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PAR CAPITAL MANAGEMENT INC

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13F filer, CIK 1051359, BOSTON, MA

PAR CAPITAL MANAGEMENT INC reported $3,415,348,026 across 65 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 78.15% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001051359-25-000011

Period
2025-09-30
Reported value
$3.42B
Holdings
65
Top 10 weight
78.15%
New
15
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BILLnew+1,925,000$102M
UBERnew+654,000$64.1M
LYFTadded+1,350,000$29.7M
ABNBadded+217,500$26.4M
CPAadded+95,000$11.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SABRexited-19,350,000-$61.1M
CVNAreduced-110,600-$41.7M
EXPEreduced-187,750-$40.1M
LUVreduced-967,300-$30.9M
CARreduced-120,000-$19.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001051359-25-000011, largest first. % of portfolio is the value over $3,387,768,117, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SYFSYNCHRONY FINANCIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,400,000 shares; 2024Q4: 7,400,000 shares; 2025Q1: 7,500,000 shares; 2025Q2: 7,500,000 shares; 2025Q3: 7,500,000 shares 7,500,000$533M15.73%0Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,841,050 shares; 2024Q4: 4,841,050 shares; 2025Q1: 4,841,050 shares; 2025Q2: 4,968,850 shares; 2025Q3: 4,968,850 shares 4,968,850$479M14.15%0Timeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,253,609 shares; 2024Q4: 2,374,844 shares; 2025Q1: 2,387,750 shares; 2025Q2: 2,387,750 shares; 2025Q3: 2,200,000 shares 2,200,000$470M13.88%-187,750Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,000 shares; 2024Q4: 1,850,000 shares; 2025Q1: 1,850,500 shares; 2025Q2: 1,851,100 shares; 2025Q3: 1,851,500 shares 1,851,500$292M8.61%+400Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,455,000 shares; 2024Q4: 4,455,000 shares; 2025Q1: 3,564,000 shares; 2025Q2: 3,564,000 shares; 2025Q3: 3,574,210 shares 3,574,210$203M5.99%+10,210Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,230 shares; 2024Q4: 37,761 shares; 2025Q1: 37,731 shares; 2025Q2: 37,826 shares; 2025Q3: 35,050 shares 35,050$189M5.59%-2,776Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,709,192 shares; 2024Q4: 1,712,192 shares; 2025Q1: 5,916,492 shares; 2025Q2: 5,917,492 shares; 2025Q3: 4,950,192 shares 4,950,192$158M4.66%-967,300Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 504,400 shares; 2024Q4: 304,240 shares; 2025Q1: 377,200 shares; 2025Q2: 467,172 shares; 2025Q3: 356,572 shares 356,572$135M3.97%-110,600Timeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,500 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,925,000 shares 1,925,000$102M3.01%newTimeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,300,000 shares; 2024Q4: 905,000 shares; 2025Q1: 905,000 shares; 2025Q2: 909,000 shares; 2025Q3: 910,000 shares 910,000$86.9M2.56%+1,000Timeline
LYFTLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: 125,000 shares; 2025Q1: 1,575,000 shares; 2025Q2: 1,905,000 shares; 2025Q3: 3,255,000 shares 3,255,000$71.6M2.11%+1,350,000Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,353,700 shares; 2024Q4: 3,866,829 shares; 2025Q1: 4,529,829 shares; 2025Q2: not reported; 2025Q3: 654,000 shares 654,000$64.1M1.89%newTimeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 945,654 shares; 2024Q4: 851,089 shares; 2025Q1: 1,075,576 shares; 2025Q2: 1,119,302 shares; 2025Q3: 1,119,302 shares 1,119,302$55.7M1.64%0Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,961 shares; 2024Q4: 56,961 shares; 2025Q1: 56,961 shares; 2025Q2: 371,261 shares; 2025Q3: 371,300 shares 371,300$52.7M1.56%+39Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 750,000 shares; 2025Q3: 750,000 shares 750,000$44.6M1.32%0Timeline
