PAR Capital Management’s United Airlines UAL Stock Holding History

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

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$460M	Buy	4,996,850 +102,000	+2%	+$10.7M	13.33%	2
2025 Q4	$547M	Sell	4,894,850 -74,000	-1%	-$7.48M	14.47%	3
2025 Q3	$479M	Hold	4,968,850	–	–	14.04%	2
2025 Q2	$396M	Buy	4,968,850 +127,800	+3%	+$9.42M	12.88%	3
2025 Q1	$334M	Hold	4,841,050	–	–	11.18%	3
2024 Q4	$470M	Hold	4,841,050	–	–	13.87%	2
2024 Q3	$276M	Buy	4,841,050 +282,000	+6%	+$13.1M	7.83%	6
2024 Q2	$222M	Hold	4,559,050	–	–	6.99%	6
2024 Q1	$218M	Buy	4,559,050 +2,335,650	+105%	+$100M	6.79%	6
2023 Q4	$91.7M	Buy	2,223,400 +150,000	+7%	+$5.9M	3.01%	9
2023 Q3	$87.7M	Hold	2,073,400	–	–	3.28%	8
2023 Q2	$114M	Sell	2,073,400 -126,800	-6%	-$5.99M	3.96%	8
2023 Q1	$97.4M	Sell	2,200,200 -99,800	-4%	-$4.78M	3.58%	9
2022 Q4	$86.7M	Sell	2,300,000 -1,533,200	-40%	-$62.2M	3.12%	11
2022 Q3	$125M	Buy	3,833,200 +447,373	+13%	+$16.6M	4.63%	8
2022 Q2	$120M	Buy	3,385,827 +285,827	+9%	+$12.5M	4.02%	9
2022 Q1	$144M	Sell	3,100,000 -301,893	-9%	-$13.1M	3.43%	8
2021 Q4	$149M	Sell	3,401,893 -298,107	-8%	-$13.8M	4.02%	7
2021 Q3	$176M	Sell	3,700,000 -635,000	-15%	-$29.9M	4.22%	7
2021 Q2	$227M	Sell	4,335,000 -665,000	-13%	-$36.9M	5.55%	5
2021 Q1	$288M	Sell	5,000,000 -2,055,291	-29%	-$100M	6.67%	5
2020 Q4	$305M	Sell	7,055,291 -583,000	-8%	-$23.6M	8.9%	4
2020 Q3	$265M	Buy	7,638,291 +76,700	+1%	+$2.65M	10.06%	2
2020 Q2	$262M	Sell	7,561,591 -314,200	-4%	-$9.42M	10.05%	2
2020 Q1	$248M	Sell	7,875,791 -6,220,598	-44%	-$411M	10.55%	3
2019 Q4	$1.24B	Buy	14,096,389 +50,000	+0.4%	+$4.49M	24.16%	1
2019 Q3	$1.24B	Sell	14,046,389 -1,017,294	-7%	-$89.9M	21.5%	2
2019 Q2	$1.32B	Sell	15,063,683 -555,469	-4%	-$47M	22.09%	1
2019 Q1	$1.25B	Sell	15,619,152 -5,000	-0%	-$422K	23.12%	1
2018 Q4	$1.31B	Hold	15,624,152	–	–	21.88%	1
2018 Q3	$1.39B	Buy	15,624,152 +50,000	+0.3%	+$4.12M	15.97%	1
2018 Q2	$1.09B	Buy	15,574,152 +100,000	+0.6%	+$6.95M	12.22%	1
2018 Q1	$1.07B	Buy	15,474,152 +75,000	+0.5%	+$5.18M	11.8%	1
2017 Q4	$1.04B	Sell	15,399,152 -4,531,207	-23%	-$282M	11.6%	1
2017 Q3	$1.21B	Buy	19,930,359 +3,635,648	+22%	+$242M	13.79%	1
2017 Q2	$1.23B	Hold	16,294,711	–	–	13.77%	1
2017 Q1	$1.15B	Hold	16,294,711	–	–	13.99%	1
2016 Q4	$1.19B	Hold	16,294,711	–	–	15.53%	1
2016 Q3	$855M	Hold	16,294,711	–	–	12.35%	1
2016 Q2	$669M	Buy	16,294,711 +1,905,000	+13%	+$90.1M	11.1%	2
2016 Q1	$861M	Buy	14,389,711 +7,966,111	+124%	+$423M	13.8%	1
2015 Q4	$368M	Buy	6,423,600 +1,043,600	+19%	+$60.3M	6.77%	3
2015 Q3	$285M	Buy	5,380,000 +2,737,368	+104%	+$154M	6.02%	5
2015 Q2	$140M	Buy	2,642,632 +757,632	+40%	+$43.9M	3.17%	7
2015 Q1	$127M	Buy	1,885,000 +80,000	+4%	+$5.42M	2.92%	9
2014 Q4	$121M	Buy	1,805,000 +1,005,000	+126%	+$55.7M	2.79%	10
2014 Q3	$37.4M	Buy	+800,000	New	+$37.1M	1%	24

Other funds holding UAL

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

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

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

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

Sanders Capital West Palm Beach, Florida $83.9B AUM 37.89% 1-Year Est. Return

VPM

Vanguard Portfolio Management Malvern, Pennsylvania $1.91T AUM

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

Capital World Investors Los Angeles, California $733B AUM 35.63% 1-Year Est. Return

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

Capital International Investors Los Angeles, California $427B AUM 29.17% 1-Year Est. Return

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

PAR Capital Management increased its United Airlines (UAL) stake by 2.1% in Q1 2026, buying an estimated $10.7M and bringing the position to 4,996,850 shares worth $460M. The position accounts for 13.33% of the portfolio, ranked #2.

PAR Capital Management first reported a position in UAL in Q3 2014 and has held it in 47 quarters since. The position peaked at $1.39B in Q3 2018. 971 funds tracked by Wall St. Rank hold UAL as of Q1 2026.

PAR Capital Management held 4,996,850 shares of United Airlines worth $460M as of Q1 2026.
PAR Capital Management bought 102,000 United Airlines shares in Q1 2026, an estimated $10.7M.
United Airlines made up 13.33% of PAR Capital Management's portfolio in Q1 2026, its #2 holding.
PAR Capital Management first reported a position in United Airlines in Q3 2014 and has held it in 47 quarters since.
PAR Capital Management's United Airlines position peaked at $1.39B in Q3 2018.
971 funds tracked by Wall St. Rank held United Airlines as of Q1 2026.

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