Par Capital Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Par Capital Management Inc. reported 53 stock positions worth $3.1 billion. Its top holding was Synchrony Financial (SYF) at 16.4% of the portfolio, followed by Expedia (EXPE, 13.2%) and United Airlines (UAL, 12.9%). Compared with Q1 2025, it opened 10 new positions, sold out of 3, added to 25 and reduced 7. The biggest buy was Carvana (CVNA, shares +24%) and the biggest sale an exit from Uber Technologies (UBER).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.1B (Q2 2025)
- SEC Filing
- 0001051359-25-000009 ↗ filed Aug 14, 2025
Holdings Value
Holdings 53 stocks · $3.1B
| SYF Synchrony Financial | 16.38% | 7,500,000 | $500.6M | No change |
| EXPE Expedia Group Inc. | 13.18% | 2,387,750 | $402.8M | No change |
| UAL United Airlines Holdings Inc. | 12.94% | 4,968,850 | $395.7M | Add +2.6% |
| WEX Wex Inc. | 8.90% | 1,851,100 | $271.9M | Add +0.0% |
| BKNG Booking Holdings Inc. | 7.16% | 37,826 | $219.0M | Add +0.3% |
| LUV Southwest Airlines Co. | 6.28% | 5,917,492 | $192.0M | Add +0.0% |
| DAL Delta Air Lines Inc. | 5.73% | 3,564,000 | $175.3M | No change |
| CVNA Carvana Co. | 5.15% | 467,172 | $157.4M | Add +23.9% |
| SCHW Schwab (charles) Corp. | 2.71% | 909,000 | $82.9M | Add +0.4% |
| SABR Sabre Corp. | 2.00% | 19,350,000 | $61.1M | Add +57.7% |
| ALK Alaska Air Group Inc. | 1.81% | 1,119,302 | $55.4M | Add +4.1% |
| CAR Avis Budget Group Inc. | 1.77% | 320,000 | $54.1M | Reduce -57.4% |
| H Hyatt Hotels Corp. Class A | 1.70% | 371,261 | $51.8M | Add +551.8% |
| WBS Webster Financial Corp. | 1.34% | 750,000 | $41.0M | Add +7.1% |
| TRIP Tripadvisor Inc. | 1.24% | 2,896,475 | $37.8M | No change |
| SKYW Skywest Inc. | 1.22% | 363,451 | $37.4M | No change |
| MAR Marriott International Class A | 1.22% | 136,100 | $37.2M | Add +72.1% |
| AVDX Avidxchange Holdings Inc. | 1.06% | 3,300,000 | $32.3M | No change |
| ALGT Allegiant Travel Co. | 1.05% | 584,996 | $32.1M | Add +11.1% |
| LYFT LYFT Inc. Class A | 0.98% | 1,905,000 | $30.0M | Add +20.9% |
| JBLU Jetblue Airways Corp. | 0.76% | 5,487,425 | $23.2M | Add +105.3% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.75% | 1,959,372 | $23.0M | No change |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.65% | 345,000 | $19.9M | Reduce -3.1% |
| HTZ Hertz Global Hldgs Inc. | 0.51% | 2,291,357 | $15.6M | Add +129.0% |
| CARS Cars.com Inc. | 0.47% | 1,200,000 | $14.2M | New |
| AAL American Airlines Group Inc. | 0.46% | 1,250,000 | $14.0M | New |
| TRVG Trivago NV - ADR | 0.44% | 3,576,869 | $13.5M | Add +0.3% |
| CARG Cargurus Inc. | 0.37% | 336,791 | $11.3M | Reduce -88.0% |
| ULCC Frontier Group Holdings Inc. | 0.26% | 2,181,100 | $7.9M | Add +1.2% |
| LTM Latam Airlines Group SA-ADR | 0.22% | 165,000 | $6.7M | Reduce -64.7% |
| GBTG Global Business Travel Group | 0.21% | 1,024,014 | $6.5M | Add +37.1% |
| GOOG Alphabet Inc. Class C | 0.20% | 34,900 | $6.2M | Add +59.4% |
| CPA Copa Holdings SA Class A | 0.19% | 53,000 | $5.8M | New |
| CART Maplebear Inc. | 0.14% | 91,500 | $4.1M | Add +5.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.08% | 26,364 | $2.4M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.07% | 27,000 | $2.2M | No change |
| MESA AIR GROUP INC | 0.07% | 2,248,190 | $2.1M | New |
| AMZN Amazon.com Inc. | 0.05% | 6,300 | $1.4M | Add +142.3% |
| V Visa Inc. Class A | 0.03% | 2,840 | $1.0M | Add +32.7% |
| SOFI Sofi Technologies Inc. | 0.03% | 55,000 | $1.0M | New |
| DASH DoorDash Inc. Class A | 0.03% | 4,000 | $986K | No change |
| C Citigroup Inc. | 0.03% | 10,000 | $851K | No change |
| GRAB Grab Holdings Ltd. Class A | 0.03% | 161,000 | $810K | Add +37.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 16,700 | $790K | Add +9.2% |
| PINS Pinterest Inc. Class A | 0.02% | 15,000 | $538K | New |
| MA Mastercard Inc. Class A | 0.02% | 900 | $506K | Add +80.0% |
| FLEX Flex Ltd. | 0.02% | 9,910 | $495K | No change |
| META Meta Platforms Inc. Class A | 0.02% | 660 | $487K | Reduce -51.8% |
| W Wayfair Inc. Class A | 0.02% | 9,000 | $460K | New |
| SEIC Sei Investments Company | 0.01% | 3,500 | $315K | Reduce -53.3% |
| ABNB Airbnb Inc. Class A | 0.01% | 1,800 | $238K | New |
| Z Zillow Group Inc. Class C | 0.01% | 3,200 | $224K | New |
| EB Eventbrite Inc. Class A | 0.00% | 31,000 | $82K | Reduce -41.5% |
Options reported separately and not counted above: UAL puts ($11.9M), CVNA puts ($943K), C puts ($851K), SOFI puts ($501K).
