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PAR CAPITAL MANAGEMENT INC

Q2 2025 · Filed 2025-08-14
Market Value
$3.0B
+2.5%
Holdings
54
-5
New Purchases
9
Added To
24
Closed
3
Reduced
7
Top 10 Concentration
80.8%
Turnover
22.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SYF 16.46% 13.38% +3.08% $501M
CVNA 5.18% 2.66% +2.52% $157M
UAL 13.01% 11.27% +1.75% $396M
H 1.70% 0.24% +1.47% $52M
BKNG 7.20% 5.86% +1.34% $219M
SABR 2.01% 1.16% +0.85% $61M
MAR 1.22% 0.63% +0.59% $37M
DAL 5.76% 5.24% +0.53% $175M
CARS 0.47% 0.00% +0.47% $14M
AAL 0.46% 0.00% +0.46% $14M
HTZ 0.51% 0.13% +0.38% $16M
LYFT 0.99% 0.63% +0.36% $30M
SCHW 2.73% 2.39% +0.34% $83M
JBLU 0.76% 0.43% +0.33% $23M
CPA 0.19% 0.00% +0.19% $6M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UBER 0.00% 11.12% -11.12% $0
CARG 0.37% 2.76% -2.39% $11M
WEX 8.94% 9.79% -0.85% $272M
LUV 6.31% 6.70% -0.38% $192M
EXPE 13.24% 13.53% -0.28% $403M
LTM 0.22% 0.49% -0.27% $7M
CAR 1.78% 1.92% -0.14% $54M
TRIP 1.24% 1.38% -0.14% $38M
SNCY 0.76% 0.81% -0.06% $23M
ULCC 0.26% 0.32% -0.06% $8M
CCL 0.00% 0.02% -0.02% $0
META 0.02% 0.03% -0.01% $487K
WH 0.07% 0.08% -0.01% $2M
SEIC 0.01% 0.02% -0.01% $315K
HLT 0.00% 0.01% -0.01% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 7 $11M 0.4%
Large Cap 24 $2.3B 75.3%
Mid Cap 14 $526M 17.3%
Small Cap 9 $215M 7.1%

Portfolio Analytics

Avg Market Cap
$222.8B
Median Market Cap
$14.3B
Avg P/E
28.2
Median P/E
21.0
Avg Dividend Yield
0.01%
Avg Beta
1.36
# Stocks
54
# ETFs / Funds
0

