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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
+14.29%
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
$3.78B
AUM Growth
+$368M
Cap. Flow
+$175M
Cap. Flow %
4.63%
Top 10 Hldgs %
78.83%
Holding
72
New
7
Increased
19
Reduced
13
Closed
19

Top Buys

Rank Stock Value
1
AERO
Grupo Aeromexico SAB de CV
AERO
+$265M
2
ABNB icon
Airbnb
ABNB
+$63.6M
3
WEX icon
WEX
WEX
+$60.3M
4
UBER icon
Uber
UBER
+$30.7M
5
ALK icon
Alaska Air
ALK
+$21.4M

Top Sells

Rank Stock Value
1
BILL icon
BILL Holdings
BILL
+$82.2M
2
EXPE icon
Expedia Group
EXPE
+$62.2M
3
BKNG icon
Booking.com
BKNG
+$54.3M
4
AVDX
AvidXchange
AVDX
+$32.8M
5
UAL icon
United Airlines
UAL
+$7.48M

Sector Composition

Rank Sector Weight
1 Industrials 36.12%
2 Consumer Discretionary 28.59%
3 Financials 20.29%
4 Technology 13.15%
5 Communication Services 1.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAL icon
26
American Airlines Group
AAL
$10.1B
$19.2M 0.51%
1,250,000
– –
CPA icon
27
Copa Holdings
CPA
$5.76B
$19M 0.5%
157,197
+9,197
+6% +$1.13M
BILL icon
28
BILL Holdings
BILL
$4.49B
$17.7M 0.47%
325,000
-1,600,000
-83% -$82.2M
CARG icon
29
CarGurus
CARG
$3.27B
$13.3M 0.35%
348,098
+91,807
+36% +$3.31M
GOOG icon
30
Alphabet (Google) Class C
GOOG
$4.36T
$11.5M 0.3%
36,700
+1,000
+3% +$286K
TRVG
31
trivago
TRVG
$373M
$11.5M 0.3%
3,970,806
+393,937
+11% +$1.2M
GOOG icon
32
PUT
Alphabet (Google) Class C
GOOG
$4.36T
$10.5M 0.28%
33,600
– –
ULCC icon
33
Frontier Group Holdings
ULCC
$1.55B
$10.2M 0.27%
2,156,100
– –
LTM
34
LATAM Airlines Group S.A.
LTM
$15.1B
$8.91M 0.24%
165,000
– –
HTZ icon
35
Hertz
HTZ
$499M
$7.2M 0.19%
1,400,000
-891,357
-39% -$4.87M
GBTG icon
36
American Express Global Business Travel
GBTG
$4.93B
$6.76M 0.18%
883,244
-155,770
-15% -$1.21M
RJET
37
Republic Airways Holdings
RJET
$967M
$3.26M 0.09%
177,301
+4,909
+3% +$102K
AMZN icon
38
Amazon
AMZN
$2.92T
$1.45M 0.04%
6,300
-1,000
-14% -$229K
DAL icon
39
PUT
Delta Air Lines
DAL
$57.5B
$1.25M 0.03%
+18,000
New +$1.12M
C icon
40
Citigroup
C
$222B
$1.17M 0.03%
10,000
– –
C icon
41
PUT
Citigroup
C
$222B
$1.17M 0.03%
+10,000
New +$1.04M
ZM icon
42
Zoom
ZM
$28.2B
$1.03M 0.03%
11,900
+8,500
+250% +$715K
BAC icon
43
Bank of America
BAC
$435B
$1.02M 0.03%
18,500
+300
+2% +$15.9K
DASH icon
44
DoorDash
DASH
$85.5B
$793K 0.02%
3,500
+1,100
+46% +$258K
TSLA icon
45
Tesla
TSLA
$1.23T
$765K 0.02%
+1,700
New +$754K
KVYO icon
46
Klaviyo
KVYO
$5.34B
$747K 0.02%
23,000
+7,000
+44% +$196K
DASH icon
47
PUT
DoorDash
DASH
$85.5B
$544K 0.01%
2,400
– –
MA icon
48
Mastercard
MA
$502B
$514K 0.01%
900
– –
META icon
49
Meta Platforms (Facebook)
META
$1.42T
$462K 0.01%
+700
New +$467K
V icon
50
Visa
V
$684B
$365K 0.01%
1,040
+200
+24% +$68.1K
1
2
3

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PAR Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, PAR Capital Management held 72 positions worth $3.78B, up 11% from $3.42B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

PAR Capital Management deployed $175M of net new capital in Q4 2025, opening 7 new positions and adding to 19 existing holdings. Its largest new stake was Grupo Aeromexico SAB de CV: 13,850,410 shares worth $30.4M.

By sector, the portfolio is most concentrated in Industrials at 36% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was BILL Holdings, an estimated $82.2M trimmed.

  • PAR Capital Management's largest Q4 2025 buy was Grupo Aeromexico SAB de CV: 13,850,410 shares worth $30.4M.
  • PAR Capital Management added most to Airbnb in Q4 2025, an estimated $63.6M increase.
  • PAR Capital Management's biggest Q4 2025 reduction was BILL Holdings, cutting an estimated $82.2M.
  • PAR Capital Management fully exited AvidXchange in Q4 2025, selling an estimated $32.8M.
  • PAR Capital Management's ten largest holdings make up 79% of its $3.78B portfolio in Q4 2025.
  • PAR Capital Management opened 7 new positions and closed 19 in Q4 2025.
  • PAR Capital Management's portfolio value rose 11% quarter-over-quarter to $3.78B.

Based on PAR Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.