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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
+16%
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
$3.07B
AUM Growth
+$80.4M
Cap. Flow
-$276M
Cap. Flow %
-8.99%
Top 10 Hldgs %
80.06%
Holding
62
New
13
Increased
26
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
H icon
Hyatt Hotels
H
+$39.2M
2
CVNA icon
Carvana
CVNA
+$24.7M
3
SABR icon
Sabre
SABR
+$18.2M
4
MAR icon
Marriott International
MAR
+$14.3M
5
AAL icon
American Airlines Group
AAL
+$13.4M

Top Sells

Rank Stock Value
1
UBER icon
Uber
UBER
+$330M
2
CARG icon
CarGurus
CARG
+$74.6M
3
CAR icon
Avis
CAR
+$46.5M
4
LTM
LATAM Airlines Group S.A.
LTM
+$10.5M
5
RYAAY icon
Ryanair
RYAAY
+$560K

Sector Composition

Rank Sector Weight
1 Industrials 34.53%
2 Consumer Discretionary 30.39%
3 Financials 20.56%
4 Technology 12.92%
5 Communication Services 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SYF icon
1
Synchrony
SYF
$23.7B
$501M 16.3%
7,500,000
– –
EXPE icon
2
Expedia Group
EXPE
$31.2B
$403M 13.12%
2,387,750
– –
UAL icon
3
United Airlines
UAL
$38.4B
$396M 12.88%
4,968,850
+127,800
+3% +$9.42M
WEX icon
4
WEX
WEX
$6.11B
$272M 8.85%
1,851,100
+600
+0% +$80.6K
BKNG icon
5
Booking.com
BKNG
$138B
$219M 7.13%
945,650
+2,375
+0.3% +$486K
LUV icon
6
Southwest Airlines
LUV
$22.1B
$192M 6.25%
5,917,492
+1,000
+0% +$30.1K
DAL icon
7
Delta Air Lines
DAL
$55.9B
$175M 5.71%
3,564,000
– –
CVNA icon
8
Carvana
CVNA
$43.3B
$157M 5.13%
2,335,860
+449,860
+24% +$24.7M
SCHW
9
Charles Schwab
SCHW
$177B
$82.9M 2.7%
909,000
+4,000
+0.4% +$335K
SABR icon
10
Sabre
SABR
$656M
$61.1M 1.99%
19,350,000
+7,082,948
+58% +$18.2M
ALK icon
11
Alaska Air
ALK
$5.15B
$55.4M 1.8%
1,119,302
+43,726
+4% +$2.12M
CAR icon
12
Avis
CAR
$5.63B
$54.1M 1.76%
320,000
-431,770
-57% -$46.5M
H icon
13
Hyatt Hotels
H
$17.6B
$51.8M 1.69%
371,261
+314,300
+552% +$39.2M
WBS icon
14
Webster Financial
WBS
$12.3B
$41M 1.33%
750,000
+50,000
+7% +$2.49M
TRIP icon
15
TripAdvisor
TRIP
$1.59B
$37.8M 1.23%
2,896,475
– –
SKYW icon
16
Skywest
SKYW
$4.11B
$37.4M 1.22%
363,451
– –
MAR icon
17
Marriott International
MAR
$98.7B
$37.2M 1.21%
136,100
+57,000
+72% +$14.3M
AVDX
18
DELISTED
AvidXchange
AVDX
$32.3M 1.05%
3,300,000
– –
ALGT icon
19
Allegiant Air
ALGT
$2.64B
$32.1M 1.05%
584,996
+58,566
+11% +$3.02M
LYFT icon
20
Lyft
LYFT
$5.39B
$30M 0.98%
1,905,000
+330,000
+21% +$4.62M
JBLU icon
21
JetBlue
JBLU
$1.96B
$23.2M 0.76%
5,487,425
+2,814,870
+105% +$12.6M
SNCY
22
DELISTED
Sun Country Airlines
SNCY
$23M 0.75%
1,959,372
– –
RYAAY icon
23
Ryanair
RYAAY
$29.5B
$19.9M 0.65%
345,000
-11,000
-3% -$560K
HTZ icon
24
Hertz
HTZ
$572M
$15.6M 0.51%
2,291,357
+1,290,786
+129% +$8.06M
CARS icon
25
Cars.com
CARS
$641M
$14.2M 0.46%
+1,200,000
New +$13.2M
1
2 3

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DAM
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PWP
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OTPPB
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JGC
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CIA
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PAR Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, PAR Capital Management held 62 positions worth $3.07B, up 2.7% from $2.99B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

PAR Capital Management withdrew a net $276M in Q2 2025, closing 5 positions and reducing 7 holdings. Its most notable exit was Uber, an estimated $330M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, PAR Capital Management opened a new position in American Airlines Group worth $14M.

  • PAR Capital Management's largest Q2 2025 buy was American Airlines Group: 1,250,000 shares worth $14M.
  • PAR Capital Management added most to Hyatt Hotels in Q2 2025, an estimated $39.2M increase.
  • PAR Capital Management's biggest Q2 2025 reduction was CarGurus, cutting an estimated $74.6M.
  • PAR Capital Management fully exited Uber in Q2 2025, selling an estimated $330M.
  • PAR Capital Management's ten largest holdings make up 80% of its $3.07B portfolio in Q2 2025.
  • PAR Capital Management opened 13 new positions and closed 5 in Q2 2025.
  • PAR Capital Management's portfolio value rose 2.7% quarter-over-quarter to $3.07B.

Based on PAR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.