| BBKNGBooking Holdings Inc. | 13.84% | 120,000 | $370M | held | — | 23 q |
| EEXPEExpedia Group, Inc. | 13.30% | 3,450,000 | $356M | added+1% | +0.35 pp | 42 q |
| WWEXWEX Inc. | 13.05% | 1,854,900 | $349M | added0% | +1.30 pp | 36 q |
U UBERUber Technologies, Inc. | 10.32% | 6,000,000 | $276M | trimmed−14% | −0.20 pp | 10 q |
| SSYFSynchrony Financial | 9.60% | 8,400,000 | $257M | held | — | 26 q |
| DDALDelta Air Lines, Inc. | 6.23% | 4,500,000 | $167M | trimmed−0% | −1.25 pp | 42 q |
| CCARAvis Budget Group, Inc. | 4.92% | 731,359 | $131M | added+44% | +0.87 pp | 4 q |
| UUALUnited Airlines Holdings, Inc. | 3.28% | 2,073,400 | $88M | held | — | 37 q |
| TTRIPTripAdvisor, Inc. | 3.22% | 5,200,000 | $86M | trimmed−4% | +0.12 pp | 42 q |
| SSCHWThe Charles Schwab Corporation | 2.31% | 1,125,000 | $62M | held | — | 15 q |
A AXPAmerican Express Company | 1.95% | 350,000 | $52M | held | — | 12 q |
| AABNBAirbnb, Inc. Class A | 1.54% | 300,000 | $41M | held | — | 5 q |
| LLUVSouthwest Airlines Co. | 1.52% | 1,500,000 | $41M | trimmed−25% | −1.00 pp | 15 q |
| AALKAlaska Air Group, Inc. | 1.50% | 1,080,000 | $40M | trimmed−10% | −0.72 pp | 42 q |
| CCARGCarGurus, Inc. Class A | 1.24% | 1,892,800 | $33M | held | — | 14 q |
| AAALAmerican Airlines Group Inc. | 1.20% | 2,500,000 | $32M | trimmed−11% | −0.55 pp | 16 q |
| AAVDXAvidXchange Holdings, Inc. | 0.89% | 2,500,000 | $24M | held | — | 7 q |
| TunresolvedTrivago NV | 0.87% | 22,085,827 | $23M | held | — | 28 q |
| SSABRSabre Corporation | 0.84% | 5,000,000 | $22M | trimmed−3% | +0.27 pp | 5 q |
| XXYZBlock, Inc. | 0.83% | 500,000 | $22M | added×2.0 | +0.25 pp | 2 q |
| CCMAComerica Incorporated | 0.78% | 500,000 | $21M | held | — | 3 q |
| SSNCYSun Country Airlines Holdings, Inc. | 0.78% | 1,414,200 | $21M | trimmed−6% | −0.39 pp | 11 q |
| AALGTAllegiant Travel Company | 0.72% | 250,000 | $19M | held | — | 21 q |
| CCVNACarvana Co. | 0.63% | 402,000 | $17M | added+43% | +0.38 pp | 2 q |
| WWEDWebster Financial Corp | 0.57% | 375,000 | $15M | held | — | 7 q |
| HHTZHertz Global Holdings, Inc | 0.51% | 1,112,571 | $14M | added×5.6 | +0.38 pp | 3 q |
| HHHyatt Hotels Corporation | 0.48% | 121,961 | $13M | added+6% | +0.02 pp | 7 q |
| GGDOTGreen Dot Corporation | 0.47% | 900,000 | $13M | held | — | 11 q |
| SSKYWSkywest Inc | 0.37% | 238,441 | $10M | held | — | 5 q |
| UULCCFrontier Group Holdings, Inc. | 0.36% | 2,000,000 | $10M | trimmed−40% | −0.76 pp | 7 q |
| JJBLUJetBlue Airways Corp | 0.34% | 2,000,000 | $9M | held | — | 30 q |
| EETSYEtsy, Inc. | 0.33% | 138,250 | $9M | held | — | 6 q |
| SSOFISoFi Technologies, Inc. | 0.22% | 750,000 | $6M | held | — | 6 q |
| MMARMarriott International Class A | 0.17% | 22,800 | $4M | added×8.1 | +0.15 pp | 2 q |
| VunresolvedVacasa Inc | 0.16% | 9,413,300 | $4M | added×3.4 | +0.09 pp | 8 q |
G GOOGLAlphabet Inc. Class A | 0.13% | 26,500 | $3M | trimmed−9% | +0.01 pp | 3 q |
| GGBTGGlobal Business Travel Group, Inc. | 0.11% | 541,851 | $3M | new | +0.11 pp | new |
M METAMeta Platforms, Inc. Class A | 0.10% | 8,800 | $3M | held | — | 3 q |
| WWHWyndham Hotels & Resorts, Inc. | 0.07% | 27,000 | $2M | held | — | 2 q |
| SSAVEQSpirit Airlines, Inc. | 0.06% | 100,000 | $2M | trimmed−4% | 0.00 pp | 2 q |
| EEBEventbrite, Inc. Class A | 0.05% | 147,000 | $1M | held | — | 3 q |
| TTCOMTrip.com Group Limited | 0.03% | 20,000 | $699,400 | held | — | 2 q |
| ZZZillow Group, Inc. Class C | 0.03% | 18,000 | $830,880 | held | — | 3 q |
J JPMJPMorgan Chase & Co. | 0.02% | 3,000 | $435,060 | new | +0.02 pp | new |
| WWIXWIX.com Ltd. | 0.02% | 5,500 | $504,900 | new | +0.02 pp | new |
| VVLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v. | 0.01% | 54,737 | $371,664 | trimmed−33% | −0.03 pp | 24 q |
| MMAMastercard Incorporated | 0.01% | 1,000 | $395,910 | new | +0.01 pp | new |
| DDASHDoorDash, Inc. Class A | — | −12,000 | — | exited | −0.03 pp | — |
| KKMXCarMax Inc. | — | −5,000 | — | exited | −0.01 pp | — |
