Par Capital Management Inc
Net seller this quarter
$4.03B
45
-$60.8M
84.1%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 UAL | $729M | 18.07% | 1.65% | +7.3% | Q3 2014 |
 SYF | $579M | 14.35% | 2.34% | Not reported | Q2 2017 |
 EXPE | $485M | 12.03% | 1.66% | -2.9% | Q2 2013 |
 DAL | $326M | 8.09% | 0.53% | -0.9% | Q2 2013 |
 WEX | $318M | 7.89% | 6.57% | Not reported | Q4 2014 |
 UBER | $304M | 7.54% | 0.21% | +12.9% | Q2 2021 |
 LUV | $252M | 6.25% | 1.00% | -6.0% | Q4 2013 |
 BKNG | $177M | 4.38% | 0.13% | -6.8% | Q1 2018 |
 CVNA | $114M | 2.84% | Not reported | Not reported | Q2 2017 |
 ABNB | $107M | 2.66% | Not reported | +0.3% | Q1 2021 |
 ALGT | $99.3M | 2.46% | 4.58% | -0.2% | Q3 2014 |
 ALK | $82.5M | 2.04% | 1.42% | -0.1% | Q2 2013 |
 H | $65.6M | 1.63% | Not reported | Not reported | Q1 2022 |
 TRIP | $55.8M | 1.38% | 3.47% | Not reported | Q2 2013 |
 V | $43.8M | 1.09% | 0.01% | +59.5% | Q3 2014 |
 META | $31M | 0.77% | Not reported | Not reported | Q2 2013 |
 Z | $25.9M | 0.64% | Not reported | Not reported | Q1 2016 |
 TRVG | $23.5M | 0.58% | Not reported | +2.4% | Q4 2016 |
 LYFT | $23.4M | 0.58% | 0.42% | -48.7% | Q4 2021 |
 JBLU | $22.9M | 0.57% | 1.06% | -10.3% | Q2 2016 |
 SCHW | $22.6M | 0.56% | 0.01% | -3.3% | Q1 2020 |
 RYAAY | $22M | 0.55% | 0.03% | -1.5% | Q4 2024 |
 AERO | $21.4M | 0.53% | 0.08% | Not reported | Q4 2025 |
 AAL | $18.1M | 0.45% | 0.15% | -20.0% | Q4 2013 |
 MA | $15.4M | 0.38% | 0.00% | Not reported | Q1 2021 |
 MAR | $14.8M | 0.37% | 0.02% | -55.6% | Q2 2023 |
 RJET | $10.6M | 0.26% | 1.10% | Not reported | Q4 2025 |
 GOOG | $8.9M | 0.22% | Not reported | -29.2% | Q1 2024 |
 BILL | $7.23M | 0.18% | 0.22% | -50.0% | Q4 2024 |
 SKYW | $5.45M | 0.14% | 0.14% | -84.7% | Q1 2019 |
 CPA | $3.13M | 0.08% | 0.05% | -87.2% | Q3 2014 |
 CARS | $2.69M | 0.07% | 0.46% | Not reported | Q2 2025 |
 HTZ | $2.06M | 0.05% | 0.29% | -34.9% | Q3 2014 |
 FLEX | $1.61M | 0.04% | 0.00% | Not reported | Q1 2019 |
 ZM | $1.47M | 0.04% | Not reported | +183.3% | Q3 2025 |
 CFG | $1.4M | 0.03% | 0.00% | +25.0% | Q1 2024 |
 C | $1.4M | 0.03% | 0.00% | Not reported | Q2 2024 |
 CART | $963K | 0.02% | 0.01% | Not reported | Q1 2024 |
 EBAY | $894K | 0.02% | 0.00% | Not reported | Q3 2024 |
 TCOM | $539K | 0.01% | 0.00% | Not reported | Q1 2020 |
 TFC | $498K | 0.01% | 0.00% | -33.3% | Q2 2021 |
 CARG | $354K | 0.01% | Not reported | Not reported | Q2 2020 |
 AFRM | $326K | 0.01% | 0.01% | Not reported | Q3 2025 |
 PNC | $246K | 0.01% | 0.00% | Not reported | Q3 2024 |
 NXT | $206K | 0.01% | 0.00% | Not reported | Q1 2026 |
| Q1 2026 | |||||
