PAR CAPITAL MANAGEMENT INC — 13F Holdings & Portfolio
CIK 1051359 · latest 13F-HR filed 2026-08-14
PAR CAPITAL MANAGEMENT INC manages $4.03B in 13F-reported U.S. long-equity assets across 48 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are UAL (18.07%), SYF (14.35%), EXPE (12.03%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 8 new positions and exited 8; 22 existing positions rose in reported value and 11 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 84.2%Cumulative share of the portfolio held in the largest N positions.
BOSTON, MA 02116
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| REEDER, PAUL, ARLINGTON Control | SHAREHOLDER/PRESIDENT | 75% or more | Individual |
| SMITH, STEVEN, MICHAEL Control | SHAREHOLDER / CHIEF OPERATING OFFICER, GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER | 5–10% | Individual |
| ZIMMAN, MARC, DANIEL Control | SHAREHOLDER/VICE PRESIDENT | 10–25% | Individual |
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- UNITED AIRLS HLDGS INC$268.8M +58.4%
- DELTA AIR LINES INC$92.6M +39.6%
- SYNCHRONY FINANCIAL$61.1M +11.8%
- SOUTHWEST AIRLS CO$56.2M +28.6%
- UBER TECHNOLOGIES INC$35.5M +13.2%
Top Trims
- SKYWEST INC-$27.4M -83.4%
- WEX INC-$26.9M -7.8%
- LYFT INC-$18.2M -43.7%
- COPA HOLDINGS SA-$14.7M -82.5%
- MARRIOTT INTL INC NEW-$14.6M -49.6%
New Positions
- META PLATFORMS INC$31.0M
- ZILLOW GROUP INC$25.9M
- GRUPO AEROMEXICO SAB DE CV$21.4M
- MASTERCARD INCORPORATED$15.4M
- FLEX LTD$1.6M
Exited Positions
- AVIS BUDGET GROUP INC$29.2M
- SUN CTRY AIRLS HLDGS INC$24.2M
- GLOBAL BUSINESS TRAVEL GROUP$9.4M
- LATAM AIRLINES GROUP SA$8.2M
- FRONTIER GROUP HLDGS INC$7.5M
PAR CAPITAL MANAGEMENT INC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | UNITED AIRLS HLDGS INC | UAL | 910047109 | $728.9M | 18.07% | 5,359,741 | SH |
| 2 | SYNCHRONY FINANCIAL | SYF | 87165B103 | $578.9M | 14.35% | 7,612,137 | SH |
| 3 | EXPEDIA GROUP INC | EXPE | 30212P303 | $485.1M | 12.03% | 1,895,847 | SH |
| 4 | DELTA AIR LINES INC | DAL | 247361702 | $326.2M | 8.09% | 3,482,745 | SH |
| 5 | WEX INC | WEX | 96208T104 | $318.2M | 7.89% | 2,254,984 | SH |
| 6 | UBER TECHNOLOGIES INC | UBER | 90353T100 | $304.3M | 7.54% | 4,217,700 | SH |
| 7 | SOUTHWEST AIRLS CO | LUV | 844741108 | $252.3M | 6.25% | 4,905,756 | SH |
| 8 | BOOKING HOLDINGS INC | BKNG | 09857L108 | $176.8M | 4.38% | 992,100 | SH |
| 9 | CARVANA CO | CVNA | 146869102 | $114.5M | 2.84% | 1,739,360 | SH |
| 10 | AIRBNB INC | ABNB | 009066101 | $107.3M | 2.66% | 750,000 | SH |
| 11 | ALLEGIANT TRAVEL CO | ALGT | 01748X102 | $99.3M | 2.46% | 844,632 | SH |
| 12 | ALASKA AIR GROUP INC | ALK | 011659109 | $82.5M | 2.04% | 1,579,636 | SH |
| 13 | HYATT HOTELS CORP | H | 448579102 | $65.6M | 1.63% | 338,500 | SH |
| 14 | TRIPADVISOR INC | TRIP | 896945201 | $55.8M | 1.38% | 4,072,054 | SH |
