PAR CAPITAL MANAGEMENT INC

BOSTON, MA · CIK 1051359 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · corporation

Assets managed$1.5bn
Staff12 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $1.5bn gross assets
Websiteparcapital.com
Form ADV · 2026-03-12SEC adviser record

Legal entityPar Capital Management, Inc. (US)

Kindhedge funds, futures
Others nearbyBoston, MA

As an employer

Offices in1 country
Private fundshedge 1

$4.0bn reported value +17.2% vs Q1 2026

45positions

84.2%in top 10

8 new 7 added 18 reduced 8 sold out vs Q1 2026

Options: 0 call positions (— notional), 3 put positions ($3.3m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	UNITED AIRLS HLDGS INC COM UAL	UAL	5,359,741	$728.9m18.08%	18.08%	Added +362.9k	+362,891 7.3%
2	SYNCHRONY FINANCIAL COM SYF	SYF	7,612,137	$578.9m14.36%	14.36%	Unchanged
3	EXPEDIA GROUP INC COM NEW EXPE	EXPE	1,895,847	$485.1m12.04%	12.04%	Reduced -56.3k	-56,273 -2.9%
4	DELTA AIR LINES INC DEL COM NEW DAL	DAL	3,482,745	$326.2m8.09%	8.09%	Reduced -31.7k	-31,700 -0.9%
5	WEX INC COM WEX	WEX	2,254,984	$318.2m7.89%	7.89%	Unchanged
6	UBER TECHNOLOGIES INC COM UBER	UBER	4,217,700	$304.3m7.55%	7.55%	Added +480.7k	+480,727 12.9%
7	SOUTHWEST AIRLS CO COM LUV	LUV	4,905,756	$252.3m6.26%	6.26%	Reduced -313.4k	-313,436 -6.0%
8	BOOKING HOLDINGS INC COM BKNG	BKNG	992,100	$176.8m4.39%	4.39%	Reduced -72.2k	-72,225 -6.8%
9	CARVANA CO CL A CVNA	CVNA	1,739,360	$114.5m2.84%	2.84%	Unchanged
10	AIRBNB INC COM CL A ABNB	ABNB	750,000	$107.3m2.66%	2.66%	Added +2.5k	+2,500 0.3%
11	ALLEGIANT TRAVEL CO COM ALGT	ALGT	844,632	$99.3m2.46%	2.46%	Reduced -1.6k	-1,559 -0.2%
12	ALASKA AIR GROUP INC COM ALK	ALK	1,579,636	$82.5m2.05%	2.05%	Reduced -1.9k	-1,864 -0.1%
13	HYATT HOTELS CORP COM CL A H	H	338,500	$65.6m1.63%	1.63%	Unchanged
14	TRIPADVISOR INC COM TRIP	TRIP	4,072,054	$55.8m1.39%	1.39%	Unchanged
15	VISA INC COM CL A V	V	127,600	$43.8m1.09%	1.09%	Added +47.6k	+47,600 59.5%
16	META PLATFORMS INC CL A META	META	54,983	$31.0m0.77%	0.77%	New
17	ZILLOW GROUP INC CL C CAP STK Z	Z	823,000	$25.9m0.64%	0.64%	New
18	TRIVAGO N V SPON ADS A SHS N TRVG	TRVG	4,292,733	$23.5m0.58%	0.58%	Added +99.6k	+99,619 2.4%
19	LYFT INC CL A COM LYFT	LYFT	1,605,000	$23.4m0.58%	0.58%	Reduced -1.5m	-1,525,000 -48.7%
20	JETBLUE AWYS CORP COM JBLU	JBLU	4,000,000	$22.9m0.57%	0.57%	Reduced -457.4k	-457,425 -10.3%
21	SCHWAB CHARLES CORP COM SCHW	SCHW	245,000	$22.6m0.56%	0.56%	Reduced -8.3k	-8,300 -3.3%
22	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	340,000	$22.0m0.55%	0.55%	Reduced -5.0k	-5,000 -1.4%
