Par Capital Management Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Par Capital Management Inc. reported 45 stock positions worth $3.4 billion. Its top holding was Synchrony Financial (SYF) at 15.1% of the portfolio, followed by United Airlines (UAL, 13.4%) and Expedia (EXPE, 13.1%). Compared with Q4 2025, it opened 6 new positions, sold out of 9, added to 16 and reduced 14. The biggest buy was Uber Technologies (UBER, shares +276%) and the biggest sale Schwab (charles) (SCHW, shares −72%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.4B (Q1 2026)
- SEC Filing
- 0001051359-26-000005 ↗ filed May 15, 2026
Holdings Value
Holdings 45 stocks · $3.4B
| SYF Synchrony Financial | 15.05% | 7,612,137 | $517.8M | Add +1.5% |
| UAL United Airlines Holdings Inc. | 13.38% | 4,996,850 | $460.1M | Add +2.1% |
| EXPE Expedia Group Inc. | 13.10% | 1,952,120 | $450.7M | Add +0.2% |
| WEX Wex Inc. | 10.03% | 2,254,984 | $345.1M | Add +0.1% |
| UBER Uber Technologies Inc. | 7.81% | 3,736,973 | $268.8M | Add +275.5% |
| DAL Delta Air Lines Inc. | 6.79% | 3,514,445 | $233.6M | Reduce -1.7% |
| LUV Southwest Airlines Co. | 5.70% | 5,219,192 | $196.1M | Add +5.4% |
| BKNG Booking Holdings Inc. | 5.21% | 42,573 | $179.2M | Add +73.9% |
| CVNA Carvana Co. | 3.18% | 347,872 | $109.4M | Reduce -0.8% |
| ABNB Airbnb Inc. Class A | 2.74% | 747,500 | $94.4M | Add +2.4% |
| ALGT Allegiant Travel Co. | 1.99% | 846,191 | $68.6M | Add +35.6% |
| ALK Alaska Air Group Inc. | 1.69% | 1,581,500 | $58.2M | No change |
| H Hyatt Hotels Corp. Class A | 1.42% | 338,500 | $48.7M | Reduce -0.1% |
| TRIP Tripadvisor Inc. | 1.26% | 4,072,054 | $43.4M | Add +86.7% |
| LYFT LYFT Inc. Class A | 1.21% | 3,130,000 | $41.6M | Reduce -0.3% |
| SKYW Skywest Inc. | 0.96% | 357,923 | $32.9M | Reduce -0.5% |
| MAR Marriott International Class A | 0.86% | 90,000 | $29.4M | Reduce -33.3% |
| CAR Avis Budget Group Inc. | 0.85% | 200,000 | $29.2M | No change |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.70% | 1,467,800 | $24.2M | Reduce -26.6% |
| V Visa Inc. Class A | 0.70% | 80,000 | $24.2M | Add +7592.3% |
| SCHW Schwab (charles) Corp. | 0.69% | 253,300 | $23.8M | Reduce -72.2% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.58% | 345,000 | $19.9M | No change |
| JBLU Jetblue Airways Corp. | 0.57% | 4,457,425 | $19.7M | No change |
| CPA Copa Holdings SA Class A | 0.52% | 157,197 | $17.9M | No change |
| BILL Bill Holdings Inc. | 0.45% | 400,000 | $15.3M | Add +23.1% |
| AAL American Airlines Group Inc. | 0.39% | 1,250,000 | $13.4M | No change |
| TRVG Trivago NV - ADR | 0.33% | 4,193,114 | $11.4M | Add +5.6% |
| GOOG Alphabet Inc. Class C | 0.30% | 35,600 | $10.2M | Reduce -3.0% |
| GBTG Global Business Travel Group | 0.27% | 1,686,634 | $9.4M | Add +91.0% |
| RJET Republic Airways Holdings Inc. | 0.26% | 506,844 | $9.1M | Add +185.9% |
| LTM Latam Airlines Group SA-ADR | 0.24% | 165,000 | $8.2M | No change |
| ULCC Frontier Group Holdings Inc. | 0.22% | 2,131,100 | $7.5M | Reduce -1.2% |
| HTZ Hertz Global Hldgs Inc. | 0.19% | 1,400,000 | $6.5M | No change |
| WBS Webster Financial Corp. | 0.10% | 50,000 | $3.5M | Reduce -93.4% |
| CARS Cars.com Inc. | 0.06% | 246,299 | $2.0M | Reduce -90.9% |
| C Citigroup Inc. | 0.03% | 10,000 | $1.1M | No change |
| CFG Citizens Financial Group | 0.03% | 16,000 | $960K | New |
| CART Maplebear Inc. | 0.02% | 20,336 | $762K | New |
| TFC Truist Financial Corp. | 0.02% | 15,000 | $690K | New |
| TCOM Trip.com Group Ltd.-ADR | 0.02% | 13,523 | $673K | Add +200.5% |
| PINS Pinterest Inc. Class A | 0.02% | 31,825 | $584K | New |
| SNAP Snap Inc. Class A | 0.01% | 110,693 | $509K | New |
| ZM Zoom Communications Inc. | 0.01% | 6,000 | $482K | Reduce -49.6% |
| CARG Cargurus Inc. | 0.01% | 10,376 | $353K | Reduce -97.0% |
| NXT Nextpower Inc. | 0.01% | 1,726 | $208K | New |
Options reported separately and not counted above: GOOG puts ($9.6M), DAL puts ($1.2M), C puts ($1.1M).
