undamentalytics Newsletter
Sign in

Funds (13F)

PAR Capital Management Inc

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+10.8%
S&P 500 +14.1%
Last 12 months
+17.4%
S&P 500 +12.1%
Sharpe ratio
0.43
S&P 500 0.78
Biggest drop
−57.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$38.7k
PAR Capital Management IncS&P 500 $10,000 in PAR Capital Management Inc from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies PAR Capital Management Inc's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

PAR Capital Management Inc's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+10.8%+14.1%
Total return+287%+470%
Last 12 months+17.4%+12.1%
Last 3 months−2.5%—
Last month+3.5%—
This year so far−0.8%—
Volatility a year30.0%16.0%
Sharpe ratio0.430.78
Biggest drop−57.8%−31.8%
Beta to the S&P 5001.451.00
Alpha a year (t-statistic)−5.3% (−1.01)—
Share of weeks up54%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
UAL18.2%——
SYF14.5%——
EXPE12.1%——
DAL8.2%——
WEX8.0%——
UBER7.6%——
LUV6.3%——
BKNG4.4%——
CVNA2.9%——
ABNB2.7%——
ALGT2.5%——
ALK2.1%——
H1.6%——
TRIP1.4%——
V1.1%——
META0.8%——
Z0.7%——
LYFT0.6%——
JBLU0.6%——
SCHW0.6%——
RYAAY0.6%——
AERO0.5%——
AAL0.5%——
MA0.4%——
MAR0.4%——
RJET0.3%——
BILL0.2%——
SKYW0.1%——
CARS0.1%——
HTZ0.1%——
FLEX0.0%——
ZM0.0%——
CFG0.0%——
C0.0%——
CART0.0%——
EBAY0.0%——
TCOM0.0%——
TFC0.0%——
CARG0.0%——
AFRM0.0%——
PNC0.0%——
NXT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+10.8%+14.1%0.430.78−57.8%1.45−5.3% (−1.01)
2018 onwards5 Jan 2018 to 2 Nov 2026+6.4%+13.9%0.270.66−57.8%1.49−8.3% (−1.13)
Last three years3 Nov 2023 to 2 Nov 2026+27.0%+21.8%0.881.16−30.9%1.26+2.4% (0.22)
Last year7 Nov 2025 to 2 Nov 2026+13.1%+14.2%0.440.84−20.1%1.13+0.5% (0.02)
DateCompanyAction
21 Aug 2026ZBought
21 Aug 2026PNCBought
21 Aug 2026METABought
21 Aug 2026MABought
21 Aug 2026FLEXBought
21 Aug 2026EBAYBought
21 Aug 2026AFRMBought
21 Aug 2026AEROBought
22 May 2026TFCBought
22 May 2026SNAPBought
22 May 2026PINSBought
22 May 2026NXTBought
22 May 2026CFGBought
22 May 2026CARTBought
20 Feb 2026TSLABought
20 Feb 2026TCOMBought
20 Feb 2026RJETBought
20 Feb 2026METABought
20 Feb 2026AEROBought
21 Nov 2025ZMBought
21 Nov 2025UBERBought
21 Nov 2025SHOPBought
21 Nov 2025PNCBought
21 Nov 2025KVYOBought
21 Nov 2025HUBSBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ULCCSold
21 Aug 2026SNAPSold
21 Aug 2026PINSSold
21 Aug 2026CARSold
22 May 2026TSLASold
22 May 2026METASold
22 May 2026MASold
22 May 2026KVYOSold
22 May 2026DOCUSold
22 May 2026DASHSold
22 May 2026BACSold
22 May 2026AMZNSold
22 May 2026AEROSold
20 Feb 2026ZSold
20 Feb 2026WHSold
20 Feb 2026SOFISold
20 Feb 2026SHOPSold
20 Feb 2026PNCSold
20 Feb 2026HUBSSold
20 Feb 2026GRABSold
20 Feb 2026FLEXSold
20 Feb 2026CARTSold
20 Feb 2026BNYSold
20 Feb 2026AFRMSold
21 Nov 2025WSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest