PAR CAPITAL MANAGEMENT INC
Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q2 2025 ▲▼ | Q3 2025 ▲▼ | Change ▲▼ | Q2 2025 ▲▼ | Q3 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| BILL HOLDINGS INC | 0 | 1,925,000 | +1,925,000 | 0 | 101,967,250 | 3.01% | +101,967,250 |
| UNITED AIRLS HLDGS INC(UAL) | 4,968,850 | 4,968,850 | 0 | 395,669,526 | 479,494,025 | 14.15% | +83,824,499 |
| EXPEDIA GROUP INC(EXPE) | 2,387,750 | 2,200,000 | -187,750 | 402,765,670 | 470,250,000 | 13.88% | +67,484,330 |
| UBER TECHNOLOGIES INC(UBER) | 0 | 654,000 | +654,000 | 0 | 64,072,380 | 1.89% | +64,072,380 |
| LYFT INC(LYFT) | 1,905,000 | 3,255,000 | +1,350,000 | 30,022,800 | 71,632,785 | 2.11% | +41,609,985 |
| SYNCHRONY FINANCIAL(SYF) | 7,500,000 | 7,500,000 | 0 | 500,550,000 | 532,875,000 | 15.73% | +32,325,000 |
| DELTA AIR LINES INC DEL(DAL) | 3,564,000 | 3,574,210 | +10,210 | 175,277,520 | 202,836,418 | 5.99% | +27,558,898 |
| AIRBNB INC | 1,800 | 219,300 | +217,500 | 238,212 | 26,627,406 | 0.79% | +26,389,194 |
| WEX INC(WEX) | 1,851,100 | 1,851,500 | +400 | 271,908,079 | 291,666,795 | 8.61% | +19,758,716 |
| COPA HOLDINGS SA(CPA) | 53,000 | 148,000 | +95,000 | 5,828,410 | 17,585,360 | 0.52% | +11,756,950 |
| CARS COM INC | 1,200,000 | 2,058,648 | +858,648 | 14,220,000 | 25,156,679 | 0.74% | +10,936,679 |
| ALPHABET INC(GOOG)(Put) | 0 | 33,600 | +33,600 | 0 | 8,183,280 | — | +8,183,280 |
| ALLEGIANT TRAVEL CO(ALGT) | 584,996 | 624,081 | +39,085 | 32,145,530 | 37,925,402 | 1.12% | +5,779,872 |
| SCHWAB CHARLES CORP(SCHW) | 909,000 | 910,000 | +1,000 | 82,937,160 | 86,877,700 | 2.56% | +3,940,540 |
| WEBSTER FINL CORP(WBS) | 750,000 | 750,000 | 0 | 40,950,000 | 44,580,000 | 1.32% | +3,630,000 |
| UNITED AIRLS HLDGS INC(UAL)(Put) | 149,000 | 149,000 | 0 | 11,864,870 | 14,378,500 | — | +2,513,630 |
| ALPHABET INC(GOOG) | 34,900 | 35,700 | +800 | 6,190,911 | 8,694,735 | 0.26% | +2,503,824 |
| GLOBAL BUSINESS TRAVEL GROUP(GBTG) | 1,024,014 | 1,039,014 | +15,000 | 6,451,288 | 8,395,233 | 0.25% | +1,943,945 |
| FRONTIER GROUP HLDGS INC(ULCC) | 2,181,100 | 2,156,100 | -25,000 | 7,917,393 | 9,519,182 | 0.28% | +1,601,789 |
| SUN CTRY AIRLS HLDGS INC | 1,959,372 | 2,067,000 | +107,628 | 23,022,621 | 24,411,270 | 0.72% | +1,388,649 |
| MESA AIR GROUP INC | 2,248,190 | 2,585,876 | +337,686 | 2,090,817 | 3,361,639 | 0.10% | +1,270,822 |
