PAR CAPITAL MANAGEMENT INC
13F Reported Value
ⓘ$4.0B
incl. option notional
Equity Holdings
ⓘ$4.0B
Option Notional
ⓘ$3.3M
$3.3M puts / $0 calls
Holdings
48
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
PAR CAPITAL MANAGEMENT INC disclosed 48 positions worth $4.0B in its Form 13F-HR for Q2 2026 — $4.0B in common stock plus $3.3M of put/call option positions (reported at underlying notional value, not premium at risk), led by $UAL (United Airlines Holdings, Inc.) at 18.1% of the equity portfolio, followed by $SYF and $EXPE. During the quarter the fund opened 8 new positions and exited 8 — including a new stake in $META and a full exit from $CAR. The portfolio is most concentrated in Industrials (48.7% 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 — Q2 2026
Click any card to unlockTop Holdings
- 60.8#831
Quality
$728.9M5,359,741 sh - 64.0#580
Quality
$578.9M7,612,137 sh - 71.1#198
Quality
$485.1M1,895,847 sh - 57.5
Quality
$326.2M3,482,745 sh - 48.9
Quality
$318.2M2,254,984 sh - 73.5
Quality
$304.3M4,217,700 sh - 55.9
Quality
$252.3M4,905,756 sh - 58.5
Quality
$176.8M992,100 sh - 71.6
Quality
$114.5M1,739,360 sh - 71.0
Quality
$107.3M750,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 United Airlines Holdings, Inc.$UAL | 60.8#831 | $728.9M | 5,359,741 |
 Synchrony Financial$SYF | 64.0#580 | $578.9M | 7,612,137 |
 Expedia Group, Inc.$EXPE | 71.1#198 | $485.1M | 1,895,847 |
 DELTA AIR LINES, INC.$DAL | 57.5 | $326.2M | 3,482,745 |
 WEX Inc.$WEX | 48.9 | $318.2M | 2,254,984 |
 Uber Technologies, Inc$UBER | 73.5 | $304.3M | 4,217,700 |
 SOUTHWEST AIRLINES CO$LUV | 55.9 | $252.3M | 4,905,756 |
 Booking Holdings Inc.$BKNG | 58.5 | $176.8M | 992,100 |
 CARVANA CO.$CVNA | 71.6 | $114.5M | 1,739,360 |
 Airbnb, Inc.$ABNB | 71.0 | $107.3M | 750,000 |
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
$2.0B
Consumer Discretionary
$858.9M
Financials
$664.6M
Technology
$544.4M
Full Holdings — PAR CAPITAL MANAGEMENT INC (Q2 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 | $UAL | United Airlines Holdings, Inc. | $728.9M | 18.1% | +7% | 60.8 |
| 2 | $SYF | Synchrony Financial | $578.9M | 14.4% | +0% | 64 |
| 3 | $EXPE | Expedia Group, Inc. | $485.1M | 12.0% | -3% | 71.1 |
| 4 | $DAL | DELTA AIR LINES, INC. | $326.2M | 8.1% | -1% | 57.5 |
| 5 | $WEX | WEX Inc. | $318.2M | 7.9% | +0% | 48.9 |
| 6 | $UBER | Uber Technologies, Inc | $304.3M | 7.5% | +13% | 73.5 |
| 7 | $LUV | SOUTHWEST AIRLINES CO | $252.3M | 6.3% | -6% | 55.9 |
| 8 | $BKNG | Booking Holdings Inc. | $176.8M | 4.4% | +2230% | 58.5 |
| 9 | $CVNA | CARVANA CO. | $114.5M | 2.8% | +400% | 71.6 |
