PAR CAPITAL MANAGEMENT INC
13F Reported Value
ⓘ$3.5B
incl. option notional
Equity Holdings
ⓘ$3.4B
Option Notional
ⓘ$12.0M
$12.0M puts / $0 calls
Holdings
48
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
PAR CAPITAL MANAGEMENT INC disclosed 48 positions worth $3.5B in its Form 13F-HR for Q1 2026 — $3.4B in common stock plus $12.0M of put/call option positions (reported at underlying notional value, not premium at risk), led by $SYF (Synchrony Financial) at 15.1% of the equity portfolio, followed by $UAL and $EXPE. During the quarter the fund opened 6 new positions and exited 11 — including a new stake in $CFG and a full exit from $AERO. The portfolio is most concentrated in Industrials (45.3% of disclosed assets). All figures are sourced directly from PAR CAPITAL MANAGEMENT INC’s Form 13F-HR filing with the SEC under CIK 1051359.
AI Fund Analysis
ConcentratingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- —
Quality
$517.8M7,612,137 sh - 61.3#805
Quality
$460.1M4,996,850 sh - 65.7#564
Quality
$450.7M1,952,120 sh - 49.0
Quality
$345.1M2,254,984 sh - 79.3
Quality
$268.8M3,736,973 sh - 64.4
Quality
$233.6M3,514,445 sh - 51.1
Quality
$196.1M5,219,192 sh - 55.3
Quality
$179.2M42,573 sh - 69.2
Quality
$109.4M347,872 sh - 70.1
Quality
$94.4M747,500 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Synchrony Financial$SYF | — | $517.8M | 7,612,137 |
 United Airlines Holdings, Inc.$UAL | 61.3#805 | $460.1M | 4,996,850 |
 Expedia Group, Inc.$EXPE | 65.7#564 | $450.7M | 1,952,120 |
 WEX Inc.$WEX | 49.0 | $345.1M | 2,254,984 |
 Uber Technologies, Inc$UBER | 79.3 | $268.8M | 3,736,973 |
 DELTA AIR LINES, INC.$DAL | 64.4 | $233.6M | 3,514,445 |
 SOUTHWEST AIRLINES CO$LUV | 51.1 | $196.1M | 5,219,192 |
 Booking Holdings Inc.$BKNG | 55.3 | $179.2M | 42,573 |
 CARVANA CO.$CVNA | 69.2 | $109.4M | 347,872 |
 Airbnb, Inc.$ABNB | 70.1 | $94.4M | 747,500 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of PAR CAPITAL MANAGEMENT INC's 48 positions.
Showing top 10 of 48 holdings.
Sector Allocation
Industrials
$1.6B
Consumer Discretionary
$862.5M
Financials
$572.0M
Technology
$447.6M
Full Holdings — PAR CAPITAL MANAGEMENT INC (Q1 2026)
All 48 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $SYF | Synchrony Financial | $517.8M | 15.1% | +1% | — |
| 2 | $UAL | United Airlines Holdings, Inc. | $460.1M | 13.4% | +2% | 61.3 |
| 3 | $EXPE | Expedia Group, Inc. | $450.7M | 13.1% | +0% | 65.7 |
| 4 | $WEX | WEX Inc. | $345.1M | 10.0% | +0% | 49 |
| 5 | $UBER | Uber Technologies, Inc | $268.8M | 7.8% | +275% | 79.3 |
| 6 | $DAL | DELTA AIR LINES, INC. | $233.6M | 6.8% | -2% | 64.4 |
| 7 | $LUV | SOUTHWEST AIRLINES CO | $196.1M | 5.7% | +5% | 51.1 |
| 8 | $BKNG | Booking Holdings Inc. | $179.2M | 5.2% | +74% | 55.3 |
