Par Capital Management Inc.
Annual return '25
+15.8%
SPY '25
+17.7%
Alpha
-2.0ptsvs SPY
Invested
$3.7B
Holdings
46
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 97%. 4 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$SYF
SYNCHRONY FINANCIAL
Q4 2025: Exited (was 7.50M shares)
15.0%
02
$UAL
UNITED AIRLS HLDGS INC
Q4 2025: Exited (was 9.94M shares)
13.3%
03
$EXPE
EXPEDIA GROUP INC
Q4 2025: Exited (was 2.20M shares)
13.1%
04
$WEX
WEX INC
Q4 2025: Exited (was 1.85M shares)
10.0%
05
$UBER
UBER TECHNOLOGIES INC
Q4 2025: Exited (was 654.0k shares)
7.8%
06
$DAL
DELTA AIR LINES INC
Q4 2025: Exited (was 3.57M shares)
6.8%
07
$LUV
SOUTHWEST AIRLS CO
Q4 2025: Exited (was 4.95M shares)
5.7%
08
$BKNG
BOOKING HOLDINGS INC
Q4 2025: Exited (was 35.1k shares)
5.2%
09
$CVNA
CARVANA CO
Q4 2025: Exited (was 713.1k shares)
3.2%
10
$BAC
BANK AMERICA CORP
Q4 2025: Exited (was 18.2k shares)
2.8%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 09:27 UTC.