Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CFG	CITIZENS FINL GROUP INC	16,000	$960K	0.0%	$63.11	0.0%	COM	174610105
CART	MAPLEBEAR INC	20,336	$762K	0.0%	$38.24	0.0%	COM	565394103
TFC	TRUIST FINL CORP	15,000	$690K	0.0%	$51.15	0.0%	COM	89832Q109
PINS	PINTEREST INC	31,825	$584K	0.0%	$22.23	0.0%	CL A	72352L106
SNAP	SNAP INC	110,693	$509K	0.0%	$6.59	0.0%	CL A	83304A106
NXT	NEXTPOWER INC	1,726	$208K	0.0%	$108.82	0.0%	CLASS A COM	65290E101

Increased Positions (14)

UBER UBER TECHNOLOGIES INC 7.8%

Value $269M (+230.6%) Shares 3,736,973 (+275.5%) Est. Cost $82.35 Unrealized -4.4%

SYF SYNCHRONY FINANCIAL 15.0%

Value $518M (-17.3%) Shares 7,612,137 (+1.5%) Est. Cost $26.68 Unrealized +185.9%

UAL UNITED AIRLS HLDGS INC 13.3%

Value $460M (-15.9%) Shares 4,996,850 (+2.1%) Est. Cost $49.09 Unrealized +127.5%

BKNG BOOKING HOLDINGS INC 5.2%

Value $179M (+36.7%) Shares 42,573 (+73.9%) Est. Cost $3191.95 Unrealized +49.8%

V VISA INC 0.7%

Value $24.18M (+6529.2%) Shares 80,000 (+7592.3%) Est. Cost $329.21 Unrealized -0.0%

ALGT ALLEGIANT TRAVEL CO 2.0%

Value $68.58M (+28.9%) Shares 846,191 (+35.6%) Est. Cost $87.75 Unrealized +10.6%

TRIP TRIPADVISOR INC 1.3%

Value $43.41M (+36.7%) Shares 4,072,054 (+86.7%) Est. Cost $14.18 Unrealized -10.4%

LUV SOUTHWEST AIRLS CO 5.7%

Value $196M (-4.2%) Shares 5,219,192 (+5.4%) Est. Cost $32.41 Unrealized +46.1%

RJET REPUBLIC AWYS HLDGS INC 0.3%

Value $9.062M (+178.2%) Shares 506,844 (+185.9%) Est. Cost $19.50 Unrealized -3.6%

ABNB AIRBNB INC 2.7%

Value $94.39M (-4.7%) Shares 747,500 (+2.4%) Est. Cost $126.06 Unrealized +2.7%

GBTG GLOBAL BUSINESS TRAVEL GROUP 0.3%

Value $9.411M (+39.3%) Shares 1,686,634 (+91.0%) Est. Cost $6.44 Unrealized +2.5%

