	+$19.3M	3.07%	11
2022 Q4	$67.3M	Hold	2,000,000	–	–	2.42%	13
2022 Q3	$61.7M	Sell	2,000,000 -1,454,404	-42%	-$54.5M	2.29%	13
2022 Q2	$125M	Hold	3,454,404	–	–	4.18%	8
2022 Q1	$158M	Buy	3,454,404 +1,454,404	+73%	+$63.9M	3.78%	7
2021 Q4	$85.7M	Hold	2,000,000	–	–	2.31%	12
2021 Q3	$103M	Sell	2,000,000 -118,000	-6%	-$5.96M	2.47%	12
2021 Q2	$112M	Sell	2,118,000 -382,000	-15%	-$22.9M	2.75%	12
2021 Q1	$153M	Hold	2,500,000	–	–	3.54%	10
2020 Q4	$117M	Sell	2,500,000 -63,800	-2%	-$2.76M	3.4%	13
2020 Q3	$96.1M	Buy	2,563,800 +15,800	+0.6%	+$561K	3.65%	12
2020 Q2	$87.1M	Buy	2,548,000 +2,517,000	+8,119%	+$80M	3.34%	10
2020 Q1	$1.1M	Buy	+31,000	New	+$1.54M	0.05%	41
2019 Q1	–	Sell	-4,867,800	Closed	-$226M	–	52
2018 Q4	$226M	Hold	4,867,800	–	–	3.78%	5
2018 Q3	$304M	Hold	4,867,800	–	–	3.49%	5
2018 Q2	$248M	Sell	4,867,800 -75,000	-2%	-$3.95M	2.79%	8
2018 Q1	$283M	Buy	4,942,800 +100,000	+2%	+$6.01M	3.11%	8
2017 Q4	$317M	Sell	4,842,800 -782,400	-14%	-$46M	3.54%	6
2017 Q3	$315M	Buy	5,625,200 +7,000	+0.1%	+$393K	3.58%	6
2017 Q2	$349M	Hold	5,618,200	–	–	3.92%	6
2017 Q1	$302M	Hold	5,618,200	–	–	3.67%	7
2016 Q4	$280M	Buy	5,618,200 +125,000	+2%	+$5.6M	3.66%	7
2016 Q3	$214M	Buy	5,493,200 +195,700	+4%	+$7.44M	3.09%	8
2016 Q2	$208M	Buy	5,297,500 +1,587,500	+43%	+$67.9M	3.45%	6
2016 Q1	$166M	Sell	3,710,000 -1,977,500	-35%	-$80.5M	2.66%	10
2015 Q4	$245M	Sell	5,687,500 -22,500	-0.4%	-$996K	4.51%	6
2015 Q3	$217M	Buy	5,710,000 +1,562,000	+38%	+$57.6M	4.58%	6
2015 Q2	$137M	Buy	4,148,000 +1,500,000	+57%	+$58.7M	3.1%	8
2015 Q1	$117M	Sell	2,648,000 -2,719,500	-51%	-$119M	2.71%	10
2014 Q4	$227M	Sell	5,367,500 -167,500	-3%	-$6.25M	5.25%	5
2014 Q3	$187M	Buy	5,535,000 +175,000	+3%	+$5.34M	4.99%	7
2014 Q2	$144M	Buy	5,360,000 +545,000	+11%	+$13.7M	3.97%	8
2014 Q1	$114M	Buy	4,815,000 +1,516,424	+46%	+$33.2M	3.44%	9
2013 Q4	$62.1M	Buy	+3,298,576	New	+$57.5M	2.07%	15

Other funds holding LUV

Primecap Management Pasadena, California $127B AUM 44.11% 1-Year Est. Return

Franklin Resources San Mateo, California $408B AUM 30.18% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

EIM

Elliott Investment Management West Palm Beach, Florida $20.1B AUM 60.76% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

VPM

Vanguard Portfolio Management Malvern, Pennsylvania $1.91T AUM

T. Rowe Price Associates Baltimore, Maryland $865B AUM 30.76% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Ameriprise Minneapolis, Minnesota $432B AUM 30.22% 1-Year Est. Return

PAR Capital Management's LUV Position: Q1 2026 in Review

PAR Capital Management increased its Southwest Airlines (LUV) stake by 5.4% in Q1 2026, buying an estimated $12.1M and bringing the position to 5,219,192 shares worth $196M. The position accounts for 5.68% of the portfolio, ranked #7.

PAR Capital Management first reported a position in LUV in Q4 2013 and has held it in 46 quarters since. The position peaked at $349M in Q2 2017. 864 funds tracked by Wall St. Rank hold LUV as of Q1 2026.

PAR Capital Management held 5,219,192 shares of Southwest Airlines worth $196M as of Q1 2026.
PAR Capital Management bought 269,000 Southwest Airlines shares in Q1 2026, an estimated $12.1M.
Southwest Airlines made up 5.68% of PAR Capital Management's portfolio in Q1 2026, its #7 holding.
PAR Capital Management first reported a position in Southwest Airlines in Q4 2013 and has held it in 46 quarters since.
PAR Capital Management's Southwest Airlines position peaked at $349M in Q2 2017.
864 funds tracked by Wall St. Rank held Southwest Airlines as of Q1 2026.

Based on PAR Capital Management's 13F filing for Q1 2026, filed 15 May 2026.