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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
+23.75%
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
$3.39B
AUM Growth
-$137M
Cap. Flow
-$747M
Cap. Flow %
-22.04%
Top 10 Hldgs %
78.2%
Holding
67
New
11
Increased
17
Reduced
16
Closed
7

Top Buys

Rank Stock Value
1
SABR icon
Sabre
SABR
+$21.5M
2
TRIP icon
TripAdvisor
TRIP
+$19.7M
3
RYAAY icon
Ryanair
RYAAY
+$15.4M
4
ALGT icon
Allegiant Air
ALGT
+$2.16M
5
TRVG
trivago
TRVG
+$1.19M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$411M
2
EXPE icon
Expedia Group
EXPE
+$151M
3
SYF icon
Synchrony
SYF
+$61.2M
4
CVNA icon
Carvana
CVNA
+$45M
5
ABNB icon
Airbnb
ABNB
+$37.9M

Sector Composition

Rank Sector Weight
1 Industrials 33.36%
2 Consumer Discretionary 27.92%
3 Technology 19.93%
4 Financials 18.33%
5 Communication Services 0.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SYF icon
1
Synchrony
SYF
$24.4B
$481M 14.19%
7,400,000
-1,000,000
-12% -$61.2M
UAL icon
2
United Airlines
UAL
$38.8B
$470M 13.87%
4,841,050
– –
EXPE icon
3
Expedia Group
EXPE
$36.5B
$443M 13.06%
2,374,844
-878,765
-27% -$151M
WEX icon
4
WEX
WEX
$6.42B
$324M 9.57%
1,850,000
– –
DAL icon
5
Delta Air Lines
DAL
$56.7B
$270M 7.95%
4,455,000
– –
UBER icon
6
Uber
UBER
$145B
$233M 6.88%
3,866,829
-486,871
-11% -$34.8M
BKNG icon
7
Booking.com
BKNG
$156B
$188M 5.54%
944,025
-2,136,725
-69% -$411M
CARG icon
8
CarGurus
CARG
$3.34B
$97.5M 2.88%
2,667,056
+3,100
+0.1% +$106K
TSLA icon
9
Tesla
TSLA
$1.18T
$77.7M 2.29%
192,300
– –
SCHW
10
Charles Schwab
SCHW
$182B
$67M 1.98%
905,000
-395,000
-30% -$29.6M
CVNA icon
11
Carvana
CVNA
$47.5B
$61.9M 1.83%
1,521,200
-1,000,800
-40% -$45M
CAR icon
12
Avis
CAR
$5.47B
$60.6M 1.79%
751,770
-83,530
-10% -$7.62M
LUV icon
13
Southwest Airlines
LUV
$21.7B
$57.6M 1.7%
1,712,192
+3,000
+0.2% +$95.7K
ALK icon
14
Alaska Air
ALK
$5.11B
$55.1M 1.63%
851,089
-94,565
-10% -$4.97M
ALGT icon
15
Allegiant Air
ALGT
$2.57B
$50.8M 1.5%
539,549
+29,665
+6% +$2.16M
XYZ
16
Block Inc
XYZ
$48.9B
$43M 1.27%
505,500
+5,500
+1% +$451K
SABR icon
17
Sabre
SABR
$716M
$39.7M 1.17%
10,866,722
+5,866,722
+117% +$21.5M
WBS icon
18
Webster Financial
WBS
$12.3B
$38.7M 1.14%
700,000
– –
AAL icon
19
American Airlines Group
AAL
$9.82B
$34.9M 1.03%
2,000,000
– –
TRIP icon
20
TripAdvisor
TRIP
$1.7B
$33.1M 0.98%
2,242,000
+1,350,378
+151% +$19.7M
SNCY
21
DELISTED
Sun Country Airlines
SNCY
$32.9M 0.97%
2,254,955
-250,551
-10% -$3.4M
AVDX
22
DELISTED
AvidXchange
AVDX
$31M 0.92%
3,000,000
-350,000
-10% -$3.42M
CMA
23
DELISTED
Comerica
CMA
$30.9M 0.91%
500,000
– –
SKYW icon
24
Skywest
SKYW
$4.35B
$24M 0.71%
239,941
– –
MAR icon
25
Marriott International
MAR
$100B
$22M 0.65%
78,900
+100
+0.1% +$27.5K
1
2 3

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PAR Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, PAR Capital Management held 67 positions worth $3.39B, down 3.9% from $3.53B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

PAR Capital Management withdrew a net $747M in Q4 2024, closing 7 positions and reducing 16 holdings. Its most notable exit was Airbnb, an estimated $37.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, PAR Capital Management opened a new position in Ryanair worth $15M.

  • PAR Capital Management's largest Q4 2024 buy was Ryanair: 345,000 shares worth $15M.
  • PAR Capital Management added most to Sabre in Q4 2024, an estimated $21.5M increase.
  • PAR Capital Management's biggest Q4 2024 reduction was Booking.com, cutting an estimated $411M.
  • PAR Capital Management fully exited Airbnb in Q4 2024, selling an estimated $37.9M.
  • PAR Capital Management's ten largest holdings make up 78% of its $3.39B portfolio in Q4 2024.
  • PAR Capital Management opened 11 new positions and closed 7 in Q4 2024.
  • PAR Capital Management's portfolio value fell 3.9% quarter-over-quarter to $3.39B.

Based on PAR Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.