| 15 | VISA INC | V | 92826C839 | $43.8M | 1.09% | 127,600 | SH |
| 16 | META PLATFORMS INC | META | 30303M102 | $31.0M | 0.77% | 54,983 | SH |
| 17 | ZILLOW GROUP INC | Z | 98954M200 | $25.9M | 0.64% | 823,000 | SH |
| 18 | TRIVAGO N V | TRVG | 89686D303 | $23.5M | 0.58% | 4,292,733 | SH |
| 19 | LYFT INC | LYFT | 55087P104 | $23.4M | 0.58% | 1,605,000 | SH |
| 20 | JETBLUE AIRWAYS CORP | JBLU | 477143101 | $22.9M | 0.57% | 4,000,000 | SH |
| 21 | SCHWAB CHARLES CORP | SCHW | 808513105 | $22.6M | 0.56% | 245,000 | SH |
| 22 | RYANAIR HOLDINGS PLC | RYAAY | 783513203 | $22.0M | 0.55% | 340,000 | SH |
| 23 | GRUPO AEROMEXICO SAB DE CV | AERO | 40054J109 | $21.4M | 0.53% | 1,189,824 | SH |
| 24 | AMERICAN AIRLINES GROUP INC | AAL | 02376R102 | $18.1M | 0.45% | 1,000,000 | SH |
| 25 | MASTERCARD INCORPORATED | MA | 57636Q104 | $15.4M | 0.38% | 30,000 | SH |
| 26 | MARRIOTT INTL INC NEW | MAR | 571903202 | $14.8M | 0.37% | 40,000 | SH |
| 27 | REPUBLIC AWYS HLDGS INC | RJET | 590479408 | $10.6M | 0.26% | 506,844 | SH |
| 28 | ALPHABET INC | GOOG | 02079K107 | $8.9M | 0.22% | 25,200 | SH |
| 29 | BILL HOLDINGS INC | BILL | 090043100 | $7.2M | 0.18% | 200,000 | SH |
| 30 | SKYWEST INC | SKYW | 830879102 | $5.5M | 0.14% | 54,881 | SH |
| 31 | COPA HOLDINGS SA | CPA | P31076105 | $3.1M | 0.08% | 20,115 | SH |
| 32 | CARS COM INC | CARS | 14575E105 | $2.7M | 0.07% | 246,299 | SH |
| 33 | HERTZ GLOBAL HLDGS INC | HTZ | 42806J700 | $2.1M | 0.05% | 911,001 | SH |
| 34 | FLEX LTD | FLEX | Y2573F102 | $1.6M | 0.04% | 9,910 | SH |
| 35 | ZOOM COMMUNICATIONS INC | ZM | 98980L101 | $1.5M | 0.04% | 17,000 | SH |
| 36 | CITIZENS FINL GROUP INC | CFG | 174610105 | $1.4M | 0.03% | 20,000 | SH |
| 37 | CITIGROUP INC | C | 172967424 | $1.4M | 0.03% | 10,000 | SH |
| 38 | CITIGROUP INC Put | C | 172967424 | $1.4M | 0.03% | 10,000 | SH |
| 39 | DELTA AIR LINES INC Put | DAL | 247361702 | $983.4K | 0.02% | 10,500 | SH |
| 40 | MAPLEBEAR INC | CART | 565394103 | $962.9K | 0.02% | 20,336 | SH |
| 41 | EBAY INC. | EBAY | 278642103 | $894.0K | 0.02% | 8,000 | SH |
| 42 | ALPHABET INC Put | GOOG | 02079K107 | $883.3K | 0.02% | 2,500 | SH |
| 43 | TRIP COM GROUP LTD | TCOM | 89677Q107 | $538.8K | 0.01% | 13,523 | SH |
| 44 | TRUIST FINL CORP | TFC | 89832Q109 | $498.2K | 0.01% | 10,000 | SH |
| 45 | CARGURUS INC | CARG | 141788109 | $353.7K | 0.01% | 10,376 | SH |
| 46 | AFFIRM HLDGS INC | AFRM | 00827B106 | $326.2K | 0.01% | 4,000 | SH |
| 47 | PNC FINL SVCS GROUP INC | PNC | 693475105 | $246.2K | 0.01% | 1,000 | SH |
| 48 | NEXTPOWER INC | NXT | 65290E101 | $205.6K | 0.01% | 1,726 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $4.03B | 48 | 0001051359-26-000008 |
| 2026-03-31 | 2026-05-15 | $3.45B | 48 | 0001051359-26-000005 |
| 2025-12-31 | 2026-02-17 | $3.78B | 53 | 0001051359-26-000003 |
| 2025-09-30 | 2025-11-14 | $3.42B | 65 | 0001051359-25-000011 |
FL 48
BOSTON, MA 02116