Par Capital Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Par Capital Management Inc. reported 47 stock positions worth $3.2 billion. Its top holding was Booking (BKNG) at 13.7% of the portfolio, followed by Wex (WEX, 13.7%) and Expedia (EXPE, 12.1%). Compared with Q4 2023, it opened 11 new positions, sold out of 6, added to 11 and reduced 11. The biggest buy was United Airlines (UAL, shares +105%) and the biggest sale Tripadvisor (TRIP, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.2B (Q1 2024)
- SEC Filing
- 0001051359-24-000006 ↗ filed May 15, 2024
Holdings Value
Holdings 47 stocks · $3.2B
| BKNG Booking Holdings Inc. | 13.67% | 121,200 | $439.7M | Add +1.0% |
| WEX Wex Inc. | 13.67% | 1,850,000 | $439.4M | No change |
| EXPE Expedia Group Inc. | 12.14% | 2,834,865 | $390.5M | Reduce -1.0% |
| SYF Synchrony Financial | 11.26% | 8,400,000 | $362.2M | No change |
| UBER Uber Technologies Inc. | 10.34% | 4,320,000 | $332.6M | Reduce -20.0% |
| UAL United Airlines Holdings Inc. | 6.79% | 4,559,050 | $218.3M | Add +105.0% |
| DAL Delta Air Lines Inc. | 6.63% | 4,455,000 | $213.3M | No change |
| CAR Avis Budget Group Inc. | 3.04% | 798,021 | $97.7M | Reduce -6.0% |
| SCHW Schwab (charles) Corp. | 2.70% | 1,200,000 | $86.8M | No change |
| ABNB Airbnb Inc. Class A | 1.54% | 300,000 | $49.5M | No change |
| LUV Southwest Airlines Co. | 1.43% | 1,574,100 | $45.9M | Add +6.0% |
| CVNA Carvana Co. | 1.38% | 506,000 | $44.5M | Add +25.9% |
| XYZ Block Inc. | 1.32% | 500,000 | $42.3M | No change |
| ALK Alaska Air Group Inc. | 1.30% | 974,700 | $41.9M | Reduce -5.0% |
| AAL American Airlines Group Inc. | 1.20% | 2,521,245 | $38.7M | Add +0.4% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 1.18% | 2,505,506 | $37.8M | Reduce -9.4% |
| HA Hawaiian Holdings Inc. | 1.16% | 2,791,000 | $37.2M | Add +83.6% |
| CARG Cargurus Inc. | 1.07% | 1,485,000 | $34.3M | New |
| AVDX Avidxchange Holdings Inc. | 1.04% | 2,550,000 | $33.5M | Reduce -7.3% |
| CMA Comerica Inc. | 0.86% | 500,000 | $27.5M | No change |
| ALGT Allegiant Travel Co. | 0.71% | 301,528 | $22.7M | Add +18.9% |
| JBLU Jetblue Airways Corp. | 0.69% | 2,999,500 | $22.3M | Add +50.0% |
| VLRS Controladora Vuela Cia-ADR | 0.69% | 2,982,162 | $22.1M | Add +35.3% |
| WBS Webster Financial Corp. | 0.63% | 400,000 | $20.3M | Add +6.7% |
| SKYW Skywest Inc. | 0.53% | 244,441 | $16.9M | No change |
| ULCC Frontier Group Holdings Inc. | 0.44% | 1,756,100 | $14.2M | No change |
| TRIP Tripadvisor Inc. | 0.41% | 470,000 | $13.1M | Reduce -90.0% |
| SABR Sabre Corp. | 0.38% | 5,000,000 | $12.1M | No change |
| ETSY Etsy Inc. | 0.30% | 138,250 | $9.5M | Add +943.4% |
| H Hyatt Hotels Corp. Class A | 0.28% | 56,961 | $9.1M | No change |
| HTZ Hertz Global Hldgs Inc. | 0.24% | 1,000,571 | $7.8M | Reduce -10.1% |
| GOOG Alphabet Inc. Class C | 0.17% | 36,500 | $5.6M | New |
| GBTG Global Business Travel Group | 0.14% | 746,730 | $4.5M | Reduce -3.0% |
| TRVG Trivago NV - ADR | 0.12% | 1,448,862 | $4.0M | New |
| TSLA Tesla Inc. | 0.12% | 22,500 | $4.0M | New |
| VCSA Vacasa Inc. Class A | 0.11% | 525,000 | $3.6M | New |
| CART Maplebear Inc. | 0.09% | 75,000 | $2.8M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.06% | 27,000 | $2.1M | No change |
| TCOM Trip.com Group Ltd.-ADR | 0.03% | 20,000 | $878K | No change |
| SQSP Squarespace Inc. Class A | 0.03% | 22,500 | $820K | New |
| LYFT LYFT Inc. Class A | 0.02% | 40,500 | $784K | New |
| CFG Citizens Financial Group | 0.02% | 20,000 | $726K | New |
| WFC Wells Fargo & Co. | 0.02% | 10,000 | $580K | New |
| DASH DoorDash Inc. Class A | 0.02% | 4,000 | $551K | Reduce -52.9% |
| SAVEQ Spirit Airlines Inc. | 0.02% | 100,000 | $484K | No change |
| CCL Carnival Corp. | 0.01% | 12,000 | $196K | New |
| EB Eventbrite Inc. Class A | 0.01% | 31,000 | $170K | Reduce -78.0% |
Options reported separately and not counted above: LYFT INC puts ($26K), TRIP COM GROUP LTD puts ($3K).
