Par Capital Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Par Capital Management Inc. reported 46 stock positions worth $3.0 billion. Its top holding was Expedia (EXPE) at 13.5% of the portfolio, followed by Synchrony Financial (SYF, 13.3%) and United Airlines (UAL, 11.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 15, added to 24 and reduced 7. The biggest buy was Southwest Airlines (LUV, shares +246%) and the biggest sale Delta Air Lines (DAL, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.0B (Q1 2025)
- SEC Filing
- 0001051359-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 46 stocks · $3.0B
| EXPE Expedia Group Inc. | 13.46% | 2,387,750 | $401.4M | Add +0.5% |
| SYF Synchrony Financial | 13.32% | 7,500,000 | $397.1M | Add +1.4% |
| UAL United Airlines Holdings Inc. | 11.21% | 4,841,050 | $334.3M | No change |
| UBER Uber Technologies Inc. | 11.07% | 4,529,829 | $330.0M | Add +17.1% |
| WEX Wex Inc. | 9.74% | 1,850,500 | $290.6M | Add +0.0% |
| LUV Southwest Airlines Co. | 6.66% | 5,916,492 | $198.7M | Add +245.6% |
| BKNG Booking Holdings Inc. | 5.83% | 37,731 | $173.8M | Reduce -0.1% |
| DAL Delta Air Lines Inc. | 5.21% | 3,564,000 | $155.4M | Reduce -20.0% |
| CARG Cargurus Inc. | 2.75% | 2,810,956 | $81.9M | Add +5.4% |
| CVNA Carvana Co. | 2.64% | 377,200 | $78.9M | Add +24.0% |
| SCHW Schwab (charles) Corp. | 2.38% | 905,000 | $70.8M | No change |
| CAR Avis Budget Group Inc. | 1.91% | 751,770 | $57.1M | No change |
| ALK Alaska Air Group Inc. | 1.78% | 1,075,576 | $52.9M | Add +26.4% |
| TRIP Tripadvisor Inc. | 1.38% | 2,896,475 | $41.0M | Add +29.2% |
| WBS Webster Financial Corp. | 1.21% | 700,000 | $36.1M | No change |
| SABR Sabre Corp. | 1.16% | 12,267,052 | $34.5M | Add +12.9% |
| SKYW Skywest Inc. | 1.06% | 363,451 | $31.8M | Add +51.5% |
| AVDX Avidxchange Holdings Inc. | 0.94% | 3,300,000 | $28.0M | Add +10.0% |
| ALGT Allegiant Travel Co. | 0.91% | 526,430 | $27.2M | Reduce -2.4% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.81% | 1,959,372 | $24.1M | Reduce -13.1% |
| MAR Marriott International Class A | 0.63% | 79,100 | $18.8M | Add +0.3% |
| LYFT LYFT Inc. Class A | 0.63% | 1,575,000 | $18.7M | Add +1160.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.51% | 356,000 | $15.1M | Add +3.2% |
| TRVG Trivago NV - ADR | 0.49% | 3,567,969 | $14.6M | Add +0.7% |
| LTM Latam Airlines Group SA-ADR | 0.49% | 467,500 | $14.6M | No change |
| JBLU Jetblue Airways Corp. | 0.43% | 2,672,555 | $12.9M | No change |
| ULCC Frontier Group Holdings Inc. | 0.31% | 2,156,100 | $9.4M | Add +22.8% |
| H Hyatt Hotels Corp. Class A | 0.23% | 56,961 | $7.0M | No change |
| GBTG Global Business Travel Group | 0.18% | 746,730 | $5.4M | No change |
| HTZ Hertz Global Hldgs Inc. | 0.13% | 1,000,571 | $3.9M | No change |
| CART Maplebear Inc. | 0.12% | 86,500 | $3.5M | Add +2.4% |
| GOOG Alphabet Inc. Class C | 0.11% | 21,900 | $3.4M | Add +1.4% |
| WH Wyndham Hotels & Resorts Inc. | 0.08% | 27,000 | $2.4M | No change |
| META Meta Platforms Inc. Class A | 0.03% | 1,370 | $790K | Add +5.4% |
| V Visa Inc. Class A | 0.03% | 2,140 | $750K | Add +234.4% |
| DASH DoorDash Inc. Class A | 0.02% | 4,000 | $731K | Reduce -11.1% |
| C Citigroup Inc. | 0.02% | 10,000 | $710K | Add +38.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.02% | 15,300 | $638K | New |
| SEIC Sei Investments Company | 0.02% | 7,500 | $582K | No change |
| CCL Carnival Corp. | 0.02% | 27,200 | $531K | Add +15.7% |
| GRAB Grab Holdings Ltd. Class A | 0.02% | 117,000 | $530K | Reduce -2.5% |
| AMZN Amazon.com Inc. | 0.02% | 2,600 | $495K | New |
| FLEX Flex Ltd. | 0.01% | 9,910 | $328K | New |
| MA Mastercard Inc. Class A | 0.01% | 500 | $274K | Add +25.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.01% | 950 | $216K | New |
| EB Eventbrite Inc. Class A | 0.00% | 53,000 | $112K | Reduce -8.6% |
Options reported separately and not counted above: UAL puts ($6.9M), UBER puts ($1.1M), CCL puts ($459K).
