PAR Capital Management portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
PAR Capital Management reported a $4.0 bn portfolio of 45 positions to the SEC as of the end of Q2 2026. Its largest positions are UAL, SYF, EXPE. During the quarter it opened Meta Platforms and Zillow Group and exited Avis Budget Group.
Sections with a free account
What changed this quarter
36 positions with a change (8 new, 6 added to, 15 trimmed, 7 sold); also, 1 exited through an acquisition or merger. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- United Airlines Holdings+7.3%more sharesIncreased13.4% → 18.1%
- Uber Technologies+13%more sharesIncreased7.8% → 7.6%
- Meta Platforms+0.8 ppof portfolioNew— → 0.8%
- Skywest−85%fewer sharesReduced1.0% → 0.1%
- Avis Budget Group−0.7 ppof portfolioSold out0.8% → —
- Zillow Group+0.6 ppof portfolioNew— → 0.6%
- Lyft−49%fewer sharesReduced1.2% → 0.6%
- Grupo Aeromexico, S.A.B. de C.V.+0.5 ppof portfolioNew— → 0.5%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- United Airlines HoldingsUAL18.1%
- Synchrony FinancialSYF14.4%
- Expedia GroupEXPE12.0%
- Delta Air LinesDAL8.1%
- WEXWEX7.9%
- UBER TechnologiesUBER7.6%
- Southwest AirlinesLUV6.3%
- Booking HoldingsBKNG4.4%
- CarvanaCVNA2.8%
- AirbnbABNB2.7%
- Allegiant TravelALGT2.5%
- Alaska Air GroupALK2.0%
- Hyatt HotelsH1.6%
- TripadvisorTRIP1.4%
- VisaV1.1%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Industrials 48%
- ● Financials 24%
- ● Consumer Discretionary 24%
- ● Communication Services 2%
- ● Information Technology 1%
- ● Real Estate 1%
How its portfolio changed (8 quarters)
Q2 2026: 45
Q2 2026: 84%
Q2 2026: 5.1%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (3)
Besides stocks, PAR Capital Management declared 3 puts (they gain if the stock falls) with a notional of $3.3M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTCitigroupC$1.4M
- PUTDelta Air LinesDAL$983K
- PUTAlphabetGOOG$883K
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 12, 2026 (high confidence).
The data, as reported: PAR CAPITAL MANAGEMENT, INC. (CRD 156596): 7.B private funds: 1 hedge (gross assets $1.5 bn); 5.D assets by client type: pooled vehicles 100% (of $1.5 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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