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PAR CAPITAL MANAGEMENT INC

Q3 2025 · Filed 2025-11-14
Market Value
$3.4B
+10.9%
Holdings
61
+7
New Purchases
10
Added To
16
Closed
6
Reduced
14
Top 10 Concentration
78.5%
Turnover
26.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BILL 3.02% 0.00% +3.02% $102M
UBER 1.90% 0.00% +1.90% $64M
UAL 14.22% 13.01% +1.21% $479M
LYFT 2.12% 0.99% +1.14% $72M
ABNB 0.79% 0.01% +0.78% $27M
EXPE 13.94% 13.24% +0.70% $470M
CPA 0.52% 0.19% +0.33% $18M
CARS 0.75% 0.47% +0.28% $25M
DAL 6.01% 5.76% +0.25% $203M
ALGT 1.12% 1.06% +0.07% $38M
GOOG 0.26% 0.20% +0.05% $9M
GBTG 0.25% 0.21% +0.04% $8M
ULCC 0.28% 0.26% +0.02% $10M
PNC 0.02% 0.00% +0.02% $603K
KVYO 0.01% 0.00% +0.01% $443K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SABR 0.00% 2.01% -2.01% $0
LUV 4.68% 6.31% -1.63% $158M
BKNG 5.61% 7.20% -1.59% $189M
CVNA 3.99% 5.18% -1.19% $135M
CAR 0.95% 1.78% -0.83% $32M
SYF 15.80% 16.46% -0.66% $533M
WEX 8.65% 8.94% -0.29% $292M
TRIP 0.96% 1.24% -0.28% $33M
MAR 1.05% 1.22% -0.17% $35M
ALK 1.65% 1.82% -0.17% $56M
SKYW 1.07% 1.23% -0.16% $36M
SCHW 2.58% 2.73% -0.15% $87M
H 1.56% 1.70% -0.14% $53M
JBLU 0.65% 0.76% -0.11% $22M
AVDX 0.97% 1.06% -0.09% $33M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 7 $13M 0.4%
Large Cap 28 $2.5B 74.6%
Mid Cap 17 $678M 20.1%
Small Cap 9 $167M 5.0%

Portfolio Analytics

Avg Market Cap
$201.0B
Median Market Cap
$13.9B
Avg P/E
30.9
Median P/E
21.3
Avg Dividend Yield
0.01%
Avg Beta
1.39
# Stocks
61
# ETFs / Funds
0