Portfolio Sells Q4 2024 → Q1 2025
| DAL Delta Air Lines Inc. | Reduce -20.0% | 5.21% | −2.75 |
| TSLA Tesla Inc. | Sold out | 0.00% | −2.29 |
| XYZ Block Inc. | Sold out | 0.00% | −1.27 |
| AAL American Airlines Group Inc. | Sold out | 0.00% | −1.03 |
| CMA Comerica Inc. | Sold out | 0.00% | −0.91 |
| ALGT Allegiant Travel Co. | Reduce -2.4% | 0.91% | −0.59 |
| VLRS Controladora Vuela Cia-ADR | Sold out | 0.00% | −0.28 |
| SNCY Sun Country Airlines Holding | Reduce -13.1% | 0.81% | −0.16 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.03 |
| VCSA Vacasa Inc. Class A | Sold out | 0.00% | −0.02 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.02 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.02 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.02 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.02 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.01 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.01 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.01 |
| EB Eventbrite Inc. Class A | Reduce -8.6% | 0.00% | −0.00 |
| GRAB Grab Holdings Ltd. Class A | Reduce -2.5% | 0.02% | +0.00 |
| DASH DoorDash Inc. Class A | Reduce -11.1% | 0.02% | +0.00 |
| BKNG Booking Holdings Inc. | Reduce -0.1% | 5.83% | +0.29 |
Portfolio Buys Q4 2024 → Q1 2025
| LUV Southwest Airlines Co. | Add +245.6% | 6.66% | +4.96 |
| UBER Uber Technologies Inc. | Add +17.1% | 11.07% | +4.18 |
| CVNA Carvana Co. | Add +24.0% | 2.64% | +0.82 |
| LYFT LYFT Inc. Class A | Add +1160.0% | 0.63% | +0.58 |
| TRIP Tripadvisor Inc. | Add +29.2% | 1.38% | +0.40 |
| EXPE Expedia Group Inc. | Add +0.5% | 13.46% | +0.39 |
| SKYW Skywest Inc. | Add +51.5% | 1.06% | +0.36 |
| TRVG Trivago NV - ADR | Add +0.7% | 0.49% | +0.26 |
| WEX Wex Inc. | Add +0.0% | 9.74% | +0.17 |
| ALK Alaska Air Group Inc. | Add +26.4% | 1.78% | +0.15 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +3.2% | 0.51% | +0.06 |
| AVDX Avidxchange Holdings Inc. | Add +10.0% | 0.94% | +0.02 |
| BAC Bank of America Corp. | New | 0.02% | +0.02 |
| V Visa Inc. Class A | Add +234.4% | 0.03% | +0.02 |
| AMZN Amazon.com Inc. | New | 0.02% | +0.02 |
| CART Maplebear Inc. | Add +2.4% | 0.12% | +0.01 |
| FLEX Flex Ltd. | New | 0.01% | +0.01 |
| C Citigroup Inc. | Add +38.9% | 0.02% | +0.01 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.01% | +0.01 |
| META Meta Platforms Inc. Class A | Add +5.4% | 0.03% | +0.00 |
| MA Mastercard Inc. Class A | Add +25.0% | 0.01% | +0.00 |
| CCL Carnival Corp. | Add +15.7% | 0.02% | +0.00 |
| GOOG Alphabet Inc. Class C | Add +1.4% | 0.11% | −0.01 |
| SABR Sabre Corp. | Add +12.9% | 1.16% | −0.02 |
| MAR Marriott International Class A | Add +0.3% | 0.63% | −0.02 |
| ULCC Frontier Group Holdings Inc. | Add +22.8% | 0.31% | −0.05 |
| CARG Cargurus Inc. | Add +5.4% | 2.75% | −0.13 |
| SYF Synchrony Financial | Add +1.4% | 13.32% | −0.89 |
Options Activity Q4 2024 → Q1 2025
| UAL United Airlines Holdings Inc. | put | New | 100,000 | $6.9M |
| CARG Cargurus Inc. | put | Sold out | 31,000 | $1.1Mbefore exit |
| UBER Uber Technologies Inc. | put | New | 15,500 | $1.1M |
| WIX Wix.com Ltd. | put | Sold out | 4,800 | $1.0Mbefore exit |
| BILL Bill Holdings Inc. | put | Sold out | 7,500 | $635Kbefore exit |
| CCL Carnival Corp. | put | New | 23,500 | $459K |
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 |