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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
(+11%)
Cap. Flow
+$175M
Cap. Flow
% of AUM
4.63%
Top 10 Holdings %
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 |
Airbnb
ABNB
|
+$63.6M |
| 3 |
WEX
WEX
|
+$60.3M |
| 4 |
Uber
UBER
|
+$30.7M |
| 5 |
Alaska Air
ALK
|
+$21.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BILL Holdings
BILL
|
+$82.2M |
| 2 |
Expedia Group
EXPE
|
+$62.2M |
| 3 |
Booking.com
BKNG
|
+$54.3M |
| 4 |
AVDX
AvidXchange
AVDX
|
+$32.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
DOCU
51
DocuSign
DOCU
$10.5B
| $363K | 0.01% |
5,300
+2,300
| +77% | +$159K |
|
52
Trip.com Group
TCOM
$29.8B
| $324K | 0.01% |
+4,500
| New | +$322K |
|
|
SNCY
53
PUT
DELISTED
Sun Country Airlines
SNCY
| $259K | 0.01% |
+18,000
| New | +$230K |
|
54
Affirm
AFRM
$25.3B
| – | – |
-5,500
| Closed | -$402K |
|
55
PUT
Amazon
AMZN
$3.06T
| – | – |
-4,500
| Closed | -$988K |
|
|
AVDX
56
DELISTED
AvidXchange
AVDX
| – | – |
-3,299,292
| Closed | -$32.8M |
|
|
BNY
57
Bank of New York Mellon
BNY
$106B
| – | – |
-26,364
| Closed | -$2.87M |
|
58
Maplebear
CART
$10.7B
| – | – |
-75,000
| Closed | -$2.76M |
|
59
Carnival Corporation Ltd
CCL
$39.4B
| – | – |
-13,500
| Closed | -$390K |
|
60
PUT
Carvana
CVNA
$72.7B
| – | – |
-6,000
| Closed | -$453K |
|
61
Flex
FLEX
$43B
| – | – |
-9,910
| Closed | -$574K |
|
62
Grab
GRAB
$15B
| – | – |
-181,000
| Closed | -$1.09M |
|
|
63
PUT
Grab
GRAB
$15B
| – | – |
-181,000
| Closed | -$1.09M |
|
64
HubSpot
HUBS
$12.3B
| – | – |
-500
| Closed | -$234K |
|
65
PNC Financial Services
PNC
$100B
| – | – |
-3,000
| Closed | -$603K |
|
|
SCHW
66
PUT
Charles Schwab
SCHW
$184B
| – | – |
-4,000
| Closed | -$382K |
|
67
Shopify
SHOP
$152B
| – | – |
-2,500
| Closed | -$372K |
|
68
SoFi Technologies
SOFI
$23.3B
| – | – |
-55,000
| Closed | -$1.45M |
|
|
69
PUT
SoFi Technologies
SOFI
$23.3B
| – | – |
-55,000
| Closed | -$1.45M |
|
|
70
PUT
United Airlines
UAL
$41.7B
| – | – |
-149,000
| Closed | -$14.4M |
|
71
Wyndham Hotels & Resorts
WH
$5.59B
| – | – |
-27,000
| Closed | -$2.16M |
|
72
Zillow
Z
$8.04B
| – | – |
-4,000
| Closed | -$308K |
|
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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.