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PAR CAPITAL MANAGEMENT INC

Q4 2025 · Filed 2026-02-17
Market Value
$3.7B
+10.5%
Holdings
59
-2
New Purchases
4
Added To
17
Closed
13
Reduced
13
Top 10 Concentration
80.0%
Turnover
28.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ABNB 2.66% 0.79% +1.87% $99M
SYF 16.79% 15.80% +0.99% $626M
EXPE 14.81% 13.94% +0.87% $552M
LUV 5.49% 4.68% +0.80% $205M
DAL 6.65% 6.01% +0.64% $248M
ALK 2.13% 1.65% +0.48% $80M
UAL 14.68% 14.22% +0.47% $547M
WEX 9.00% 8.65% +0.35% $336M
ALGT 1.43% 1.12% +0.30% $53M
UBER 2.18% 1.90% +0.28% $81M
CARS 0.88% 0.75% +0.14% $33M
AAL 0.51% 0.42% +0.10% $19M
RJET 0.09% 0.00% +0.09% $3M
CARG 0.36% 0.28% +0.08% $13M
MAR 1.12% 1.05% +0.07% $42M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BILL 0.48% 3.02% -2.55% $18M
BKNG 3.52% 5.61% -2.09% $131M
AVDX 0.00% 0.97% -0.97% $0
LYFT 1.63% 2.12% -0.49% $61M
HTZ 0.19% 0.46% -0.27% $7M
CAR 0.69% 0.95% -0.26% $26M
SCHW 2.44% 2.58% -0.13% $91M
TRIP 0.85% 0.96% -0.11% $32M
JBLU 0.54% 0.65% -0.11% $20M
H 1.46% 1.56% -0.11% $54M
SKYW 0.97% 1.07% -0.10% $36M
BK 0.00% 0.09% -0.09% $0
CART 0.00% 0.08% -0.08% $0
GBTG 0.18% 0.25% -0.07% $7M
WH 0.00% 0.06% -0.06% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 8 $17M 0.5%
Large Cap 27 $2.9B 78.0%
Mid Cap 16 $615M 16.5%
Small Cap 8 $188M 5.0%

Portfolio Analytics

Avg Market Cap
$234.9B
Median Market Cap
$20.0B
Avg P/E
37.7
Median P/E
21.8
Avg Dividend Yield
0.01%
Avg Beta
1.38
# Stocks
59
# ETFs / Funds
0

