PCM

PAR Capital Management Portfolio holdings

AUM $4.03B Turnover 28.57%
1-Year Est. Return 35.05%
This Fund
S&P 500
This Quarter Est. Return
+11.64%
1 Year Est. Return
+35.05%
3 Year Est. Return
+138.5%
5 Year Est. Return
+113.35%
10 Year Est. Return
+497.77%
AUM
$3.42B
AUM Growth
+$345M
Cap. Flow
-$1.52M
Cap. Flow %
-0.04%
Top 10 Hldgs %
77.52%
Holding
72
New
15
Increased
18
Reduced
15
Closed
7
Avg Time Held Equity + Options
2.6 years
Top 10 Avg Time Held Equity + Options
3.9 years
Top 20 Avg Time Held Equity + Options
4.5 years
Avg Time Held Equity only
3 years
Top 10 Avg Time Held Equity only
3.9 years
Top 20 Avg Time Held Equity only
4.5 years

Top Buys

Rank Stock Value
1
BILL icon
BILL Holdings
BILL
+$89.4M
2
UBER icon
Uber
UBER
+$61.2M
3
ABNB icon
Airbnb
ABNB
+$28.1M
4
LYFT icon
Lyft
LYFT
+$22.6M
5
CARS icon
Cars.com
CARS
+$11M

Top Sells

Rank Stock Value
1
SABR icon
Sabre
SABR
+$61.1M
2
CVNA icon
Carvana
CVNA
+$39.6M
3
EXPE icon
Expedia Group
EXPE
+$37.7M
4
LUV icon
Southwest Airlines
LUV
+$31.6M
5
CAR icon
Avis
CAR
+$20.2M

Sector Composition

Rank Sector Weight
1 Industrials 33.29%
2 Consumer Discretionary 28.03%
3 Financials 19.69%
4 Technology 16.55%
5 Communication Services 1.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SYF icon
1
Synchrony
SYF
$23.3B
$533M 15.6%
7,500,000
– –
2017 Q2
33 quarters
UAL icon
2
United Airlines
UAL
$32.1B
$479M 14.04%
4,968,850
– –
2014 Q3
44 quarters
EXPE icon
3
Expedia Group
EXPE
$33B
$470M 13.77%
2,200,000
-187,750
-8% -$37.7M
2013 Q2
49 quarters
WEX icon
4
WEX
WEX
$5.95B
$292M 8.54%
1,851,500
+400
+0% +$66.2K
2014 Q4
43 quarters
DAL icon
5
Delta Air Lines
DAL
$50.4B
$203M 5.94%
3,574,210
+10,210
+0.3% +$583K
2013 Q2
49 quarters
BKNG icon
6
Booking.com
BKNG
$121B
$189M 5.54%
876,250
-69,400
-7% -$15.5M
2013 Q2
49 quarters
LUV icon
7
Southwest Airlines
LUV
$19.2B
$158M 4.63%
4,950,192
-967,300
-16% -$31.6M
2020 Q1
22 quarters
CVNA icon
8
Carvana
CVNA
$41.7B
$135M 3.94%
1,782,860
-553,000
-24% -$39.6M
2023 Q2
9 quarters
BILL icon
9
BILL Holdings
BILL
$3.77B
$102M 2.99%
+1,925,000
New +$89.4M
2025 Q3
0 quarters
SCHW icon
10
Charles Schwab
SCHW
$167B
$86.9M 2.54%
910,000
+1,000
+0.1% +$94.9K
2020 Q1
22 quarters
LYFT icon
11
Lyft
LYFT
$6.24B
$71.6M 2.1%
3,255,000
+1,350,000
+71% +$22.6M
2024 Q1
6 quarters
UBER icon
12
Uber
UBER
$142B
$64.1M 1.88%
+654,000
New +$61.2M
2025 Q3
0 quarters
ALK icon
13
Alaska Air
ALK
$3.99B
$55.7M 1.63%
1,119,302
– –
2013 Q2
49 quarters
H icon
14
Hyatt Hotels
H
$15.1B
$52.7M 1.54%
371,300
+39
+0% +$5.59K
2022 Q1
14 quarters
WBS icon
15
DELISTED
Webster Financial
WBS
$44.6M 1.31%
750,000
– –
2022 Q1
14 quarters
ALGT icon
16
Allegiant Air
ALGT
$1.83B
$37.9M 1.11%
624,081
+39,085
+7% +$2.24M
2018 Q3
28 quarters
SKYW icon
17
Skywest
SKYW
$3.59B
$36.2M 1.06%
359,881
-3,570
-1% -$399K
2022 Q3
12 quarters
MAR icon
18
Marriott International
MAR
$97B
$35.4M 1.04%
136,100
– –
2024 Q3
4 quarters
AVDX icon
19
DELISTED
AvidXchange
AVDX
$32.8M 0.96%
3,299,292
-708
-0% -$7.01K
2022 Q1
14 quarters
TRIP icon
20
TripAdvisor
TRIP
$1.05B
$32.5M 0.95%
2,000,000
-896,475
-31% -$15.6M
2013 Q2
49 quarters
CAR icon
21
Avis
CAR
$3.77B
$32.1M 0.94%
200,000
-120,000
-38% -$20.2M
2022 Q4
11 quarters
ABNB icon
22
Airbnb
ABNB
$98.5B
$26.6M 0.78%
219,300
+217,500
+12,083% +$28.1M
2025 Q2
1 quarter
CARS icon
23
Cars.com
CARS
$531M
$25.2M 0.74%
2,058,648
+858,648
+72% +$11M
2025 Q2
1 quarter
SNCY icon
24
DELISTED
Sun Country Airlines
SNCY
$24.4M 0.71%
2,067,000
+107,628
+5% +$1.33M
2021 Q1
18 quarters
JBLU icon
25
JetBlue
JBLU
$1.14B
$22.1M 0.65%
4,487,425
-1,000,000
-18% -$4.8M
2016 Q2
37 quarters
1
2 3

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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.