PAR Capital
Picture
Moves
Options: 8 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- held
- held
- trimmed+0.70
- added−0.29
- added+0.26
Positions
| SYFSynchrony Financial | 15.73% | 7,500,000 | $533M | held | — | 34 q |
| UALUnited Airlines Holdings, Inc. | 14.15% | 4,968,850 | $479M | held | — | 45 q |
| EXPEExpedia Group, Inc. | 13.88% | 2,200,000 | $470M | trimmed−8% | +0.70 pp | 50 q |
| WEXWEX Inc. | 8.61% | 1,851,500 | $292M | added0% | −0.29 pp | 44 q |
| DALDelta Air Lines, Inc. | 5.99% | 3,574,210 | $203M | added0% | +0.26 pp | 50 q |
| BKNGBooking Holdings Inc. | 5.59% | 35,050 | $189M | trimmed−7% | −1.57 pp | 31 q |
| LUVSouthwest Airlines Co. | 4.66% | 4,950,192 | $158M | trimmed−16% | −1.62 pp | 23 q |
| CVNACarvana Co. | 3.97% | 356,572 | $135M | trimmed−24% | −1.18 pp | 10 q |
| BILLBILL Holdings, Inc. | 3.01% | 1,925,000 | $102M | new | +3.01 pp | new |
| SCHWThe Charles Schwab Corporation | 2.56% | 910,000 | $87M | added0% | −0.15 pp | 23 q |
| LYFTLyft, Inc. Class A | 2.11% | 3,255,000 | $72M | added+71% | +1.13 pp | 7 q |
| UBERUber Technologies, Inc. | 1.89% | 654,000 | $64M | new | +1.89 pp | new |
| ALKAlaska Air Group, Inc. | 1.64% | 1,119,302 | $56M | held | — | 50 q |
| HHyatt Hotels Corporation | 1.56% | 371,300 | $53M | added0% | −0.14 pp | 15 q |
| WEDWebster Financial Corp | 1.32% | 750,000 | $45M | held | — | 15 q |
| ALGTAllegiant Travel Company | 1.12% | 624,081 | $38M | added+7% | +0.07 pp | 29 q |
| SKYWSkywest Inc | 1.07% | 359,881 | $36M | trimmed−1% | −0.15 pp | 13 q |
| MARMarriott International Class A | 1.05% | 136,100 | $35M | held | — | 5 q |
| AVDXAvidXchange Holdings, Inc. | 0.97% | 3,299,292 | $33M | trimmed−0% | −0.09 pp | 15 q |
| TRIPTripAdvisor, Inc. | 0.96% | 2,000,000 | $33M | trimmed−31% | −0.28 pp | 50 q |
| CARAvis Budget Group, Inc. | 0.95% | 200,000 | $32M | trimmed−38% | −0.82 pp | 12 q |
| ABNBAirbnb, Inc. Class A | 0.79% | 219,300 | $27M | added×121.8 | +0.78 pp | 2 q |
| CARSCars.com Inc. | 0.74% | 2,058,648 | $25M | added+72% | +0.27 pp | 2 q |
| SNCYSun Country Airlines Holdings, Inc. | 0.72% | 2,067,000 | $24M | added+5% | −0.03 pp | 19 q |
| JBLUJetBlue Airways Corp | 0.65% | 4,487,425 | $22M | trimmed−18% | −0.11 pp | 38 q |
| RYAAYRyanair Holdings plc | 0.61% | 345,000 | $21M | held | — | 4 q |
| CPACopa Holdings, S.A. | 0.52% | 148,000 | $18M | added×2.8 | +0.33 pp | 2 q |
| HTZHertz Global Holdings, Inc | 0.46% | 2,291,357 | $16M | held | — | 11 q |
| AALAmerican Airlines Group Inc. | 0.41% | 1,250,000 | $14M | held | — | 2 q |
| TRVGtrivago N.V. | 0.35% | 3,576,869 | $12M | held | — | 7 q |
| CARGCarGurus, Inc. Class A | 0.28% | 256,291 | $10M | trimmed−24% | −0.09 pp | 7 q |
| ULCCFrontier Group Holdings, Inc. | 0.28% | 2,156,100 | $10M | trimmed−1% | +0.02 pp | 15 q |