23	GRUPO AEROMEXICO SAB DE CV SPONSORED ADS AERO	AERO	1,189,824	$21.4m0.53%	0.53%	New
24	AMERICAN AIRLS GROUP INC COM AAL	AAL	1,000,000	$18.1m0.45%	0.45%	Reduced -250.0k	-250,000 -20.0%
25	MASTERCARD INCORPORATED CL A MA	MA	30,000	$15.4m0.38%	0.38%	New
26	MARRIOTT INTL INC NEW CL A MAR	MAR	40,000	$14.8m0.37%	0.37%	Reduced -50.0k	-50,000 -55.6%
27	REPUBLIC AWYS HLDGS INC COM SHS RJET	RJET	506,844	$10.6m0.26%	0.26%	Unchanged
28	ALPHABET INC CAP STK CL C GOOG	GOOG	25,200	$8.9m0.22%	0.22%	Reduced -10.4k	-10,400 -29.2%
29	BILL HOLDINGS INC COM BILL	BILL	200,000	$7.2m0.18%	0.18%	Reduced -200.0k	-200,000 -50.0%
30	SKYWEST INC COM SKYW	SKYW	54,881	$5.5m0.14%	0.14%	Reduced -303.0k	-303,042 -84.7%
31	COPA HOLDINGS SA CL A CPA	CPA	20,115	$3.1m0.08%	0.08%	Reduced -137.1k	-137,082 -87.2%
32	CARS COM INC COM CARS	CARS	246,299	$2.7m0.07%	0.07%	Unchanged
33	HERTZ GLOBAL HLDGS INC COM NEW HTZ	HTZ	911,001	$2.1m0.05%	0.05%	Reduced -489.0k	-488,999 -34.9%
34	FLEX LTD ORD FLEX	FLEX	9,910	$1.6m0.04%	0.04%	New
35	ZOOM COMMUNICATIONS INC CL A ZM	ZM	17,000	$1.5m0.04%	0.04%	Added +11.0k	+11,000 183.3%
36	CITIZENS FINL GROUP INC COM CFG	CFG	20,000	$1.4m0.03%	0.03%	Added +4.0k	+4,000 25.0%
37	CITIGROUP INC COM NEW C	C	10,000	$1.4m0.03%	0.03%	Unchanged
38	MAPLEBEAR INC COM CART	CART	20,336	$962.9k0.02%	0.02%	Unchanged
39	EBAY INC. COM EBAY	EBAY	8,000	$894.0k0.02%	0.02%	New
40	TRIP COM GROUP LTD ADS TCOM	TCOM	13,523	$538.8k0.01%	0.01%	Unchanged
41	TRUIST FINL CORP COM TFC	TFC	10,000	$498.2k0.01%	0.01%	Reduced -5.0k	-5,000 -33.3%
42	CARGURUS INC COM CL A CARG	CARG	10,376	$353.7k0.01%	0.01%	Unchanged
43	AFFIRM HLDGS INC COM CL A AFRM	AFRM	4,000	$326.2k0.01%	0.01%	New
44	PNC FINL SVCS GROUP INC COM PNC	PNC	1,000	$246.2k0.01%	0.01%	New
45	NEXTRACKER INC CLASS A COM NXT	NXT	1,726	$205.6k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AVIS BUDGET GROUP CAR	CAR	200,000	$29.2m200.0k shares
SUN CTRY AIRLS HLDGS INC SNCY	SNCY	1,467,800	$24.2m1.5m shares
GLOBAL BUSINESS TRAVEL GROUP		1,686,634	$9.4m1.7m shares
LATAM AIRLINES GROUP SA LTM	LTM	165,000	$8.2m165.0k shares
FRONTIER GROUP HLDGS INC ULCC	ULCC	2,131,100	$7.5m2.1m shares
WEBSTER FINL CORP WBS	WBS	50,000	$3.5m50.0k shares
PINTEREST INC PINS	PINS	31,825	$583.7k31.8k shares
SNAP INC SNAP	SNAP	110,693	$509.2k110.7k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
CITIGROUP INC C · Put	C	Put	10,000	$1.4m10.0k shares	Unchanged
DELTA AIR LINES INC DEL DAL · Put	DAL	Put	10,500	$983.4k10.5k shares	Reduced
ALPHABET INC GOOG · Put	GOOG	Put	2,500	$883.3k2.5k shares	Reduced