PAR CAPITAL MANAGEMENT INC

PAR Capital Management's $3.45B portfolio is one of the most concentrated travel-industry books in the 13F dataset, and Q1 2026 shows the manager pressing that conviction harder, not lighter. The eight largest positions — Synchrony Financial, United Airlines, Expedia, WEX, Uber, Delta, Southwest and Booking Holdings — together occupy 77% of the portfolio, and every one of them has a direct link to corporate or leisure travel spend. The quarter's defining trade was a 2.75x increase in Uber shares (995,000 to 3.74M), which deployed close to $190M of fresh capital into a name whose reported value fell because the stock compressed across Q1. That is an aggressive accumulation into weakness — not a passive indexing move, and not a rotation away from the thesis. Booking Holdings gained 74% in share count and was one of the few positions where both shares and reported value rose, suggesting that particular buy timed a favorable price window. Visa, which entered at $24M through an 800-share-to-80,000-share build, adds a payments-rails exposure that reinforces rather than diversifies the travel story. The one break from the pattern was Charles Schwab, which was cut from $91M to $24M — a 72% reduction that freed roughly $67M. Webster Financial was nearly eliminated entirely. These are liquidity-generating or thesis-exiting trades rather than sector-neutral reallocations, because the proceeds visibly rotated back into the core travel names. The structural read of Q1: PAR Capital has accepted single-sector concentration as the portfolio's defining characteristic. Industrials now represent 50% of the book; Financial Services the second sleeve at 17%. A meaningful drawdown in airline valuations — the kind that arrives during a demand shock — reprices the fund's NAV proportionally. That is a property of the portfolio as it currently stands, not a statement about the direction of travel demand.