PAR CAPITAL MANAGEMENT INC

Q3 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
65
Total value ($000)
$3,415,348
Net value change ($000)
+344,535 (11.2%)
New positions
10
Sold out positions
6
Turnover %
6.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
BILL 101,967 NEW
UAL 83,824 21.2%
EXPE 67,484 16.8%
UBER 64,072 NEW
LYFT 41,610 138.6%
SYF 32,325 6.5%
DAL 27,558 15.7%
ABNB 26,389 11087.8%
WEX 19,759 7.3%
CPA 11,757 201.7%
Top Reduces (Value $000, Stocks/ETFs)
SABR -61,146 -100.0%
LUV -34,002 -17.7%
BKNG -29,740 -13.6%
CVNA -22,905 -14.6%
CAR -21,981 -40.6%
TRIP -5,279 -14.0%
MAR -1,738 -4.7%
CARG -1,730 -15.3%
TRVG -1,556 -11.5%
CART -1,382 -33.4%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 27,581 (0.8% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type