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PAR Capital Management

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
+14.29%
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
$3.78B
AUM Growth
+$368M
Cap. Flow
+$192M
Cap. Flow %
5.06%
Top 10 Hldgs %
78.83%
Holding
72
New
7
Increased
19
Reduced
13
Closed
19
Avg Time Held Equity + Options
3.3 years
Top 10 Avg Time Held Equity + Options
4.1 years
Top 20 Avg Time Held Equity + Options
4.7 years
Avg Time Held Equity only
3.6 years
Top 10 Avg Time Held Equity only
4.1 years
Top 20 Avg Time Held Equity only
4.7 years

Top Buys

Rank Stock Value
1
AERO icon
Grupo Aeromexico SAB de CV
AERO
+$265M
2
ABNB icon
Airbnb
ABNB
+$63.6M
3
WEX icon
WEX
WEX
+$60.3M
4
UBER icon
Uber
UBER
+$30.7M
5
ALK icon
Alaska Air
ALK
+$21.4M

Top Sells

Rank Stock Value
1
BILL icon
BILL Holdings
BILL
+$82.2M
2
EXPE icon
Expedia Group
EXPE
+$62.2M
3
BKNG icon
Booking.com
BKNG
+$54.3M
4
AVDX icon
AvidXchange
AVDX
+$32.8M
5
UAL icon
United Airlines
UAL
+$7.48M

Sector Composition

Rank Sector Weight
1 Industrials 36.12%
2 Consumer Discretionary 28.24%
3 Financials 20.29%
4 Technology 13.15%
5 Communication Services 1.84%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SYF icon
1
Synchrony
SYF
$23.3B
$626M 16.54%
7,500,000
– –
2017 Q2
34 quarters
EXPE icon
2
Expedia Group
EXPE
$33B
$552M 14.59%
1,948,446
-251,554
-11% -$62.2M
2013 Q2
50 quarters
UAL icon
3
United Airlines
UAL
$32.1B
$547M 14.47%
4,894,850
-74,000
-1% -$7.48M
2014 Q3
45 quarters
WEX icon
4
WEX
WEX
$5.95B
$336M 8.87%
2,252,000
+400,500
+22% +$60.3M
2014 Q4
44 quarters
DAL icon
5
Delta Air Lines
DAL
$50.4B
$248M 6.56%
3,574,210
– –
2013 Q2
50 quarters
LUV icon
6
Southwest Airlines
LUV
$19.2B
$205M 5.41%
4,950,192
– –
2020 Q1
23 quarters
CVNA icon
7
Carvana
CVNA
$41.7B
$148M 3.91%
1,753,360
-29,500
-2% -$2.19M
2023 Q2
10 quarters
BKNG icon
8
Booking.com
BKNG
$121B
$131M 3.47%
612,175
-264,075
-30% -$54.3M
2013 Q2
50 quarters
ABNB icon
9
Airbnb
ABNB
$98.5B
$99.1M 2.62%
729,900
+510,600
+233% +$63.6M
2025 Q2
2 quarters
SCHW icon
10
Charles Schwab
SCHW
$167B
$91.1M 2.41%
912,000
+2,000
+0.2% +$190K
2020 Q1
23 quarters
UBER icon
11
Uber
UBER
$142B
$81.3M 2.15%
995,200
+341,200
+52% +$30.7M
2025 Q3
1 quarter
ALK icon
12
Alaska Air
ALK
$3.99B
$79.5M 2.1%
1,581,500
+462,198
+41% +$21.4M
2013 Q2
50 quarters
LYFT icon
13
Lyft
LYFT
$6.24B
$60.8M 1.61%
3,140,000
-115,000
-4% -$2.39M
2024 Q1
7 quarters
H icon
14
Hyatt Hotels
H
$15.1B
$54.3M 1.44%
338,800
-32,500
-9% -$4.98M
2022 Q1
15 quarters
ALGT icon
15
Allegiant Air
ALGT
$1.83B
$53.2M 1.41%
624,081
– –
2018 Q3
29 quarters
WBS icon
16
DELISTED
Webster Financial
WBS
$47.6M 1.26%
755,500
+5,500
+0.7% +$327K
2022 Q1
15 quarters
MAR icon
17
Marriott International
MAR
$97B
$41.9M 1.11%
134,900
-1,200
-0.9% -$343K
2024 Q3
5 quarters
SKYW icon
18
Skywest
SKYW
$3.59B
$36.1M 0.96%
359,881
– –
2022 Q3
13 quarters
CARS icon
19
Cars.com
CARS
$531M
$32.9M 0.87%
2,697,648
+639,000
+31% +$7.43M
2025 Q2
2 quarters
TRIP icon
20
TripAdvisor
TRIP
$1.05B
$31.7M 0.84%
2,180,564
+180,564
+9% +$2.75M
2013 Q2
50 quarters
AERO icon
21
Grupo Aeromexico SAB de CV
AERO
$2.34B
$30.4M 0.8%
+13,850,410
New +$265M
2025 Q4
0 quarters
SNCY icon
22
DELISTED
Sun Country Airlines
SNCY
$28.8M 0.76%
2,000,000
-67,000
-3% -$856K
2021 Q1
19 quarters
CAR icon
23
Avis
CAR
$3.77B
$25.7M 0.68%
200,000
– –
2022 Q4
12 quarters
RYAAY icon
24
Ryanair
RYAAY
$26.6B
$24.9M 0.66%
345,000
– –
2024 Q4
4 quarters
JBLU icon
25
JetBlue
JBLU
$1.14B
$20.3M 0.54%
4,457,425
-30,000
-0.7% -$137K
2016 Q2
38 quarters
1
2 3

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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 $192M 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.