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 509,884 shares; 2024Q4: 539,549 shares; 2025Q1: 526,430 shares; 2025Q2: 584,996 shares; 2025Q3: 624,081 shares 624,081$37.9M1.12%+39,085Timeline
SKYWSKYWEST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,941 shares; 2024Q4: 239,941 shares; 2025Q1: 363,451 shares; 2025Q2: 363,451 shares; 2025Q3: 359,881 shares 359,881$36.2M1.07%-3,570Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,800 shares; 2024Q4: 78,900 shares; 2025Q1: 79,100 shares; 2025Q2: 136,100 shares; 2025Q3: 136,100 shares 136,100$35.4M1.05%0Timeline
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,350,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,300,000 shares; 2025Q2: 3,300,000 shares; 2025Q3: 3,299,292 shares 3,299,292$32.8M0.97%-708
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 891,622 shares; 2024Q4: 2,242,000 shares; 2025Q1: 2,896,475 shares; 2025Q2: 2,896,475 shares; 2025Q3: 2,000,000 shares 2,000,000$32.5M0.96%-896,475Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 835,300 shares; 2024Q4: 751,770 shares; 2025Q1: 751,770 shares; 2025Q2: 320,000 shares; 2025Q3: 200,000 shares 200,000$32.1M0.95%-120,000Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 299,100 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,800 shares; 2025Q3: 219,300 shares 219,300$26.6M0.79%+217,500Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,200,000 shares; 2025Q3: 2,058,648 shares 2,058,648$25.2M0.74%+858,648Timeline
SNCYSUN CTRY AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,505,506 shares; 2024Q4: 2,254,955 shares; 2025Q1: 1,959,372 shares; 2025Q2: 1,959,372 shares; 2025Q3: 2,067,000 shares 2,067,000$24.4M0.72%+107,628Timeline
JBLUJETBLUE AIRWAYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,969,505 shares; 2024Q4: 2,672,555 shares; 2025Q1: 2,672,555 shares; 2025Q2: 5,487,425 shares; 2025Q3: 4,487,425 shares 4,487,425$22.1M0.65%-1,000,000Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 345,000 shares; 2025Q1: 356,000 shares; 2025Q2: 345,000 shares; 2025Q3: 345,000 shares 345,000$20.8M0.61%0Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 53,000 shares; 2025Q3: 148,000 shares 148,000$17.6M0.52%+95,000Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,571 shares; 2024Q4: 1,000,571 shares; 2025Q1: 1,000,571 shares; 2025Q2: 2,291,357 shares; 2025Q3: 2,291,357 shares 2,291,357$15.6M0.46%0Timeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: not reported; 2025Q2: 1,250,000 shares; 2025Q3: 1,250,000 shares 1,250,000$14.1M0.41%0Timeline
TRVGTRIVAGO N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,928,130 shares; 2024Q4: 3,544,231 shares; 2025Q1: 3,567,969 shares; 2025Q2: 3,576,869 shares; 2025Q3: 3,576,869 shares 3,576,869$11.9M0.35%0Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,663,956 shares; 2024Q4: 2,667,056 shares; 2025Q1: 2,810,956 shares; 2025Q2: 336,791 shares; 2025Q3: 256,291 shares 256,291$9.54M0.28%-80,500Timeline
ULCCFRONTIER GROUP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,756,100 shares; 2024Q4: 1,756,100 shares; 2025Q1: 2,156,100 shares; 2025Q2: 2,181,100 shares; 2025Q3: 2,156,100 shares 2,156,100$9.52M0.28%-25,000Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,900 shares; 2024Q4: 21,600 shares; 2025Q1: 21,900 shares; 2025Q2: 34,900 shares; 2025Q3: 35,700 shares 35,700$8.69M0.26%+800Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 746,730 shares; 2024Q4: 746,730 shares; 2025Q1: 746,730 shares; 2025Q2: 1,024,014 shares; 2025Q3: 1,039,014 shares 1,039,014$8.4M0.25%+15,000Timeline
LTMLATAM AIRLINES GROUP SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 467,500 shares; 2024Q4: 467,500 shares; 2025Q1: 467,500 shares; 2025Q2: 165,000 shares; 2025Q3: 165,000 shares 165,000$7.47M0.22%0Timeline
MESA AIR GROUP INCMESA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,248,190 shares; 2025Q3: 2,585,876 shares 2,585,876$3.36M0.1%+337,686
