PAR CAPITAL MANAGEMENT INC

Q4 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
53
Total value ($000)
$3,783,262
Net value change ($000)
+367,914 (10.8%)
New positions
5
Sold out positions
14
Turnover %
2.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
SYF 92,850 17.4%
EXPE 81,764 17.4%
ABNB 72,435 272.0%
UAL 67,848 14.1%
LUV 46,630 29.5%
DAL 45,214 22.3%
WEX 43,836 15.0%
AERO 30,416 NEW
ALK 23,830 42.8%
UBER 17,246 26.9%
Top Reduces (Value $000, Stocks/ETFs)
BILL -84,241 -82.6%
BKNG -58,108 -30.7%
AVDX -32,828 -100.0%
LYFT -10,811 -15.1%
HTZ -8,385 -53.8%
CAR -6,451 -20.1%
RJET -3,362 -100.0%
BK -2,873 -100.0%
CART -2,757 -100.0%
WH -2,157 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 13,763 (0.4% 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