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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
(+11%)
Cap. Flow
+$7.73M
Cap. Flow
% of AUM
0.23%
Top 10 Holdings %
Top 10 Hldgs %
77.52%
Holding
72
New
15
Increased
18
Reduced
15
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BILL Holdings
BILL
|
+$89.4M |
| 2 |
Uber
UBER
|
+$61.2M |
| 3 |
Airbnb
ABNB
|
+$28.1M |
| 4 |
Lyft
LYFT
|
+$22.6M |
| 5 |
Cars.com
CARS
|
+$11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sabre
SABR
|
+$61.1M |
| 2 |
Carvana
CVNA
|
+$39.6M |
| 3 |
Expedia Group
EXPE
|
+$37.7M |
| 4 |
Southwest Airlines
LUV
|
+$31.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
51
PUT
DoorDash
DASH
$87.4B
| $653K | 0.02% |
+2,400
| New | +$602K |
|
52
PNC Financial Services
PNC
$100B
| $603K | 0.02% |
+3,000
| New | +$593K |
|
53
Flex
FLEX
$43.4B
| $574K | 0.02% |
9,910
| – | – |
|
54
Mastercard
MA
$500B
| $512K | 0.02% |
900
| – | – |
|
|
55
PUT
Carvana
CVNA
$72.7B
| $453K | 0.01% |
6,000
-8,000
| -57% | -$572K |
|
56
Klaviyo
KVYO
$5.42B
| $443K | 0.01% |
+16,000
| New | +$517K |
|
57
Affirm
AFRM
$25.3B
| $402K | 0.01% |
+5,500
| New | +$419K |
|
58
Carnival Corporation Ltd
CCL
$39.4B
| $390K | 0.01% |
+13,500
| New | +$408K |
|
|
SCHW
59
PUT
Charles Schwab
SCHW
$184B
| $382K | 0.01% |
+4,000
| New | +$380K |
|
60
Shopify
SHOP
$152B
| $372K | 0.01% |
+2,500
| New | +$339K |
|
61
Zillow
Z
$8.04B
| $308K | 0.01% |
4,000
+800
| +25% | +$65.4K |
|
62
Visa
V
$683B
| $287K | 0.01% |
840
-2,000
| -70% | -$692K |
|
63
Zoom
ZM
$28.8B
| $281K | 0.01% |
+3,400
| New | +$265K |
|
64
HubSpot
HUBS
$12.3B
| $234K | 0.01% |
+500
| New | +$252K |
|
|
DOCU
65
DocuSign
DOCU
$10.5B
| $216K | 0.01% |
+3,000
| New | +$231K |
|
66
PUT
Citigroup
C
$224B
| – | – |
-10,000
| Closed | -$851K |
|
|
EB
67
DELISTED
Eventbrite
EB
| – | – |
-31,000
| Closed | -$81.5K |
|
68
Meta Platforms (Facebook)
META
$1.5T
| – | – |
-660
| Closed | -$487K |
|
69
Pinterest
PINS
$13.5B
| – | – |
-15,000
| Closed | -$538K |
|
|
70
Sabre
SABR
$779M
| – | – |
-19,350,000
| Closed | -$61.1M |
|
71
SEI Investments
SEIC
$12.5B
| – | – |
-3,500
| Closed | -$315K |
|
72
Wayfair
W
$11.8B
| – | – |
-9,000
| Closed | -$460K |
|
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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.