PAR Capital

Q1 2025 13F · by Paul Reeder, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $3.0B · prev $3.4B
Positions: 46 · prev 57
Options notional: $8M
Documents: 1· no amendments

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.3%
Calls at notional value 0.0%

Moves56 since the prior filing

+11.3 pp in · −9.2 pp out

New 4 +0.06 pp
Added 24 +11.28 pp
Trimmed 7 −3.22 pp
Exited 15 −5.95 pp

Options: 6 moves on a notional base, in the table below.

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions59% of US stock

EXPE Expedia Group, Inc. added+0.39 pp added+0.3913.5%
SYF Synchrony Financial added−0.88 pp added−0.8813.3%
UAL United Airlines Holdings, Inc. held held11.2%
UBER Uber Technologies, Inc. added+4.18 pp added+4.1811.1%
WEX WEX Inc. added+0.16 pp added+0.169.7%

Positions46 in this filing · 15 exited


EXPEExpedia Group, Inc.	13.46%	2,387,750	$401M	added+1%	+0.39 pp	48 q
SYFSynchrony Financial	13.32%	7,500,000	$397M	added+1%	−0.88 pp	32 q
UALUnited Airlines Holdings, Inc.	11.21%	4,841,050	$334M	held	—	43 q
UBERUber Technologies, Inc.	11.07%	4,529,829	$330M	added+17%	+4.18 pp	16 q
WEXWEX Inc.	9.74%	1,850,500	$291M	added0%	+0.16 pp	42 q
LUVSouthwest Airlines Co.	6.66%	5,916,492	$199M	added×3.5	+4.96 pp	21 q
BKNGBooking Holdings Inc.	5.83%	37,731	$174M	trimmed−0%	+0.29 pp	29 q
DALDelta Air Lines, Inc.	5.21%	3,564,000	$155M	trimmed−20%	−2.75 pp	48 q
CARGCarGurus, Inc. Class A	2.75%	2,810,956	$82M	added+5%	−0.13 pp	5 q
CVNACarvana Co.	2.64%	377,200	$79M	added+24%	+0.81 pp	8 q
SCHWThe Charles Schwab Corporation	2.38%	905,000	$71M	held	—	21 q
CARAvis Budget Group, Inc.	1.91%	751,770	$57M	held	—	10 q
ALKAlaska Air Group, Inc.	1.78%	1,075,576	$53M	added+26%	+0.15 pp	48 q
TRIPTripAdvisor, Inc.	1.38%	2,896,475	$41M	added+29%	+0.40 pp	48 q
WEDWebster Financial Corp	1.21%	700,000	$36M	held	—	13 q
SABRSabre Corporation	1.16%	12,267,052	$34M	added+13%	−0.01 pp	11 q
SKYWSkywest Inc	1.06%	363,451	$32M	added+51%	+0.35 pp	11 q
AVDXAvidXchange Holdings, Inc.	0.94%	3,300,000	$28M	added+10%	+0.02 pp	13 q
ALGTAllegiant Travel Company	0.91%	526,430	$27M	trimmed−2%	−0.59 pp	27 q
SNCYSun Country Airlines Holdings, Inc.	0.81%	1,959,372	$24M	trimmed−13%	−0.16 pp	17 q
LYFTLyft, Inc. Class A	0.63%	1,575,000	$19M	added×12.6	+0.58 pp	5 q
MARMarriott International Class A	0.63%	79,100	$19M	added0%	−0.02 pp	3 q
RYAAYRyanair Holdings plc	0.51%	356,000	$15M	added+3%	+0.07 pp	2 q
LTMLATAM Airlines Group S.A.	0.49%	467,500	$15M	held	—	3 q
TRVGtrivago N.V.	0.49%	3,567,969	$15M	added+1%	+0.26 pp	5 q
JBLUJetBlue Airways Corp	0.43%	2,672,555	$13M	held	—	36 q
ULCCFrontier Group Holdings, Inc.	0.31%	2,156,100	$9M	added+23%	−0.06 pp	13 q
HHyatt Hotels Corporation	0.23%	56,961	$7M	held	—	13 q
GBTGGlobal Business Travel Group, Inc.	0.18%	746,730	$5M	held	—	7 q
HTZHertz Global Holdings, Inc	0.13%	1,000,571	$4M	held	—	9 q
CARTMaplebear Inc.	0.12%	86,500	$3M	added+2%	+0.02 pp	5 q
GOOGAlphabet Inc. Class C	0.11%	21,900	$3M	added+1%	−0.01 pp	5 q
WHWyndham Hotels & Resorts, Inc.	0.08%	27,000	$2M	held	—	8 q
METAMeta Platforms, Inc. Class A	0.03%	1,370	$789,613	added+5%	+0.01 pp	4 q
VVISA Inc.	0.03%	2,140	$749,984	added×3.3	+0.02 pp	2 q
AMZNAmazon.Com Inc	0.02%	2,600	$494,676	new	+0.02 pp	new
BACBank of America Corporation	0.02%	15,300	$638,469	new	+0.02 pp	new
CCLCarnival Corporation Ltd.	0.02%	27,200	$531,216	added+16%	0.00 pp	5 q
CCitigroup Inc.	0.02%	10,000	$709,900	added+39%	+0.01 pp	2 q
DASHDoorDash, Inc. Class A	0.02%	4,000	$731,080	trimmed−11%	0.00 pp	6 q
SEICSEI Investments Co	0.02%	7,500	$582,225	held	—	3 q
GRABGrab Holdings Limited Class A	0.02%	117,000	$530,010	trimmed−3%	0.00 pp	2 q
HLTHilton Worldwide Holdings Inc.	0.01%	950	$216,173	new	+0.01 pp	new
MAMastercard Incorporated	0.01%	500	$274,060	added+25%	0.00 pp	2 q
FLEXFlex Ltd.	0.01%	9,910	$327,823	new	+0.01 pp	new
EBEventbrite, Inc. Class A	0.00%	53,000	$111,830	trimmed−9%	−0.01 pp	9 q
TSLATesla, Inc.	—	−192,300	—	exited	−2.29 pp	—
XYZBlock, Inc.	—	−505,500	—	exited	−1.27 pp	—
AALAmerican Airlines Group Inc.	—	−2,000,000	—	exited	−1.03 pp	—
CMAComerica Incorporated	—	−500,000	—	exited	−0.91 pp	—
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	—	−1,261,904	—	exited	−0.28 pp	—
WIXWIX.com Ltd.	—	−4,800	—	exited	−0.03 pp	—
BILLBILL Holdings, Inc.	—	−7,500	—	exited	−0.02 pp	—
CFGCitizens Financial Group, Inc.	—	−15,000	—	exited	−0.02 pp	—
PNCPNC Financial Services Group	—	−3,500	—	exited	−0.02 pp	—
TFCTruist Financial Corporation	—	−14,500	—	exited	−0.02 pp	—
VCSAVacasa, Inc. Class A	—	−139,654	—	exited	−0.02 pp	—
EBAYeBay Inc	—	−7,000	—	exited	−0.01 pp	—
PYPLPayPal Holdings, Inc.	—	−3,000	—	exited	−0.01 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−3,000	—	exited	−0.01 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−11,000	—	exited	−0.01 pp	—