Q3 2025 · 13F-HR
PAR CAPITAL MANAGEMENT INCholdings as filed
Filed 2025-11-14 · accession 0001051359-25-000011
$3.42B
Reported value
65
Positions
2025-09-30
Period end
The Brief · PAR CAPITAL MANAGEMENT INC · Q3 2025
AI · grounded in 13F
PAR CAPITAL MANAGEMENT INC established a new position in Synchrony Financial SYF valued at $532.9M. The fund also initiated new stakes in United Airls Hldgs Inc UAL for $493.9M and Expedia Group Inc EXPE for $470.3M. Other new additions include WEX Inc WEX, Delta Air Lines Inc Del DAL, and Booking Holdings Inc BKNG. Total assets under management stand at $3.4B across 57 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 87165B103 | SYF | SYNCHRONY FINANCIAL | $532.9M | 15.6% | 7,500,000 | Common | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $479.5M | 14.0% | 4,968,850 | Common | SOLE |
| 30212P303 | EXPE | EXPEDIA GROUP INC | $470.3M | 13.8% | 2,200,000 | Common | SOLE |
| 96208T104 | WEX | WEX INC | $291.7M | 8.54% | 1,851,500 | Common | SOLE |
| 247361702 | DAL | DELTA AIR LINES INC DEL | $202.8M | 5.94% | 3,574,210 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $189.2M | 5.54% | 35,050 | Common | SOLE |
| 844741108 | LUV | SOUTHWEST AIRLS CO | $158.0M | 4.63% | 4,950,192 | Common | SOLE |
| 146869102 | CVNA | CARVANA CO | $134.5M | 3.94% | 356,572 | Common | SOLE |
| 090043100 | BILL | BILL HOLDINGS INC | $102.0M | 2.99% | 1,925,000 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $86.9M | 2.54% | 910,000 | Common | SOLE |
| 55087P104 | LYFT | LYFT INC | $71.6M | 2.10% | 3,255,000 | Common | SOLE |
| 90353T100 | UBER | UBER TECHNOLOGIES INC | $64.1M | 1.88% | 654,000 | Common | SOLE |
| 011659109 | ALK | ALASKA AIR GROUP INC | $55.7M | 1.63% | 1,119,302 | Common | SOLE |
| 448579102 | H | HYATT HOTELS CORP | $52.7M | 1.54% | 371,300 | Common | SOLE |
| 947890109 | WBS | WEBSTER FINL CORP | $44.6M | 1.31% | 750,000 | Common | SOLE |
| 01748X102 | ALGT | ALLEGIANT TRAVEL CO | $37.9M | 1.11% | 624,081 | Common | SOLE |
| 830879102 | SKYW | SKYWEST INC | $36.2M | 1.06% | 359,881 | Common | SOLE |
| 571903202 | MAR | MARRIOTT INTL INC NEW | $35.4M | 1.04% | 136,100 | Common | SOLE |
| 05368X102 | AVDX | AVIDXCHANGE HOLDINGS INC | $32.8M | 0.96% | 3,299,292 | Common | SOLE |
| 896945201 | TRIP | TRIPADVISOR INC | $32.5M | 0.95% | 2,000,000 | Common | SOLE |
| 053774105 | CAR | AVIS BUDGET GROUP | $32.1M | 0.94% | 200,000 | Common | SOLE |
| 009066101 | ABNB | AIRBNB INC | $26.6M | 0.78% | 219,300 | Common | SOLE |
| 14575E105 | CARS | CARS COM INC | $25.2M | 0.74% | 2,058,648 | Common | SOLE |
| 866683105 | SNCY | SUN CTRY AIRLS HLDGS INC | $24.4M | 0.71% | 2,067,000 | Common | SOLE |
| 477143101 | JBLU | JETBLUE AWYS CORP | $22.1M | 0.65% | 4,487,425 | Common | SOLE |
| 783513203 | RYAAY | RYANAIR HOLDINGS PLC | $20.8M | 0.61% | 345,000 | Common | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $17.6M | 0.51% | 148,000 | Common | SOLE |
| 42806J700 | HTZ | HERTZ GLOBAL HLDGS INC | $15.6M | 0.46% | 2,291,357 | Common | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $14.4M | 0.42% | 149,000 | PUT | SOLE |
