Q3 2025 Holdings
Filed 2025-11-14 | 65 holdings | $3.4B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Synchrony Financial(SYF) | COM | 87165B103 | $532.9M | 7,500,000 | 15.6% |
| United Airls Hldgs Inc(UAL) | COM | 910047109 | $479.5M | 4,968,850 | 14.0% |
| Expedia Group Inc(EXPE) | COM NEW | 30212P303 | $470.3M | 2,200,000 | 13.8% |
| WEX Inc(WEX) | COM | 96208T104 | $291.7M | 1,851,500 | 8.5% |
| Delta AIR Lines Inc del(DAL) | COM NEW | 247361702 | $202.8M | 3,574,210 | 5.9% |
| Booking Holdings Inc(BKNG) | COM | 09857L108 | $189.2M | 35,050 | 5.5% |
| Southwest Airls Co(LUV) | COM | 844741108 | $158.0M | 4,950,192 | 4.6% |
| Carvana Co(CVNA) | CL A | 146869102 | $134.5M | 356,572 | 3.9% |
| Bill Holdings Inc(BILL) | COM | 090043100 | $102.0M | 1,925,000 | 3.0% |
| Schwab Charles Corp(SCHW) | COM | 808513105 | $86.9M | 910,000 | 2.5% |
| Lyft Inc(LYFT) | CL A COM | 55087P104 | $71.6M | 3,255,000 | 2.1% |
| Uber Technologies Inc(UBER) | COM | 90353T100 | $64.1M | 654,000 | 1.9% |
| Alaska AIR Group Inc(ALK) | COM | 011659109 | $55.7M | 1,119,302 | 1.6% |
| Hyatt Hotels Corp(H) | COM CL A | 448579102 | $52.7M | 371,300 | 1.5% |
| Webster Finl Corp(WBS) | COM | 947890109 | $44.6M | 750,000 | 1.3% |
| Allegiant Travel Co(ALGT) | COM | 01748X102 | $37.9M | 624,081 | 1.1% |
| Skywest Inc(SKYW) | COM | 830879102 | $36.2M | 359,881 | 1.1% |
| Marriott Intl Inc New(MAR) | CL A | 571903202 | $35.4M | 136,100 | 1.0% |
| Avidxchange Holdings Inc(AVDX) | COM | 05368X102 | $32.8M | 3,299,292 | 1.0% |
| Tripadvisor Inc(TRIP) | COM | 896945201 | $32.5M | 2,000,000 | 1.0% |
| Avis Budget Group(CAR) | COM | 053774105 | $32.1M | 200,000 | 0.9% |
| Airbnb Inc(ABNB) | COM CL A | 009066101 | $26.6M | 219,300 | 0.8% |
| Cars COM Inc(CARS) | COM | 14575E105 | $25.2M | 2,058,648 | 0.7% |
| SUN Ctry Airls Hldgs Inc(SNCY) | COM | 866683105 | $24.4M | 2,067,000 | 0.7% |
| Jetblue Awys Corp(JBLU) | COM | 477143101 | $22.1M | 4,487,425 | 0.6% |
| Ryanair Holdings PLC(RYAAY) | SPONSORED ADR | 783513203 | $20.8M | 345,000 | 0.6% |
| Copa Holdings SA(CPA) | CL A | P31076105 | $17.6M | 148,000 | 0.5% |
| Hertz Global Hldgs Inc(HTZ) | COM NEW | 42806J700 | $15.6M | 2,291,357 | 0.5% |
| United Airls Hldgs Inc(UAL)Put | COM | 910047109 | $14.4M | 149,000 | 0.4% |
| American Airls Group Inc(AAL) | COM | 02376R102 | $14.1M | 1,250,000 | 0.4% |
| Trivago N V(TRVG) | SPON ADS A SHS N | 89686D303 | $11.9M | 3,576,869 | 0.3% |
| Cargurus Inc(CARG) | COM CL A | 141788109 | $9.5M | 256,291 | 0.3% |
| Frontier Group Hldgs Inc(ULCC) | COM | 35909R108 | $9.5M | 2,156,100 | 0.3% |
| Alphabet Inc(GOOG) | CAP STK CL C | 02079K107 | $8.7M | 35,700 | 0.3% |
| Global Business Travel Group(GBTG) | COM CL A | 37890B100 | $8.4M | 1,039,014 | 0.2% |
| Alphabet Inc(GOOG)Put | CAP STK CL C | 02079K107 | $8.2M | 33,600 | 0.2% |
| Latam Airlines Group SA(LTM) | SPONSORED ADR | 51817R205 | $7.5M | 165,000 | 0.2% |
| Mesa AIR Group Inc | COM NEW | 590479135 | $3.4M | 2,585,876 | 0.1% |
| Bank New York Mellon Corp(BK) | COM | 064058100 | $2.9M | 26,364 | 0.1% |
| Maplebear Inc(CART) | COM | 565394103 | $2.8M | 75,000 | 0.1% |
| Wyndham Hotels & Resorts Inc(WH) | COM | 98311A105 | $2.2M | 27,000 | 0.1% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $1.6M | 7,300 | 0.0% |
| Sofi Technologies Inc(SOFI) | COM | 83406F102 | $1.5M | 55,000 | 0.0% |
| Sofi Technologies Inc(SOFI)Put | COM | 83406F102 | $1.5M | 55,000 | 0.0% |
| Grab Holdings Limited(GRAB) | CLASS A ORD | G4124C109 | $1.1M | 181,000 | 0.0% |
| Grab Holdings Limited(GRAB)Put | CLASS A ORD | G4124C109 | $1.1M | 181,000 | 0.0% |
| Citigroup Inc(C) | COM NEW | 172967424 | $1.0M | 10,000 | 0.0% |
| Amazon COM Inc(AMZN)Put | COM | 023135106 | $988.1K | 4,500 | 0.0% |
| Bank America Corp(BAC) | COM | 060505104 | $938.9K | 18,200 | 0.0% |
| Doordash Inc(DASH) | CL A | 25809K105 | $652.8K | 2,400 | 0.0% |