Portfolio Sells Q4 2023 → Q1 2024
| TRIP Tripadvisor Inc. | Reduce -90.0% | 0.41% | −2.92 |
| AXP American Express Co. | Sold out | 0.00% | −2.15 |
| EXPE Expedia Group Inc. | Reduce -1.0% | 12.14% | −2.13 |
| CAR Avis Budget Group Inc. | Reduce -6.0% | 3.04% | −1.90 |
| UBER Uber Technologies Inc. | Reduce -20.0% | 10.34% | −0.58 |
| SNCY Sun Country Airlines Holding | Reduce -9.4% | 1.18% | −0.25 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.14 |
| HTZ Hertz Global Hldgs Inc. | Reduce -10.1% | 0.24% | −0.14 |
| AVDX Avidxchange Holdings Inc. | Reduce -7.3% | 1.04% | −0.08 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.04 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.03 |
| EB Eventbrite Inc. Class A | Reduce -78.0% | 0.01% | −0.03 |
| GBTG Global Business Travel Group | Reduce -3.0% | 0.14% | −0.02 |
| ALK Alaska Air Group Inc. | Reduce -5.0% | 1.30% | −0.01 |
| DASH DoorDash Inc. Class A | Reduce -52.9% | 0.02% | −0.01 |
| STT State Street Corp. | Sold out | 0.00% | −0.01 |
| CHGG Chegg Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| UAL United Airlines Holdings Inc. | Add +105.0% | 6.79% | +3.78 |
| CARG Cargurus Inc. | New | 1.07% | +1.07 |
| CVNA Carvana Co. | Add +25.9% | 1.38% | +0.68 |
| HA Hawaiian Holdings Inc. | Add +83.6% | 1.16% | +0.45 |
| JBLU Jetblue Airways Corp. | Add +50.0% | 0.69% | +0.33 |
| ETSY Etsy Inc. | Add +943.4% | 0.30% | +0.26 |
| GOOG Alphabet Inc. Class C | New | 0.17% | +0.17 |
| TRVG Trivago NV - ADR | New | 0.12% | +0.12 |
| TSLA Tesla Inc. | New | 0.12% | +0.12 |
| VCSA Vacasa Inc. Class A | New | 0.11% | +0.11 |
| CART Maplebear Inc. | New | 0.09% | +0.09 |
| AAL American Airlines Group Inc. | Add +0.4% | 1.20% | +0.07 |
| SQSP Squarespace Inc. Class A | New | 0.03% | +0.03 |
| LYFT LYFT Inc. Class A | New | 0.02% | +0.02 |
| CFG Citizens Financial Group | New | 0.02% | +0.02 |
| LUV Southwest Airlines Co. | Add +6.0% | 1.43% | +0.02 |
| WFC Wells Fargo & Co. | New | 0.02% | +0.02 |
| ALGT Allegiant Travel Co. | Add +18.9% | 0.71% | +0.02 |
| VLRS Controladora Vuela Cia-ADR | Add +35.3% | 0.69% | +0.01 |
| WBS Webster Financial Corp. | Add +6.7% | 0.63% | +0.01 |
| CCL Carnival Corp. | New | 0.01% | +0.01 |
| BKNG Booking Holdings Inc. | Add +1.0% | 13.67% | −0.31 |
Options Activity Q4 2023 → Q1 2024
| LYFT INC | put | New | 40,500 | $26K |
| TRIP COM GROUP LTD | put | New | 20,000 | $3K |
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 |