Par Capital Management Inc 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Par Capital Management Inc disclosed 48 US equity positions worth $3.8bn in its Q4 2025 13F filing. The largest position was SYF at 16.6% of the reported book, followed by EXPE and UAL. Against the Q3 2025 filing, it opened 5 new positions, added to 17 and reduced 13 among the top 48 holdings.
What did Par Capital Management Inc own in Q4 2025? Top 48 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SYF SYNCHRONY FINANCIAL | Financial Services | 16.6% | $625.7m | 7,500,000 | 0% | held |
| 2 | EXPE EXPEDIA GROUP INC | Consumer Cyclical | 14.6% | $552.0m | 1,948,446 | -11% | reduced |
| 3 | UAL UNITED AIRLS HLDGS INC | Industrials | 14.5% | $547.3m | 4,894,850 | -1% | reduced |
| 4 | WEX WEX INC | Technology | 8.9% | $335.5m | 2,252,000 | 22% | added |
| 5 | DAL DELTA AIR LINES INC DEL | Industrials | 6.6% | $248.1m | 3,574,210 | 0% | held |
| 6 | LUV SOUTHWEST AIRLS CO | Industrials | 5.4% | $204.6m | 4,950,192 | 0% | held |
| 7 | CVNA CARVANA CO | Consumer Cyclical | 3.9% | $148.0m | 350,672 | -2% | reduced |
| 8 | BKNG BOOKING HOLDINGS INC | Consumer Cyclical | 3.5% | $131.1m | 24,487 | -30% | reduced |
| 9 | ABNB AIRBNB INC | Consumer Cyclical | 2.6% | $99.1m | 729,900 | 233% | added |
| 10 | SCHW SCHWAB CHARLES CORP | Financial Services | 2.4% | $91.1m | 912,000 | 0% | held |
| 11 | UBER UBER TECHNOLOGIES INC | Technology | 2.2% | $81.3m | 995,200 | 52% | added |
| 12 | ALK ALASKA AIR GROUP INC | Industrials | 2.1% | $79.5m | 1,581,500 | 41% | added |
| 13 | LYFT LYFT INC | Technology | 1.6% | $60.8m | 3,140,000 | -4% | reduced |
| 14 | H HYATT HOTELS CORP | Consumer Cyclical | 1.4% | $54.3m | 338,800 | -9% | reduced |
| 15 | ALGT ALLEGIANT TRAVEL CO | Industrials | 1.4% | $53.2m | 624,081 | 0% | held |
| 16 | WED WEBSTER FINL CORP | 1.3% | $47.6m | 755,500 | 1% | added | |
| 17 | MAR MARRIOTT INTL INC NEW | Consumer Cyclical | 1.1% | $41.9m | 134,900 | -1% | reduced |
| 18 | SKYW SKYWEST INC | Industrials | 1.0% | $36.1m | 359,881 | 0% | held |
| 19 | CARS CARS COM INC | Communication Services | 0.9% | $32.9m | 2,697,648 | 31% | added |
| 20 | TRIP TRIPADVISOR INC | Consumer Cyclical | 0.8% | $31.7m | 2,180,564 | 9% | added |
| 21 | GRUPO AEROMEXICO SAB DE CV | 0.8% | $30.4m | 13,850,410 | – | new | |
| 22 | SNCY SUN CTRY AIRLS HLDGS INC | 0.8% | $28.8m | 2,000,000 | -3% | reduced | |
| 23 | CAR AVIS BUDGET GROUP | Industrials | 0.7% | $25.7m | 200,000 | 0% | held |
| 24 | RYAAY RYANAIR HOLDINGS PLC | Industrials | 0.7% | $24.9m | 345,000 | 0% | held |
| 25 | JBLU JETBLUE AWYS CORP | Industrials | 0.5% | $20.3m | 4,457,425 | -1% | reduced |
| 26 | AAL AMERICAN AIRLS GROUP INC | Industrials | 0.5% | $19.2m | 1,250,000 | 0% | held |
| 27 | COPA HOLDINGS SA | 0.5% | $19.0m | 157,197 | 6% | added | |
| 28 | BILL BILL HOLDINGS INC | Technology | 0.5% | $17.7m | 325,000 | -83% | reduced |
| 29 | CARG CARGURUS INC | Communication Services | 0.4% | $13.3m | 348,098 | 36% | added |
| 30 | GOOG ALPHABET INC | Communication Services | 0.3% | $11.5m | 36,700 | 3% | added |
| 31 | TRIVAGO N V | 0.3% | $11.5m | 3,970,806 | 11% | added | |
| 32 | ULCC FRONTIER GROUP HLDGS INC | Industrials | 0.3% | $10.2m | 2,156,100 | 0% | held |
| 33 | LTM LATAM AIRLINES GROUP SA | Industrials | 0.2% | $8.9m | 165,000 | 0% | held |
| 34 | HTZ HERTZ GLOBAL HLDGS INC | Industrials | 0.2% | $7.2m | 1,400,000 | -39% | reduced |
| 35 | GBTG GLOBAL BUSINESS TRAVEL GROUP | 0.2% | $6.8m | 883,244 | -15% | reduced | |
| 36 | RJET REPUBLIC AWYS HLDGS INC | 0.1% | $3.3m | 177,301 | – | new | |
| 37 | AMZN AMAZON COM INC | Consumer Cyclical | 0.0% | $1.5m | 6,300 | -14% | reduced |
| 38 | C CITIGROUP INC | Financial Services | 0.0% | $1.2m | 10,000 | 0% | held |
| 39 | ZM ZOOM COMMUNICATIONS INC | Technology | 0.0% | $1.0m | 11,900 | 250% | added |
| 40 | BAC BANK AMERICA CORP | Financial Services | 0.0% | $1.0m | 18,500 | 2% | added |
| 41 | DASH DOORDASH INC | Consumer Cyclical | 0.0% | $792.7k | 3,500 | 46% | added |
| 42 | TSLA TESLA INC | Consumer Cyclical | 0.0% | $764.5k | 1,700 | – | new |
| 43 | KVYO KLAVIYO INC | Technology | 0.0% | $746.8k | 23,000 | 44% | added |
| 44 | MA MASTERCARD INCORPORATED | Financial Services | 0.0% | $513.8k | 900 | 0% | held |
| 45 | META META PLATFORMS INC | Communication Services | 0.0% | $462.1k | 700 | – | new |
| 46 | V VISA INC | Financial Services | 0.0% | $364.7k | 1,040 | 24% | added |
| 47 | DOCU DOCUSIGN INC | Technology | 0.0% | $362.5k | 5,300 | 77% | added |
| 48 | TCOM TRIP COM GROUP LTD | Consumer Cyclical | 0.0% | $323.6k | 4,500 | – | 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.