PAR CAPITAL MANAGEMENT INC

Hedge Fund • Long/Short

PAR CAPITAL MANAGEMENT INC is a Long/Short Hedge Fund based in Boston, MA led by William David Moeykens, managing $3.4B across 57 long positions as of Q3 2025 with 33% Industrials concentration, 78% concentrated in top 10 holdings, and 16% allocation to SYF.

PresidentWilliam David Moeykens

Portfolio Value: $3.4B
Positions: 57
Top Holding: SYF at 15.73%
Last Reported: Q3 2025

Address200 Clarendon Street, 48fl, Boston, MA, 02116, United States

Top Holdings

Largest long holdings in PAR CAPITAL MANAGEMENT INC's portfolio (78.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Synchrony Financial SYF	Financial - Credit Services Financial Services	$532.9M	15.73%	—	2.02% 7.5M shares	Q2 2017 Held for 8y 5m
2 United Airlines Holdings UAL	Airlines, Airports & Air Services Industrials	$479.5M	14.15%	—	1.53% 5.0M shares	Q3 2014 Held for 11y 2m
3 Expedia Group, Inc. EXPE	Travel Services Consumer Cyclical	$470.3M	13.88%	-$40.1M Sold	1.78% 2.2M shares	≤ Q2 2013 Held for 12y 5m+
4 WEX WEX	Software - Infrastructure Technology	$291.7M	8.61%	+$63.0K Bought	5.40% 1.9M shares	Q4 2014 Held for 10y 11m
5 Delta Air Lines DAL	Airlines, Airports & Air Services Industrials	$202.8M	5.99%	+$579.4K Bought	0.55% 3.6M shares	≤ Q2 2013 Held for 12y 5m+
6 Booking Holdings Inc. BKNG	Travel Services Consumer Cyclical	$189.2M	5.59%	-$15.0M Sold	0.11% 35.1K shares	≤ Q2 2013 Held for 12y 5m+
7 Southwest Airlines LUV	Airlines, Airports & Air Services Industrials	$158.0M	4.66%	-$30.9M Sold	0.94% 5.0M shares	Q1 2020 Held for 5y 8m
8 Carvana CVNA	Specialty Retail Consumer Cyclical	$134.5M	3.97%	-$41.7M Sold	0.26% 356.6K shares	Q2 2023 Held for 2y 5m
9 BILL Holdings BILL	Software - Application Technology	$102.0M	3.01%	+$102.0M Bought	1.89% 1.9M shares	Q3 2025 Held for 2 months
10 Charles Schwab Corporation SCHW	Financial - Capital Markets Financial Services	$86.9M	2.56%	+$95.5K Bought	0.05% 910.0K shares	Q1 2020 Held for 5y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in PAR CAPITAL MANAGEMENT INC's latest filing

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Market Value

$3.4B

Prior: $3.1B

Q/Q Change

+10.83%

+$331.1M

Net Flows % of MV

-4.42%

Turnover Ratio

7.19%

New Purchases

4 stocks

$1.3M

Added To

17 stocks

+$83.5M

Sold Out Of

6 stocks

$63.0M

Reduced Holdings

14 stocks

-$171.7M

Increased Positions

Position	Shares Δ	Change
1 Klaviyo KVYO	New	0 → 16.0K +$443.0K
2 Affirm Holdings, Inc. AFRM	New	0 → 5.5K +$401.9K
3 Zoom Video Communications, Inc. ZM	New	0 → 3.4K +$280.5K
4 DocuSign DOCU	New	0 → 3.0K +$216.3K
5 Airbnb ABNB	+12,083.33%	1.8K → 219.3K +$26.4M

Decreased Positions

Position	Shares Δ	Change
1 Sabre SABR	Sold	19.4M → 0 −$61.1M
2 Pinterest, Inc. PINS	Sold	15.0K → 0 −$537.9K
3 Meta Platforms, Inc. META	Sold	660.0 → 0 −$487.1K
4 Wayfair W	Sold	9.0K → 0 −$460.3K
5 SEI Investments SEIC	Sold	3.5K → 0 −$314.5K