Top Holdings (61 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SYF 15.80% 7,500,000 $533M $71.05 $32M
2 UAL 14.22% 4,968,850 $479M $96.50 $84M
3 EXPE 13.94% 2,200,000 $470M $213.75 $67M -187,750 -7.9%
4 WEX 8.65% 1,851,500 $292M $157.53 $20M +400 +0.0%
5 DAL 6.01% 3,574,210 $203M $56.75 $28M +10,210 +0.3%
6 BKNG 5.61% 35,050 $189M $5,399.27 -$30M -2,776 -7.3%
7 LUV 4.68% 4,950,192 $158M $31.91 -$34M -967,300 -16.4%
8 CVNA 3.99% 356,572 $135M $377.24 -$23M -110,600 -23.7%
9 BILL 3.02% 1,925,000 $102M $52.97 +1,925,000 NEW
10 SCHW 2.58% 910,000 $87M $95.47 $4M +1,000 +0.1%
11 LYFT 2.12% 3,255,000 $72M $22.01 $42M +1,350,000 +70.9%
12 UBER 1.90% 654,000 $64M $97.97 +654,000 NEW
13 ALK 1.65% 1,119,302 $56M $49.78 $336K
14 H 1.56% 371,300 $53M $141.93 $852K +39 +0.0%
15 WBS 1.32% 750,000 $45M $59.44 $4M
16 ALGT 1.12% 624,081 $38M $60.77 $6M +39,085 +6.7%
17 SKYW 1.07% 359,881 $36M $100.62 -$1M -3,570 -1.0%
18 MAR 1.05% 136,100 $35M $260.44 -$2M
19 AVDX 0.97% 3,299,292 $33M $9.95 $521K -708 -0.0%
20 TRIP 0.96% 2,000,000 $33M $16.26 -$5M -896,475 -30.9%
21 CAR 0.95% 200,000 $32M $160.57 -$22M -120,000 -37.5%
22 ABNB 0.79% 219,300 $27M $121.42 $26M +217,500 +12083.3%
23 CARS 0.75% 2,058,648 $25M $12.22 $11M +858,648 +71.5%
24 SNCY 0.72% 2,067,000 $24M $11.81 $1M +107,628 +5.5%
25 JBLU 0.65% 4,487,425 $22M $4.92 -$1M -1,000,000 -18.2%
26 RYAAY 0.62% 345,000 $21M $60.22 $880K
27 CPA 0.52% 148,000 $18M $118.82 $12M +95,000 +179.2%
28 HTZ 0.46% 2,291,357 $16M $6.80 -$69K
29 AAL 0.42% 1,250,000 $14M $11.24 $25K
30 CARG 0.28% 256,291 $10M $37.23 -$2M -80,500 -23.9%
31 ULCC 0.28% 2,156,100 $10M $4.42 $2M -25,000 -1.1%
32 GOOG 0.26% 35,700 $9M $243.55 $3M +800 +2.3%
33 GBTG 0.25% 1,039,014 $8M $8.08 $2M +15,000 +1.5%
34 LTM 0.22% 165,000 $7M $45.25 $761K
35 BK 0.09% 26,364 $3M $108.96 $471K
36 CART 0.08% 75,000 $3M $36.76 -$1M -16,500 -18.0%
37 WH 0.06% 27,000 $2M $79.90 -$35K
38 AMZN 0.05% 7,300 $2M $219.57 $221K +1,000 +15.9%
39 SOFI 0.04% 55,000 $1M $26.42 $452K
40 GRAB 0.03% 181,000 $1M $6.02 $280K +20,000 +12.4%
41 C 0.03% 10,000 $1M $101.50 $164K
42 BAC 0.03% 18,200 $939K $51.59 $149K +1,500 +9.0%
43 DASH 0.02% 2,400 $653K $271.99 -$333K -1,600 -40.0%
44 PNC 0.02% 3,000 $603K $200.93 +3,000 NEW
45 FLEX 0.02% 9,910 $574K $57.97 $80K
46 MA 0.02% 900 $512K $568.81 $6K
47 KVYO 0.01% 16,000 $443K $27.69 +16,000 NEW
48 AFRM 0.01% 5,500 $402K $73.08 +5,500 NEW
49 CCL 0.01% 13,500 $390K $28.91 +13,500 NEW
50 SHOP 0.01% 2,500 $372K $148.67 +2,500 NEW
51 Z 0.01% 4,000 $308K $77.05 $84K +800 +25.0%
52 V 0.01% 840 $287K $341.38 -$722K -2,000 -70.4%
53 ZM 0.01% 3,400 $280K $82.50 +3,400 NEW
54 HUBS 0.01% 500 $234K $467.80 +500 NEW
55 DOCU 0.01% 3,000 $216K $72.09 +3,000 NEW
56 W —% -$460K -9,000 -100.0% SOLD
57 SEIC —% -$315K -3,500 -100.0% SOLD
58 EB —% -$82K -31,000 -100.0% SOLD
59 SABR —% -$61M -19,350,000 -100.0% SOLD
60 PINS —% -$538K -15,000 -100.0% SOLD
61 META —% -$487K -660 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 9 Puts $28M Put Value

Top Puts

SymbolSharesValueStatus
UAL 149,000 $14M
GOOG 33,600 $8M NEW
SOFI 55,000 $1M
GRAB 181,000 $1M NEW
AMZN 4,500 $988K NEW
DASH 2,400 $653K NEW
CVNA 1,200 $453K
SCHW 4,000 $382K NEW
C $0 SOLD

New Positions

SymbolValue% Port
BILL $102M 3.02%
UBER $64M 1.90%
PNC $603K 0.02%
KVYO $443K 0.01%
AFRM $402K 0.01%
CCL $390K 0.01%
SHOP $372K 0.01%
ZM $280K 0.01%
HUBS $234K 0.01%
DOCU $216K 0.01%

Sold Out Positions

SymbolValue% Port
W —%
PINS —%
META —%
SABR —%
SEIC —%
EB —%
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