Institutional Manager · CIK 0001051359
PAR CAPITAL MANAGEMENT INC
BOSTON, MA · File #028-06766
Latest AUM
$3.78B
Positions
53
Top-10 Concentration
78.9%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | BILL HOLDINGS INC | BILL | -1,600,000 | -$87.3M | +$3.0M |
| REDUCE | EXPEDIA GROUP INC | EXPE | -251,554 | -$71.3M | +$153.0M |
| ADD | AIRBNB INC | ABNB | +510,600 | +$69.3M | +$3.1M |
| ADD | WEX INC | WEX | +400,500 | +$59.7M | -$15.8M |
| REDUCE | BOOKING HOLDINGS INC | BKNG | -10,563 | -$56.6M | -$1.5M |
| EXITED | AVIDXCHANGE HOLDINGS INC | 05368X102 | -3,299,292 | -$32.8M | $0 |
| NEW | GRUPO AEROMEXICO SAB DE CV | 40054J109 | +13,850,410 | +$30.4M | $0 |
| ADD | UBER TECHNOLOGIES INC | UBER | +341,200 | +$27.9M | -$10.6M |
| ADD | ALASKA AIR GROUP INC | ALK | +462,198 | +$23.2M | +$582,037 |
| REDUCE | UNITED AIRLS HLDGS INC | UNTCW | -74,000 | -$8.3M | +$76.1M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202553 pos · $3.78B
- 13F HOLDINGS REPORTQ/E Sep 202565 pos · $3.42B
- 13F HOLDINGS REPORTQ/E Jun 202557 pos · $3.07B
- 13F HOLDINGS REPORTQ/E Mar 202549 pos · $2.99B
- 13F HOLDINGS REPORTQ/E Dec 202460 pos · $3.39B
- 13F HOLDINGS REPORTQ/E Sep 202456 pos · $3.53B
- 13F HOLDINGS REPORTQ/E Jun 202450 pos · $3.18B
- 13F HOLDINGS REPORTQ/E Mar 202449 pos · $3.22B
- 13F HOLDINGS REPORTQ/E Dec 202347 pos · $2.67B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SYNCHRONY FINANCIAL | SYF-PB | 7,500,000 | $625.7M | 16.54% |
| 2 | EXPEDIA GROUP INC | EXPE | 1,948,446 | $552.0M | 14.59% |
| 3 | UNITED AIRLS HLDGS INC | UNTCW | 4,894,850 | $547.3M | 14.47% |
| 4 | WEX INC | WEX | 2,252,000 | $335.5M | 8.87% |
| 5 | DELTA AIR LINES INC DEL | DAL | 3,574,210 | $248.1M | 6.56% |
| 6 | SOUTHWEST AIRLS CO | 844741108 | 4,950,192 | $204.6M | 5.41% |
| 7 | CARVANA CO | CVNA | 350,672 | $148.0M | 3.91% |
| 8 | BOOKING HOLDINGS INC | BKNG | 24,487 | $131.1M | 3.47% |
| 9 | AIRBNB INC | ABNB | 729,900 | $99.1M | 2.62% |
| 10 | SCHWAB CHARLES CORP | SCHW-PJ | 912,000 | $91.1M | 2.41% |
| 11 | UBER TECHNOLOGIES INC | UBER | 995,200 | $81.3M | 2.15% |
| 12 | ALASKA AIR GROUP INC | ALK | 1,581,500 | $79.5M | 2.10% |
| 13 | LYFT INC | LYFT | 3,140,000 | $60.8M | 1.61% |
| 14 | HYATT HOTELS CORP | H | 338,800 | $54.3M | 1.44% |
| 15 | ALLEGIANT TRAVEL CO | ALGT | 624,081 | $53.2M | 1.41% |
| 16 | WEBSTER FINL CORP | 947890109 | 755,500 | $47.6M | 1.26% |
| 17 | MARRIOTT INTL INC NEW | 571903202 | 134,900 | $41.9M | 1.11% |
| 18 | SKYWEST INC | SKYW | 359,881 | $36.1M | 0.96% |
| 19 | CARS COM INC | CARS | 2,697,648 | $32.9M | 0.87% |
| 20 | TRIPADVISOR INC | TRIP | 2,180,564 | $31.7M | 0.84% |