PAR Capital

Q1 2026 13F · by Paul Reeder, founder

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $3.4B · prev $3.8B
Positions: 45 · prev 48
Options notional: $12M
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%

Moves47 since the prior filing

+6.7 pp in · −6.4 pp out

New 6 +0.11 pp
Added 16 +6.62 pp
Trimmed 14 −5.39 pp
Exited 9 −0.97 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

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions59% of US stock

SYF Synchrony Financial added−1.55 pp added−1.5515.1%
UAL United Airlines Holdings, Inc. added−1.14 pp added−1.1413.4%
EXPE Expedia Group, Inc. added−1.54 pp added−1.5413.1%
WEX WEX Inc. added+1.13 pp added+1.1310.0%
UBER Uber Technologies, Inc. added+5.65 pp added+5.657.8%

Positions45 in this filing · 9 exited


SYFSynchrony Financial	15.05%	7,612,137	$518M	added+2%	−1.55 pp	36 q
UALUnited Airlines Holdings, Inc.	13.38%	4,996,850	$460M	added+2%	−1.14 pp	47 q
EXPEExpedia Group, Inc.	13.10%	1,952,120	$451M	added0%	−1.54 pp	52 q
WEXWEX Inc.	10.03%	2,254,984	$345M	added0%	+1.13 pp	46 q
UBERUber Technologies, Inc.	7.81%	3,736,973	$269M	added×3.8	+5.65 pp	3 q
DALDelta Air Lines, Inc.	6.79%	3,514,445	$234M	trimmed−2%	+0.21 pp	52 q
LUVSouthwest Airlines Co.	5.70%	5,219,192	$196M	added+5%	+0.27 pp	25 q
BKNGBooking Holdings Inc.	5.21%	42,573	$179M	added+74%	+1.73 pp	33 q
CVNACarvana Co.	3.18%	347,872	$109M	trimmed−1%	−0.75 pp	12 q
ABNBAirbnb, Inc. Class A	2.74%	747,500	$94M	added+2%	+0.11 pp	4 q
ALGTAllegiant Travel Company	1.99%	846,191	$69M	added+36%	+0.58 pp	31 q
ALKAlaska Air Group, Inc.	1.69%	1,581,500	$58M	held	—	52 q
HHyatt Hotels Corporation	1.42%	338,500	$49M	trimmed−0%	−0.02 pp	17 q
TRIPTripAdvisor, Inc.	1.26%	4,072,054	$43M	added+87%	+0.42 pp	52 q
LYFTLyft, Inc. Class A	1.21%	3,130,000	$42M	trimmed−0%	−0.40 pp	9 q
SKYWSkywest Inc	0.96%	357,923	$33M	trimmed−1%	0.00 pp	15 q
MARMarriott International Class A	0.86%	90,000	$29M	trimmed−33%	−0.25 pp	7 q
CARAvis Budget Group, Inc.	0.85%	200,000	$29M	held	—	14 q
SNCYSun Country Airlines Holdings, Inc.	0.70%	1,467,800	$24M	trimmed−27%	−0.06 pp	21 q
VVISA Inc.	0.70%	80,000	$24M	added×76.9	+0.69 pp	6 q
SCHWThe Charles Schwab Corporation	0.69%	253,300	$24M	trimmed−72%	−1.73 pp	25 q
RYAAYRyanair Holdings plc	0.58%	345,000	$20M	held	—	6 q
JBLUJetBlue Airways Corp	0.57%	4,457,425	$20M	held	—	40 q
CPACopa Holdings, S.A.	0.52%	157,197	$18M	held	—	4 q
BILLBILL Holdings, Inc.	0.45%	400,000	$15M	added+23%	−0.02 pp	3 q
AALAmerican Airlines Group Inc.	0.39%	1,250,000	$13M	held	—	4 q
TRVGtrivago N.V.	0.33%	4,193,114	$11M	added+6%	+0.02 pp	9 q
GOOGAlphabet Inc. Class C	0.30%	35,600	$10M	trimmed−3%	−0.01 pp	9 q
GBTGGlobal Business Travel Group, Inc.	0.27%	1,686,634	$9M	added+91%	+0.09 pp	11 q
RJETRepublic Airways Holdings Inc.	0.26%	506,844	$9M	added×2.9	+0.17 pp	2 q
LTMLATAM Airlines Group S.A.	0.24%	165,000	$8M	held	—	7 q
ULCCFrontier Group Holdings, Inc.	0.22%	2,131,100	$8M	trimmed−1%	−0.05 pp	17 q
HTZHertz Global Holdings, Inc	0.19%	1,400,000	$6M	held	—	13 q
WEDWebster Financial Corp	0.10%	50,000	$3M	trimmed−93%	−1.16 pp	17 q
CARSCars.com Inc.	0.06%	246,299	$2M	trimmed−91%	−0.81 pp	4 q
CCitigroup Inc.	0.03%	10,000	$1M	held	—	6 q
CFGCitizens Financial Group, Inc.	0.03%	16,000	$959,520	new	+0.03 pp	new
CARTMaplebear Inc.	0.02%	20,336	$761,787	new	+0.02 pp	new
PINSPinterest, Inc. Class A	0.02%	31,825	$583,671	new	+0.02 pp	new
TCOMTrip.com Group Limited	0.02%	13,523	$673,310	added×3.0	+0.01 pp	2 q
TFCTruist Financial Corporation	0.02%	15,000	$689,550	new	+0.02 pp	new
CARGCarGurus, Inc. Class A	0.01%	10,376	$353,303	trimmed−97%	−0.34 pp	9 q
NXTNextpower Inc.	0.01%	1,726	$208,069	new	+0.01 pp	new
SNAPSnap Inc.	0.01%	110,693	$509,188	new	+0.01 pp	new
ZMZoom Communications, Inc. Class A	0.01%	6,000	$482,340	trimmed−50%	−0.02 pp	3 q
AEROGrupo Aeromexico, S.A.B. de C.V.	—	−13,850,410	—	exited	−0.81 pp	—
AMZNAmazon.Com Inc	—	−6,300	—	exited	−0.04 pp	—
BACBank of America Corporation	—	−18,500	—	exited	−0.03 pp	—
DASHDoorDash, Inc. Class A	—	−3,500	—	exited	−0.02 pp	—
KVYOKlaviyo, Inc.	—	−23,000	—	exited	−0.02 pp	—
TSLATesla, Inc.	—	−1,700	—	exited	−0.02 pp	—
DOCUDocuSign, Inc.	—	−5,300	—	exited	−0.01 pp	—
METAMeta Platforms, Inc. Class A	—	−700	—	exited	−0.01 pp	—
MAMastercard Incorporated	—	−900	—	exited	−0.01 pp	—