| 9 | $CVNA | CARVANA CO. | $109.4M | 3.2% | -1% | 69.2 |
| 10 | $ABNB | Airbnb, Inc. | $94.4M | 2.7% | +2% | 70.1 |
| 11 |  $ALGT | Allegiant Travel CO | $68.6M | 2.0% | +36% | 44.4 |
| 12 |  $ALK | ALASKA AIR GROUP, INC. | $58.2M | 1.7% | +0% | 56.3 |
| 13 |  $H | Hyatt Hotels Corp | $48.7M | 1.4% | -0% | 46.6 |
| 14 |  $TRIP | TripAdvisor, Inc. | $43.4M | 1.3% | +87% | 51.5 |
| 15 |  $LYFT | Lyft, Inc. | $41.6M | 1.2% | -0% | 63.1 |
| 16 |  $SKYW | SKYWEST INC | $32.9M | 1.0% | -1% | 53.5 |
| 17 |  $MAR | MARRIOTT INTERNATIONAL INC /MD/ | $29.4M | 0.9% | -33% | 65.9 |
| 18 |  $CAR | AVIS BUDGET GROUP, INC. | $29.2M | 0.8% | +0% | 49.2 |
| 19 |  $SNCY | Sun Country Airlines Holdings, LLC | $24.2M | 0.7% | -27% | 50.5 |
| 20 |  $V | VISA INC. | $24.2M | 0.7% | +7592% | 83.5 |
| 21 |  $SCHW | SCHWAB CHARLES CORP | $23.8M | 0.7% | -72% | 77.2 |
| 22 |  $RYAAY | RYANAIR HOLDINGS PLC | $19.9M | 0.6% | +0% | — |
| 23 |  $JBLU | JETBLUE AIRWAYS CORP | $19.7M | 0.6% | +0% | 37.6 |
| 24 |  $CPA | Copa Holdings, S.A. | $17.9M | 0.5% | +0% | — |
| 25 |  $BILL | BILL Holdings, Inc. | $15.3M | 0.5% | +23% | 56.8 |
| 26 |  $AAL | American Airlines Group Inc. | $13.4M | 0.4% | +0% | 50.6 |
| 27 |  $TRVG | trivago N.V. | $11.4M | 0.3% | +6% | — |
| 28 |  $GOOGL | Alphabet Inc. | $10.2M | 0.3% | -3% | 80.2 |
| 29 | $GOOGLPUT | Alphabet Inc. | $9.6M | — | +0% | 80.2 |
| 30 |  $GBTG | Global Business Travel Group, Inc. | $9.4M | 0.3% | +91% | 56.2 |
| 31 |  $RJET | REPUBLIC AIRWAYS HOLDINGS INC. | $9.1M | 0.3% | +186% | 46.4 |
| 32 |  $LTM | LATAM AIRLINES GROUP S.A. | $8.2M | 0.2% | +0% | — |
| 33 |  $ULCC | Frontier Group Holdings, Inc. | $7.5M | 0.2% | -1% | 33.6 |
| 34 |  $HTZ | HERTZ GLOBAL HOLDINGS, INC | $6.5M | 0.2% | +0% | 39 |
| 35 |  $WBS | WEBSTER FINANCIAL CORP | $3.5M | 0.1% | -93% | 60.2 |
| 36 |  $CARS | Cars.com Inc. | $2.0M | 0.1% | -91% | 43.4 |
| 37 | $DALPUT | DELTA AIR LINES, INC. | $1.2M | — | +0% | 64.4 |
| 38 |  $C | CITIGROUP INC | $1.1M | 0.0% | +0% | 54.8 |
| 39 | $CPUT | CITIGROUP INC | $1.1M | — | +0% | 54.8 |
| 40 |  $CFG | CITIZENS FINANCIAL GROUP INC/RI | $959,520 | 0.0% | NEW | 68.8 |
| 41 |  $CART | Maplebear Inc. | $761,787 | 0.0% | NEW | 76.4 |
| 42 |  $TFC | TRUIST FINANCIAL CORP | $689,550 | 0.0% | NEW | — |
| 43 |  $TCOM | Trip.com Group Ltd | $673,310 | 0.0% | +201% | — |
| 44 |  $PINS | PINTEREST, INC. | $583,671 | 0.0% | NEW | 62 |
| 45 |  $SNAP | Snap Inc | $509,188 | 0.0% | NEW | 46.8 |
| 46 |  $ZM | Zoom Communications, Inc. | $482,340 | 0.0% | -50% | 72.4 |
| 47 |  $CARG | CarGurus, Inc. | $353,303 | 0.0% | -97% | 66.8 |
| 48 |  $NXT | Nextpower Inc. | $208,069 | 0.0% | NEW | 74.8 |
New Positions (6)
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