BILL BILL HOLDINGS INC 0.4%

Value $15.32M (-13.6%) Shares 400,000 (+23.1%) Est. Cost $46.54 Unrealized +0.9%

TCOM TRIP COM GROUP LTD 0.0%

Value $673K (+108.1%) Shares 13,523 (+200.5%) Est. Cost $57.15 Unrealized —

TRVG TRIVAGO N V 0.3%

Value $11.36M (-1.3%) Shares 4,193,114 (+5.6%) Est. Cost $2.38 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	3,736,973 (+275.5%)	$269M (+230.6%)	7.8%	$82.35	-4.4%	COM	90353T100
SYF	SYNCHRONY FINANCIAL	7,612,137 (+1.5%)	$518M (-17.3%)	15.0%	$26.68	+185.9%	COM	87165B103
UAL	UNITED AIRLS HLDGS INC	4,996,850 (+2.1%)	$460M (-15.9%)	13.3%	$49.09	+127.5%	COM	910047109
BKNG	BOOKING HOLDINGS INC	42,573 (+73.9%)	$179M (+36.7%)	5.2%	$3191.95	+49.8%	COM	09857L108
V	VISA INC	80,000 (+7592.3%)	$24.18M (+6529.2%)	0.7%	$329.21	-0.0%	COM CL A	92826C839
ALGT	ALLEGIANT TRAVEL CO	846,191 (+35.6%)	$68.58M (+28.9%)	2.0%	$87.75	+10.6%	COM	01748X102
TRIP	TRIPADVISOR INC	4,072,054 (+86.7%)	$43.41M (+36.7%)	1.3%	$14.18	-10.4%	COM	896945201
LUV	SOUTHWEST AIRLS CO	5,219,192 (+5.4%)	$196M (-4.2%)	5.7%	$32.41	+46.1%	COM	844741108
RJET	REPUBLIC AWYS HLDGS INC	506,844 (+185.9%)	$9.062M (+178.2%)	0.3%	$19.50	-3.6%	COM SHS	590479408
ABNB	AIRBNB INC	747,500 (+2.4%)	$94.39M (-4.7%)	2.7%	$126.06	+2.7%	COM CL A	009066101
GBTG	GLOBAL BUSINESS TRAVEL GROUP	1,686,634 (+91.0%)	$9.411M (+39.3%)	0.3%	$6.44	+2.5%	COM CL A	37890B100
BILL	BILL HOLDINGS INC	400,000 (+23.1%)	$15.32M (-13.6%)	0.4%	$46.54	+0.9%	COM	090043100
TCOM	TRIP COM GROUP LTD	13,523 (+200.5%)	$673K (+108.1%)	0.0%	$57.15	—	ADS	89677Q107
TRVG	TRIVAGO N V	4,193,114 (+5.6%)	$11.36M (-1.3%)	0.3%	$2.38	—	SPON ADS A SHS N	89686D303

Exited Positions (11)

AERO GRUPO AEROMEXICO SAB DE CV 0.9%

Value $30.42M Shares 13,850,410 Est. Cost $2.20 Unrealized —

AMZN AMAZON COM INC 0.0%

Value $1.454M Shares 6,300 Est. Cost $208.60 Unrealized +8.7%

BAC BANK AMERICA CORP 0.0%

Value $1.018M Shares 18,500 Est. Cost $43.99 Unrealized +22.0%

DASH DOORDASH INC 0.0%

Value $793K Shares 3,500 Est. Cost $140.22 Unrealized +40.3%

TSLA TESLA INC 0.0%

Value $765K Shares 1,700 Est. Cost $443.29 Unrealized -3.9%

KVYO KLAVIYO INC 0.0%

Value $747K Shares 23,000 Est. Cost $30.99 Unrealized -26.4%

DASH DOORDASH INC 0.0%

Value $544K Shares 2,400 Est. Cost $140.22 Unrealized +40.3%

MA MASTERCARD INCORPORATED 0.0%

Value $514K Shares 900 Est. Cost $534.07 Unrealized +0.9%

META META PLATFORMS INC 0.0%

Value $462K Shares 700 Est. Cost $667.32 Unrealized -1.8%

DOCU DOCUSIGN INC 0.0%

Value $363K Shares 5,300 Est. Cost $73.63 Unrealized -27.4%

SNCY SUN CTRY AIRLS HLDGS INC 0.0%

Value $259K Shares 18,000 Est. Cost $23.90 Unrealized -22.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AERO	GRUPO AEROMEXICO SAB DE CV	13,850,410	$30.42M	0.9%	$2.20	—	—	40054J109
AMZN	AMAZON COM INC	6,300	$1.454M	0.0%	$208.60	+8.7%	—	023135106
BAC	BANK AMERICA CORP	18,500	$1.018M	0.0%	$43.99	+22.0%	—	060505104
DASH	DOORDASH INC	3,500	$793K	0.0%	$140.22	+40.3%	—	25809K105
TSLA	TESLA INC	1,700	$765K	0.0%	$443.29	-3.9%	—	88160R101
KVYO	KLAVIYO INC	23,000	$747K	0.0%	$30.99	-26.4%	—	49845K101
DASH	DOORDASH INC	2,400	$544K	0.0%	$140.22	+40.3%	PUT	25809K105
MA	MASTERCARD INCORPORATED	900	$514K	0.0%	$534.07	+0.9%	—	57636Q104
META	META PLATFORMS INC	700	$462K	0.0%	$667.32	-1.8%	—	30303M102
DOCU	DOCUSIGN INC	5,300	$363K	0.0%	$73.63	-27.4%	—	256163106
SNCY	SUN CTRY AIRLS HLDGS INC	18,000	$259K	0.0%	$23.90	-22.7%	PUT	866683105

