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PAR Capital Management Portfolio holdings

AUM $4.03B
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

Top Buys

Rank Stock Value
1
AERO
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
AvidXchange
AVDX
+$32.8M
5
UAL icon
United Airlines
UAL
+$7.48M

Sector Composition

Rank Sector Weight
1 Industrials 36.12%
2 Consumer Discretionary 28.59%
3 Financials 20.29%
4 Technology 13.15%
5 Communication Services 1.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SYF icon
1
Synchrony
SYF
$25.4B
$626M 16.54%
7,500,000
– –
EXPE icon
2
Expedia Group
EXPE
$39.5B
$552M 14.59%
1,948,446
-251,554
-11% -$62.2M
UAL icon
3
United Airlines
UAL
$35.9B
$547M 14.47%
4,894,850
-74,000
-1% -$7.48M
WEX icon
4
WEX
WEX
$6.72B
$336M 8.87%
2,252,000
+400,500
+22% +$60.3M
DAL icon
5
Delta Air Lines
DAL
$52.7B
$248M 6.56%
3,574,210
– –
LUV icon
6
Southwest Airlines
LUV
$19.4B
$205M 5.41%
4,950,192
– –
CVNA icon
7
Carvana
CVNA
$53.3B
$148M 3.91%
1,753,360
-29,500
-2% -$2.19M
BKNG icon
8
Booking.com
BKNG
$155B
$131M 3.47%
612,175
-264,075
-30% -$54.3M
ABNB icon
9
Airbnb
ABNB
$112B
$99.1M 2.62%
729,900
+510,600
+233% +$63.6M
SCHW
10
Charles Schwab
SCHW
$191B
$91.1M 2.41%
912,000
+2,000
+0.2% +$190K
UBER icon
11
Uber
UBER
$161B
$81.3M 2.15%
995,200
+341,200
+52% +$30.7M
ALK icon
12
Alaska Air
ALK
$4.72B
$79.5M 2.1%
1,581,500
+462,198
+41% +$21.4M
LYFT icon
13
Lyft
LYFT
$6.7B
$60.8M 1.61%
3,140,000
-115,000
-4% -$2.39M
H icon
14
Hyatt Hotels
H
$16.2B
$54.3M 1.44%
338,800
-32,500
-9% -$4.98M
ALGT icon
15
Allegiant Air
ALGT
$2.16B
$53.2M 1.41%
624,081
– –
WBS
16
DELISTED
Webster Financial
WBS
$47.6M 1.26%
755,500
+5,500
+0.7% +$327K
MAR icon
17
Marriott International
MAR
$91.5B
$41.9M 1.11%
134,900
-1,200
-0.9% -$343K
SKYW icon
18
Skywest
SKYW
$3.84B
$36.1M 0.96%
359,881
– –
CARS icon
19
Cars.com
CARS
$639M
$32.9M 0.87%
2,697,648
+639,000
+31% +$7.43M
TRIP icon
20
TripAdvisor
TRIP
$1.16B
$31.7M 0.84%
2,180,564
+180,564
+9% +$2.75M
AERO
21
Grupo Aeromexico SAB de CV
AERO
$2.14B
$30.4M 0.8%
+13,850,410
New +$265M
SNCY
22
DELISTED
Sun Country Airlines
SNCY
$28.8M 0.76%
2,000,000
-67,000
-3% -$856K
CAR icon
23
Avis
CAR
$4.88B
$25.7M 0.68%
200,000
– –
RYAAY icon
24
Ryanair
RYAAY
$29.1B
$24.9M 0.66%
345,000
– –
JBLU icon
25
JetBlue
JBLU
$1.81B
$20.3M 0.54%
4,457,425
-30,000
-0.7% -$137K
1
2 3

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PWP
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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.