PAR CAPITAL MANAGEMENT INC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +0.4% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 35.5% of quarters (excess t = 1.11, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 45 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SYF | $518M | | HOLD |
| UAL | $460M | | ADD |
| EXPE | $451M | | HOLD |
| WEX | $345M | | HOLD |
| UBER | $269M | | ADD |
| DAL | $234M | | HOLD |
| LUV | $196M | | ADD |
| BKNG | $179M | | ADD |
| CVNA | $109M | | HOLD |
| ABNB | $94M | | ADD |
| ALGT | $69M | | ADD |
| ALK | $58M | | HOLD |
| H | $49M | | HOLD |
| TRIP | $43M | | ADD |
| LYFT | $42M | | HOLD |
| SKYW | $33M | | HOLD |
| MAR | $29M | | TRIM |
| CAR | $29M | | HOLD |
| SNCY | $24M | | TRIM |
| V | $24M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.