PAR CAPITAL MANAGEMENT INC
Sector Allocation
- Industrials48.7%$2.0B
- Consumer Discretionary21.4%$860.4M
- Financials16.5%$664.6M
- Technology13.5%$544.4M
AUM History
13fpro.ai/research/fund/par-capital-management-inc-1051359
Conviction and streaks
Concentrating · top 10 = 84.2%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
UAL
$728.9MSYF
$578.9MEXPE
$485.1MDAL
$326.2MWEX
$318.2MUBER
$304.3MLUV
$252.3MBKNG
$176.8MCVNA
$114.5MABNB
$107.3MALGT
$99.3MALK
$82.5MH
$65.6MTRIP
$55.8MV
$43.8MMETA
$31.0MZ
$25.9MTRVG
$23.5MLYFT
$23.4MJBLU
$22.9M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/par-capital-management-inc-1051359
PAR CAPITAL MANAGEMENT INC 13F holdings — Q2 2026
$4.0B portfolio (+16.9% QoQ) · 48 holdings · Q2 2026 13F · top 10 are 84% of the stock portfolio
Includes $3.3M of put/call options ($3.3M puts, $0 calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $4.0B. Weights use the stock portfolio.
$728.9M
18.1% of stocks
+7%This quarter-19.7%Since filed10 qtrsHeld$578.9M
14.4% of stocks
No changeThis quarter-7.6%Since filed13+ qtrsHeld$485.1M
12.0% of stocks
-3%This quarter-14.6%Since filed13+ qtrsHeld$326.2M
8.1% of stocks
-0.9%This quarter-11.4%Since filed13+ qtrsHeld$318.2M
7.9% of stocks
No changeThis quarter+0.2%Since filed13+ qtrsHeld$304.3M
7.5% of stocks
+13%This quarter-12.9%Since filed4 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 4 qtrs in a row$252.3M
6.3% of stocks
-6%This quarter-3.2%Since filed10 qtrsHeld$176.8M
4.4% of stocks
+2230%This quarter-27.8%Since filed13+ qtrsHeld$114.5M
2.8% of stocks
+400%This quarter-25.1%Since filed13+ qtrsHeld$107.3M
2.7% of stocks
+0.3%This quarter-7.1%Since filed5 qtrsHeld
All holdings — PAR CAPITAL MANAGEMENT INC (Q2 2026)
48 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Allegiant Travel CO | Industrials | $99.3M | 2.5% | 845K | -0.2% | 13+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | ALASKA AIR GROUP, INC. | Industrials | $82.5M | 2.0% | 1.58M | -0.1% | 13+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | Hyatt Hotels Corp | Consumer Discretionary | $65.6M | 1.6% | 339K | — | 13+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | TripAdvisor, Inc. | Technology | $55.8M | 1.4% | 4.07M | — | 13+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | VISA INC. | Financials | $43.8M | 1.1% | 128K | +60% | 7 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Meta Platforms, Inc. | Technology | $31.0M | 0.8% | 55K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | ZILLOW GROUP, INC. | Industrials | $25.9M | 0.6% | 823K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | trivago N.V.adr | Technology | $23.5M | 0.6% | 4.29M | +2% | 10 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Lyft, Inc. | Industrials | $23.4M | 0.6% | 1.60M | -49% | 10 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | JETBLUE AIRWAYS CORP | Industrials | $22.9M | 0.6% | 4.00M | -10% | 10 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | SCHWAB CHARLES CORP | Financials | $22.6M | 0.6% | 245K | -3% | 13+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | RYANAIR HOLDINGS PLCadr | Industrials | $22.0M | 0.6% | 340K | -1% | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Grupo Aeromexico, S.A.B. de C.V.adr | Industrials | $21.4M | 0.5% | 1.19M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | American Airlines Group Inc. | Industrials | $18.1M | 0.5% | 1.00M | -20% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Mastercard Inc | Financials | $15.4M | 0.4% | 30K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $MAR | MARRIOTT INTERNATIONAL INC /MD/ | Consumer Discretionary | $14.8M | 0.4% | 40K | -56% | |||
| 27 | $RJET | REPUBLIC AIRWAYS HOLDINGS INC. | Industrials | $10.6M | 0.3% | 507K | — | |||
| 28 | $GOOG | Alphabet Inc. | Technology | $8.9M | 0.2% | 25K | -29% | |||
| 29 | $BILL | BILL Holdings, Inc. | Technology | $7.2M | 0.2% | 200K | -50% | |||
| 30 | $SKYW | SKYWEST INC | Industrials | $5.5M | 0.1% | 55K | -85% | |||
