PAR Capital

Q1 2024 13F · by Paul Reeder, founder

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $3.2B · prev $3.0B
Positions: 47 · prev 42
Options notional: $28,920
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves41 since the prior filing

+7.1 pp in · −10.5 pp out

New 11 +1.78 pp
Added 11 +5.31 pp
Trimmed 11 −8.08 pp
Exited 6 −2.38 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions61% of US stock

BKNG Booking Holdings Inc. added−0.31 pp added−0.3113.7%
WEX WEX Inc. held held13.7%
EXPE Expedia Group, Inc. trimmed−2.14 pp trimmed−2.1412.1%
SYF Synchrony Financial held held11.3%
UBER Uber Technologies, Inc. trimmed−0.58 pp trimmed−0.5810.3%

Positions47 in this filing · 6 exited


BKNGBooking Holdings Inc.	13.67%	121,200	$440M	added+1%	−0.31 pp	25 q
WEXWEX Inc.	13.67%	1,850,000	$439M	held	—	38 q
EXPEExpedia Group, Inc.	12.14%	2,834,865	$391M	trimmed−1%	−2.14 pp	44 q
SYFSynchrony Financial	11.26%	8,400,000	$362M	held	—	28 q
UBERUber Technologies, Inc.	10.34%	4,320,000	$333M	trimmed−20%	−0.58 pp	12 q
UALUnited Airlines Holdings, Inc.	6.79%	4,559,050	$218M	added×2.1	+3.78 pp	39 q
DALDelta Air Lines, Inc.	6.63%	4,455,000	$213M	held	—	44 q
CARAvis Budget Group, Inc.	3.04%	798,021	$98M	trimmed−6%	−1.90 pp	6 q
SCHWThe Charles Schwab Corporation	2.70%	1,200,000	$87M	held	—	17 q
ABNBAirbnb, Inc. Class A	1.54%	300,000	$49M	held	—	7 q
LUVSouthwest Airlines Co.	1.43%	1,574,100	$46M	added+6%	+0.02 pp	17 q
CVNACarvana Co.	1.38%	506,000	$44M	added+26%	+0.68 pp	4 q
XYZBlock, Inc.	1.32%	500,000	$42M	held	—	4 q
ALKAlaska Air Group, Inc.	1.30%	974,700	$42M	trimmed−5%	−0.02 pp	44 q
AALAmerican Airlines Group Inc.	1.20%	2,521,245	$39M	added0%	+0.07 pp	18 q
SNCYSun Country Airlines Holdings, Inc.	1.18%	2,505,506	$38M	trimmed−9%	−0.25 pp	13 q
HANHawaiian Holdings Inc	1.16%	2,791,000	$37M	added+84%	+0.45 pp	2 q
CARGCarGurus, Inc. Class A	1.07%	1,485,000	$34M	new	+1.07 pp	new
AVDXAvidXchange Holdings, Inc.	1.04%	2,550,000	$34M	trimmed−7%	−0.08 pp	9 q
CMAComerica Incorporated	0.86%	500,000	$27M	held	—	5 q
ALGTAllegiant Travel Company	0.71%	301,528	$23M	added+19%	+0.02 pp	23 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.69%	2,982,162	$22M	added+35%	+0.01 pp	26 q
JBLUJetBlue Airways Corp	0.69%	2,999,500	$22M	added+50%	+0.33 pp	32 q
WEDWebster Financial Corp	0.63%	400,000	$20M	added+7%	0.00 pp	9 q
SKYWSkywest Inc	0.53%	244,441	$17M	held	—	7 q
ULCCFrontier Group Holdings, Inc.	0.44%	1,756,100	$14M	held	—	9 q
TRIPTripAdvisor, Inc.	0.41%	470,000	$13M	trimmed−90%	−2.91 pp	44 q
SABRSabre Corporation	0.38%	5,000,000	$12M	held	—	7 q
ETSYEtsy, Inc.	0.30%	138,250	$10M	added×10.4	+0.26 pp	8 q
HHyatt Hotels Corporation	0.28%	56,961	$9M	held	—	9 q
HTZHertz Global Holdings, Inc	0.24%	1,000,571	$8M	trimmed−10%	−0.14 pp	5 q
GOOGAlphabet Inc. Class C	0.17%	36,500	$6M	new	+0.17 pp	new
GBTGGlobal Business Travel Group, Inc.	0.14%	746,730	$4M	trimmed−3%	−0.02 pp	3 q
TSLATesla, Inc.	0.12%	22,500	$4M	new	+0.12 pp	new
TRVGtrivago N.V.	0.12%	1,448,862	$4M	new	+0.12 pp	new
VCSAVacasa, Inc. Class A	0.11%	525,000	$4M	new	+0.11 pp	new
CARTMaplebear Inc.	0.09%	75,000	$3M	new	+0.09 pp	new
WHWyndham Hotels & Resorts, Inc.	0.06%	27,000	$2M	held	—	4 q
8DTSquarespace Inc - Class A	0.03%	22,500	$819,900	new	+0.03 pp	new
TCOMTrip.com Group Limited	0.03%	20,000	$877,800	held	—	4 q
CFGCitizens Financial Group, Inc.	0.02%	20,000	$725,800	new	+0.02 pp	new
DASHDoorDash, Inc. Class A	0.02%	4,000	$550,880	trimmed−53%	−0.01 pp	2 q
LYFTLyft, Inc. Class A	0.02%	40,500	$783,675	new	+0.02 pp	new
SAVEQSpirit Airlines, Inc.	0.02%	100,000	$484,000	held	—	4 q
WFCWells Fargo & Co.	0.02%	10,000	$579,600	new	+0.02 pp	new
CCLCarnival Corporation Ltd.	0.01%	12,000	$196,080	new	+0.01 pp	new
EBEventbrite, Inc. Class A	0.01%	31,000	$169,880	trimmed−78%	−0.03 pp	5 q
AXPAmerican Express Company	—	−350,000	—	exited	−2.15 pp	—
GOOGLAlphabet Inc. Class A	—	−30,500	—	exited	−0.14 pp	—
WIXWIX.com Ltd.	—	−9,000	—	exited	−0.04 pp	—
METAMeta Platforms, Inc. Class A	—	−3,000	—	exited	−0.03 pp	—
CHGGChegg, Inc.	—	−18,000	—	exited	−0.01 pp	—
STTState Street Corporation	—	−3,800	—	exited	−0.01 pp	—