| 10 | $ABNB | Airbnb, Inc. | $107.3M | 2.7% | +0% | 71 |
| 11 |  $ALGT | Allegiant Travel CO | $99.3M | 2.5% | -0% | 51.5 |
| 12 |  $ALK | ALASKA AIR GROUP, INC. | $82.5M | 2.0% | -0% | 61.3 |
| 13 |  $H | Hyatt Hotels Corp | $65.6M | 1.6% | +0% | 47.9 |
| 14 |  $TRIP | TripAdvisor, Inc. | $55.8M | 1.4% | +0% | 40.8 |
| 15 |  $V | VISA INC. | $43.8M | 1.1% | +60% | 82.9 |
| 16 |  $META | Meta Platforms, Inc. | $31.0M | 0.8% | NEW | 79.6 |
| 17 |  $Z | ZILLOW GROUP, INC. | $25.9M | 0.6% | NEW | 58.5 |
| 18 |  $TRVG | trivago N.V. | $23.5M | 0.6% | +2% | — |
| 19 |  $LYFT | Lyft, Inc. | $23.4M | 0.6% | -49% | 72.8 |
| 20 |  $JBLU | JETBLUE AIRWAYS CORP | $22.9M | 0.6% | -10% | 33.5 |
| 21 |  $SCHW | SCHWAB CHARLES CORP | $22.6M | 0.6% | -3% | 79.4 |
| 22 |  $RYAAY | RYANAIR HOLDINGS PLC | $22.0M | 0.6% | -1% | — |
| 23 |  $AERO | Grupo Aeromexico, S.A.B. de C.V. | $21.4M | 0.5% | NEW | — |
| 24 |  $AAL | American Airlines Group Inc. | $18.1M | 0.5% | -20% | 53.4 |
| 25 |  $MA | Mastercard Inc | $15.4M | 0.4% | NEW | 85.1 |
| 26 |  $MAR | MARRIOTT INTERNATIONAL INC /MD/ | $14.8M | 0.4% | -56% | 61.7 |
| 27 |  $RJET | REPUBLIC AIRWAYS HOLDINGS INC. | $10.6M | 0.3% | +0% | 60 |
| 28 |  $GOOGL | Alphabet Inc. | $8.9M | 0.2% | -29% | 78.2 |
| 29 |  $BILL | BILL Holdings, Inc. | $7.2M | 0.2% | -50% | 56 |
| 30 |  $SKYW | SKYWEST INC | $5.5M | 0.1% | -85% | 69.4 |
| 31 |  $CPA | Copa Holdings, S.A. | $3.1M | 0.1% | -87% | — |
| 32 |  $CARS | Cars.com Inc. | $2.7M | 0.1% | +0% | 51.4 |
| 33 |  $HTZ | HERTZ GLOBAL HOLDINGS, INC | $2.1M | 0.1% | -35% | 48.6 |
| 34 |  $FLEX | FLEX LTD. | $1.6M | 0.0% | NEW | — |
| 35 |  $ZM | Zoom Communications, Inc. | $1.5M | 0.0% | +183% | 70.5 |
| 36 |  $CFG | CITIZENS FINANCIAL GROUP INC/RI | $1.4M | 0.0% | +25% | 62.9 |
| 37 |  $C | CITIGROUP INC | $1.4M | 0.0% | +0% | 65 |
| 38 | $CPUT | CITIGROUP INC | $1.4M | — | +0% | 65 |
| 39 | $DALPUT | DELTA AIR LINES, INC. | $983,430 | — | -42% | 57.5 |
| 40 |  $CART | Maplebear Inc. | $962,910 | 0.0% | +0% | 70.6 |
| 41 |  $EBAY | EBAY INC | $894,000 | 0.0% | NEW | 66.4 |
| 42 | $GOOGLPUT | Alphabet Inc. | $883,325 | — | -93% | 78.2 |
| 43 |  $TCOM | Trip.com Group Ltd | $538,756 | 0.0% | +0% | — |
| 44 |  $TFC | TRUIST FINANCIAL CORP | $498,200 | 0.0% | -33% | 76.4 |
| 45 |  $CARG | CarGurus, Inc. | $353,718 | 0.0% | +0% | 63.2 |
| 46 |  $AFRM | Affirm Holdings, Inc. | $326,200 | 0.0% | NEW | 81.3 |
| 47 |  $PNC | PNC FINANCIAL SERVICES GROUP, INC. | $246,220 | 0.0% | NEW | 73.7 |
| 48 |  $NXT | Nextpower Inc. | $205,636 | 0.0% | +0% | 69.1 |
New Positions (8)
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