PAR Capital

Q4 2024 13F · by Paul Reeder, founder

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $3.4B · prev $3.5B
Positions: 57 · prev 56
Options notional: $3M
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.1%
Calls at notional value 0.0%

Moves51 since the prior filing

+3.9 pp in · −12.0 pp out

New 8 +0.53 pp
Added 17 +3.42 pp
Trimmed 16 −10.59 pp
Exited 7 −1.42 pp

Options: 3 moves on a notional base, in the table below.

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.2% a year, about 12.2 years per position

Low
Moderate
High

Top 5 positions59% of US stock

SYF Synchrony Financial trimmed+2.32 pp trimmed+2.3214.2%
UAL United Airlines Holdings, Inc. held held13.9%
EXPE Expedia Group, Inc. trimmed−0.59 pp trimmed−0.5913.1%
WEX WEX Inc. held held9.6%
DAL Delta Air Lines, Inc. held held8.0%

Positions57 in this filing · 7 exited


SYFSynchrony Financial	14.20%	7,400,000	$481M	trimmed−12%	+2.32 pp	31 q
UALUnited Airlines Holdings, Inc.	13.88%	4,841,050	$470M	held	—	42 q
EXPEExpedia Group, Inc.	13.07%	2,374,844	$443M	trimmed−27%	−0.59 pp	47 q
WEXWEX Inc.	9.58%	1,850,000	$324M	held	—	41 q
DALDelta Air Lines, Inc.	7.96%	4,455,000	$270M	held	—	47 q
UBERUber Technologies, Inc.	6.89%	3,866,829	$233M	trimmed−11%	−2.39 pp	15 q
BKNGBooking Holdings Inc.	5.54%	37,761	$188M	trimmed−69%	−9.18 pp	28 q
CARGCarGurus, Inc. Class A	2.88%	2,667,056	$97M	added0%	+0.61 pp	4 q
TSLATesla, Inc.	2.29%	192,300	$78M	held	—	4 q
SCHWThe Charles Schwab Corporation	1.98%	905,000	$67M	trimmed−30%	−0.41 pp	20 q
CVNACarvana Co.	1.83%	304,240	$62M	trimmed−40%	−0.66 pp	7 q
CARAvis Budget Group, Inc.	1.79%	751,770	$61M	trimmed−10%	−0.29 pp	9 q
LUVSouthwest Airlines Co.	1.70%	1,712,192	$58M	added0%	+0.26 pp	20 q
ALKAlaska Air Group, Inc.	1.63%	851,089	$55M	trimmed−10%	+0.42 pp	47 q
ALGTAllegiant Travel Company	1.50%	539,549	$51M	added+6%	+0.70 pp	26 q
XYZBlock, Inc.	1.27%	505,500	$43M	added+1%	+0.32 pp	7 q
SABRSabre Corporation	1.17%	10,866,722	$40M	added×2.2	+0.65 pp	10 q
WEDWebster Financial Corp	1.14%	700,000	$39M	held	—	12 q
AALAmerican Airlines Group Inc.	1.03%	2,000,000	$35M	held	—	21 q
TRIPTripAdvisor, Inc.	0.98%	2,242,000	$33M	added×2.5	+0.61 pp	47 q
SNCYSun Country Airlines Holdings, Inc.	0.97%	2,254,955	$33M	trimmed−10%	+0.17 pp	16 q
AVDXAvidXchange Holdings, Inc.	0.92%	3,000,000	$31M	trimmed−10%	+0.15 pp	12 q
CMAComerica Incorporated	0.91%	500,000	$31M	held	—	8 q
SKYWSkywest Inc	0.71%	239,941	$24M	held	—	10 q
MARMarriott International Class A	0.65%	78,900	$22M	added0%	+0.09 pp	2 q