| SYF | $518M | 15.00% | 2.26% | +1.5% | Q2 2017 |
| UAL | $460M | 13.33% | 1.54% | +2.1% | Q3 2014 |
| EXPE | $451M | 13.06% | 1.71% | +0.2% | Q2 2013 |
| WEX | $345M | 10.00% | 6.50% | +0.1% | Q4 2014 |
| UBER | $269M | 7.79% | 0.18% | +275.5% | Q2 2021 |
| DAL | $234M | 6.77% | 0.53% | -1.7% | Q2 2013 |
| LUV | $196M | 5.68% | 1.06% | +5.4% | Q4 2013 |
| BKNG | $179M | 5.19% | 0.13% | +73.9% | Q1 2018 |
| CVNA | $109M | 3.17% | Not reported | -0.8% | Q2 2017 |
| ABNB | $94.4M | 2.73% | Not reported | +2.4% | Q1 2021 |
| ALGT | $68.6M | 1.99% | 4.59% | +35.6% | Q3 2014 |
| ALK | $58.2M | 1.69% | 1.42% | Not reported | Q2 2013 |
| H | $48.7M | 1.41% | Not reported | -0.1% | Q1 2022 |
| TRIP | $43.4M | 1.26% | 3.50% | +86.7% | Q2 2013 |
| LYFT | $41.6M | 1.21% | 0.79% | -0.3% | Q4 2021 |
| SKYW | $32.9M | 0.95% | 0.89% | -0.5% | Q1 2019 |
| MAR | $29.4M | 0.85% | 0.03% | -33.3% | Q2 2023 |
 CAR | $29.2M | 0.85% | 0.57% | Not reported | Q2 2013 |
| SNCY | $24.2M | 0.70% | 2.71% | -26.6% | Q1 2021 |
| V | $24.2M | 0.70% | 0.00% | +7592.3% | Q3 2014 |
| SCHW | $23.8M | 0.69% | 0.01% | -72.2% | Q1 2020 |
| RYAAY | $19.9M | 0.58% | 0.03% | Not reported | Q4 2024 |
| JBLU | $19.7M | 0.57% | 1.20% | Not reported | Q2 2016 |
| CPA | $17.9M | 0.52% | 0.38% | Not reported | Q3 2014 |
| BILL | $15.3M | 0.44% | 0.40% | +23.1% | Q4 2024 |
| AAL | $13.4M | 0.39% | 0.19% | Not reported | Q4 2013 |
| TRVG | $11.4M | 0.33% | Not reported | +5.6% | Q4 2016 |
| GOOG | $10.2M | 0.30% | Not reported | -3.0% | Q1 2024 |
| GBTG | $9.41M | 0.27% | 0.32% | +91.0% | Q3 2023 |
| RJET | $9.06M | 0.26% | 1.11% | +185.9% | Q4 2025 |
 LTM | $8.16M | 0.24% | 0.00% | Not reported | Q3 2024 |
 ULCC | $7.52M | 0.22% | 0.93% | -1.2% | Q1 2022 |
| HTZ | $6.45M | 0.19% | 0.44% | Not reported | Q3 2014 |
| WBS | $3.47M | 0.10% | 0.03% | -93.4% | Q1 2016 |
| CARS | $2M | 0.06% | 0.43% | -90.9% | Q2 2025 |
| C | $1.13M | 0.03% | 0.00% | Not reported | Q2 2024 |
| CFG | $960K | 0.03% | 0.00% | Not reported | Q1 2024 |
| CART | $762K | 0.02% | 0.01% | Not reported | Q1 2024 |
| TFC | $690K | 0.02% | 0.00% | Not reported | Q2 2021 |
| TCOM | $673K | 0.02% | 0.00% | +200.5% | Q1 2020 |
 PINS | $584K | 0.02% | 0.03% | Not reported | Q2 2025 |
 SNAP | $509K | 0.01% | 0.01% | New | Q1 2026 |
| ZM | $482K | 0.01% | Not reported | -49.6% | Q3 2025 |
| CARG | $353K | 0.01% | Not reported | -97.0% | Q2 2020 |
| NXT | $208K | 0.01% | 0.00% | New | Q1 2026 |
| Q4 2025 | |||||
| SYF | $626M | 16.54% | 2.16% | Not reported | Q2 2017 |
| EXPE | $552M | 14.59% | 1.67% | -11.4% | Q2 2013 |
| UAL | $547M | 14.47% | 1.51% | -1.5% | Q3 2014 |
