Par Capital Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Par Capital Management Inc. reported 57 stock positions worth $3.4 billion. Its top holding was Synchrony Financial (SYF) at 14.2% of the portfolio, followed by United Airlines (UAL, 13.9%) and Expedia (EXPE, 13.1%). Compared with Q3 2024, it opened 8 new positions, sold out of 7, added to 17 and reduced 16. The biggest buy was Allegiant Travel (ALGT, shares +6%) and the biggest sale Booking (BKNG, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.4B (Q4 2024)
- SEC Filing
- 0001051359-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 57 stocks · $3.4B
| SYF Synchrony Financial | 14.20% | 7,400,000 | $481.0M | Reduce -11.9% |
| UAL United Airlines Holdings Inc. | 13.88% | 4,841,050 | $470.1M | No change |
| EXPE Expedia Group Inc. | 13.07% | 2,374,844 | $442.5M | Reduce -27.0% |
| WEX Wex Inc. | 9.58% | 1,850,000 | $324.3M | No change |
| DAL Delta Air Lines Inc. | 7.96% | 4,455,000 | $269.5M | No change |
| UBER Uber Technologies Inc. | 6.89% | 3,866,829 | $233.2M | Reduce -11.2% |
| BKNG Booking Holdings Inc. | 5.54% | 37,761 | $187.6M | Reduce -69.4% |
| CARG Cargurus Inc. | 2.88% | 2,667,056 | $97.5M | Add +0.1% |
| TSLA Tesla Inc. | 2.29% | 192,300 | $77.7M | No change |
| SCHW Schwab (charles) Corp. | 1.98% | 905,000 | $67.0M | Reduce -30.4% |
| CVNA Carvana Co. | 1.83% | 304,240 | $61.9M | Reduce -39.7% |
| CAR Avis Budget Group Inc. | 1.79% | 751,770 | $60.6M | Reduce -10.0% |
| LUV Southwest Airlines Co. | 1.70% | 1,712,192 | $57.6M | Add +0.2% |
| ALK Alaska Air Group Inc. | 1.63% | 851,089 | $55.1M | Reduce -10.0% |
| ALGT Allegiant Travel Co. | 1.50% | 539,549 | $50.8M | Add +5.8% |
| XYZ Block Inc. | 1.27% | 505,500 | $43.0M | Add +1.1% |
| SABR Sabre Corp. | 1.17% | 10,866,722 | $39.7M | Add +117.3% |
| WBS Webster Financial Corp. | 1.14% | 700,000 | $38.7M | No change |
| AAL American Airlines Group Inc. | 1.03% | 2,000,000 | $34.9M | No change |
| TRIP Tripadvisor Inc. | 0.98% | 2,242,000 | $33.1M | Add +151.4% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.97% | 2,254,955 | $32.9M | Reduce -10.0% |
| AVDX Avidxchange Holdings Inc. | 0.92% | 3,000,000 | $31.0M | Reduce -10.4% |
| CMA Comerica Inc. | 0.91% | 500,000 | $30.9M | No change |
| SKYW Skywest Inc. | 0.71% | 239,941 | $24.0M | No change |
| MAR Marriott International Class A | 0.65% | 78,900 | $22.0M | Add +0.1% |
| JBLU Jetblue Airways Corp. | 0.62% | 2,672,555 | $21.0M | Reduce -10.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.44% | 345,000 | $15.0M | New |
| LTM Latam Airlines Group SA-ADR | 0.38% | 467,500 | $12.9M | No change |
| ULCC Frontier Group Holdings Inc. | 0.37% | 1,756,100 | $12.5M | No change |
| VLRS Controladora Vuela Cia-ADR | 0.28% | 1,261,904 | $9.4M | Reduce -44.5% |
| H Hyatt Hotels Corp. Class A | 0.26% | 56,961 | $8.9M | No change |
| TRVG Trivago NV - ADR | 0.23% | 3,544,231 | $7.7M | Add +21.0% |
| GBTG Global Business Travel Group | 0.20% | 746,730 | $6.9M | No change |
| GOOG Alphabet Inc. Class C | 0.12% | 21,600 | $4.1M | Reduce -45.9% |
| HTZ Hertz Global Hldgs Inc. | 0.11% | 1,000,571 | $3.7M | No change |
| CART Maplebear Inc. | 0.10% | 84,500 | $3.5M | Add +3.0% |
| WH Wyndham Hotels & Resorts Inc. | 0.08% | 27,000 | $2.7M | No change |
| LYFT LYFT Inc. Class A | 0.05% | 125,000 | $1.6M | Add +127.3% |
| WIX Wix.com Ltd. | 0.03% | 4,800 | $1.0M | Add +37.1% |
| META Meta Platforms Inc. Class A | 0.02% | 1,300 | $761K | Add +242.1% |
| DASH DoorDash Inc. Class A | 0.02% | 4,500 | $755K | Add +12.5% |
| VCSA Vacasa Inc. Class A | 0.02% | 139,654 | $684K | Reduce -56.1% |
| PNC PNC Financial Services Group | 0.02% | 3,500 | $675K | Add +16.7% |
| CFG Citizens Financial Group | 0.02% | 15,000 | $656K | Add +114.3% |
| BILL Bill Holdings Inc. | 0.02% | 7,500 | $635K | New |
| TFC Truist Financial Corp. | 0.02% | 14,500 | $629K | Add +45.0% |
| SEIC Sei Investments Company | 0.02% | 7,500 | $619K | No change |
| CCL Carnival Corp. | 0.02% | 23,500 | $586K | Reduce -7.8% |
| GRAB Grab Holdings Ltd. Class A | 0.02% | 120,000 | $566K | New |
| C Citigroup Inc. | 0.01% | 7,200 | $507K | New |
| EBAY eBay Inc. | 0.01% | 7,000 | $434K | No change |
| SHOP Shopify Inc. Class A | 0.01% | 3,000 | $319K | Reduce -40.0% |
| NCLH Norwegian Cruise Line Holdin | 0.01% | 11,000 | $283K | New |
| PYPL PayPal Holdings Inc. | 0.01% | 3,000 | $256K | New |
| MA Mastercard Inc. Class A | 0.01% | 400 | $211K | New |
| V Visa Inc. Class A | 0.01% | 640 | $202K | New |
| EB Eventbrite Inc. Class A | 0.01% | 58,000 | $195K | Add +41.5% |
Options reported separately and not counted above: CARG puts ($1.1M), WIX puts ($1.0M), BILL puts ($635K).
