Q2 2026 13F · SEC CIK 1051359

Par Capital Management Inc

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $4.0B
Reported positions: 45
Top holdings a year, 3 yrs: +24.9%
Assets under management: $1.5B

Par Capital Management Inc is a hedge fund that reported 45 positions worth $4.0B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were United Airls Hldgs Inc (UAL, 18.1%), Synchrony Financial (SYF, 14.4%), Expedia Group Inc (EXPE, 12.0%). A portfolio copying its top holdings returned 24.9% a year over the last 3 years, against 20.4% for the S&P 500.

Par Capital Management Inc holdings all 45 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Par Capital Management Inc 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
UALUnited Airls Hldgs Inc	18.1%	13.4%	5,359,741	+7.3%	$728.9M
SYFSynchrony Financial	14.4%	15.1%	7,612,137	+0.0%	$578.9M
EXPEExpedia Group Inc	12.0%	13.1%	1,895,847	-2.9%	$485.1M
DALDelta Air Lines Inc Com New	8.1%	6.8%	3,482,745	-0.9%	$326.2M
WEXWEX Inc	7.9%	10.0%	2,254,984	+0.0%	$318.2M
UBERUber Technologies Inc	7.6%	7.8%	4,217,700	+12.9%	$304.3M
LUVSouthwest Airls Co	6.3%	5.7%	4,905,756	-6.0%	$252.3M
BKNGBooking Holdings Inc Com	4.4%	5.2%	992,100	+2230.4%	$176.8M
CVNACarvana Co	2.8%	3.2%	1,739,360	+400.0%	$114.5M
ABNBAirbnb Inc	2.7%	2.7%	750,000	+0.3%	$107.3M
ALGTAllegiant Travel Co	2.5%	2.0%	844,632	-0.2%	$99.3M
ALKAlaska Air Group Inc	2.0%	1.7%	1,579,636	-0.1%	$82.5M
HHyatt Hotels Corp	1.6%	1.4%	338,500	+0.0%	$65.6M
TRIPTripadvisor Inc	1.4%	1.3%	4,072,054	+0.0%	$55.8M
VVisa Inc Com Cl A	1.1%	0.7%	127,600	+59.5%	$43.8M
METAMeta Platforms Inc Class A	0.8%	New	54,983	—	$31.0M
ZZillow Group Inc	0.6%	New	823,000	—	$25.9M
TRVGTrivago N V	0.6%	0.3%	4,292,733	+2.4%	$23.5M
LYFTLyft Inc	0.6%	1.2%	1,605,000	-48.7%	$23.4M
JBLUJetblue Airways Corp	0.6%	0.6%	4,000,000	-10.3%	$22.9M
SCHWSchwab Charles Corp	0.6%	0.7%	245,000	-3.3%	$22.6M
RYAAYRyanair Holdings PLC	0.5%	0.6%	340,000	-1.4%	$22.0M
AEROGrupo Aeromexico Sab de Cv	0.5%	New	1,189,824	—	$21.4M
AALAmerican Airlines Group Inc	0.4%	0.4%	1,000,000	-20.0%	$18.1M
MAMastercard Inc.	0.4%	New	30,000	—	$15.4M
MARMarriott Intl Inc New Cl A	0.4%	0.9%	40,000	-55.6%	$14.8M
RJETRepublic Airways	0.3%	0.3%	506,844	+0.0%	$10.6M
GOOGAlphabet Inc	0.2%	0.3%	25,200	-29.2%	$8.9M
BILLBill Holdings Inc	0.2%	0.4%	200,000	-50.0%	$7.2M
SKYWKywest Inc	0.1%	1.0%	54,881	-84.7%	$5.5M
CPACopa Holdings SA	0.1%	0.5%	20,115	-87.2%	$3.1M
CARSCars.com Inc	0.1%	0.1%	246,299	+0.0%	$2.7M
HTZHertz Global Hldgs Inc	0.1%	0.2%	911,001	-34.9%	$2.1M
FLEXFlex Ltd	0.0%	New	9,910	—	$1.6M
ZMZoom Communications Inc	0.0%	0.0%	17,000	+183.3%	$1.5M
CFGCitizens Finl Group Inc	0.0%	0.0%	20,000	+25.0%	$1.4M
CCitigroup Inc Com New	0.0%	0.0%	10,000	+0.0%	$1.4M
CARTMaplebear Inc.	0.0%	0.0%	20,336	+0.0%	$963K
EBAYEbay Inc.	0.0%	New	8,000	—	$894K
TCOMTrip Com Group Ltd	0.0%	0.0%	13,523	+0.0%	$539K
TFCTruist Financial Ord Shs	0.0%	0.0%	10,000	-33.3%	$498K
CARGCargurus Inc	0.0%	0.0%	10,376	+0.0%	$354K
AFRMAffirm Hldgs Inc	0.0%	New	4,000	—	$326K
PNCPnc Finl Svcs Group Inc	0.0%	New	1,000	—	$246K
NXTNextpower Inc	0.0%	0.0%	1,726	+0.0%	$206K