Decreased Positions (10)

SCHW SCHWAB CHARLES CORP 0.7%

Value $23.81M (-73.9%) Shares 253,300 (-72.2%) Est. Cost $53.45 Unrealized +87.3%

WBS WEBSTER FINL CORP 0.1%

Value $3.471M (-92.7%) Shares 50,000 (-93.4%) Est. Cost $49.83 Unrealized +36.9%

CARS CARS COM INC 0.1%

Value $2M (-93.9%) Shares 246,299 (-90.9%) Est. Cost $11.74 Unrealized -1.7%

DAL DELTA AIR LINES INC 6.8%

Value $234M (-5.8%) Shares 3,514,445 (-1.7%) Est. Cost $33.10 Unrealized +111.1%

CARG CARGURUS INC 0.0%

Value $353K (-97.4%) Shares 10,376 (-97.0%) Est. Cost $27.53 Unrealized +17.6%

MAR MARRIOTT INTL INC NEW 0.9%

Value $29.44M (-29.7%) Shares 90,000 (-33.3%) Est. Cost $237.92 Unrealized +39.0%

SNCY SUN CTRY AIRLS HLDGS INC 0.7%

Value $24.25M (-15.7%) Shares 1,467,800 (-26.6%) Est. Cost $23.90 Unrealized -22.7%

ULCC FRONTIER GROUP HLDGS INC 0.2%

Value $7.523M (-25.9%) Shares 2,131,100 (-1.2%) Est. Cost $11.21 Unrealized -53.8%

GOOG ALPHABET INC 0.3%

Value $10.21M (-11.3%) Shares 35,600 (-3.0%) Est. Cost $157.86 Unrealized +105.0%

ZM ZOOM COMMUNICATIONS INC 0.0%

Value $482K (-53.0%) Shares 6,000 (-49.6%) Est. Cost $82.41 Unrealized +6.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SCHW	SCHWAB CHARLES CORP	253,300 (-72.2%)	$23.81M (-73.9%)	0.7%	$53.45	+87.3%	COM	808513105
WBS	WEBSTER FINL CORP	50,000 (-93.4%)	$3.471M (-92.7%)	0.1%	$49.83	+36.9%	COM	947890109
CARS	CARS COM INC	246,299 (-90.9%)	$2M (-93.9%)	0.1%	$11.74	-1.7%	COM	14575E105
DAL	DELTA AIR LINES INC	3,514,445 (-1.7%)	$234M (-5.8%)	6.8%	$33.10	+111.1%	COM NEW	247361702
CARG	CARGURUS INC	10,376 (-97.0%)	$353K (-97.4%)	0.0%	$27.53	+17.6%	COM CL A	141788109
MAR	MARRIOTT INTL INC NEW	90,000 (-33.3%)	$29.44M (-29.7%)	0.9%	$237.92	+39.0%	CL A	571903202
SNCY	SUN CTRY AIRLS HLDGS INC	1,467,800 (-26.6%)	$24.25M (-15.7%)	0.7%	$23.90	-22.7%	COM	866683105
ULCC	FRONTIER GROUP HLDGS INC	2,131,100 (-1.2%)	$7.523M (-25.9%)	0.2%	$11.21	-53.8%	COM	35909R108
GOOG	ALPHABET INC	35,600 (-3.0%)	$10.21M (-11.3%)	0.3%	$157.86	+105.0%	CAP STK CL C	02079K107
ZM	ZOOM COMMUNICATIONS INC	6,000 (-49.6%)	$482K (-53.0%)	0.0%	$82.41	+6.9%	CL A	98980L101

Unchanged Positions (18)

