PAR Capital

Q2 2025 13F · by Paul Reeder, founder

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $3.1B · prev $3.0B
Positions: 53 · prev 46
Options notional: $14M
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.5%
Calls at notional value 0.0%

Moves51 since the prior filing

+10.4 pp in · −13.8 pp out

New 10 +1.36 pp
Added 25 +9.04 pp
Trimmed 7 −2.67 pp
Exited 3 −11.10 pp

Options: 6 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 3.6 years per position

Low
Moderate
High

Top 5 positions59% of US stock

SYF Synchrony Financial held held16.4%
EXPE Expedia Group, Inc. held held13.2%
UAL United Airlines Holdings, Inc. added+1.73 pp added+1.7312.9%
WEX WEX Inc. added−0.84 pp added−0.848.9%
BKNG Booking Holdings Inc. added+1.33 pp added+1.337.2%

Positions53 in this filing · 3 exited


SYFSynchrony Financial	16.38%	7,500,000	$501M	held	—	33 q
EXPEExpedia Group, Inc.	13.18%	2,387,750	$403M	held	—	49 q
UALUnited Airlines Holdings, Inc.	12.94%	4,968,850	$396M	added+3%	+1.73 pp	44 q
WEXWEX Inc.	8.90%	1,851,100	$272M	added0%	−0.84 pp	43 q
BKNGBooking Holdings Inc.	7.16%	37,826	$219M	added0%	+1.33 pp	30 q
LUVSouthwest Airlines Co.	6.28%	5,917,492	$192M	added0%	−0.38 pp	22 q
DALDelta Air Lines, Inc.	5.73%	3,564,000	$175M	held	—	49 q
CVNACarvana Co.	5.15%	467,172	$157M	added+24%	+2.51 pp	9 q
SCHWThe Charles Schwab Corporation	2.71%	909,000	$83M	added0%	+0.33 pp	22 q
SABRSabre Corporation	2.00%	19,350,000	$61M	added+58%	+0.84 pp	12 q
ALKAlaska Air Group, Inc.	1.81%	1,119,302	$55M	added+4%	+0.03 pp	49 q
CARAvis Budget Group, Inc.	1.77%	320,000	$54M	trimmed−57%	−0.14 pp	11 q
HHyatt Hotels Corporation	1.70%	371,261	$52M	added×6.5	+1.47 pp	14 q
WEDWebster Financial Corp	1.34%	750,000	$41M	added+7%	+0.13 pp	14 q
TRIPTripAdvisor, Inc.	1.24%	2,896,475	$38M	held	—	49 q
MARMarriott International Class A	1.22%	136,100	$37M	added+72%	+0.59 pp	4 q
SKYWSkywest Inc	1.22%	363,451	$37M	held	—	12 q
AVDXAvidXchange Holdings, Inc.	1.06%	3,300,000	$32M	held	—	14 q
ALGTAllegiant Travel Company	1.05%	584,996	$32M	added+11%	+0.14 pp	28 q
LYFTLyft, Inc. Class A	0.98%	1,905,000	$30M	added+21%	+0.35 pp	6 q
JBLUJetBlue Airways Corp	0.76%	5,487,425	$23M	added×2.1	+0.33 pp	37 q
SNCYSun Country Airlines Holdings, Inc.	0.75%	1,959,372	$23M	held	—	18 q
RYAAYRyanair Holdings plc	0.65%	345,000	$20M	trimmed−3%	+0.14 pp	3 q
HTZHertz Global Holdings, Inc	0.51%	2,291,357	$16M	added×2.3	+0.38 pp	10 q
CARSCars.com Inc.	0.47%	1,200,000	$14M	new	+0.47 pp	new
AALAmerican Airlines Group Inc.	0.46%	1,250,000	$14M	new	+0.46 pp	new
TRVGtrivago N.V.	0.44%	3,576,869	$13M	added0%	−0.05 pp	6 q
CARGCarGurus, Inc. Class A	0.37%	336,791	$11M	trimmed−88%	−2.38 pp	6 q
ULCCFrontier Group Holdings, Inc.	0.26%	2,181,100	$8M	added+1%	−0.05 pp	14 q
LTMLATAM Airlines Group S.A.	0.22%	165,000	$7M	trimmed−65%	−0.27 pp	4 q
GBTGGlobal Business Travel Group, Inc.	0.21%	1,024,014	$6M	added+37%	+0.03 pp	8 q
GOOGAlphabet Inc. Class C	0.20%	34,900	$6M	added+59%	+0.09 pp	6 q
CPACopa Holdings, S.A.	0.19%	53,000	$6M	new	+0.19 pp	new
CARTMaplebear Inc.	0.14%	91,500	$4M	added+6%	+0.02 pp	6 q
BNYBank of New York Mellon Corporation	0.08%	26,364	$2M	new	+0.08 pp	new
unresolvedMesa Air Group Inc	0.07%	2,248,190	$2M	new	+0.07 pp	new
WHWyndham Hotels & Resorts, Inc.	0.07%	27,000	$2M	held	—	9 q
AMZNAmazon.Com Inc	0.05%	6,300	$1M	added×2.4	+0.03 pp	2 q
BACBank of America Corporation	0.03%	16,700	$790,244	added+9%	+0.01 pp	2 q
CCitigroup Inc.	0.03%	10,000	$851,200	held	—	3 q
DASHDoorDash, Inc. Class A	0.03%	4,000	$986,040	held	—	7 q
SOFISoFi Technologies, Inc.	0.03%	55,000	$1M	new	+0.03 pp	new
VVISA Inc.	0.03%	2,840	$1M	added+33%	0.00 pp	3 q
GRABGrab Holdings Limited Class A	0.03%	161,000	$809,830	added+38%	+0.01 pp	3 q
METAMeta Platforms, Inc. Class A	0.02%	660	$487,139	trimmed−52%	−0.01 pp	5 q
MAMastercard Incorporated	0.02%	900	$505,746	added+80%	+0.01 pp	3 q
PINSPinterest, Inc. Class A	0.02%	15,000	$537,900	new	+0.02 pp	new
WWayfair Inc.	0.02%	9,000	$460,260	new	+0.02 pp	new
FLEXFlex Ltd.	0.02%	9,910	$494,707	held	—	2 q
ABNBAirbnb, Inc. Class A	0.01%	1,800	$238,212	new	+0.01 pp	new
SEICSEI Investments Co	0.01%	3,500	$314,510	trimmed−53%	−0.01 pp	4 q
ZZillow Group, Inc. Class C	0.01%	3,200	$224,160	new	+0.01 pp	new
EBEventbrite, Inc. Class A	0.00%	31,000	$81,530	trimmed−42%	0.00 pp	10 q
UBERUber Technologies, Inc.	—	−4,529,829	—	exited	−11.07 pp	—
CCLCarnival Corporation Ltd.	—	−27,200	—	exited	−0.02 pp	—
HLTHilton Worldwide Holdings Inc.	—	−950	—	exited	−0.01 pp	—