Portfolio Sells Q4 2025 → Q1 2026
| SCHW Schwab (charles) Corp. | Reduce -72.2% | 0.69% | −1.73 |
| WBS Webster Financial Corp. | Reduce -93.4% | 0.10% | −1.16 |
| CARS Cars.com Inc. | Reduce -90.9% | 0.06% | −0.81 |
| AERO Grupo Aeromexico Sab DE CV | Sold out | 0.00% | −0.81 |
| CVNA Carvana Co. | Reduce -0.8% | 3.18% | −0.75 |
| LYFT LYFT Inc. Class A | Reduce -0.3% | 1.21% | −0.40 |
| CARG Cargurus Inc. | Reduce -97.0% | 0.01% | −0.34 |
| MAR Marriott International Class A | Reduce -33.3% | 0.86% | −0.25 |
| SNCY Sun Country Airlines Holding | Reduce -26.6% | 0.70% | −0.06 |
| ULCC Frontier Group Holdings Inc. | Reduce -1.2% | 0.22% | −0.05 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.04 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.03 |
| H Hyatt Hotels Corp. Class A | Reduce -0.1% | 1.42% | −0.03 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −0.02 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.02 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −0.02 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.01 |
| ZM Zoom Communications Inc. | Reduce -49.6% | 0.01% | −0.01 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.01 |
| DOCU Docusign Inc. | Sold out | 0.00% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -3.0% | 0.30% | −0.01 |
| SKYW Skywest Inc. | Reduce -0.5% | 0.96% | −0.00 |
| DAL Delta Air Lines Inc. | Reduce -1.7% | 6.79% | +0.21 |
Portfolio Buys Q4 2025 → Q1 2026
| UBER Uber Technologies Inc. | Add +275.5% | 7.81% | +5.66 |
| BKNG Booking Holdings Inc. | Add +73.9% | 5.21% | +1.73 |
| WEX Wex Inc. | Add +0.1% | 10.03% | +1.13 |
| V Visa Inc. Class A | Add +7592.3% | 0.70% | +0.69 |
| ALGT Allegiant Travel Co. | Add +35.6% | 1.99% | +0.58 |
| TRIP Tripadvisor Inc. | Add +86.7% | 1.26% | +0.42 |
| LUV Southwest Airlines Co. | Add +5.4% | 5.70% | +0.27 |
| RJET Republic Airways Holdings Inc. | Add +185.9% | 0.26% | +0.18 |
| ABNB Airbnb Inc. Class A | Add +2.4% | 2.74% | +0.12 |
| GBTG Global Business Travel Group | Add +91.0% | 0.27% | +0.09 |
| CFG Citizens Financial Group | New | 0.03% | +0.03 |
| TRVG Trivago NV - ADR | Add +5.6% | 0.33% | +0.02 |
| CART Maplebear Inc. | New | 0.02% | +0.02 |
| TFC Truist Financial Corp. | New | 0.02% | +0.02 |
| PINS Pinterest Inc. Class A | New | 0.02% | +0.02 |
| SNAP Snap Inc. Class A | New | 0.01% | +0.01 |
| TCOM Trip.com Group Ltd.-ADR | Add +200.5% | 0.02% | +0.01 |
| NXT Nextpower Inc. | New | 0.01% | +0.01 |
| BILL Bill Holdings Inc. | Add +23.1% | 0.45% | −0.02 |
| UAL United Airlines Holdings Inc. | Add +2.1% | 13.38% | −1.14 |
| EXPE Expedia Group Inc. | Add +0.2% | 13.10% | −1.54 |
| SYF Synchrony Financial | Add +1.5% | 15.05% | −1.55 |
Options Activity Q4 2025 → Q1 2026
| DASH DoorDash Inc. Class A | put | Sold out | 2,400 | $544Kbefore exit |
| SNCY Sun Country Airlines Holding | put | Sold out | 18,000 | $259Kbefore 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 |