PAR CAPITAL MANAGEMENT INC
•CIK: 1051359•Filing: Q4 2025
PAR Capital Management, led by the seasoned investor Paul Marshall, is known for its concentrated, high-conviction bets, currently managing $3.5 billion in assets with a portfolio of 48 positions. The fund has recently made notable moves by adding Tesla and Airbnb, while significantly cutting Delta Air Lines and Skyworks Solutions, reflecting a strategic pivot towards technology and travel sectors.
Total AUM
$3.5B
+ $12.1M in options
QoQ Performance
+5.5%
Positions
45
+ 3 options
Top 10 Concentration
80.6%
Latest Filing
Q4 2025
Top Holdings Allocation
SYF
EXPE
UAL
WEX
LUV
SYF17.9%
EXPE15.8%
UAL15.7%
WEX9.6%
LUV5.9%
CVNA4.2%
BKNG3.8%
ABNB2.8%
📈 Biggest Buys
📉 Biggest Sells
Sector Breakdown
Other85.1%
Consumer11.9%
Financial2.7%
Technology0.3%
🚪 Exited Positionssold since Q3 2025
—
MESA AIR GROUP INC
SOLD
$3.4M
+9 more exited positions
Changes from Q3 2025
NEW5 new positions
↑17 increased
↓15 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023