| GRAB HOLDINGS LIMITED(Put) | 0 | 181,000 | +181,000 | 0 | 1,089,620 | — | +1,089,620 |
| AMAZON COM INC(AMZN)(Put) | 0 | 4,500 | +4,500 | 0 | 988,065 | — | +988,065 |
| SOFI TECHNOLOGIES INC(SOFI)(Put) | 27,500 | 55,000 | +27,500 | 500,775 | 1,453,100 | — | +952,325 |
| RYANAIR HOLDINGS PLC(RYAAY) | 345,000 | 345,000 | 0 | 19,896,150 | 20,775,900 | 0.61% | +879,750 |
| HYATT HOTELS CORP(H) | 371,261 | 371,300 | +39 | 51,846,599 | 52,698,609 | 1.56% | +852,010 |
| LATAM AIRLINES GROUP SA(LTM) | 165,000 | 165,000 | 0 | 6,705,600 | 7,466,250 | 0.22% | +760,650 |
| DOORDASH INC(DASH)(Put) | 0 | 2,400 | +2,400 | 0 | 652,776 | — | +652,776 |
| PNC FINL SVCS GROUP INC(PNC) | 0 | 3,000 | +3,000 | 0 | 602,790 | 0.02% | +602,790 |
| AVIDXCHANGE HOLDINGS INC | 3,300,000 | 3,299,292 | -708 | 32,307,000 | 32,827,955 | 0.97% | +520,955 |
| BANK NEW YORK MELLON CORP | 26,364 | 26,364 | 0 | 2,402,024 | 2,872,621 | 0.08% | +470,597 |
| SOFI TECHNOLOGIES INC(SOFI) | 55,000 | 55,000 | 0 | 1,001,550 | 1,453,100 | 0.04% | +451,550 |
| KLAVIYO INC(KVYO) | 0 | 16,000 | +16,000 | 0 | 443,040 | 0.01% | +443,040 |
| AFFIRM HLDGS INC(AFRM) | 0 | 5,500 | +5,500 | 0 | 401,940 | 0.01% | +401,940 |
| CARNIVAL CORP | 0 | 13,500 | +13,500 | 0 | 390,285 | 0.01% | +390,285 |
| SCHWAB CHARLES CORP(SCHW)(Put) | 0 | 4,000 | +4,000 | 0 | 381,880 | — | +381,880 |
| SHOPIFY INC(SHOP) | 0 | 2,500 | +2,500 | 0 | 371,675 | 0.01% | +371,675 |
| ALASKA AIR GROUP INC | 1,119,302 | 1,119,302 | 0 | 55,383,063 | 55,718,854 | 1.64% | +335,791 |
| ZOOM COMMUNICATIONS INC(ZM) | 0 | 3,400 | +3,400 | 0 | 280,500 | 0.01% | +280,500 |
| GRAB HOLDINGS LIMITED | 161,000 | 181,000 | +20,000 | 809,830 | 1,089,620 | 0.03% | +279,790 |
| HUBSPOT INC(HUBS) | 0 | 500 | +500 | 0 | 233,900 | 0.01% | +233,900 |
| AMAZON COM INC(AMZN) | 6,300 | 7,300 | +1,000 | 1,382,157 | 1,602,861 | 0.05% | +220,704 |
| DOCUSIGN INC(DOCU) | 0 | 3,000 | +3,000 | 0 | 216,270 | 0.01% | +216,270 |
| CITIGROUP INC(C) | 10,000 | 10,000 | 0 | 851,200 | 1,015,000 | 0.03% | +163,800 |
| BANK AMERICA CORP | 16,700 | 18,200 | +1,500 | 790,244 | 938,938 | 0.03% | +148,694 |
| ZILLOW GROUP INC(Z) | 3,200 | 4,000 | +800 | 224,160 | 308,200 | 0.01% | +84,040 |
| FLEX LTD(FLEX) | 9,910 | 9,910 | 0 | 494,707 | 574,483 | 0.02% | +79,776 |