EXPE EXPEDIA GROUP INC 13.1%

Value $451M Shares 1,952,120 Est. Cost $115.71 Unrealized +119.0%

CVNA CARVANA CO 3.2%

Value $109M Shares 347,872 Est. Cost $107.20 Unrealized +281.0%

ALK ALASKA AIR GROUP INC 1.7%

Value $58.17M Shares 1,581,500 Est. Cost $46.43 Unrealized +13.1%

LYFT LYFT INC 1.2%

Value $41.63M Shares 3,130,000 Est. Cost $14.74 Unrealized +13.8%

WEX WEX INC 10.0%

Value $345M Shares 2,254,984 Est. Cost $144.01 Unrealized +8.3%

AAL AMERICAN AIRLINES GROUP INC 0.4%

Value $13.43M Shares 1,250,000 Est. Cost $10.71 Unrealized +36.0%

H HYATT HOTELS CORP 1.4%

Value $48.67M Shares 338,500 Est. Cost $119.12 Unrealized +38.1%

RYAAY RYANAIR HOLDINGS PLC 0.6%

Value $19.94M Shares 345,000 Est. Cost $43.55 Unrealized —

CAR AVIS BUDGET GROUP INC 0.8%

Value $29.17M Shares 200,000 Est. Cost $186.87 Unrealized -37.2%

SKYW SKYWEST INC 1.0%

Value $32.87M Shares 357,923 Est. Cost $53.92 Unrealized +89.2%

CPA COPA HOLDINGS SA 0.5%

Value $17.86M Shares 157,197 Est. Cost $106.84 Unrealized +30.0%

GOOG ALPHABET INC 0.3%

Value $9.638M Shares 33,600 Est. Cost $157.86 Unrealized +105.0%

LTM LATAM AIRLINES GROUP SA 0.2%

Value $8.158M Shares 165,000 Est. Cost $26.41 Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 0.2%

Value $6.454M Shares 1,400,000 Est. Cost $10.86 Unrealized -52.2%

JBLU JETBLUE AIRWAYS CORP 0.6%

Value $19.7M Shares 4,457,425 Est. Cost $8.94 Unrealized -39.1%

DAL DELTA AIR LINES INC 0.0%

Value $1.197M Shares 18,000 Est. Cost $33.10 Unrealized +111.1%

C CITIGROUP INC 0.0%

Value $1.134M Shares 10,000 Est. Cost $67.94 Unrealized +71.0%

C CITIGROUP INC 0.0%

Value $1.134M Shares 10,000 Est. Cost $67.94 Unrealized +71.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXPE	EXPEDIA GROUP INC	1,952,120	$451M	13.1%	$115.71	+119.0%	COM NEW	30212P303
CVNA	CARVANA CO	347,872	$109M	3.2%	$107.20	+281.0%	CL A	146869102
ALK	ALASKA AIR GROUP INC	1,581,500	$58.17M	1.7%	$46.43	+13.1%	COM	011659109
LYFT	LYFT INC	3,130,000	$41.63M	1.2%	$14.74	+13.8%	CL A COM	55087P104
WEX	WEX INC	2,254,984	$345M	10.0%	$144.01	+8.3%	COM	96208T104
AAL	AMERICAN AIRLINES GROUP INC	1,250,000	$13.43M	0.4%	$10.71	+36.0%	COM	02376R102
H	HYATT HOTELS CORP	338,500	$48.67M	1.4%	$119.12	+38.1%	COM CL A	448579102
RYAAY	RYANAIR HOLDINGS PLC	345,000	$19.94M	0.6%	$43.55	—	SPONSORED ADR	783513203
CAR	AVIS BUDGET GROUP INC	200,000	$29.17M	0.8%	$186.87	-37.2%	COM	053774105
SKYW	SKYWEST INC	357,923	$32.87M	1.0%	$53.92	+89.2%	COM	830879102
CPA	COPA HOLDINGS SA	157,197	$17.86M	0.5%	$106.84	+30.0%	CL A	P31076105
GOOG	ALPHABET INC	33,600	$9.638M	0.3%	$157.86	+105.0%	PUT	02079K107
LTM	LATAM AIRLINES GROUP SA	165,000	$8.158M	0.2%	$26.41	—	SPONSORED ADR	51817R205
HTZ	HERTZ GLOBAL HLDGS INC	1,400,000	$6.454M	0.2%	$10.86	-52.2%	COM NEW	42806J700
JBLU	JETBLUE AIRWAYS CORP	4,457,425	$19.7M	0.6%	$8.94	-39.1%	COM	477143101
DAL	DELTA AIR LINES INC	18,000	$1.197M	0.0%	$33.10	+111.1%	PUT	247361702
C	CITIGROUP INC	10,000	$1.134M	0.0%	$67.94	+71.0%	COM NEW	172967424
C	CITIGROUP INC	10,000	$1.134M	0.0%	$67.94	+71.0%	PUT	172967424