| GOOGAlphabet Inc. Class C | 0.26% | 35,700 | $9M | added+2% | +0.06 pp | 7 q |
| GBTGGlobal Business Travel Group, Inc. | 0.25% | 1,039,014 | $8M | added+1% | +0.04 pp | 9 q |
| LTMLATAM Airlines Group S.A. | 0.22% | 165,000 | $7M | held | — | 5 q |
| unresolvedMesa Air Group Inc | 0.10% | 2,585,876 | $3M | added+15% | +0.03 pp | 2 q |
| BNYBank of New York Mellon Corporation | 0.08% | 26,364 | $3M | held | — | 2 q |
| CARTMaplebear Inc. | 0.08% | 75,000 | $3M | trimmed−18% | −0.06 pp | 7 q |
| WHWyndham Hotels & Resorts, Inc. | 0.06% | 27,000 | $2M | held | — | 10 q |
| AMZNAmazon.Com Inc | 0.05% | 7,300 | $2M | added+16% | 0.00 pp | 3 q |
| SOFISoFi Technologies, Inc. | 0.04% | 55,000 | $1M | held | — | 2 q |
| BACBank of America Corporation | 0.03% | 18,200 | $938,938 | added+9% | 0.00 pp | 3 q |
| CCitigroup Inc. | 0.03% | 10,000 | $1M | held | — | 4 q |
| GRABGrab Holdings Limited Class A | 0.03% | 181,000 | $1M | added+12% | 0.00 pp | 4 q |
| DASHDoorDash, Inc. Class A | 0.02% | 2,400 | $652,776 | trimmed−40% | −0.01 pp | 8 q |
| MAMastercard Incorporated | 0.02% | 900 | $511,929 | held | — | 4 q |
| PNCPNC Financial Services Group | 0.02% | 3,000 | $602,790 | new | +0.02 pp | new |
| FLEXFlex Ltd. | 0.02% | 9,910 | $574,483 | held | — | 3 q |
| AFRMAffirm Holdings, Inc. Class A | 0.01% | 5,500 | $401,940 | new | +0.01 pp | new |
| CCLCarnival Corporation Ltd. | 0.01% | 13,500 | $390,285 | new | +0.01 pp | new |
| DOCUDocuSign, Inc. | 0.01% | 3,000 | $216,270 | new | +0.01 pp | new |
| HUBSHubspot, Inc. | 0.01% | 500 | $233,900 | new | +0.01 pp | new |
| KVYOKlaviyo, Inc. | 0.01% | 16,000 | $443,040 | new | +0.01 pp | new |
| SHOPShopify Inc. Class A subordinate voting shares | 0.01% | 2,500 | $371,675 | new | +0.01 pp | new |
| VVISA Inc. | 0.01% | 840 | $286,759 | trimmed−70% | −0.02 pp | 4 q |
| ZZillow Group, Inc. Class C | 0.01% | 4,000 | $308,200 | added+25% | 0.00 pp | 2 q |
| ZMZoom Communications, Inc. Class A | 0.01% | 3,400 | $280,500 | new | +0.01 pp | new |
| SABRSabre Corporation | — | −19,350,000 | — | exited | −2.00 pp | — |
| METAMeta Platforms, Inc. Class A | — | −660 | — | exited | −0.02 pp | — |
| PINSPinterest, Inc. Class A | — | −15,000 | — | exited | −0.02 pp | — |
| WWayfair Inc. | — | −9,000 | — | exited | −0.02 pp | — |
| SEICSEI Investments Co | — | −3,500 | — | exited | −0.01 pp | — |
| EBEventbrite, Inc. Class A | — | −31,000 | — | exited | 0.00 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| UAL PUT | 52.13% | 149,000 | $14M |
| GOOG PUT | 29.67% | 33,600 | $8M |
| SOFI PUT | 5.27% | 55,000 | $1M |
| GRAB PUT | 3.95% | 181,000 | $1M |
| AMZN PUT | 3.58% | 4,500 | $988,065 |
| DASH PUT | 2.37% | 2,400 | $652,776 |
| CVNA PUT | 1.64% | 1,200 | $452,688 |
| SCHW PUT | 1.38% | 4,000 | $381,880 |
Notes