Par Capital Management Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Par Capital Management Inc. reported 50 stock positions worth $3.2 billion. Its top holding was Booking (BKNG) at 15.4% of the portfolio, followed by Synchrony Financial (SYF, 12.5%) and Expedia (EXPE, 12.2%). Compared with Q1 2024, it opened 5 new positions, sold out of 2, added to 13 and reduced 8. The biggest buy was Booking (BKNG, shares +2%) and the biggest sale Wex (WEX, shares −1%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001051359
Portfolio Value
$3.2B (Q2 2024)
SEC Filing
0001051359-24-000010 ↗ filed Aug 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.2B Q1 2024 Q2 2024: $3.2B $3.2B Q2 2024 Q3 2024: $3.5B Q3 2024 Q4 2024: $3.4B Q4 2024 Q1 2025: $3.0B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $3.4B Q3 2025 Q4 2025: $3.8B Q4 2025 Q1 2026: $3.4B Q1 2026 Q2 2026: $4.0B Q2 2026

Holdings 50 stocks · $3.2B
BKNG Booking Holdings Inc. 15.37% 123,200 $488.1M Add +1.6%
SYF Synchrony Financial 12.48% 8,400,000 $396.4M No change
EXPE Expedia Group Inc. 12.23% 3,083,645 $388.5M Add +8.8%
WEX Wex Inc. 10.26% 1,840,000 $325.9M Reduce -0.5%
UBER Uber Technologies Inc. 9.93% 4,337,800 $315.3M Add +0.4%
UAL United Airlines Holdings Inc. 6.99% 4,559,050 $221.8M No change
DAL Delta Air Lines Inc. 6.65% 4,455,000 $211.3M No change
CAR Avis Budget Group Inc. 2.80% 850,000 $88.8M Add +6.5%
SCHW Schwab (charles) Corp. 2.78% 1,200,000 $88.4M No change
CVNA Carvana Co. 2.05% 506,000 $65.1M No change
CARG Cargurus Inc. 1.85% 2,246,727 $58.9M Add +51.3%
ABNB Airbnb Inc. Class A 1.43% 300,000 $45.5M No change
LUV Southwest Airlines Co. 1.39% 1,542,618 $44.1M Reduce -2.0%
ALK Alaska Air Group Inc. 1.23% 964,953 $39.0M Reduce -1.0%
TSLA Tesla Inc. 1.20% 192,300 $38.1M Add +754.7%
HA Hawaiian Holdings Inc. 1.16% 2,974,630 $37.0M Add +6.6%
XYZ Block Inc. 1.02% 500,000 $32.2M No change
SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 0.99% 2,505,506 $31.5M No change
AVDX Avidxchange Holdings Inc. 0.99% 2,600,000 $31.4M Add +2.0%
WBS Webster Financial Corp. 0.82% 600,000 $26.2M Add +50.0%
CMA Comerica Inc. 0.80% 500,000 $25.5M No change
ALGT Allegiant Travel Co. 0.80% 503,306 $25.3M Add +66.9%
AAL American Airlines Group Inc. 0.71% 2,000,000 $22.7M Reduce -20.7%
SKYW Skywest Inc. 0.62% 239,941 $19.7M Reduce -1.8%
VLRS Controladora Vuela Cia-ADR 0.59% 2,964,401 $18.9M Reduce -0.6%
JBLU Jetblue Airways Corp. 0.58% 2,999,500 $18.3M No change
SABR Sabre Corp. 0.42% 5,000,000 $13.3M No change
ULCC Frontier Group Holdings Inc. 0.27% 1,756,100 $8.7M No change
H Hyatt Hotels Corp. Class A 0.27% 56,961 $8.7M No change
ETSY Etsy Inc. 0.26% 138,250 $8.2M No change
GOOG Alphabet Inc. Class C 0.22% 38,700 $7.1M Add +6.0%
GBTG Global Business Travel Group 0.16% 746,730 $4.9M No change
TRVG Trivago NV - ADR 0.14% 2,284,894 $4.6M Add +57.7%
HTZ Hertz Global Hldgs Inc. 0.11% 1,000,571 $3.5M No change
CART Maplebear Inc. 0.08% 75,000 $2.4M No change
WH Wyndham Hotels & Resorts Inc. 0.06% 27,000 $2.0M No change
VCSA Vacasa Inc. Class A 0.05% 318,405 $1.6M Reduce -39.4%
TRIP Tripadvisor Inc. 0.05% 85,000 $1.5M Reduce -81.9%
TCOM Trip.com Group Ltd.-ADR 0.03% 20,000 $940K No change
LYFT LYFT Inc. Class A 0.02% 55,000 $776K Add +35.8%
C Citigroup Inc. 0.02% 12,000 $762K New
WFC Wells Fargo & Co. 0.02% 10,000 $594K No change
META Meta Platforms Inc. Class A 0.02% 1,000 $504K New
V Visa Inc. Class A 0.01% 1,800 $472K New
DASH DoorDash Inc. Class A 0.01% 4,000 $435K No change
SAVEQ Spirit Airlines Inc. 0.01% 100,000 $366K No change
UPWK Upwork Inc. 0.01% 30,000 $323K New
CCL Carnival Corp. 0.01% 12,000 $225K No change
EB Eventbrite Inc. Class A 0.00% 31,000 $150K No change
FSLY Fastly Inc. Class A 0.00% 19,000 $140K New