Portfolio Sells Q1 2025 → Q2 2025
| UBER Uber Technologies Inc. | Sold out | 0.00% | −11.07 |
| CARG Cargurus Inc. | Reduce -88.0% | 0.37% | −2.38 |
| LTM Latam Airlines Group SA-ADR | Reduce -64.7% | 0.22% | −0.27 |
| CAR Avis Budget Group Inc. | Reduce -57.4% | 1.77% | −0.14 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -51.8% | 0.02% | −0.01 |
| SEIC Sei Investments Company | Reduce -53.3% | 0.01% | −0.01 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.01 |
| EB Eventbrite Inc. Class A | Reduce -41.5% | 0.00% | −0.00 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -3.1% | 0.65% | +0.15 |
Portfolio Buys Q1 2025 → Q2 2025
| CVNA Carvana Co. | Add +23.9% | 5.15% | +2.51 |
| UAL United Airlines Holdings Inc. | Add +2.6% | 12.94% | +1.73 |
| H Hyatt Hotels Corp. Class A | Add +551.8% | 1.70% | +1.46 |
| BKNG Booking Holdings Inc. | Add +0.3% | 7.16% | +1.33 |
| SABR Sabre Corp. | Add +57.7% | 2.00% | +0.84 |
| MAR Marriott International Class A | Add +72.1% | 1.22% | +0.58 |
| CARS Cars.com Inc. | New | 0.47% | +0.47 |
| AAL American Airlines Group Inc. | New | 0.46% | +0.46 |
| HTZ Hertz Global Hldgs Inc. | Add +129.0% | 0.51% | +0.38 |
| LYFT LYFT Inc. Class A | Add +20.9% | 0.98% | +0.36 |
| SCHW Schwab (charles) Corp. | Add +0.4% | 2.71% | +0.34 |
| JBLU Jetblue Airways Corp. | Add +105.3% | 0.76% | +0.33 |
| CPA Copa Holdings SA Class A | New | 0.19% | +0.19 |
| ALGT Allegiant Travel Co. | Add +11.1% | 1.05% | +0.14 |
| WBS Webster Financial Corp. | Add +7.1% | 1.34% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +59.4% | 0.20% | +0.09 |
| BNY Bank of New York Mellon Corp. | New | 0.08% | +0.08 |
| MESA AIR GROUP INC | New | 0.07% | +0.07 |
| ALK Alaska Air Group Inc. | Add +4.1% | 1.81% | +0.04 |
| SOFI Sofi Technologies Inc. | New | 0.03% | +0.03 |
| GBTG Global Business Travel Group | Add +37.1% | 0.21% | +0.03 |
| AMZN Amazon.com Inc. | Add +142.3% | 0.05% | +0.03 |
| CART Maplebear Inc. | Add +5.8% | 0.14% | +0.02 |
| PINS Pinterest Inc. Class A | New | 0.02% | +0.02 |
| W Wayfair Inc. Class A | New | 0.02% | +0.02 |
| GRAB Grab Holdings Ltd. Class A | Add +37.6% | 0.03% | +0.01 |
| ABNB Airbnb Inc. Class A | New | 0.01% | +0.01 |
| V Visa Inc. Class A | Add +32.7% | 0.03% | +0.01 |
| MA Mastercard Inc. Class A | Add +80.0% | 0.02% | +0.01 |
| Z Zillow Group Inc. Class C | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +9.2% | 0.03% | +0.00 |
| TRVG Trivago NV - ADR | Add +0.3% | 0.44% | −0.05 |
| ULCC Frontier Group Holdings Inc. | Add +1.2% | 0.26% | −0.05 |
| LUV Southwest Airlines Co. | Add +0.0% | 6.28% | −0.38 |
| WEX Wex Inc. | Add +0.0% | 8.90% | −0.85 |
Options Activity Q1 2025 → Q2 2025
| UAL United Airlines Holdings Inc. | put | Add +49.0% | 149,000 | $11.9M |
| UBER Uber Technologies Inc. | put | Sold out | 15,500 | $1.1Mbefore exit |
| CVNA Carvana Co. | put | New | 2,800 | $943K |
| C Citigroup Inc. | put | New | 10,000 | $851K |
| SOFI Sofi Technologies Inc. | put | New | 27,500 | $501K |
| CCL Carnival Corp. | put | Sold out | 23,500 | $459Kbefore exit |
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 |