Par Capital Management Inc 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Par Capital Management Inc disclosed 57 US equity positions worth $3.4bn in its Q3 2025 13F filing. The largest position was SYF at 15.7% of the reported book, followed by UAL and EXPE. Against the Q2 2025 filing, it opened 5 new positions, added to 12 and reduced 12 among the top 50 holdings.
What did Par Capital Management Inc own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SYF SYNCHRONY FINANCIAL | Financial Services | 15.7% | $532.9m | 7,500,000 | 0% | held |
| 2 | UAL UNITED AIRLS HLDGS INC | Industrials | 14.2% | $479.5m | 4,968,850 | 0% | held |
| 3 | EXPE EXPEDIA GROUP INC | Consumer Cyclical | 13.9% | $470.2m | 2,200,000 | -8% | reduced |
| 4 | WEX WEX INC | Technology | 8.6% | $291.7m | 1,851,500 | 0% | held |
| 5 | DAL DELTA AIR LINES INC DEL | Industrials | 6.0% | $202.8m | 3,574,210 | 0% | held |
| 6 | BKNG BOOKING HOLDINGS INC | Consumer Cyclical | 5.6% | $189.2m | 35,050 | -7% | reduced |
| 7 | LUV SOUTHWEST AIRLS CO | Industrials | 4.7% | $158.0m | 4,950,192 | -16% | reduced |
| 8 | CVNA CARVANA CO | Consumer Cyclical | 4.0% | $134.5m | 356,572 | -24% | reduced |
| 9 | BILL BILL HOLDINGS INC | Technology | 3.0% | $102.0m | 1,925,000 | – | new |
| 10 | SCHW SCHWAB CHARLES CORP | Financial Services | 2.6% | $86.9m | 910,000 | 0% | held |
| 11 | LYFT LYFT INC | Technology | 2.1% | $71.6m | 3,255,000 | 71% | added |
| 12 | UBER UBER TECHNOLOGIES INC | Technology | 1.9% | $64.1m | 654,000 | – | new |
| 13 | ALK ALASKA AIR GROUP INC | Industrials | 1.6% | $55.7m | 1,119,302 | 0% | held |
| 14 | H HYATT HOTELS CORP | Consumer Cyclical | 1.6% | $52.7m | 371,300 | 0% | held |
| 15 | WED WEBSTER FINL CORP | 1.3% | $44.6m | 750,000 | 0% | held | |
| 16 | ALGT ALLEGIANT TRAVEL CO | Industrials | 1.1% | $37.9m | 624,081 | 7% | added |
| 17 | SKYW SKYWEST INC | Industrials | 1.1% | $36.2m | 359,881 | -1% | reduced |
| 18 | MAR MARRIOTT INTL INC NEW | Consumer Cyclical | 1.0% | $35.4m | 136,100 | 0% | held |
| 19 | AVDX AVIDXCHANGE HOLDINGS INC | 1.0% | $32.8m | 3,299,292 | -0% | held | |
| 20 | TRIP TRIPADVISOR INC | Consumer Cyclical | 1.0% | $32.5m | 2,000,000 | -31% | reduced |
| 21 | CAR AVIS BUDGET GROUP | Industrials | 0.9% | $32.1m | 200,000 | -38% | reduced |
| 22 | ABNB AIRBNB INC | Consumer Cyclical | 0.8% | $26.6m | 219,300 | 12083% | added |
| 23 | CARS CARS COM INC | Communication Services | 0.7% | $25.2m | 2,058,648 | 72% | added |
| 24 | SNCY SUN CTRY AIRLS HLDGS INC | 0.7% | $24.4m | 2,067,000 | 5% | added | |
| 25 | JBLU JETBLUE AWYS CORP | Industrials | 0.7% | $22.1m | 4,487,425 | -18% | reduced |
| 26 | RYAAY RYANAIR HOLDINGS PLC | Industrials | 0.6% | $20.8m | 345,000 | 0% | held |
| 27 | COPA HOLDINGS SA | 0.5% | $17.6m | 148,000 | 179% | added | |
| 28 | HTZ HERTZ GLOBAL HLDGS INC | Industrials | 0.5% | $15.6m | 2,291,357 | 0% | held |
| 29 | AAL AMERICAN AIRLS GROUP INC | Industrials | 0.4% | $14.1m | 1,250,000 | 0% | held |
| 30 | TRIVAGO N V | 0.4% | $11.9m | 3,576,869 | 0% | held | |
| 31 | CARG CARGURUS INC | Communication Services | 0.3% | $9.5m | 256,291 | -24% | reduced |
| 32 | ULCC FRONTIER GROUP HLDGS INC | Industrials | 0.3% | $9.5m | 2,156,100 | -1% | reduced |
| 33 | GOOG ALPHABET INC | Communication Services | 0.3% | $8.7m | 35,700 | 2% | added |
| 34 | GBTG GLOBAL BUSINESS TRAVEL GROUP | 0.2% | $8.4m | 1,039,014 | 1% | added | |
| 35 | LTM LATAM AIRLINES GROUP SA | Industrials | 0.2% | $7.5m | 165,000 | 0% | held |
| 36 | MESA AIR GROUP INC | 0.1% | $3.4m | 2,585,876 | 15% | added | |
| 37 | BNY BANK NEW YORK MELLON CORP | Financial Services | 0.1% | $2.9m | 26,364 | 0% | held |
| 38 | CART MAPLEBEAR INC | Consumer Cyclical | 0.1% | $2.8m | 75,000 | -18% | reduced |
| 39 | WH WYNDHAM HOTELS & RESORTS INC | Consumer Cyclical | 0.1% | $2.2m | 27,000 | 0% | held |
| 40 | AMZN AMAZON COM INC | Consumer Cyclical | 0.0% | $1.6m | 7,300 | 16% | added |
| 41 | SOFI SOFI TECHNOLOGIES INC | Financial Services | 0.0% | $1.5m | 55,000 | 0% | held |
| 42 | GRAB HOLDINGS LIMITED | 0.0% | $1.1m | 181,000 | 12% | added | |
| 43 | C CITIGROUP INC | Financial Services | 0.0% | $1.0m | 10,000 | 0% | held |
| 44 | BAC BANK AMERICA CORP | Financial Services | 0.0% | $938.9k | 18,200 | 9% | added |
| 45 | DASH DOORDASH INC | Consumer Cyclical | 0.0% | $652.8k | 2,400 | -40% | reduced |
| 46 | PNC PNC FINL SVCS GROUP INC | Financial Services | 0.0% | $602.8k | 3,000 | – | new |
| 47 | FLEX FLEX LTD | Technology | 0.0% | $574.5k | 9,910 | 0% | held |
| 48 | MA MASTERCARD INCORPORATED | Financial Services | 0.0% | $511.9k | 900 | 0% | held |
| 49 | KVYO KLAVIYO INC | Technology | 0.0% | $443.0k | 16,000 | – | new |
| 50 | AFRM AFFIRM HLDGS INC | Financial Services | 0.0% | $401.9k | 5,500 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.