Par Capital Management Inc.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Par Capital Management Inc. reported 45 stock positions worth $4.0 billion. Its top holding was United Airlines (UAL) at 18.1% of the portfolio, followed by Synchrony Financial (SYF, 14.4%) and Expedia (EXPE, 12.0%). Compared with Q1 2026, it opened 8 new positions, sold out of 8, added to 7 and reduced 18. The biggest buy was United Airlines (UAL, shares +7%) and the biggest sale Expedia (EXPE, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $4.0B (Q2 2026)
- SEC Filing
- 0001051359-26-000008 ↗ filed Aug 14, 2026
Holdings Value
Holdings 45 stocks · $4.0B
| UAL United Airlines Holdings Inc. | 18.08% | 5,359,741 | $728.9M | Add +7.3% |
| SYF Synchrony Financial | 14.36% | 7,612,137 | $578.9M | No change |
| EXPE Expedia Group Inc. | 12.04% | 1,895,847 | $485.1M | Reduce -2.9% |
| DAL Delta Air Lines Inc. | 8.09% | 3,482,745 | $326.2M | Reduce -0.9% |
| WEX Wex Inc. | 7.89% | 2,254,984 | $318.2M | No change |
| UBER Uber Technologies Inc. | 7.55% | 4,217,700 | $304.3M | Add +12.9% |
| LUV Southwest Airlines Co. | 6.26% | 4,905,756 | $252.3M | Reduce -6.0% |
| BKNG Booking Holdings Inc. | 4.39% | 992,100 | $176.8M | Reduce -6.8% |
| CVNA Carvana Co. | 2.84% | 1,739,360 | $114.5M | No change |
| ABNB Airbnb Inc. Class A | 2.66% | 750,000 | $107.3M | Add +0.3% |
| ALGT Allegiant Travel Co. | 2.46% | 844,632 | $99.3M | Reduce -0.2% |
| ALK Alaska Air Group Inc. | 2.05% | 1,579,636 | $82.5M | Reduce -0.1% |
| H Hyatt Hotels Corp. Class A | 1.63% | 338,500 | $65.6M | No change |
| TRIP Tripadvisor Inc. | 1.39% | 4,072,054 | $55.8M | No change |
| V Visa Inc. Class A | 1.09% | 127,600 | $43.8M | Add +59.5% |
| META Meta Platforms Inc. Class A | 0.77% | 54,983 | $31.0M | New |
| Z Zillow Group Inc. Class C | 0.64% | 823,000 | $25.9M | New |
| TRVG Trivago NV - ADR | 0.58% | 4,292,733 | $23.5M | Add +2.4% |
| LYFT LYFT Inc. Class A | 0.58% | 1,605,000 | $23.4M | Reduce -48.7% |
| JBLU Jetblue Airways Corp. | 0.57% | 4,000,000 | $22.9M | Reduce -10.3% |
| SCHW Schwab (charles) Corp. | 0.56% | 245,000 | $22.6M | Reduce -3.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.55% | 340,000 | $22.0M | Reduce -1.4% |
| AERO Grupo Aeromexico Sab DE CV | 0.53% | 1,189,824 | $21.4M | New |
| AAL American Airlines Group Inc. | 0.45% | 1,000,000 | $18.1M | Reduce -20.0% |
| MA Mastercard Inc. Class A | 0.38% | 30,000 | $15.4M | New |
| MAR Marriott International Class A | 0.37% | 40,000 | $14.8M | Reduce -55.6% |
| RJET Republic Airways Holdings Inc. | 0.26% | 506,844 | $10.6M | No change |
| GOOG Alphabet Inc. Class C | 0.22% | 25,200 | $8.9M | Reduce -29.2% |
| BILL Bill Holdings Inc. | 0.18% | 200,000 | $7.2M | Reduce -50.0% |
| SKYW Skywest Inc. | 0.14% | 54,881 | $5.5M | Reduce -84.7% |
| CPA Copa Holdings SA Class A | 0.08% | 20,115 | $3.1M | Reduce -87.2% |
| CARS Cars.com Inc. | 0.07% | 246,299 | $2.7M | No change |
| HTZ Hertz Global Hldgs Inc. | 0.05% | 911,001 | $2.1M | Reduce -34.9% |
| FLEX Flex Ltd. | 0.04% | 9,910 | $1.6M | New |
| ZM Zoom Communications Inc. | 0.04% | 17,000 | $1.5M | Add +183.3% |
| CFG Citizens Financial Group | 0.03% | 20,000 | $1.4M | Add +25.0% |
| C Citigroup Inc. | 0.03% | 10,000 | $1.4M | No change |
| CART Maplebear Inc. | 0.02% | 20,336 | $963K | No change |
| EBAY eBay Inc. | 0.02% | 8,000 | $894K | New |
| TCOM Trip.com Group Ltd.-ADR | 0.01% | 13,523 | $539K | No change |
| TFC Truist Financial Corp. | 0.01% | 10,000 | $498K | Reduce -33.3% |
| CARG Cargurus Inc. | 0.01% | 10,376 | $354K | No change |
| AFRM Affirm Holdings Inc. | 0.01% | 4,000 | $326K | New |
| PNC PNC Financial Services Group | 0.01% | 1,000 | $246K | New |
| NXT Nextpower Inc. | 0.01% | 1,726 | $206K | No change |
Options reported separately and not counted above: C puts ($1.4M), DAL puts ($983K), GOOG puts ($883K).
