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PAR CAPITAL MANAGEMENT INC
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BOSTON MA
Investment Advisor
Hedge Fund
Activist Investor
PAR Capital Management was founded in Boston by Paul A. Reeder III.Whalewisdom has at least 107 13F filings, 8 13D filings, 72 13G filings, and 2 Form 4 filings Their last reported 13F filing for Q1 2025 included $2,990,410,244 in managed 13F securities
and a top 10 holdings concentration of 81.66%. PAR Capital Management's largest holding is Expedia Group Inc with shares held of 2,387,750.
Business Description
PAR Capital Management, Inc. (the “Adviser”) is a Delaware corporation that was organized in March 1992 to serve as the investment adviser to PAR Investment Partners, L.P., a Delaware limited partnership (the “Partnership”). The general partner of the Partnership is PAR Group II, L.P. (“PAR Group”), and the Adviser is the general partner of PAR Group. The principal owner of the Adviser is Paul A. Reeder, III. As of December 31, 2023, Steven M. Smith and Marc Zimman are also shareholders of the Adviser. Certain employees of the Adviser may also invest in PAR Group.
The securities industry and the varied strategies and techniques to be engaged in by the Adviser are extremely competitive and each involves a degree of risk. The Partnership competes with firms, including many of the larger securities and investment banking firms, which have substantially greater financial resources and research staffs. Investors should refer to the Partnership’s offering documents for further details with respect to methods of analyses, investment strategies, conflicts of interest, and risks of loss.
Investment Strategy
In managing the Partnership, the Adviser seeks to maximize after-tax capital appreciation by assuming high levels of risk in an aggressively managed portfolio of securities.
There are no restrictions on the type of instruments in which the Partnership may invest. However, the Partnership invests primarily in publicly traded equity securities, as well as options, warrants, and swaps related to equity securities. Such equity securities may be common or preferred, voting or non-voting, and may be of U.S. or non-U.S. issuers.
Owners
- ZIMMAN, MARC, DANIEL - SHAREHOLDER/VICE PRESIDENT
- MOEYKENS, WILLIAM, DAVID - VICE PRESIDENT OF FINANCE
- SMITH, STEVEN, MICHAEL - SHAREHOLDER / CHIEF OPERATING OFFICER, GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER
- REEDER, PAUL, ARLINGTON - SHAREHOLDER/PRESIDENT Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2025-03-31
Top Buys (13F)
Name | % Change |
---|---|
LUV Southwest Airlines C | 4.95% |
UBER Uber Technologies In | 4.15% |
CVNA Carvana Co | 0.81% |
LYFT Lyft Inc | 0.58% |
TRIP TripAdvisor Inc | 0.4% |

2025-03-31
Top Sells (13F)
Name | % Change |
---|---|
DAL Delta Air Lines Inc | 2.76% |
TSLA Tesla Inc | 2.29% |
XYZ Block Inc | 1.27% |
AAL American Airlines Gr | 1.03% |
CMA Comerica, Inc. | 0.91% |

2025-03-31
13F Holdings Summary
Name | $ Change |
---|---|
EXPE Expedia Group Inc | 13.42% |
SYF Synchrony Financial | 13.28% |
UAL United Airlines Hold | 11.18% |
UBER Uber Technologies In | 11.04% |
WEX WEX, Inc | 9.72% |

2025-03-31
13F Activity
Market Value | $2.99b, Prior: $3.39b |
Inflows (Outflows) as % of Total MV | +2.0475% |
New Purchases | 7 stocks |
Added To | 24 stocks |
Sold out of | 18 stocks |
Reduced holdings in | 7 stocks |
Top 10 Holdings % | 81.66% |
Turnover %[1] | 37.31% |
Turnover Alt %[2] | 8.83% |
Time Held Top 20 | 20.3 quarters |
Time Held Top 10 | 15.4 quarters |
Time Held All | 15.65 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data

2025-03-31
Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31