| 31 | $CPA | Copa Holdings, S.A. | Industrials | $3.1M | 0.1% | 20K | -87% | |||
| 32 | $CARS | Cars.com Inc. | Technology | $2.7M | 0.1% | 246K | — | |||
| 33 | $HTZ | HERTZ GLOBAL HOLDINGS, INC | Consumer Discretionary | $2.1M | 0.1% | 911K | -35% | |||
| 34 | $FLEX | FLEX LTD. | Technology | $1.6M | 0.0% | 9,910 | New | |||
| 35 | $ZM | Zoom Communications, Inc. | Technology | $1.5M | 0.0% | 17K | +183% | |||
| 36 | $CFG | CITIZENS FINANCIAL GROUP INC/RI | Financials | $1.4M | 0.0% | 20K | +25% | |||
| 37 | $C | CITIGROUP INC | Financials | $1.4M | 0.0% | 10K | — | |||
| 38 | $C PUT | CITIGROUP INC | Financials | $1.4M | — | 10K | — | |||
| 39 | $DAL PUT | DELTA AIR LINES, INC. | Industrials | $983K | — | 11K | -42% | |||
| 40 | $CART | Maplebear Inc. | Industrials | $963K | 0.0% | 20K | — | |||
| 41 | $EBAY | EBAY INC | Consumer Discretionary | $894K | 0.0% | 8,000 | New | |||
| 42 | $GOOG PUT | Alphabet Inc. | Technology | $883K | — | 2,500 | -93% | |||
| 43 | $TCOM | Trip.com Group Ltd | Consumer Discretionary | $539K | 0.0% | 14K | — | |||
| 44 | $TFC | TRUIST FINANCIAL CORP | Financials | $498K | 0.0% | 10K | -33% | |||
| 45 | $CARG | CarGurus, Inc. | Technology | $354K | 0.0% | 10K | — | |||
| 46 | $AFRM | Affirm Holdings, Inc. | Financials | $326K | 0.0% | 4,000 | New | |||
| 47 | $PNC | PNC FINANCIAL SERVICES GROUP, INC. | Financials | $246K | 0.0% | 1,000 | New | |||
| 48 | $NXT | Nextpower Inc. | Technology | $206K | 0.0% | 1,726 | — |
What changed in Q2 2026
Against the previous quarter's 13F: 8 new, 9 added to, 19 trimmed, 8 sold out. Share-count changes; largest moves by dollar size first.
New positions (8)
first bought this quarter
first bought this quarter
$AEROGrupo Aeromexico, S.A.B. de C.V.$21.4M
first bought this quarter
$MAMastercard Inc$15.4M
first bought this quarter
$FLEXFLEX LTD.$1.6M
first bought this quarter
$EBAYEBAY INC$894K
first bought this quarter
+2 more in the Excel export
Added to (9)
now $176.8M · held 13+ qtrs
now $114.5M · held 13+ qtrs
now $728.9M · held 10 qtrs, 2 adds in a row
now $304.3M · held 4 qtrs, 4 adds in a row
now $43.8M · held 7 qtrs, 3 adds in a row
$ZMZoom Communications, Inc.+183%
now $1.5M · held 4 qtrs
+3 more in the Excel export
Trimmed (19)
$SKYWSKYWEST INC-85%
now $5.5M · held 13+ qtrs
now $23.4M · held 10 qtrs
$CPACopa Holdings, S.A.-87%
now $3.1M · held 5 qtrs
$MARMARRIOTT INTERNATIONAL INC /MD/-56%
now $14.8M · held 8 qtrs, 2 trims in a row
now $252.3M · held 10 qtrs
now $485.1M · held 13+ qtrs
+13 more in the Excel export
Sold out (8)
$CARAVIS BUDGET GROUP, INC.was $29.2M
held 9 qtrs
$SNCYSun Country Airlines Holdings, LLCwas $24.2M
held 9 qtrs
$GBTGGlobal Business Travel Group, Inc.was $9.4M
held 9 qtrs
$LTMLATAM AIRLINES GROUP S.A.was $8.2M
held 7 qtrs
$ULCCFrontier Group Holdings, Inc.was $7.5M
held 9 qtrs
$WBSWEBSTER FINANCIAL CORPwas $3.5M
+2 more in the Excel export
Holdings by quarter
Every 13F PAR CAPITAL MANAGEMENT INC has filed, 40 earlier quarters. Pick one to see what it held then.
Is it too late to follow PAR CAPITAL MANAGEMENT?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of PAR CAPITAL MANAGEMENT's top 20 holdings: 63/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)
Top 10 since filing
-12.6%
Value-weighted move of the 10 largest stock positions
Turnover
5%
Last quarter; 25% over the last 4
Top 10 weight
84%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
97%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q2 2023 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
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.
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AI-Powered Hedge Fund Analysis: PAR CAPITAL MANAGEMENT INC
13F Pro is an AI hedge fund tracker and stock research platform. For PAR CAPITAL MANAGEMENT INC (SEC CIK: 1051359), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in PAR CAPITAL MANAGEMENT INC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.