Portfolio Sells Q1 2026 → Q2 2026
| EXPE Expedia Group Inc. | Reduce -2.9% | 12.04% | −1.07 |
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −0.85 |
| BKNG Booking Holdings Inc. | Reduce -6.8% | 4.39% | −0.82 |
| SKYW Skywest Inc. | Reduce -84.7% | 0.14% | −0.82 |
| SNCY Sun Country Airlines Holding | Sold out | 0.00% | −0.70 |
| LYFT LYFT Inc. Class A | Reduce -48.7% | 0.58% | −0.63 |
| MAR Marriott International Class A | Reduce -55.6% | 0.37% | −0.49 |
| CPA Copa Holdings SA Class A | Reduce -87.2% | 0.08% | −0.44 |
| GBTG Global Business Travel Group | Sold out | 0.00% | −0.27 |
| BILL Bill Holdings Inc. | Reduce -50.0% | 0.18% | −0.27 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −0.24 |
| ULCC Frontier Group Holdings Inc. | Sold out | 0.00% | −0.22 |
| HTZ Hertz Global Hldgs Inc. | Reduce -34.9% | 0.05% | −0.14 |
| SCHW Schwab (charles) Corp. | Reduce -3.3% | 0.56% | −0.13 |
| WBS Webster Financial Corp. | Sold out | 0.00% | −0.10 |
| GOOG Alphabet Inc. Class C | Reduce -29.2% | 0.22% | −0.08 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -1.4% | 0.55% | −0.03 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.02 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −0.01 |
| TFC Truist Financial Corp. | Reduce -33.3% | 0.01% | −0.01 |
| JBLU Jetblue Airways Corp. | Reduce -10.3% | 0.57% | −0.00 |
| AAL American Airlines Group Inc. | Reduce -20.0% | 0.45% | +0.06 |
| ALK Alaska Air Group Inc. | Reduce -0.1% | 2.05% | +0.35 |
| ALGT Allegiant Travel Co. | Reduce -0.2% | 2.46% | +0.47 |
| LUV Southwest Airlines Co. | Reduce -6.0% | 6.26% | +0.56 |
| DAL Delta Air Lines Inc. | Reduce -0.9% | 8.09% | +1.30 |
Portfolio Buys Q1 2026 → Q2 2026
| UAL United Airlines Holdings Inc. | Add +7.3% | 18.08% | +4.71 |
| META Meta Platforms Inc. Class A | New | 0.77% | +0.77 |
| Z Zillow Group Inc. Class C | New | 0.64% | +0.64 |
| AERO Grupo Aeromexico Sab DE CV | New | 0.53% | +0.53 |
| V Visa Inc. Class A | Add +59.5% | 1.09% | +0.38 |
| MA Mastercard Inc. Class A | New | 0.38% | +0.38 |
| TRVG Trivago NV - ADR | Add +2.4% | 0.58% | +0.25 |
| FLEX Flex Ltd. | New | 0.04% | +0.04 |
| ZM Zoom Communications Inc. | Add +183.3% | 0.04% | +0.02 |
| EBAY eBay Inc. | New | 0.02% | +0.02 |
| AFRM Affirm Holdings Inc. | New | 0.01% | +0.01 |
| CFG Citizens Financial Group | Add +25.0% | 0.03% | +0.01 |
| PNC PNC Financial Services Group | New | 0.01% | +0.01 |
| ABNB Airbnb Inc. Class A | Add +0.3% | 2.66% | −0.08 |
| UBER Uber Technologies Inc. | Add +12.9% | 7.55% | −0.26 |
Options Activity Q1 2026 → Q2 2026
| DAL Delta Air Lines Inc. | put | Reduce -41.7% | 10,500 | $983K |
| GOOG Alphabet Inc. Class C | put | Reduce -92.6% | 2,500 | $883K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $4.0B | UAL, SYF, EXPE, DAL, WEX |
| Q1 2026 | 45 | $3.4B | SYF, UAL, EXPE, WEX, UBER |
| Q4 2025 | 48 | $3.8B | SYF, EXPE, UAL, WEX, DAL |
| Q3 2025 | 57 | $3.4B | SYF, UAL, EXPE, WEX, DAL |
| Q2 2025 | 53 | $3.1B | SYF, EXPE, UAL, WEX, BKNG |
| Q1 2025 | 46 | $3.0B | EXPE, SYF, UAL, UBER, WEX |
| Q4 2024 | 57 | $3.4B | SYF, UAL, EXPE, WEX, DAL |
| Q3 2024 | 56 | $3.5B | BKNG, EXPE, SYF, WEX, UBER |
| Q2 2024 | 50 | $3.2B | BKNG, SYF, EXPE, WEX, UBER |
| Q1 2024 | 47 | $3.2B | BKNG, WEX, EXPE, SYF, UBER |