| WEX | $336M | 8.87% | 6.57% | +21.6% | Q4 2014 |
| DAL | $248M | 6.56% | 0.55% | Not reported | Q2 2013 |
| LUV | $205M | 5.41% | 0.96% | Not reported | Q4 2013 |
| CVNA | $148M | 3.91% | Not reported | -1.7% | Q2 2017 |
| BKNG | $131M | 3.47% | 0.08% | -30.1% | Q1 2018 |
| ABNB | $99.1M | 2.62% | Not reported | +232.8% | Q1 2021 |
| SCHW | $91.1M | 2.41% | 0.05% | +0.2% | Q1 2020 |
| UBER | $81.3M | 2.15% | 0.05% | +52.2% | Q2 2021 |
| ALK | $79.5M | 2.10% | 1.37% | +41.3% | Q2 2013 |
| LYFT | $60.8M | 1.61% | 0.79% | -3.5% | Q4 2021 |
| H | $54.3M | 1.44% | Not reported | -8.8% | Q1 2022 |
| ALGT | $53.2M | 1.41% | 3.41% | Not reported | Q3 2014 |
| WBS | $47.6M | 1.26% | 0.47% | +0.7% | Q1 2016 |
| MAR | $41.9M | 1.11% | 0.05% | -0.9% | Q2 2023 |
| SKYW | $36.1M | 0.96% | 0.90% | Not reported | Q1 2019 |
| CARS | $32.9M | 0.87% | 4.60% | +31.0% | Q2 2025 |
| TRIP | $31.7M | 0.84% | 1.90% | +9.0% | Q2 2013 |
| AERO | $30.4M | 0.80% | 0.95% | New | Q4 2025 |
| SNCY | $28.8M | 0.76% | 3.76% | -3.2% | Q1 2021 |
| CAR | $25.7M | 0.68% | 0.57% | Not reported | Q2 2013 |
| RYAAY | $24.9M | 0.66% | 0.03% | Not reported | Q4 2024 |
| JBLU | $20.3M | 0.54% | 1.20% | -0.7% | Q2 2016 |
| AAL | $19.2M | 0.51% | 0.19% | Not reported | Q4 2013 |
| CPA | $19M | 0.50% | 0.38% | +6.2% | Q3 2014 |
| BILL | $17.7M | 0.47% | 0.32% | -83.1% | Q4 2024 |
| CARG | $13.3M | 0.35% | Not reported | +35.8% | Q2 2020 |
| GOOG | $11.5M | 0.30% | Not reported | +2.8% | Q1 2024 |
| TRVG | $11.5M | 0.30% | Not reported | +11.0% | Q4 2016 |
| ULCC | $10.2M | 0.27% | 0.94% | Not reported | Q1 2022 |
| LTM | $8.91M | 0.24% | 0.00% | Not reported | Q3 2024 |
| HTZ | $7.2M | 0.19% | 0.45% | -38.9% | Q3 2014 |
| GBTG | $6.76M | 0.18% | 0.17% | -15.0% | Q3 2023 |
| RJET | $3.26M | 0.09% | 0.39% | New | Q4 2025 |
 AMZN | $1.45M | 0.04% | 0.00% | -13.7% | Q1 2025 |
| C | $1.17M | 0.03% | 0.00% | Not reported | Q2 2024 |
| ZM | $1.03M | 0.03% | Not reported | +250.0% | Q3 2025 |
 BAC | $1.02M | 0.03% | 0.00% | +1.7% | Q2 2022 |
 DASH | $793K | 0.02% | Not reported | +45.8% | Q2 2023 |
 TSLA | $765K | 0.02% | 0.00% | Not reported | Q1 2024 |
 KVYO | $747K | 0.02% | Not reported | +43.8% | Q3 2025 |
| MA | $514K | 0.01% | 0.00% | Not reported | Q1 2021 |
| META | $462K | 0.01% | Not reported | Not reported | Q2 2013 |
| V | $365K | 0.01% | 0.00% | +23.8% | Q3 2014 |
 DOCU | $363K | 0.01% | 0.00% | +76.7% | Q3 2025 |
| TCOM | $324K | 0.01% | 0.00% | Not reported | Q1 2020 |
| Q3 2025 | |||||
| SYF | $533M | 15.60% | 2.08% | Not reported | Q2 2017 |
| UAL | $479M | 14.04% | 1.53% | Not reported | Q3 2014 |
| EXPE | $470M | 13.77% | 1.87% | -7.9% | Q2 2013 |
