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PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
+16%
1 Year Est. Return
+28.5%
3 Year Est. Return
+123.74%
5 Year Est. Return
+64.51%
10 Year Est. Return
+369.64%
AUM
$3.07B
AUM Growth
+$80.4M
Cap. Flow
-$276M
Cap. Flow %
-8.99%
Top 10 Hldgs %
80.06%
Holding
62
New
13
Increased
26
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
H icon
Hyatt Hotels
H
+$39.2M
2
CVNA icon
Carvana
CVNA
+$24.7M
3
SABR icon
Sabre
SABR
+$18.2M
4
MAR icon
Marriott International
MAR
+$14.3M
5
AAL icon
American Airlines Group
AAL
+$13.4M

Top Sells

Rank Stock Value
1
UBER icon
Uber
UBER
+$330M
2
CARG icon
CarGurus
CARG
+$74.6M
3
CAR icon
Avis
CAR
+$46.5M
4
LTM
LATAM Airlines Group S.A.
LTM
+$10.5M
5
RYAAY icon
Ryanair
RYAAY
+$560K

Sector Composition

Rank Sector Weight
1 Industrials 34.53%
2 Consumer Discretionary 30.39%
3 Financials 20.56%
4 Technology 12.92%
5 Communication Services 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAL icon
26
American Airlines Group
AAL
$9.82B
$14M 0.46%
+1,250,000
New +$13.4M
TRVG
27
trivago
TRVG
$385M
$13.5M 0.44%
3,576,869
+8,900
+0.2% +$36.6K
UAL icon
28
PUT
United Airlines
UAL
$38.8B
$11.9M 0.39%
149,000
+49,000
+49% +$3.61M
CARG icon
29
CarGurus
CARG
$3.34B
$11.3M 0.37%
336,791
-2,474,165
-88% -$74.6M
ULCC icon
30
Frontier Group Holdings
ULCC
$1.5B
$7.92M 0.26%
2,181,100
+25,000
+1% +$91.6K
LTM
31
LATAM Airlines Group S.A.
LTM
$14.9B
$6.71M 0.22%
165,000
-302,500
-65% -$10.5M
GBTG icon
32
American Express Global Business Travel
GBTG
$4.92B
$6.45M 0.21%
1,024,014
+277,284
+37% +$1.78M
GOOG icon
33
Alphabet (Google) Class C
GOOG
$4.11T
$6.19M 0.2%
34,900
+13,000
+59% +$2.15M
CPA icon
34
Copa Holdings
CPA
$5.56B
$5.83M 0.19%
+53,000
New +$5.23M
CART icon
35
Maplebear
CART
$10.7B
$4.14M 0.13%
91,500
+5,000
+6% +$217K
BNY
36
Bank of New York Mellon
BNY
$103B
$2.4M 0.08%
+26,364
New +$2.24M
WH icon
37
Wyndham Hotels & Resorts
WH
$5.61B
$2.19M 0.07%
27,000
– –
RJET
38
Republic Airways Holdings
RJET
$845M
$2.09M 0.07%
+149,879
New +$2.28M
AMZN icon
39
Amazon
AMZN
$2.44T
$1.38M 0.05%
6,300
+3,700
+142% +$732K
V icon
40
Visa
V
$677B
$1.01M 0.03%
2,840
+700
+33% +$244K
SOFI icon
41
SoFi Technologies
SOFI
$19.6B
$1M 0.03%
+55,000
New +$725K
DASH icon
42
DoorDash
DASH
$84.3B
$986K 0.03%
4,000
– –
CVNA icon
43
PUT
Carvana
CVNA
$47.5B
$943K 0.03%
+14,000
New +$768K
C icon
44
Citigroup
C
$213B
$851K 0.03%
10,000
– –
C icon
45
PUT
Citigroup
C
$213B
$851K 0.03%
+10,000
New +$723K
GRAB icon
46
Grab
GRAB
$13.7B
$810K 0.03%
161,000
+44,000
+38% +$205K
BAC icon
47
Bank of America
BAC
$429B
$790K 0.03%
16,700
+1,400
+9% +$58.9K
PINS icon
48
Pinterest
PINS
$13.7B
$538K 0.02%
+15,000
New +$455K
MA icon
49
Mastercard
MA
$498B
$506K 0.02%
900
+400
+80% +$221K
SOFI icon
50
PUT
SoFi Technologies
SOFI
$19.6B
$501K 0.02%
+27,500
New +$363K
1
2
3

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OTPPB
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JGC
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CIA
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PAR Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, PAR Capital Management held 62 positions worth $3.07B, up 2.7% from $2.99B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

PAR Capital Management withdrew a net $276M in Q2 2025, closing 5 positions and reducing 7 holdings. Its most notable exit was Uber, an estimated $330M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, PAR Capital Management opened a new position in American Airlines Group worth $14M.

  • PAR Capital Management's largest Q2 2025 buy was American Airlines Group: 1,250,000 shares worth $14M.
  • PAR Capital Management added most to Hyatt Hotels in Q2 2025, an estimated $39.2M increase.
  • PAR Capital Management's biggest Q2 2025 reduction was CarGurus, cutting an estimated $74.6M.
  • PAR Capital Management fully exited Uber in Q2 2025, selling an estimated $330M.
  • PAR Capital Management's ten largest holdings make up 80% of its $3.07B portfolio in Q2 2025.
  • PAR Capital Management opened 13 new positions and closed 5 in Q2 2025.
  • PAR Capital Management's portfolio value rose 2.7% quarter-over-quarter to $3.07B.

Based on PAR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.