BNYBANK OF NY MELLON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 26,364 shares; 2025Q3: 26,364 shares 26,364$2.87M0.08%0Timeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,000 shares; 2024Q4: 84,500 shares; 2025Q1: 86,500 shares; 2025Q2: 91,500 shares; 2025Q3: 75,000 shares 75,000$2.76M0.08%-16,500Timeline
WHWYNDHAM HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,000 shares; 2024Q4: 27,000 shares; 2025Q1: 27,000 shares; 2025Q2: 27,000 shares; 2025Q3: 27,000 shares 27,000$2.16M0.06%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,600 shares; 2025Q2: 6,300 shares; 2025Q3: 7,300 shares 7,300$1.6M0.05%+1,000Timeline
SOFISOFI TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 55,000 shares; 2025Q3: 55,000 shares 55,000$1.45M0.04%0Timeline
GRABGRAB HOLDINGS LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,000 shares; 2025Q1: 117,000 shares; 2025Q2: 161,000 shares; 2025Q3: 181,000 shares 181,000$1.09M0.03%+20,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,200 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$1.01M0.03%0Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 16,700 shares; 2025Q3: 18,200 shares 18,200$939K0.03%+1,500Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,000 shares; 2024Q4: 4,500 shares; 2025Q1: 4,000 shares; 2025Q2: 4,000 shares; 2025Q3: 2,400 shares 2,400$653K0.02%-1,600Timeline
PNCPNC FINL SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 3,500 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000 shares 3,000$603K0.02%newTimeline
FLEXFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,910 shares; 2024Q4: not reported; 2025Q1: 9,910 shares; 2025Q2: 9,910 shares; 2025Q3: 9,910 shares 9,910$574K0.02%0Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400 shares; 2025Q1: 500 shares; 2025Q2: 900 shares; 2025Q3: 900 shares 900$512K0.02%0Timeline
KVYOKLAVIYO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 16,000 shares 16,000$443K0.01%newTimeline
AFRMAFFIRM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,500 shares 5,500$402K0.01%newTimeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,500 shares; 2024Q4: 23,500 shares; 2025Q1: 27,200 shares; 2025Q2: not reported; 2025Q3: 13,500 shares 13,500$390K0.01%newTimeline
SHOPSHOPIFY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000 shares; 2024Q4: 3,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,500 shares 2,500$372K0.01%newTimeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,200 shares; 2025Q3: 4,000 shares 4,000$308K0.01%+800Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 640 shares; 2025Q1: 2,140 shares; 2025Q2: 2,840 shares; 2025Q3: 840 shares 840$287K0.01%-2,000Timeline
ZMZOOM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares 3,400$280K0.01%newTimeline
HUBSHUBSPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 500 shares 500$234K0.01%newTimeline
DOCUDOCUSIGN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000 shares 3,000$216K0.01%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
UALUNITED AIRLS HLDGS INC Stockput149,000$14.4M0
GOOGALPHABET INC COMput33,600$8.18Mnew
SOFISOFI TECHNOLOGIES INC Stockput55,000$1.45M+27,500
GRABGRAB HOLDINGS LIMITED STOKput181,000$1.09Mnew
AMZNAMAZON COM INC COMput4,500$988Knew
DASHDOORDASH INC Stockput2,400$653Knew
CVNACARVANA CO Stockput1,200$453K-1,600
SCHWCHARLES SCHWAB CORP (THE) COMput4,000$382Knew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SABRSABRE CORP19,350,000$61.1Mshares
CCITIGROUP INC10,000$851Kput
PINSPINTEREST INC15,000$538Kshares
METAMETA PLATFORMS INC660$487Kshares
WWAYFAIR INC9,000$460Kshares
SEICSEI INVTS CO3,500$315Kshares
EBEVENTBRITE INC-CLASS A31,000$81.5Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001051359-25-000011 base2025-11-14acceptance time not in the bulk data set