JBLUJetBlue Airways Corp	0.62%	2,672,555	$21M	trimmed−10%	+0.07 pp	35 q
RYAAYRyanair Holdings plc	0.44%	345,000	$15M	new	+0.44 pp	new
LTMLATAM Airlines Group S.A.	0.38%	467,500	$13M	held	—	2 q
ULCCFrontier Group Holdings, Inc.	0.37%	1,756,100	$12M	held	—	12 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.28%	1,261,904	$9M	trimmed−45%	−0.13 pp	29 q
HHyatt Hotels Corporation	0.26%	56,961	$9M	held	—	12 q
TRVGtrivago N.V.	0.23%	3,544,231	$8M	added+21%	+0.09 pp	4 q
GBTGGlobal Business Travel Group, Inc.	0.20%	746,730	$7M	held	—	6 q
GOOGAlphabet Inc. Class C	0.12%	21,600	$4M	trimmed−46%	−0.07 pp	4 q
HTZHertz Global Holdings, Inc	0.11%	1,000,571	$4M	held	—	8 q
CARTMaplebear Inc.	0.10%	84,500	$3M	added+3%	+0.01 pp	4 q
WHWyndham Hotels & Resorts, Inc.	0.08%	27,000	$3M	held	—	7 q
LYFTLyft, Inc. Class A	0.05%	125,000	$2M	added×2.3	+0.03 pp	4 q
WIXWIX.com Ltd.	0.03%	4,800	$1M	added+37%	+0.01 pp	2 q
BILLBILL Holdings, Inc.	0.02%	7,500	$635,325	new	+0.02 pp	new
CCLCarnival Corporation Ltd.	0.02%	23,500	$585,620	trimmed−8%	+0.01 pp	4 q
CFGCitizens Financial Group, Inc.	0.02%	15,000	$656,400	added×2.1	+0.01 pp	2 q
DASHDoorDash, Inc. Class A	0.02%	4,500	$754,875	added+13%	0.00 pp	5 q
METAMeta Platforms, Inc. Class A	0.02%	1,300	$761,163	added×3.4	+0.01 pp	3 q
PNCPNC Financial Services Group	0.02%	3,500	$674,975	added+17%	0.00 pp	2 q
SEICSEI Investments Co	0.02%	7,500	$618,600	held	—	2 q
TFCTruist Financial Corporation	0.02%	14,500	$629,010	added+45%	+0.01 pp	2 q
VCSAVacasa, Inc. Class A	0.02%	139,654	$684,305	trimmed−56%	−0.01 pp	4 q
GRABGrab Holdings Limited Class A	0.02%	120,000	$566,400	new	+0.02 pp	new
CCitigroup Inc.	0.01%	7,200	$506,808	new	+0.01 pp	new
EBAYeBay Inc	0.01%	7,000	$433,650	held	—	2 q
EBEventbrite, Inc. Class A	0.01%	58,000	$194,880	added+41%	+0.01 pp	8 q
MAMastercard Incorporated	0.01%	400	$210,628	new	+0.01 pp	new
PYPLPayPal Holdings, Inc.	0.01%	3,000	$256,050	new	+0.01 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.01%	3,000	$318,990	trimmed−40%	0.00 pp	2 q
VVISA Inc.	0.01%	640	$202,266	new	+0.01 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.01%	11,000	$283,030	new	+0.01 pp	new
ABNBAirbnb, Inc. Class A	—	−299,100	—	exited	−1.08 pp	—
ETSYEtsy, Inc.	—	−138,250	—	exited	−0.22 pp	—
SAVEQSpirit Airlines, Inc.	—	−767,000	—	exited	−0.05 pp	—
TCOMTrip.com Group Limited	—	−24,000	—	exited	−0.04 pp	—
ANGIAngi Inc. Class A	—	−85,000	—	exited	−0.01 pp	—
PFSIPennyMac Financial Services, Inc.	—	−2,500	—	exited	−0.01 pp	—
FLEXFlex Ltd.	—	−9,910	—	exited	−0.01 pp	—