Portfolio Sells Q1 2024 → Q2 2024
WEX Wex Inc. Reduce -0.5% 10.26% −3.40
AAL American Airlines Group Inc. Reduce -20.7% 0.71% −0.49
TRIP Tripadvisor Inc. Reduce -81.9% 0.05% −0.36
VLRS Controladora Vuela Cia-ADR Reduce -0.6% 0.59% −0.09
ALK Alaska Air Group Inc. Reduce -1.0% 1.23% −0.08
VCSA Vacasa Inc. Class A Reduce -39.4% 0.05% −0.06
LUV Southwest Airlines Co. Reduce -2.0% 1.39% −0.04
SQSP Squarespace Inc. Class A Sold out 0.00% −0.03
CFG Citizens Financial Group Sold out 0.00% −0.02
SKYW Skywest Inc. Reduce -1.8% 0.62% +0.09

Portfolio Buys Q1 2024 → Q2 2024
BKNG Booking Holdings Inc. Add +1.6% 15.37% +1.69
TSLA Tesla Inc. Add +754.7% 1.20% +1.08
CARG Cargurus Inc. Add +51.3% 1.85% +0.79
WBS Webster Financial Corp. Add +50.0% 0.82% +0.19
ALGT Allegiant Travel Co. Add +66.9% 0.80% +0.09
EXPE Expedia Group Inc. Add +8.8% 12.23% +0.09
GOOG Alphabet Inc. Class C Add +6.0% 0.22% +0.05
C Citigroup Inc. New 0.02% +0.02
TRVG Trivago NV - ADR Add +57.7% 0.14% +0.02
META Meta Platforms Inc. Class A New 0.02% +0.02
V Visa Inc. Class A New 0.01% +0.01
UPWK Upwork Inc. New 0.01% +0.01
HA Hawaiian Holdings Inc. Add +6.6% 1.16% +0.01
FSLY Fastly Inc. Class A New 0.00% +0.00
LYFT LYFT Inc. Class A Add +35.8% 0.02% 0.00
AVDX Avidxchange Holdings Inc. Add +2.0% 0.99% −0.06
CAR Avis Budget Group Inc. Add +6.5% 2.80% −0.24
UBER Uber Technologies Inc. Add +0.4% 9.93% −0.42

Options Activity Q1 2024 → Q2 2024
LYFT INC put Sold out 40,500 $26Kbefore exit
TRIP COM GROUP LTD put Sold out 20,000 $3Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 45$4.0BUAL, SYF, EXPE, DAL, WEX
Q1 2026 45$3.4BSYF, UAL, EXPE, WEX, UBER
Q4 2025 48$3.8BSYF, EXPE, UAL, WEX, DAL
Q3 2025 57$3.4BSYF, UAL, EXPE, WEX, DAL
Q2 2025 53$3.1BSYF, EXPE, UAL, WEX, BKNG
Q1 2025 46$3.0BEXPE, SYF, UAL, UBER, WEX
Q4 2024 57$3.4BSYF, UAL, EXPE, WEX, DAL
Q3 2024 56$3.5BBKNG, EXPE, SYF, WEX, UBER
Q2 2024 50$3.2BBKNG, SYF, EXPE, WEX, UBER
Q1 2024 47$3.2BBKNG, WEX, EXPE, SYF, UBER