| AMERICAN AIRLS GROUP INC(AAL) | 1,250,000 | 1,250,000 | 0 | 14,025,000 | 14,050,000 | 0.41% | +25,000 |
| MASTERCARD INCORPORATED(MA) | 900 | 900 | 0 | 505,746 | 511,929 | 0.02% | +6,183 |
| WYNDHAM HOTELS & RESORTS INC(WH) | 27,000 | 27,000 | 0 | 2,192,670 | 2,157,300 | 0.06% | -35,370 |
| HERTZ GLOBAL HLDGS INC | 2,291,357 | 2,291,357 | 0 | 15,649,968 | 15,581,228 | 0.46% | -68,740 |
| EVENTBRITE INC | 31,000 | 0 | -31,000 | 81,530 | 0 | — | -81,530 |
| SEI INVTS CO(SEIC) | 3,500 | 0 | -3,500 | 314,510 | 0 | — | -314,510 |
| DOORDASH INC(DASH) | 4,000 | 2,400 | -1,600 | 986,040 | 652,776 | 0.02% | -333,264 |
| WAYFAIR INC(W) | 9,000 | 0 | -9,000 | 460,260 | 0 | — | -460,260 |
| META PLATFORMS INC(META) | 660 | 0 | -660 | 487,139 | 0 | — | -487,139 |
| CARVANA CO(CVNA)(Put) | 2,800 | 1,200 | -1,600 | 943,488 | 452,688 | — | -490,800 |
| PINTEREST INC(PINS) | 15,000 | 0 | -15,000 | 537,900 | 0 | — | -537,900 |
| VISA INC(V) | 2,840 | 840 | -2,000 | 1,008,342 | 286,759 | 0.01% | -721,583 |
| CITIGROUP INC(C)(Put) | 10,000 | 0 | -10,000 | 851,200 | 0 | — | -851,200 |
| JETBLUE AWYS CORP(JBLU) | 5,487,425 | 4,487,425 | -1,000,000 | 23,211,808 | 22,078,131 | 0.65% | -1,133,677 |
| SKYWEST INC(SKYW) | 363,451 | 359,881 | -3,570 | 37,424,549 | 36,211,226 | 1.07% | -1,213,323 |
| MAPLEBEAR INC(CART) | 91,500 | 75,000 | -16,500 | 4,139,460 | 2,757,000 | 0.08% | -1,382,460 |
| TRIVAGO N V | 3,576,869 | 3,576,869 | 0 | 13,484,796 | 11,928,858 | 0.35% | -1,555,938 |
| CARGURUS INC(CARG) | 336,791 | 256,291 | -80,500 | 11,272,395 | 9,541,714 | 0.28% | -1,730,681 |
| MARRIOTT INTL INC NEW(MAR) | 136,100 | 136,100 | 0 | 37,183,881 | 35,445,884 | 1.05% | -1,737,997 |
| TRIPADVISOR INC(TRIP) | 2,896,475 | 2,000,000 | -896,475 | 37,798,999 | 32,520,000 | 0.96% | -5,278,999 |
| AVIS BUDGET GROUP | 320,000 | 200,000 | -120,000 | 54,096,000 | 32,115,000 | 0.95% | -21,981,000 |
| CARVANA CO(CVNA) | 467,172 | 356,572 | -110,600 | 157,418,277 | 134,513,221 | 3.97% | -22,905,056 |
| BOOKING HOLDINGS INC(BKNG) | 37,826 | 35,050 | -2,776 | 218,983,792 | 189,244,414 | 5.59% | -29,739,378 |
| SOUTHWEST AIRLS CO(LUV) | 5,917,492 | 4,950,192 | -967,300 | 191,963,440 | 157,960,627 | 4.66% | -34,002,813 |
| SABRE CORP | 19,350,000 | 0 | -19,350,000 | 61,146,000 | 0 | — | -61,146,000 |