Top Holdings (59 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SYF 16.79% 7,500,000 $626M $83.43 $93M
2 EXPE 14.81% 1,948,446 $552M $283.31 $82M -251,554 -11.4%
3 UAL 14.68% 4,894,850 $547M $111.82 $68M -74,000 -1.5%
4 WEX 9.00% 2,252,000 $336M $148.98 $44M +400,500 +21.6%
5 DAL 6.65% 3,574,210 $248M $69.40 $45M
6 LUV 5.49% 4,950,192 $205M $41.33 $47M
7 CVNA 3.97% 350,672 $148M $422.02 $13M -5,900 -1.6%
8 BKNG 3.52% 24,487 $131M $5,355.33 -$58M -10,563 -30.1%
9 ABNB 2.66% 729,900 $99M $135.72 $72M +510,600 +232.8%
10 SCHW 2.44% 912,000 $91M $99.91 $4M +2,000 +0.2%
11 UBER 2.18% 995,200 $81M $81.71 $17M +341,200 +52.2%
12 ALK 2.13% 1,581,500 $80M $50.30 $24M +462,198 +41.3%
13 LYFT 1.63% 3,140,000 $61M $19.37 -$11M -115,000 -3.5%
14 H 1.46% 338,800 $54M $160.32 $2M -32,500 -8.8%
15 ALGT 1.43% 624,081 $53M $85.27 $15M
16 WBS 1.28% 755,500 $48M $62.94 $3M +5,500 +0.7%
17 MAR 1.12% 134,900 $42M $310.24 $6M -1,200 -0.9%
18 SKYW 0.97% 359,881 $36M $100.41 -$76K
19 CARS 0.88% 2,697,648 $33M $12.20 $8M +639,000 +31.0%
20 TRIP 0.85% 2,180,564 $32M $14.56 -$771K +180,564 +9.0%
21 SNCY 0.77% 2,000,000 $29M $14.39 $4M -67,000 -3.2%
22 CAR 0.69% 200,000 $26M $128.32 -$6M
23 RYAAY 0.67% 345,000 $25M $72.19 $4M
24 JBLU 0.54% 4,457,425 $20M $4.55 -$2M -30,000 -0.7%
25 AAL 0.51% 1,250,000 $19M $15.33 $5M
26 CPA 0.51% 157,197 $19M $120.61 $1M +9,197 +6.2%
27 BILL 0.48% 325,000 $18M $54.54 -$84M -1,600,000 -83.1%
28 CARG 0.36% 348,098 $13M $38.35 $4M +91,807 +35.8%
29 GOOG 0.31% 36,700 $12M $313.80 $3M +1,000 +2.8%
30 ULCC 0.27% 2,156,100 $10M $4.71 $636K
31 LTM 0.24% 165,000 $9M $54.01 $1M
32 HTZ 0.19% 1,400,000 $7M $5.14 -$8M -891,357 -38.9%
33 GBTG 0.18% 883,244 $7M $7.65 -$2M -155,770 -15.0%
34 RJET 0.09% 177,301 $3M $18.37 +177,301 NEW
35 AMZN 0.04% 6,300 $1M $230.82 -$149K -1,000 -13.7%
36 C 0.03% 10,000 $1M $116.69 $152K
37 ZM 0.03% 11,900 $1M $86.29 $746K +8,500 +250.0%
38 BAC 0.03% 18,500 $1M $55.00 $79K +300 +1.6%
39 DASH 0.02% 3,500 $793K $226.48 $140K +1,100 +45.8%
40 TSLA 0.02% 1,700 $765K $449.72 +1,700 NEW
41 KVYO 0.02% 23,000 $747K $32.47 $304K +7,000 +43.8%
42 MA 0.01% 900 $514K $570.88 $2K
43 META 0.01% 700 $462K $660.09 +700 NEW
44 V 0.01% 1,040 $365K $350.71 $78K +200 +23.8%
45 DOCU 0.01% 5,300 $363K $68.40 $146K +2,300 +76.7%
46 TCOM 0.01% 4,500 $324K $71.91 +4,500 NEW
47 AVDX —% -$33M -3,299,292 -100.0% SOLD
48 GRAB —% -$1M -181,000 -100.0% SOLD
49 BK —% -$3M -26,364 -100.0% SOLD
50 CCL —% -$390K -13,500 -100.0% SOLD
51 SOFI —% -$1M -55,000 -100.0% SOLD
52 HUBS —% -$234K -500 -100.0% SOLD
53 FLEX —% -$574K -9,910 -100.0% SOLD
54 AFRM —% -$402K -5,500 -100.0% SOLD
55 SHOP —% -$372K -2,500 -100.0% SOLD
56 CART —% -$3M -75,000 -100.0% SOLD
57 WH —% -$2M -27,000 -100.0% SOLD
58 PNC —% -$603K -3,000 -100.0% SOLD
59 Z —% -$308K -4,000 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 11 Puts $14M Put Value

Top Puts

SymbolSharesValueStatus
GOOG 33,600 $11M
DAL 18,000 $1M NEW
C 10,000 $1M NEW
DASH 2,400 $544K
SNCY 18,000 $259K NEW
AMZN $0 SOLD
SOFI $0 SOLD
SCHW $0 SOLD
GRAB $0 SOLD
UAL $0 SOLD

New Positions

SymbolValue% Port
RJET $3M 0.09%
TSLA $765K 0.02%
META $462K 0.01%
TCOM $324K 0.01%

Sold Out Positions

SymbolValue% Port
WH —%
HUBS —%
CCL —%
CART —%
PNC —%
AFRM —%
FLEX —%
GRAB —%
SHOP —%
SOFI —%
Z —%
BK —%
AVDX —%
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