| 02376R102 | AAL | AMERICAN AIRLS GROUP INC | $14.1M | 0.41% | 1,250,000 | Common | SOLE |
| 89686D303 | TRVG | TRIVAGO N V | $11.9M | 0.35% | 3,576,869 | Common | SOLE |
| 141788109 | CARG | CARGURUS INC | $9.5M | 0.28% | 256,291 | Common | SOLE |
| 35909R108 | ULCC | FRONTIER GROUP HLDGS INC | $9.5M | 0.28% | 2,156,100 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $8.7M | 0.25% | 35,700 | Common | SOLE |
| 37890B100 | GBTG | GLOBAL BUSINESS TRAVEL GROUP | $8.4M | 0.25% | 1,039,014 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $8.2M | 0.24% | 33,600 | PUT | SOLE |
| 51817R205 | LTM | LATAM AIRLINES GROUP SA | $7.5M | 0.22% | 165,000 | Common | SOLE |
| 590479135 | — | MESA AIR GROUP INC | $3.4M | 0.10% | 2,585,876 | Common | SOLE |
| 064058100 | BK | BANK NEW YORK MELLON CORP | $2.9M | 0.08% | 26,364 | Common | SOLE |
| 565394103 | CART | MAPLEBEAR INC | $2.8M | 0.08% | 75,000 | Common | SOLE |
| 98311A105 | WH | WYNDHAM HOTELS & RESORTS INC | $2.2M | 0.06% | 27,000 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $1.6M | 0.05% | 7,300 | Common | SOLE |
| 83406F102 | SOFI | SOFI TECHNOLOGIES INC | $1.5M | 0.04% | 55,000 | PUT | SOLE |
| 83406F102 | SOFI | SOFI TECHNOLOGIES INC | $1.5M | 0.04% | 55,000 | Common | SOLE |
| G4124C109 | GRAB | GRAB HOLDINGS LIMITED | $1.1M | 0.03% | 181,000 | PUT | SOLE |
| G4124C109 | GRAB | GRAB HOLDINGS LIMITED | $1.1M | 0.03% | 181,000 | Common | SOLE |
| 172967424 | C | CITIGROUP INC | $1.0M | 0.03% | 10,000 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $988,065 | 0.03% | 4,500 | PUT | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $938,938 | 0.03% | 18,200 | Common | SOLE |
| 25809K105 | DASH | DOORDASH INC | $652,776 | 0.02% | 2,400 | Common | SOLE |
| 25809K105 | DASH | DOORDASH INC | $652,776 | 0.02% | 2,400 | PUT | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $602,790 | 0.02% | 3,000 | Common | SOLE |
| Y2573F102 | FLEX | FLEX LTD | $574,483 | 0.02% | 9,910 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $511,929 | 0.01% | 900 | Common | SOLE |
| 146869102 | CVNA | CARVANA CO | $452,688 | 0.01% | 1,200 | PUT | SOLE |
| 49845K101 | KVYO | KLAVIYO INC | $443,040 | 0.01% | 16,000 | Common | SOLE |
| 00827B106 | AFRM | AFFIRM HLDGS INC | $401,940 | 0.01% | 5,500 | Common | SOLE |
| 143658300 | CCL1EUR | CARNIVAL CORP | $390,285 | 0.01% | 13,500 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $381,880 | 0.01% | 4,000 | PUT | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $371,675 | 0.01% | 2,500 | Common | SOLE |
| 98954M200 | Z | ZILLOW GROUP INC | $308,200 | 0.01% | 4,000 | Common | SOLE |
| 92826C839 | V | VISA INC | $286,759 | 0.01% | 840 | Common | SOLE |
| 98980L101 | ZNGA | ZOOM COMMUNICATIONS INC | $280,500 | 0.01% | 3,400 | Common | SOLE |
| 443573100 | HUBS | HUBSPOT INC | $233,900 | 0.01% | 500 | Common | SOLE |
| 256163106 | DOCU | DOCUSIGN INC | $216,270 | 0.01% | 3,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.