1y return+24.7%S&P 500 +20.9%
3y return+82.8%S&P 500 +68.5%
5y return+44.3%S&P 500 +74.5%
10y return+137.6%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $238 against $357 in the S&P 500.2
Par Capital Management IncS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| UALUnited Airls Hldgs Inc | $728.9M | 18.1% | +7.3% |
| SYFSynchrony Financial | $578.9M | 14.4% | |
| EXPEExpedia Group Inc | $485.1M | 12.0% | −2.9% |
| DALDelta Air Lines Inc | $326.2M | 8.1% | |
| WEXWex Inc | $318.2M | 7.9% | |
| UBERUber Technologies Inc | $304.3M | 7.6% | +12.9% |
| LUVSouthwest Airls Co | $252.3M | 6.3% | −6.0% |
| BKNGBooking Holdings Inc | $176.8M | 4.4% | −6.8% |
| CVNACarvana Co | $114.5M | 2.8% | |
| ABNBAirbnb Inc | $107.3M | 2.7% | |
| ALGTAllegiant Travel Co | $99.3M | 2.5% | |
| ALKAlaska Air Group Inc | $82.5M | 2.0% | |
| HHyatt Hotels Corp | $65.6M | 1.6% | |
| TRIPTripadvisor Inc | $55.8M | 1.4% | |
| VVisa Inc | $43.8M | 1.1% | +59.5% |
| METAMeta Platforms Inc | $31.0M | 0.8% | New |
| ZZillow Group Inc | $25.9M | 0.6% | New |
| TRVGTrivago N V | $23.5M | 0.6% | +2.4% |
| LYFTLyft Inc | $23.4M | 0.6% | −48.7% |
| JBLUJetblue Airways Corp | $22.9M | 0.6% | −10.3% |
| SCHWSchwab Charles Corp | $22.6M | 0.6% | −3.3% |
| RYAAYRyanair Holdings PLC | $22.0M | 0.5% | −1.4% |
| AEROGrupo Aeromexico Sab De Cv | $21.4M | 0.5% | New |
| AALAmerican Airlines Group Inc | $18.1M | 0.4% | −20.0% |
| MAMastercard Incorporated | $15.4M | 0.4% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CVNACarvana Co | June 30, 2023 | +1169.7% | $114.5M |
| SKYWSkywest Inc | September 30, 2022 | +510.9% | $5.5M |
| UALUnited Airls Hldgs Inc | June 30, 2020 | +292.9% | $728.9M |
| SYFSynchrony Financial | June 30, 2020 | +243.2% | $578.9M |
| DALDelta Air Lines Inc | June 30, 2020 | +233.9% | $326.2M |
| EXPEExpedia Group Inc | June 30, 2020 | +211.3% | $485.1M |
| BKNGBooking Holdings Inc | June 30, 2020 | +179.8% | $176.8M |
| SCHWSchwab Charles Corp | June 30, 2020 | +173.5% | $22.6M |
| GOOGAlphabet Inc | March 31, 2024 | +132.1% | $8.9M |
| HHyatt Hotels Corp | March 31, 2022 | +103.1% | $65.6M |
Sold off last quarter
- CARAvis Budget Group Inc was $29.2M
- SNCYSun Ctry Airls Hldgs Inc was $24.2M
- Global Business Travel GroupCUSIP 37890B100 was $9.4M
- LTMLatam Airlines Group Sa was $8.2M
- ULCCFrontier Group Hldgs Inc was $7.5M
- Webster Finl CorpCUSIP 947890109 was $3.5M
- PINSPinterest Inc was $584K
- SNAPSnap Inc was $509K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +19.0% | +14.8% |
| March 31, 2026 | −15.3% | −4.6% |
| December 31, 2025 | +13.1% | +2.4% |
| September 30, 2025 | +9.4% | +7.8% |
| June 30, 2025 | +15.5% | +10.5% |
| March 31, 2025 | −14.7% | −4.6% |
| December 31, 2024 | +17.9% | +2.1% |
| September 30, 2024 | +8.5% | +5.4% |
| June 30, 2024 | −4.5% | +4.0% |
| March 31, 2024 | +8.3% | +10.0% |
| December 31, 2023 | +20.9% | +11.2% |
| September 30, 2023 | −7.0% | −3.6% |
| June 30, 2023 | +12.7% | +8.3% |
| March 31, 2023 | +11.1% | +7.0% |
| December 31, 2022 | +6.0% | +7.1% |
| September 30, 2022 | −3.3% | −5.3% |
| June 30, 2022 | −32.7% | −16.5% |
| March 31, 2022 | +1.4% | −4.9% |
| December 31, 2021 | −6.0% | +10.7% |
| September 30, 2021 | −4.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Par Capital Management Inc Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1051359&type=13F-HR&dateb=&owner=include&count=40CIK 1051359
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1051359/000105135926000008/Filed August 14, 2026 · accession 0001051359-26-000008