Top Holdings (54 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SYF 16.46% 7,500,000 $501M $66.74 $104M
2 EXPE 13.24% 2,387,750 $403M $168.68 $1M
3 UAL 13.01% 4,968,850 $396M $79.63 $61M +127,800 +2.6%
4 WEX 8.94% 1,851,100 $272M $146.89 -$19M +600 +0.0%
5 BKNG 7.20% 37,826 $219M $5,789.24 $45M +95 +0.2%
6 LUV 6.31% 5,917,492 $192M $32.44 -$7M +1,000 +0.0%
7 DAL 5.76% 3,564,000 $175M $49.18 $20M
8 CVNA 5.18% 467,172 $157M $336.96 $79M +89,972 +23.9%
9 SCHW 2.73% 909,000 $83M $91.24 $12M +4,000 +0.4%
10 SABR 2.01% 19,350,000 $61M $3.16 $27M +7,082,948 +57.7%
11 ALK 1.82% 1,119,302 $55M $49.48 $2M +43,726 +4.1%
12 CAR 1.78% 320,000 $54M $169.05 -$3M -431,770 -57.4%
13 H 1.70% 371,261 $52M $139.65 $45M +314,300 +551.8%
14 WBS 1.35% 750,000 $41M $54.60 $5M +50,000 +7.1%
15 TRIP 1.24% 2,896,475 $38M $13.05 -$3M
16 SKYW 1.23% 363,451 $37M $102.97 $6M
17 MAR 1.22% 136,100 $37M $273.21 $18M +57,000 +72.1%
18 AVDX 1.06% 3,300,000 $32M $9.79 $4M
19 ALGT 1.06% 584,996 $32M $54.95 $5M +58,566 +11.1%
20 LYFT 0.99% 1,905,000 $30M $15.76 $11M +330,000 +20.9%
21 JBLU 0.76% 5,487,425 $23M $4.23 $10M +2,814,870 +105.3%
22 SNCY 0.76% 1,959,372 $23M $11.75 -$1M
23 RYAAY 0.65% 345,000 $20M $57.67 $5M -11,000 -3.1%
24 HTZ 0.51% 2,291,357 $16M $6.83 $12M +1,290,786 +129.0%
25 CARS 0.47% 1,200,000 $14M $11.85 +1,200,000 NEW
26 AAL 0.46% 1,250,000 $14M $11.22 +1,250,000 NEW
27 CARG 0.37% 336,791 $11M $33.47 -$71M -2,474,165 -88.0%
28 ULCC 0.26% 2,181,100 $8M $3.63 -$1M +25,000 +1.2%
29 LTM 0.22% 165,000 $7M $40.64 -$8M -302,500 -64.7%
30 GBTG 0.21% 1,024,014 $6M $6.30 $1M +277,284 +37.1%
31 GOOG 0.20% 34,900 $6M $177.39 $3M +13,000 +59.4%
32 CPA 0.19% 53,000 $6M $109.97 +53,000 NEW
33 CART 0.14% 91,500 $4M $45.24 $689K +5,000 +5.8%
34 BK 0.08% 26,364 $2M $91.11 +26,364 NEW
35 WH 0.07% 27,000 $2M $81.21 -$251K
36 AMZN 0.05% 6,300 $1M $219.39 $887K +3,700 +142.3%
37 V 0.03% 2,840 $1M $355.05 $258K +700 +32.7%
38 SOFI 0.03% 55,000 $1M $18.21 +55,000 NEW
39 DASH 0.03% 4,000 $986K $246.51 $255K
40 C 0.03% 10,000 $851K $85.12 $141K
41 GRAB 0.03% 161,000 $810K $5.03 $280K +44,000 +37.6%
42 BAC 0.03% 16,700 $790K $47.32 $152K +1,400 +9.2%
43 PINS 0.02% 15,000 $538K $35.86 +15,000 NEW
44 MA 0.02% 900 $506K $561.94 $232K +400 +80.0%
45 FLEX 0.02% 9,910 $495K $49.92 $167K
46 META 0.02% 660 $487K $738.09 -$302K -710 -51.8%
47 W 0.02% 9,000 $460K $51.14 +9,000 NEW
48 SEIC 0.01% 3,500 $315K $89.86 -$268K -4,000 -53.3%
49 ABNB 0.01% 1,800 $238K $132.34 +1,800 NEW
50 Z 0.01% 3,200 $224K $70.05 +3,200 NEW
51 EB —% 31,000 $82K $2.63 -$30K -22,000 -41.5%
52 UBER —% -$330M -4,529,829 -100.0% SOLD
53 HLT —% -$216K -950 -100.0% SOLD
54 CCL —% -$531K -27,200 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 6 Puts $14M Put Value

Top Puts

SymbolSharesValueStatus
UAL 149,000 $12M
CVNA 2,800 $943K NEW
C 10,000 $851K NEW
SOFI 27,500 $501K NEW
CCL $0 SOLD
UBER $0 SOLD

New Positions

SymbolValue% Port
CARS $14M 0.47%
AAL $14M 0.46%
CPA $6M 0.19%
BK $2M 0.08%
SOFI $1M 0.03%
PINS $538K 0.02%
W $460K 0.02%
ABNB $238K 0.01%
Z $224K 0.01%

Sold Out Positions

SymbolValue% Port
UBER —%
HLT —%
CCL —%
View SEC EDGAR Filings for PAR CAPITAL MANAGEMENT INC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms