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Hedge fund

PAR Capital Management Inc

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1051359

Reported value
$4.0bn
99% in companies we cover
Positions we cover
42
Largest UAL 18.1%
Copy, a year
+10.8%
S&P 500 +14.1%
Copy Sharpe ratio
0.43
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$38.7k
CopyS&P 500 $10,000 copying PAR Capital Management Inc's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −57.8% (S&P 500 −31.8%); beta 1.45; alpha −5.3% a year (t = −1.01); last 12 months +17.4% against +12.1%.

Reported value by quarter

PAR Capital Management Inc: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-06-30: $3.6B Reported value, 2013-09-30: $3.3B Reported value, 2013-12-31: $3B Reported value, 2014-03-31: $3.3B Reported value, 2014-06-30: $3.6B Reported value, 2014-09-30: $3.7B Reported value, 2014-12-31: $4.3B Reported value, 2015-03-31: $4.3B Reported value, 2015-06-30: $4.4B Reported value, 2015-09-30: $4.7B Reported value, 2015-12-31: $5.4B Reported value, 2016-03-31: $6.2B Reported value, 2016-06-30: $6B Reported value, 2016-09-30: $6.9B Reported value, 2016-12-31: $7.6B Reported value, 2017-03-31: $8.2B Reported value, 2017-06-30: $8.9B Reported value, 2017-09-30: $8.8B Reported value, 2017-12-31: $8.9B Reported value, 2018-03-31: $9.1B Reported value, 2018-06-30: $8.9B Reported value, 2018-09-30: $8.7B Reported value, 2018-12-31: $6B Reported value, 2019-03-31: $5.4B Reported value, 2019-06-30: $6B Reported value, 2019-09-30: $5.7B Reported value, 2019-12-31: $5.1B Reported value, 2020-03-31: $2.3B Reported value, 2020-06-30: $2.6B Reported value, 2020-09-30: $2.6B Reported value, 2020-12-31: $3.4B Reported value, 2021-03-31: $4.2B Reported value, 2021-06-30: $4B Reported value, 2021-09-30: $4.2B Reported value, 2021-12-31: $3.7B Reported value, 2022-03-31: $4.2B Reported value, 2022-06-30: $3B Reported value, 2022-09-30: $2.7B Reported value, 2022-12-31: $2.8T Reported value, 2023-03-31: $2.7B Reported value, 2023-06-30: $2.9B Reported value, 2023-09-30: $2.7B Reported value, 2023-12-31: $3B Reported value, 2024-03-31: $3.2B Reported value, 2024-06-30: $3.2B Reported value, 2024-09-30: $3.5B Reported value, 2024-12-31: $3.4B Reported value, 2025-03-31: $3B Reported value, 2025-06-30: $3.1B Reported value, 2025-09-30: $3.4B Reported value, 2025-12-31: $3.8B Reported value, 2026-03-31: $3.4B Reported value, 2026-06-30: $4B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $4B
View chart data
Period Reported value
2013-06-30 $3.6B
2013-09-30 $3.3B
2013-12-31 $3B
2014-03-31 $3.3B
2014-06-30 $3.6B
2014-09-30 $3.7B
2014-12-31 $4.3B
2015-03-31 $4.3B
2015-06-30 $4.4B
2015-09-30 $4.7B
2015-12-31 $5.4B
2016-03-31 $6.2B
2016-06-30 $6B
2016-09-30 $6.9B
2016-12-31 $7.6B
2017-03-31 $8.2B
2017-06-30 $8.9B
2017-09-30 $8.8B
2017-12-31 $8.9B
2018-03-31 $9.1B
2018-06-30 $8.9B
2018-09-30 $8.7B
2018-12-31 $6B
2019-03-31 $5.4B
2019-06-30 $6B
2019-09-30 $5.7B
2019-12-31 $5.1B
2020-03-31 $2.3B
2020-06-30 $2.6B
2020-09-30 $2.6B
2020-12-31 $3.4B
2021-03-31 $4.2B
2021-06-30 $4B
2021-09-30 $4.2B
2021-12-31 $3.7B
2022-03-31 $4.2B
2022-06-30 $3B
2022-09-30 $2.7B
2022-12-31 $2.8T
2023-03-31 $2.7B
2023-06-30 $2.9B
2023-09-30 $2.7B
2023-12-31 $3B
2024-03-31 $3.2B
2024-06-30 $3.2B
2024-09-30 $3.5B
2024-12-31 $3.4B
2025-03-31 $3B
2025-06-30 $3.1B
2025-09-30 $3.4B
2025-12-31 $3.8B
2026-03-31 $3.4B
2026-06-30 $4B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
UALUnited Airlines Holdings18.08%$728.9m5.36M+7.3% Added
SYFSynchrony Financial14.36%$578.9m7.61M0.0%
EXPEExpedia Group12.04%$485.1m1.90M−2.9% Reduced
