PAR CAPITAL MANAGEMENT INC
SEC Form 13F institutional filer · CIK 0001051359
13F-HR · 16 reported holdings · 2026-03-31
SEC-registered institutional investment manager.
Reported long-US-equity value
$2.60B
Top-10 concentration
97.7%
PAR CAPITAL MANAGEMENT INC — $2.6B AUM allocation strategy
PAR CAPITAL MANAGEMENT INC files SEC Form 13F and reports $2.6B of long US equity value across 16 reported holdings for 2026-03-31.
Its largest sector bet is Industrials 44.6%, followed by Consumer Discretionary 33.2% and Financials 21.9%.
The top 10 holdings account for 98% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
PAR CAPITAL MANAGEMENT INC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$2.6B
total across 16 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
98% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$UBER +2.74M sh · +$187M+$LUV +269K sh · −$8.51M+$SYF +112K sh · −$108M
Biggest trims (shares)
−$SCHW −659K sh · −$67.3M−$DAL −59.8K sh · −$14.4M−$MAR −44.9K sh · −$12.4M
Exited to nil (held last quarter, gone now)
$AMZN ($1.45M last qtr)$BAC ($1.02M last qtr)$DASH ($793K last qtr)$TSLA ($765K last qtr)$MA ($514K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Passenger Airlines34.2%—
- Hotels, Resorts & Cruise Lines29.0%—
- Consumer Finance19.9%—
- Passenger Ground Transportation10.3%—
- Automotive Retail4.2%—
- Transaction & Payment Processing Services0.9%—
- Investment Banking & Brokerage0.9%—
- Interactive Media & Services0.4%—
- Other holdings0.2%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $SYF | Synchrony Financial | 7.61M | $518M | +112K | 19.9% |
| $UAL | United Airlines Holdings Inc | 5M | $460M | +102K | 17.7% |
| $EXPE | Expedia Group Inc | 1.95M | $451M | +3.67K | 17.3% |
| $UBER | Uber Technologies Inc | 3.74M | $269M | +2.74M | 10.3% |
| $DAL | Delta Air Lines Inc | 3.51M | $234M | -59.8K | 9.0% |
| $LUV | Southwest Airlines Company | 5.22M | $196M | +269K | 7.5% |
| $BKNG | Booking Holdings Inc | 42.6K | $179M | +18.1K | 6.9% |
| $CVNA | Carvana Co | 348K | $109M | -2.8K | 4.2% |
| $ABNB | Airbnb Inc | 748K | $94.4M | +17.6K | 3.6% |
| $MAR | Marriott International | 90K | $29.4M | -44.9K | 1.1% |
…and 6 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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