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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
-9.83%
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
$2.99B
AUM Growth
-$399M
Cap. Flow
+$29.7M
Cap. Flow %
0.99%
Top 10 Hldgs %
81.66%
Holding
67
New
7
Increased
24
Reduced
7
Closed
18

Top Buys

Rank Stock Value
1
LUV icon
Southwest Airlines
LUV
+$133M
2
UBER icon
Uber
UBER
+$47.8M
3
LYFT icon
Lyft
LYFT
+$18.9M
4
CVNA icon
Carvana
CVNA
+$16.1M
5
ALK icon
Alaska Air
ALK
+$14.7M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$77.7M
2
DAL icon
Delta Air Lines
DAL
+$52.8M
3
XYZ
Block Inc
XYZ
+$43M
4
AAL icon
American Airlines Group
AAL
+$34.9M
5
CMA
Comerica
CMA
+$30.9M

Sector Composition

Rank Sector Weight
1 Industrials 31.34%
2 Consumer Discretionary 27.29%
3 Technology 23.5%
4 Financials 16.95%
5 Communication Services 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXPE icon
1
Expedia Group
EXPE
$36.5B
$401M 13.42%
2,387,750
+12,906
+0.5% +$2.35M
SYF icon
2
Synchrony
SYF
$24.4B
$397M 13.28%
7,500,000
+100,000
+1% +$6.18M
UAL icon
3
United Airlines
UAL
$38.8B
$334M 11.18%
4,841,050
– –
UBER icon
4
Uber
UBER
$145B
$330M 11.04%
4,529,829
+663,000
+17% +$47.8M
WEX icon
5
WEX
WEX
$6.42B
$291M 9.72%
1,850,500
+500
+0% +$82.3K
LUV icon
6
Southwest Airlines
LUV
$21.7B
$199M 6.64%
5,916,492
+4,204,300
+246% +$133M
BKNG icon
7
Booking.com
BKNG
$156B
$174M 5.81%
943,275
-750
-0.1% -$143K
DAL icon
8
Delta Air Lines
DAL
$56.7B
$155M 5.2%
3,564,000
-891,000
-20% -$52.8M
CARG icon
9
CarGurus
CARG
$3.34B
$81.9M 2.74%
2,810,956
+143,900
+5% +$5.04M
CVNA icon
10
Carvana
CVNA
$47.5B
$78.9M 2.64%
1,886,000
+364,800
+24% +$16.1M
SCHW
11
Charles Schwab
SCHW
$182B
$70.8M 2.37%
905,000
– –
CAR icon
12
Avis
CAR
$5.47B
$57.1M 1.91%
751,770
– –
ALK icon
13
Alaska Air
ALK
$5.11B
$52.9M 1.77%
1,075,576
+224,487
+26% +$14.7M
TRIP icon
14
TripAdvisor
TRIP
$1.7B
$41M 1.37%
2,896,475
+654,475
+29% +$10.3M
WBS icon
15
Webster Financial
WBS
$12.3B
$36.1M 1.21%
700,000
– –
SABR icon
16
Sabre
SABR
$716M
$34.5M 1.15%
12,267,052
+1,400,330
+13% +$4.96M
SKYW icon
17
Skywest
SKYW
$4.35B
$31.8M 1.06%
363,451
+123,510
+51% +$12.6M
AVDX
18
DELISTED
AvidXchange
AVDX
$28M 0.94%
3,300,000
+300,000
+10% +$2.77M
ALGT icon
19
Allegiant Air
ALGT
$2.57B
$27.2M 0.91%
526,430
-13,119
-2% -$1.05M
SNCY
20
DELISTED
Sun Country Airlines
SNCY
$24.1M 0.81%
1,959,372
-295,583
-13% -$4.58M
MAR icon
21
Marriott International
MAR
$100B
$18.8M 0.63%
79,100
+200
+0.3% +$54.4K
LYFT icon
22
Lyft
LYFT
$5.86B
$18.7M 0.63%
1,575,000
+1,450,000
+1,160% +$18.9M
RYAAY icon
23
Ryanair
RYAAY
$30B
$15.1M 0.5%
356,000
+11,000
+3% +$502K
TRVG
24
trivago
TRVG
$385M
$14.6M 0.49%
3,567,969
+23,738
+0.7% +$87.3K
LTM
25
LATAM Airlines Group S.A.
LTM
$14.9B
$14.6M 0.49%
467,500
– –
1
2 3

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PAR Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, PAR Capital Management held 67 positions worth $2.99B, down 12% from $3.39B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

PAR Capital Management's Q1 2025 filing shows 7 new, 24 increased, 7 reduced and 18 closed positions. Its largest new stake was Bank of America: 15,300 shares worth $638K. The largest sale was Tesla, an estimated $77.7M.

By sector, the portfolio is most concentrated in Industrials at 31% of assets, down from 33% a quarter earlier, followed by Consumer Discretionary and Technology.

  • PAR Capital Management's largest Q1 2025 buy was Bank of America: 15,300 shares worth $638K.
  • PAR Capital Management added most to Southwest Airlines in Q1 2025, an estimated $133M increase.
  • PAR Capital Management's biggest Q1 2025 reduction was Delta Air Lines, cutting an estimated $52.8M.
  • PAR Capital Management fully exited Tesla in Q1 2025, selling an estimated $77.7M.
  • PAR Capital Management's ten largest holdings make up 82% of its $2.99B portfolio in Q1 2025.
  • PAR Capital Management opened 7 new positions and closed 18 in Q1 2025.
  • PAR Capital Management's portfolio value fell 12% quarter-over-quarter to $2.99B.

Based on PAR Capital Management's 13F filing for Q1 2025, filed 15 May 2025.