What Par Capital Management Inc bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +20.6% /yr; S&P 500 +20.1%
3 years: +24.9% /yr; S&P 500 +20.4%
5 years: +10.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$4.0B	45
Q1 2026	$3.4B	45
Q4 2025	$3.8B	48
Q3 2025	$3.4B	57
Q2 2025	$3.1B	53
Q1 2025	$3.0B	46
Q4 2024	$3.4B	57
Q3 2024	$3.5B	56
Q2 2024	$3.2B	50
Q1 2024	$3.2B	47
Q4 2023	$3.0B	42
Q3 2023	$2.7B	47

Questions about Par Capital Management Inc's portfolio

What stocks does Par Capital Management Inc own?

Par Capital Management Inc's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 45 positions worth $4.0B. The largest are United Airls Hldgs Inc (UAL) at 18.1%, Synchrony Financial (SYF) at 14.4%, Expedia Group Inc (EXPE) at 12.0%, Delta Air Lines Inc Com New (DAL) at 8.1% and WEX Inc (WEX) at 7.9%.

What did Par Capital Management Inc buy last quarter?

In Q2 2026, Par Capital Management Inc added a new position in Meta Platforms Inc Class A (META), a new position in Zillow Group Inc (Z), a new position in Grupo Aeromexico Sab de Cv (AERO), a new position in Mastercard Inc. (MA), a new position in Flex Ltd (FLEX), Booking Holdings Inc Com (BKNG) (+2230.4% shares), Carvana Co (CVNA) (+400.0% shares) and Zoom Communications Inc (ZM) (+183.3% shares), compared with its Q1 2026 filing.

What did Par Capital Management Inc sell last quarter?

In Q2 2026, Par Capital Management Inc sold all of Avis Budget Group (CAR), sold all of Sun Country Airlines Holding (SNCY), sold all of Global Business Travel Group (GBTG), sold all of Latam Airlines Group-Sp ADR (LTM), sold all of Frontier Group Hldgs Inc (ULCC), Copa Holdings SA (CPA) (-87.2% shares), Kywest Inc (SKYW) (-84.7% shares) and Marriott Intl Inc New Cl A (MAR) (-55.6% shares), compared with its Q1 2026 filing.

How has Par Capital Management Inc's portfolio performed?

A portfolio copying Par Capital Management Inc's 20 largest 13F holdings each quarter, from the day each filing was public, returned +24.9% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +20.6% against +20.1%. Over 5 years: +10.2% a year against +11.6%.

When is Par Capital Management Inc's next 13F filing due?

13F filings are due 45 days after each quarter ends. Par Capital Management Inc's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Par Capital Management Inc manage?

Par Capital Management Inc reported $1.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $4.0B.