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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
+11.64%
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
$3.42B
AUM Growth
+$345M
Cap. Flow
+$7.73M
Cap. Flow %
0.23%
Top 10 Hldgs %
77.52%
Holding
72
New
15
Increased
18
Reduced
15
Closed
7

Top Buys

Rank Stock Value
1
BILL icon
BILL Holdings
BILL
+$89.4M
2
UBER icon
Uber
UBER
+$61.2M
3
ABNB icon
Airbnb
ABNB
+$28.1M
4
LYFT icon
Lyft
LYFT
+$22.6M
5
CARS icon
Cars.com
CARS
+$11M

Top Sells

Rank Stock Value
1
SABR icon
Sabre
SABR
+$61.1M
2
CVNA icon
Carvana
CVNA
+$39.6M
3
EXPE icon
Expedia Group
EXPE
+$37.7M
4
LUV icon
Southwest Airlines
LUV
+$31.6M
5
CAR icon
Avis
CAR
+$20.2M

Sector Composition

Rank Sector Weight
1 Industrials 33.29%
2 Consumer Discretionary 28.31%
3 Financials 19.69%
4 Technology 16.55%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RYAAY icon
26
Ryanair
RYAAY
$30.8B
$20.8M 0.61%
345,000
– –
CPA icon
27
Copa Holdings
CPA
$5.88B
$17.6M 0.51%
148,000
+95,000
+179% +$10.9M
HTZ icon
28
Hertz
HTZ
$474M
$15.6M 0.46%
2,291,357
– –
UAL icon
29
PUT
United Airlines
UAL
$41.4B
$14.4M 0.42%
149,000
– –
AAL icon
30
American Airlines Group
AAL
$10.6B
$14.1M 0.41%
1,250,000
– –
TRVG
31
trivago
TRVG
$385M
$11.9M 0.35%
3,576,869
– –
CARG icon
32
CarGurus
CARG
$3.34B
$9.54M 0.28%
256,291
-80,500
-24% -$2.75M
ULCC icon
33
Frontier Group Holdings
ULCC
$1.72B
$9.52M 0.28%
2,156,100
-25,000
-1% -$113K
GOOG icon
34
Alphabet (Google) Class C
GOOG
$4.58T
$8.69M 0.25%
35,700
+800
+2% +$168K
GBTG icon
35
American Express Global Business Travel
GBTG
$4.94B
$8.4M 0.25%
1,039,014
+15,000
+1% +$111K
GOOG icon
36
PUT
Alphabet (Google) Class C
GOOG
$4.58T
$8.18M 0.24%
+33,600
New +$7.06M
LTM
37
LATAM Airlines Group S.A.
LTM
$15.6B
$7.47M 0.22%
165,000
– –
RJET
38
Republic Airways Holdings
RJET
$1.01B
$3.36M 0.1%
172,392
+22,513
+15% +$398K
BNY
39
Bank of New York Mellon
BNY
$105B
$2.87M 0.08%
26,364
– –
CART icon
40
Maplebear
CART
$10.6B
$2.76M 0.08%
75,000
-16,500
-18% -$760K
WH icon
41
Wyndham Hotels & Resorts
WH
$5.57B
$2.16M 0.06%
27,000
– –
AMZN icon
42
Amazon
AMZN
$3.06T
$1.6M 0.05%
7,300
+1,000
+16% +$226K
SOFI icon
43
SoFi Technologies
SOFI
$22.6B
$1.45M 0.04%
55,000
– –
SOFI icon
44
PUT
SoFi Technologies
SOFI
$22.6B
$1.45M 0.04%
55,000
+27,500
+100% +$653K
GRAB icon
45
Grab
GRAB
$14.7B
$1.09M 0.03%
181,000
+20,000
+12% +$106K
GRAB icon
46
PUT
Grab
GRAB
$14.7B
$1.09M 0.03%
+181,000
New +$961K
C icon
47
Citigroup
C
$221B
$1.01M 0.03%
10,000
– –
AMZN icon
48
PUT
Amazon
AMZN
$3.06T
$988K 0.03%
+4,500
New +$1.02M
BAC icon
49
Bank of America
BAC
$436B
$939K 0.03%
18,200
+1,500
+9% +$73.2K
DASH icon
50
DoorDash
DASH
$87.9B
$653K 0.02%
2,400
-1,600
-40% -$401K
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 Q3 2025 Portfolio in Review

As of Q3 2025, PAR Capital Management held 72 positions worth $3.42B, up 11% from $3.07B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

PAR Capital Management's Q3 2025 filing shows 15 new, 18 increased, 15 reduced and 7 closed positions. Its largest new stake was BILL Holdings: 1,925,000 shares worth $102M. The largest sale was Sabre, an estimated $61.1M.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, down from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

  • PAR Capital Management's largest Q3 2025 buy was BILL Holdings: 1,925,000 shares worth $102M.
  • PAR Capital Management added most to Airbnb in Q3 2025, an estimated $28.1M increase.
  • PAR Capital Management's biggest Q3 2025 reduction was Carvana, cutting an estimated $39.6M.
  • PAR Capital Management fully exited Sabre in Q3 2025, selling an estimated $61.1M.
  • PAR Capital Management's ten largest holdings make up 78% of its $3.42B portfolio in Q3 2025.
  • PAR Capital Management opened 15 new positions and closed 7 in Q3 2025.
  • PAR Capital Management's portfolio value rose 11% quarter-over-quarter to $3.42B.

Based on PAR Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.