Portfolio Sells Q3 2024 → Q4 2024
| BKNG Booking Holdings Inc. | Reduce -69.4% | 5.54% | −9.18 |
| UBER Uber Technologies Inc. | Reduce -11.2% | 6.89% | −2.39 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −1.08 |
| CVNA Carvana Co. | Reduce -39.7% | 1.83% | −0.66 |
| EXPE Expedia Group Inc. | Reduce -27.0% | 13.07% | −0.59 |
| SCHW Schwab (charles) Corp. | Reduce -30.4% | 1.98% | −0.41 |
| CAR Avis Budget Group Inc. | Reduce -10.0% | 1.79% | −0.29 |
| ETSY Etsy Inc. | Sold out | 0.00% | −0.22 |
| VLRS Controladora Vuela Cia-ADR | Reduce -44.5% | 0.28% | −0.13 |
| GOOG Alphabet Inc. Class C | Reduce -45.9% | 0.12% | −0.07 |
| SAVEQ Spirit Airlines Inc. | Sold out | 0.00% | −0.05 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.04 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.01 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.01 |
| ANGI Angi Inc. | Sold out | 0.00% | −0.01 |
| VCSA Vacasa Inc. Class A | Reduce -56.1% | 0.02% | −0.01 |
| SHOP Shopify Inc. Class A | Reduce -40.0% | 0.01% | −0.00 |
| CCL Carnival Corp. | Reduce -7.8% | 0.02% | +0.00 |
| JBLU Jetblue Airways Corp. | Reduce -10.0% | 0.62% | +0.07 |
| AVDX Avidxchange Holdings Inc. | Reduce -10.4% | 0.92% | +0.15 |
| SNCY Sun Country Airlines Holding | Reduce -10.0% | 0.97% | +0.17 |
| ALK Alaska Air Group Inc. | Reduce -10.0% | 1.63% | +0.41 |
| SYF Synchrony Financial | Reduce -11.9% | 14.20% | +2.32 |
Portfolio Buys Q3 2024 → Q4 2024
| ALGT Allegiant Travel Co. | Add +5.8% | 1.50% | +0.70 |
| SABR Sabre Corp. | Add +117.3% | 1.17% | +0.65 |
| TRIP Tripadvisor Inc. | Add +151.4% | 0.98% | +0.61 |
| CARG Cargurus Inc. | Add +0.1% | 2.88% | +0.61 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.44% | +0.44 |
| XYZ Block Inc. | Add +1.1% | 1.27% | +0.32 |
| LUV Southwest Airlines Co. | Add +0.2% | 1.70% | +0.26 |
| MAR Marriott International Class A | Add +0.1% | 0.65% | +0.09 |
| TRVG Trivago NV - ADR | Add +21.0% | 0.23% | +0.08 |
| LYFT LYFT Inc. Class A | Add +127.3% | 0.05% | +0.03 |
| BILL Bill Holdings Inc. | New | 0.02% | +0.02 |
| GRAB Grab Holdings Ltd. Class A | New | 0.02% | +0.02 |
| META Meta Platforms Inc. Class A | Add +242.1% | 0.02% | +0.02 |
| C Citigroup Inc. | New | 0.01% | +0.01 |
| WIX Wix.com Ltd. | Add +37.1% | 0.03% | +0.01 |
| CFG Citizens Financial Group | Add +114.3% | 0.02% | +0.01 |
| CART Maplebear Inc. | Add +3.0% | 0.10% | +0.01 |
| NCLH Norwegian Cruise Line Holdin | New | 0.01% | +0.01 |
| PYPL PayPal Holdings Inc. | New | 0.01% | +0.01 |
| TFC Truist Financial Corp. | Add +45.0% | 0.02% | +0.01 |
| MA Mastercard Inc. Class A | New | 0.01% | +0.01 |
| DASH DoorDash Inc. Class A | Add +12.5% | 0.02% | +0.01 |
| V Visa Inc. Class A | New | 0.01% | +0.01 |
| PNC PNC Financial Services Group | Add +16.7% | 0.02% | +0.00 |
| EB Eventbrite Inc. Class A | Add +41.5% | 0.01% | +0.00 |
Options Activity Q3 2024 → Q4 2024
| CARG Cargurus Inc. | put | New | 31,000 | $1.1M |
| WIX Wix.com Ltd. | put | New | 4,800 | $1.0M |
| BILL Bill Holdings Inc. | put | New | 7,500 | $635K |
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 |