PAR Capital
Picture
Moves
Options: 2 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
Positions
| UALUnited Airlines Holdings, Inc. | 18.08% | 5,359,741 | $729M | added+7% | +4.70 pp | 48 q |
| SYFSynchrony Financial | 14.36% | 7,612,137 | $579M | held | — | 37 q |
| EXPEExpedia Group, Inc. | 12.04% | 1,895,847 | $485M | trimmed−3% | −1.06 pp | 53+ q |
| DALDelta Air Lines, Inc. | 8.09% | 3,482,745 | $326M | trimmed−1% | +1.30 pp | 53+ q |
| WEXWEX Inc. | 7.89% | 2,254,984 | $318M | held | — | 47 q |
| UBERUber Technologies, Inc. | 7.55% | 4,217,700 | $304M | added+13% | −0.26 pp | 4 q |
| LUVSouthwest Airlines Co. | 6.26% | 4,905,756 | $252M | trimmed−6% | +0.56 pp | 26 q |
| BKNGBooking Holdings Inc. | 4.39% | 992,100 | $177M | trimmed−7% | −0.82 pp | 34 q |
| CVNACarvana Co. | 2.84% | 1,739,360 | $114M | held | — | 13 q |
| ABNBAirbnb, Inc. Class A | 2.66% | 750,000 | $107M | added0% | −0.08 pp | 5 q |
| ALGTAllegiant Travel Company | 2.46% | 844,632 | $99M | trimmed−0% | +0.47 pp | 32 q |
| ALKAlaska Air Group, Inc. | 2.05% | 1,579,636 | $82M | trimmed−0% | +0.36 pp | 53+ q |
| HHyatt Hotels Corporation | 1.63% | 338,500 | $66M | held | — | 18 q |
| TRIPTripAdvisor, Inc. | 1.39% | 4,072,054 | $56M | held | — | 53+ q |
| VVISA Inc. | 1.09% | 127,600 | $44M | added+60% | +0.39 pp | 7 q |
| METAMeta Platforms, Inc. Class A | 0.77% | 54,983 | $31M | new | +0.77 pp | new |
| ZZillow Group, Inc. Class C | 0.64% | 823,000 | $26M | new | +0.64 pp | new |
| LYFTLyft, Inc. Class A | 0.58% | 1,605,000 | $23M | trimmed−49% | −0.63 pp | 10 q |
| TRVGtrivago N.V. | 0.58% | 4,292,733 | $23M | added+2% | +0.25 pp | 10 q |
| JBLUJetBlue Airways Corp | 0.57% | 4,000,000 | $23M | trimmed−10% | 0.00 pp | 41 q |
| SCHWThe Charles Schwab Corporation | 0.56% | 245,000 | $23M | trimmed−3% | −0.13 pp | 26 q |
| RYAAYRyanair Holdings plc | 0.55% | 340,000 | $22M | trimmed−1% | −0.03 pp | 7 q |
| AEROGrupo Aeromexico, S.A.B. de C.V. | 0.53% | 1,189,824 | $21M | new | +0.53 pp | new |
| AALAmerican Airlines Group Inc. | 0.45% | 1,000,000 | $18M | trimmed−20% | +0.06 pp | 5 q |
| MAMastercard Incorporated | 0.38% | 30,000 | $15M | new | +0.38 pp | new |
| MARMarriott International Class A | 0.37% | 40,000 | $15M | trimmed−56% | −0.49 pp | 8 q |
| RJETRepublic Airways Holdings Inc. | 0.26% | 506,844 | $11M | held | — | 3 q |
| GOOGAlphabet Inc. Class C | 0.22% | 25,200 | $9M | trimmed−29% | −0.08 pp | 10 q |
| BILLBILL Holdings, Inc. | 0.18% | 200,000 | $7M | trimmed−50% | −0.27 pp | 4 q |
| SKYWSkywest Inc | 0.14% | 54,881 | $5M | trimmed−85% | −0.82 pp | 16 q |
| CPACopa Holdings, S.A. | 0.08% | 20,115 | $3M | trimmed−87% | −0.44 pp | 5 q |
| CARSCars.com Inc. | 0.07% | 246,299 | $3M | held | — | 5 q |
| HTZHertz Global Holdings, Inc | 0.05% | 911,001 | $2M | trimmed−35% | −0.14 pp | 14 q |
| ZMZoom Communications, Inc. Class A | 0.04% | 17,000 | $1M | added×2.8 | +0.03 pp | 4 q |
| FLEXFlex Ltd. | 0.04% | 9,910 | $2M | new | +0.04 pp | new |
| CCitigroup Inc. | 0.03% | 10,000 | $1M | held | — | 7 q |
| CFGCitizens Financial Group, Inc. | 0.03% | 20,000 | $1M | added+25% | 0.00 pp | 2 q |
| EBAYeBay Inc | 0.02% | 8,000 | $894,000 | new | +0.02 pp | new |
| CARTMaplebear Inc. | 0.02% | 20,336 | $962,910 | held | — | 2 q |
| AFRMAffirm Holdings, Inc. Class A | 0.01% | 4,000 | $326,200 | new | +0.01 pp | new |
| CARGCarGurus, Inc. Class A | 0.01% | 10,376 | $353,718 | held | — | 10 q |
| NXTNextpower Inc. | 0.01% | 1,726 | $205,636 | held | — | 2 q |
| PNCPNC Financial Services Group | 0.01% | 1,000 | $246,220 | new | +0.01 pp | new |
| TCOMTrip.com Group Limited | 0.01% | 13,523 | $538,756 | held | — | 3 q |
| TFCTruist Financial Corporation | 0.01% | 10,000 | $498,200 | trimmed−33% | −0.01 pp | 2 q |
| CARAvis Budget Group, Inc. | — | −200,000 | — | exited | −0.85 pp | — |
| SNCYSun Country Airlines Holdings, Inc. | — | −1,467,800 | — | exited | −0.70 pp | — |
| GBTGGlobal Business Travel Group, Inc. | — | −1,686,634 | — | exited | −0.27 pp | — |
| LTMLATAM Airlines Group S.A. | — | −165,000 | — | exited | −0.24 pp | — |
| ULCCFrontier Group Holdings, Inc. | — | −2,131,100 | — | exited | −0.22 pp | — |
| WEDWebster Financial Corp | — | −50,000 | — | exited | −0.10 pp | — |
| PINSPinterest, Inc. Class A | — | −31,825 | — | exited | −0.02 pp | — |
| SNAPSnap Inc. | — | −110,693 | — | exited | −0.01 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| C PUT | 42.85% | 10,000 | $1M |
| DAL PUT | 30.11% | 10,500 | $983,430 |
| GOOG PUT | 27.04% | 2,500 | $883,325 |
Notes