DALDelta Air Lines8.09%$326.2m3.48M−0.9% Reduced
WEXWEX Inc.7.89%$318.2m2.25M0.0%
UBERUber7.55%$304.3m4.22M+12.9% Added
LUVSouthwest Airlines6.26%$252.3m4.91M−6.0% Reduced
BKNGBooking Holdings4.39%$176.8m992.1K+2230.4% Added
CVNACarvana2.84%$114.5m1.74M+400.0% Added
ABNBAirbnb2.66%$107.3m750.0K+0.3%
ALGTAllegiant Travel Co2.46%$99.3m844.6K−0.2%
ALKAlaska AIR Group, Inc.2.05%$82.5m1.58M−0.1%
HHyatt Hotels Corp1.63%$65.6m338.5K0.0%
TRIPTripadvisor, Inc.1.39%$55.8m4.07M0.0%
VVisa Inc.1.09%$43.8m127.6K+59.5% Added
METAMeta Platforms0.77%$31.0m55.0KNew
ZZillow Group, Inc.0.64%$25.9m823.0KNew
LYFTLyft, Inc.0.58%$23.4m1.60M−48.7% Reduced
JBLUJetblue Airways Corp0.57%$22.9m4.00M−10.3% Reduced
SCHWCharles Schwab Corporation0.56%$22.6m245.0K−3.3% Reduced
RYAAYRyanair Holdings PLC0.55%$22.0m340.0K−1.4% Reduced
AEROGrupo Aeromexico, S.a.b. De C.v.0.53%$21.4m1.19MNew
AALAmerican Airlines Group Inc.0.45%$18.1m1.00M−20.0% Reduced
MAMastercard0.38%$15.4m30.0KNew
MARMarriott International0.37%$14.8m40.0K−55.6% Reduced
RJETRepublic Airways Holdings Inc.0.26%$10.6m506.8K0.0%
BILLBILL Holdings, Inc.0.18%$7.2m200.0K−50.0% Reduced
SKYWSkywest Inc0.14%$5.5m54.9K−84.7% Reduced
CARSCars.com Inc.0.07%$2.7m246.3K0.0%
HTZHertz Global Holdings, Inc0.05%$2.1m911.0K−34.9% Reduced
FLEXFlex Ltd.0.04%$1.6m9.9KNew
ZMZoom Communications, Inc.0.04%$1.5m17.0K+183.3% Added
CFGCitizens Financial Group0.04%$1.4m20.0K+25.0% Added
CCitigroup0.04%$1.4m10.0K0.0%
CARTMaplebear Inc.0.02%$962,91020.3K0.0%
EBAYeBay Inc.0.02%$894,0008.0KNew
TCOMTrip.com Group Ltd0.01%$538,75613.5K0.0%
TFCTruist Financial0.01%$498,20010.0K−33.3% Reduced
CARGCargurus, Inc.0.01%$353,71810.4K0.0%
AFRMAffirm Holdings, Inc.0.01%$326,2004.0KNew
PNCPNC Financial Services0.01%$246,2201.0KNew
NXTNextpower Inc.0.01%$205,6361.7K0.0%
CompanyBought (value)Shares
BKNGBooking Holdings$169.2m949.5K
CVNACarvana$91.6m1.39M
UALUnited Airlines Holdings$49.3m362.9K
UBERUber$34.7m480.7K
METAMeta Platforms$31.0m55.0K
ZZillow Group, Inc.$25.9m823.0K
AEROGrupo Aeromexico, S.a.b. De C.v.$21.4m1.19M
VVisa Inc.$16.3m47.6K
MAMastercard$15.4m30.0K
FLEXFlex Ltd.$1.6m9.9K
ZMZoom Communications, Inc.$949,41011.0K
EBAYeBay Inc.$894,0008.0K
ABNBAirbnb$357,7502.5K
AFRMAffirm Holdings, Inc.$326,2004.0K
CFGCitizens Financial Group$280,2804.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
SKYWSkywest Inc−$30.1m−303.0K
CARAvis Budget Group, Inc.−$29.2m−200.0K
LYFTLyft, Inc.−$22.3m−1.52M
MARMarriott International−$18.5m−50.0K
LUVSouthwest Airlines−$16.1m−313.4K
EXPEExpedia Group−$14.4m−56.3K
ULCCFrontier Group Holdings, Inc.−$7.5m−2.13M
BILLBILL Holdings, Inc.−$7.2m−200.0K
AALAmerican Airlines Group Inc.−$4.5m−250.0K
DALDelta Air Lines−$3.0m−31.7K
JBLUJetblue Airways Corp−$2.6m−457.4K
HTZHertz Global Holdings, Inc−$1.1m−489.0K
SCHWCharles Schwab Corporation−$765,841−8.3K
PINSPinterest, Inc.−$583,671−31.8K
SNAPSnap Inc−$509,188−110.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
CARAvis Budget Group, Inc.$29.2m200.0K
ULCCFrontier Group Holdings, Inc.$7.5m2.13M
PINSPinterest, Inc.$583,67131.8K
SNAPSnap Inc$509,188110.7K
  • Industrials48.0%
  • Financials24.6%
  • Consumer Discretionary24.2%
  • Communication Services2.2%
  • Real Estate0.6%
  • Technology0.3%
  • Consumer Staples0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+10.8%+14.1%0.430.78−57.8%1.45
2018 onwardsJanuary 5, 2018 to November 2, 2026+6.4%+13.9%0.270.66−57.8%1.49
Last three yearsNovember 3, 2023 to November 2, 2026+27.0%+21.8%0.881.16−30.9%1.26
Last yearNovember 7, 2025 to November 2, 2026+13.1%+14.2%0.440.84−20.1%1.13

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.