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Par Capital Management Inc.
PAR Capital Management Inc is a private investment fund manager headquartered in Boston, Massachusetts. Founded in 1990, PAR is led by a small team (about 17 employees) and specializes in investment management within the finance sector. The firm serves institutional and accredited investors and is known for its focused, fundamental research-driven approach and disciplined portfolio management.
Investment Strategy
PAR Capital Management pursues long-term investment success by employing narrowly focused and rigorous fundamental research, disciplined portfolio management, and by aligning incentives between manager and client. The firm emphasizes deep sector research and a concentrated investment process to identify undervalued opportunities.
Latest 13F Filing Activity
Par Capital Management Inc. filed their most recent 13F report on Jun 30, 2025 disclosing 53 equity positions and 4 options positions with a total 13F market value of $3B. The fund increased holdings in Synchrony Financial, Carvana Co., United Airls HLDGS Inc. among other positions. Par Capital Management Inc. reduced exposure to Uber Technologies Inc., Cargurus Inc., Wex Inc. among others.
Top Holdings
Equity Positions (53)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SYF | SYNCHRONY FINANCIAL | 16.30% | $500.6M | 7,500,000 | $26.15 | $66.74 | +$103.5M |
E EXPE | EXPEDIA GROUP INC | 13.12% | $402.8M | 2,387,750 | $123.04 | $168.68 | +$1.4M |
U UAL | UNITED AIRLS HLDGS INC | 12.88% | $395.7M | 4,968,850 | $50.68 | $79.63 | +$61.4M |
W WEX | WEX INC | 8.85% | $271.9M | 1,851,100 | $137.34 | $146.89 | -$18.7M |
B BKNG | BOOKING HOLDINGS INC | 7.13% | $219.0M | 37,826 | $1957.36 | $5789.24 | +$45.2M |
Options Positions (4)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
U UAL | UNITED AIRLS HLDGS INC | Bought | Put | $11.9M | 1,490 | $79.63 | $72.53 | +490 | +$5.0M |
C CVNA | CARVANA CO | New | Put | $943.5K | 28 | $336.96 | $336.96 | +28 | +$943.5K |
C C | CITIGROUP INC | New | Put | $851.2K | 100 | $85.12 | $85.12 | +100 | +$851.2K |
S SOFI | SOFI TECHNOLOGIES INC | New | Put | $500.8K | 275 | $18.21 | $18.21 | +275 | +$500.8K |
Industry Allocation
Investment Team (10)
| Name | Role | Location | |
|---|---|---|---|
A Anthony Lee | Analyst at Par Capital Management | Boston, MA , United States | |
 | Vice President of Data Science | Boston, MA , United States | |
C Chip Frazier | Partner | Boston, MA , United States | |
 | Vice President | Boston, MA , United States | |
E Ed Shapiro | Partner | Boston, MA , United States | |
 | Partner | Bethesda, MD , United States | |
 | Analyst | Newton, MA , United States | |
 | Portfolio Manager | Boston, MA , United States | |
 | Managing Partner, Chief Operating Officer and General Counsel | Boston, MA , United States | |
A Anthony L | Portfolio Manager | Boston, MA , United States |
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