| WEX | $292M | 8.54% | 5.40% | 0.0% | Q4 2014 |
| DAL | $203M | 5.94% | 0.55% | +0.3% | Q2 2013 |
| BKNG | $189M | 5.54% | 0.11% | -7.3% | Q1 2018 |
| LUV | $158M | 4.63% | 0.94% | -16.4% | Q4 2013 |
| CVNA | $135M | 3.94% | Not reported | -23.7% | Q2 2017 |
| BILL | $102M | 2.99% | 1.89% | Not reported | Q4 2024 |
| SCHW | $86.9M | 2.54% | 0.05% | +0.1% | Q1 2020 |
| LYFT | $71.6M | 2.10% | 9.08% | +70.9% | Q4 2021 |
| UBER | $64.1M | 1.88% | 0.03% | Not reported | Q2 2021 |
| ALK | $55.7M | 1.63% | 0.97% | Not reported | Q2 2013 |
| H | $52.7M | 1.54% | Not reported | 0.0% | Q1 2022 |
| WBS | $44.6M | 1.31% | 0.46% | Not reported | Q1 2016 |
| ALGT | $37.9M | 1.11% | 3.40% | +6.7% | Q3 2014 |
| SKYW | $36.2M | 1.06% | 0.89% | -1.0% | Q1 2019 |
| MAR | $35.4M | 1.04% | 0.05% | Not reported | Q2 2023 |
| AVDX | $32.8M | 0.96% | 1.59% | 0.0% | Q1 2022 |
| TRIP | $32.5M | 0.95% | 1.71% | -31.0% | Q2 2013 |
| CAR | $32.1M | 0.94% | 0.57% | -37.5% | Q2 2013 |
| ABNB | $26.6M | 0.78% | Not reported | +12083.3% | Q1 2021 |
| CARS | $25.2M | 0.74% | 3.41% | +71.6% | Q2 2025 |
| SNCY | $24.4M | 0.71% | 3.92% | +5.5% | Q1 2021 |
| JBLU | $22.1M | 0.65% | 1.23% | -18.2% | Q2 2016 |
| RYAAY | $20.8M | 0.61% | 0.03% | Not reported | Q4 2024 |
| CPA | $17.6M | 0.51% | 0.36% | +179.3% | Q3 2014 |
| HTZ | $15.6M | 0.46% | 0.74% | Not reported | Q3 2014 |
| AAL | $14.1M | 0.41% | 0.19% | Not reported | Q4 2013 |
| TRVG | $11.9M | 0.35% | Not reported | Not reported | Q4 2016 |
| CARG | $9.54M | 0.28% | Not reported | -23.9% | Q2 2020 |
| ULCC | $9.52M | 0.28% | 0.94% | -1.2% | Q1 2022 |
| GOOG | $8.69M | 0.25% | Not reported | +2.3% | Q1 2024 |
| GBTG | $8.4M | 0.25% | 0.20% | +1.5% | Q3 2023 |
| LTM | $7.47M | 0.22% | 0.00% | Not reported | Q3 2024 |
| MESA | $3.36M | 0.10% | Not reported | +15.0% | Q2 2025 |
 BNY | $2.87M | 0.08% | 0.00% | Not reported | Q2 2025 |
| CART | $2.76M | 0.08% | 0.03% | -18.0% | Q1 2024 |
 WH | $2.16M | 0.06% | 0.04% | Not reported | Q2 2021 |
| AMZN | $1.6M | 0.05% | 0.00% | +15.9% | Q1 2025 |
 SOFI | $1.45M | 0.04% | 0.00% | Not reported | Q2 2022 |
 GRAB | $1.09M | 0.03% | Not reported | +12.4% | Q4 2021 |
| C | $1.02M | 0.03% | 0.00% | Not reported | Q2 2024 |
| BAC | $939K | 0.03% | 0.00% | +9.0% | Q2 2022 |
| DASH | $653K | 0.02% | Not reported | -40.0% | Q2 2023 |
| PNC | $603K | 0.02% | 0.00% | Not reported | Q3 2024 |
| FLEX | $574K | 0.02% | 0.00% | Not reported | Q1 2019 |
| MA | $512K | 0.01% | 0.00% | Not reported | Q1 2021 |
| KVYO | $443K | 0.01% | Not reported | New | Q3 2025 |
| AFRM | $402K | 0.01% | 0.01% | New | Q3 2025 |