PAR CAPITAL MANAGEMENT INC
Long book
$3.44B
Q1 2026
Positions
45
Top-10 weight
83%
concentration
Last quarter
+20.8%
SPY +14.8%
Turnover
28%
of book per quarter
Strategy in plain words
auto-generated from filingsPAR CAPITAL MANAGEMENT INC is a concentrated fundamental stock-picker, running a $3.44B US long book across 45 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SYNCHRONY FINANCIAL, UNITED AIRLINES HOLDINGS INC, EXPEDIA GROUP INC, WEX INC, UBER TECHNOLOGIES INC.
Over the last 9 quarters its long book ran on average 1.5pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.3%
Q2 2024
+9.0%
Q3 2024
+18.1%
Q4 2024
-14.6%
Q1 2025
+15.8%
Q2 2025
+9.7%
Q3 2025
+13.3%
Q4 2025
-13.6%
Q1 2026
+20.8%
Sector allocation
Industrials 52%
Services media 26%
Financials 16%
Consumer discretionary 3%
Technology 2%
Other 1%
Long book by quarter
What does PAR CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SYF SYNCHRONY FINANCIAL | Financials | 7.6M | $517.8M | 15.1% | +1.5% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 5.0M | $460.1M | 13.4% | +2.1% |
| EXPE EXPEDIA GROUP INC | Industrials | 2.0M | $450.7M | 13.1% | +0.2% |
| WEX WEX INC | Services media | 2.3M | $345.1M | 10.0% | +0.1% |
| UBER UBER TECHNOLOGIES INC | Services media | 3.7M | $268.8M | 7.8% | +275.5% |
| DAL DELTA AIR LINES INC | Industrials | 3.5M | $233.6M | 6.8% | -1.7% |
| LUV SOUTHWEST AIRLINES CO | Industrials | 5.2M | $196.1M | 5.7% | +5.4% |
| BKNG BOOKING HOLDINGS INC | Industrials | 42.6K | $179.2M | 5.2% | +73.9% |
| CVNA CARVANA CO | Consumer discretionary | 347.9K | $109.4M | 3.2% | -0.8% |
| ABNB AIRBNB INC-CLASS A | Services media | 747.5K | $94.4M | 2.7% | +2.4% |
| ALGT ALLEGIANT TRAVEL CO | Industrials | 846.2K | $68.6M | 2.0% | +35.6% |
| ALK ALASKA AIR GROUP INC | Industrials | 1.6M | $58.2M | 1.7% | Held |
| H HYATT HOTELS CORP - CL A | Services media | 338.5K | $48.7M | 1.4% | -0.1% |
| TRIP TRIPADVISOR INC | Technology | 4.1M | $43.4M | 1.3% | +86.7% |
| LYFT LYFT INC-A | Services media | 3.1M | $41.6M | 1.2% | -0.3% |
| SKYW SKYWEST INC | Industrials | 357.9K | $32.9M | 1.0% | -0.5% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 90.0K | $29.4M | 0.9% | -33.3% |
| CAR AVIS BUDGET GROUP INC | Services media | 200.0K | $29.2M | 0.8% | Held |
| SNCY SUN COUNTRY AIRLINES HOLDING | — | 1.5M | $24.2M | 0.7% | -26.6% |
| V VISA INC-CLASS A SHARES | Services media | 80.0K | $24.2M | 0.7% | +7592.3% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 253.3K | $23.8M | 0.7% | -72.2% |
| JBLU JETBLUE AIRWAYS CORP | Industrials | 4.5M | $19.7M | 0.6% | Held |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 157.2K | $17.9M | 0.5% | Held |
| BILL BILL HOLDINGS INC | Technology | 400.0K | $15.3M | 0.4% | +23.1% |
| AAL AMERICAN AIRLINES GROUP INC | Industrials | 1.3M | $13.4M | 0.4% | Held |
| GOOG ALPHABET INC-CL C | Technology | 35.6K | $10.2M | 0.3% | -3.0% |
| GBTG GLOBAL BUSINESS TRAVEL GROUP | Industrials | 1.7M | $9.4M | 0.3% | +91.0% |
| RJET REPUBLIC AIRWAYS HOLDINGS IN | Industrials | 506.8K | $9.1M | 0.3% | +185.9% |
| ULCC FRONTIER GROUP HOLDINGS INC | Industrials | 2.1M | $7.5M | 0.2% | -1.2% |
| HTZ HERTZ GLOBAL HLDGS INC | Services media | 1.4M | $6.5M | 0.2% | Held |
| WBS WEBSTER FINANCIAL CORP | Financials | 50.0K | $3.5M | 0.1% | -93.4% |
| CARS CARS.COM INC | Technology | 246.3K | $2.0M | 0.1% | -90.9% |
| C CITIGROUP INC | Financials | 10.0K | $1.1M | 0.0% | Held |
| CFG CITIZENS FINANCIAL GROUP | Financials | 16.0K | $960K | 0.0% | New |
| CART MAPLEBEAR INC | Services media | 20.3K | $762K | 0.0% | New |
| TFC TRUIST FINANCIAL CORP | Financials | 15.0K | $690K | 0.0% | New |
| PINS PINTEREST INC- CLASS A | Technology | 31.8K | $584K | 0.0% | New |
| SNAP SNAP INC - A | Technology | 110.7K | $509K | 0.0% | New |
| ZM ZOOM COMMUNICATIONS INC | Technology | 6.0K | $482K | 0.0% | -49.6% |
| CARG CARGURUS INC | Technology | 10.4K | $353K | 0.0% | -97.0% |
| NXT NEXTPOWER INC-CL A | Technology | 1.7K | $208K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 48 | $3.45B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 53 | $3.78B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 65 | $3.42B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 57 | $3.07B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 49 | $2.99B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 60 | $3.39B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 56 | $3.53B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 50 | $3.18B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 49 | $3.22B | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP