Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	54,983	$30.97M	0.8%	—	—	CL A	30303M102
Z	ZILLOW GROUP INC	823,000	$25.94M	0.6%	—	—	CL C CAP STK	98954M200
AERO	GRUPO AEROMEXICO SAB DE CV	1,189,824	$21.42M	0.5%	—	—	SPONSORED ADS	40054J109
MA	MASTERCARD INCORPORATED	30,000	$15.41M	0.4%	—	—	CL A	57636Q104
FLEX	FLEX LTD	9,910	$1.606M	0.0%	—	—	ORD	Y2573F102
EBAY	EBAY INC.	8,000	$894K	0.0%	—	—	COM	278642103
AFRM	AFFIRM HLDGS INC	4,000	$326K	0.0%	—	—	COM CL A	00827B106
PNC	PNC FINL SVCS GROUP INC	1,000	$246K	0.0%	—	—	COM	693475105

Increased Positions (8)

UAL UNITED AIRLS HLDGS INC 18.1%

Value $729M (+58.4%) Shares 5,359,741 (+7.3%) Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 7.5%

Value $304M (+13.2%) Shares 4,217,700 (+12.9%) Est. Cost — Unrealized —

V VISA INC 1.1%

Value $43.78M (+81.1%) Shares 127,600 (+59.5%) Est. Cost — Unrealized —

TRVG TRIVAGO N V 0.6%

Value $23.48M (+106.6%) Shares 4,292,733 (+2.4%) Est. Cost — Unrealized —

CVNA CARVANA CO 2.8%

Value $114M (+4.7%) Shares 1,739,360 (+400.0%) Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS INC 4.4%

Value $177M (-1.3%) Shares 992,100 (+2230.4%) Est. Cost — Unrealized —

ZM ZOOM COMMUNICATIONS INC 0.0%

Value $1.467M (+204.2%) Shares 17,000 (+183.3%) Est. Cost — Unrealized —

CFG CITIZENS FINL GROUP INC 0.0%

Value $1.401M (+46.1%) Shares 20,000 (+25.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UAL	UNITED AIRLS HLDGS INC	5,359,741 (+7.3%)	$729M (+58.4%)	18.1%	—	—	COM	910047109
UBER	UBER TECHNOLOGIES INC	4,217,700 (+12.9%)	$304M (+13.2%)	7.5%	—	—	COM	90353T100
V	VISA INC	127,600 (+59.5%)	$43.78M (+81.1%)	1.1%	—	—	COM CL A	92826C839
TRVG	TRIVAGO N V	4,292,733 (+2.4%)	$23.48M (+106.6%)	0.6%	—	—	SPON ADS A SHS N	89686D303
CVNA	CARVANA CO	1,739,360 (+400.0%)	$114M (+4.7%)	2.8%	—	—	CL A	146869102
BKNG	BOOKING HOLDINGS INC	992,100 (+2230.4%)	$177M (-1.3%)	4.4%	—	—	COM	09857L108
ZM	ZOOM COMMUNICATIONS INC	17,000 (+183.3%)	$1.467M (+204.2%)	0.0%	—	—	CL A	98980L101
CFG	CITIZENS FINL GROUP INC	20,000 (+25.0%)	$1.401M (+46.1%)	0.0%	—	—	COM	174610105

Exited Positions (8)

CAR AVIS BUDGET GROUP INC 0.7%

Value $29.17M Shares 200,000 Est. Cost — Unrealized —

SNCY SUN CTRY AIRLS HLDGS INC 0.6%

Value $24.25M Shares 1,467,800 Est. Cost — Unrealized —

GBTG GLOBAL BUSINESS TRAVEL GROUP 0.2%

Value $9.411M Shares 1,686,634 Est. Cost — Unrealized —

LTM LATAM AIRLINES GROUP SA 0.2%

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

ULCC FRONTIER GROUP HLDGS INC 0.2%

Value $7.523M Shares 2,131,100 Est. Cost — Unrealized —

WBS WEBSTER FINL CORP 0.1%

Value $3.471M Shares 50,000 Est. Cost — Unrealized —

PINS PINTEREST INC 0.0%

Value $584K Shares 31,825 Est. Cost — Unrealized —

SNAP SNAP INC 0.0%

Value $509K Shares 110,693 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CAR	AVIS BUDGET GROUP INC	200,000	$29.17M	0.7%	—	—	—	053774105
SNCY	SUN CTRY AIRLS HLDGS INC	1,467,800	$24.25M	0.6%	—	—	—	866683105
GBTG	GLOBAL BUSINESS TRAVEL GROUP	1,686,634	$9.411M	0.2%	—	—	—	37890B100
LTM	LATAM AIRLINES GROUP SA	165,000	$8.158M	0.2%	—	—	—	51817R205
ULCC	FRONTIER GROUP HLDGS INC	2,131,100	$7.523M	0.2%	—	—	—	35909R108
WBS	WEBSTER FINL CORP	50,000	$3.471M	0.1%	—	—	—	947890109
PINS	PINTEREST INC	31,825	$584K	0.0%	—	—	—	72352L106
SNAP	SNAP INC	110,693	$509K	0.0%	—	—	—	83304A106

Decreased Positions (16)

LUV SOUTHWEST AIRLS CO 6.3%

Value $252M (+28.6%) Shares 4,905,756 (-6.0%) Est. Cost — Unrealized —

EXPE EXPEDIA GROUP INC 12.0%

Value $485M (+7.6%) Shares 1,895,847 (-2.9%) Est. Cost — Unrealized —

SKYW SKYWEST INC 0.1%

Value $5.451M (-83.4%) Shares 54,881 (-84.7%) Est. Cost — Unrealized —

LYFT LYFT INC 0.6%

Value $23.45M (-43.7%) Shares 1,605,000 (-48.7%) Est. Cost — Unrealized —

CPA COPA HOLDINGS SA 0.1%

Value $3.129M (-82.5%) Shares 20,115 (-87.2%) Est. Cost — Unrealized —

MAR MARRIOTT INTL INC NEW 0.4%

Value $14.82M (-49.6%) Shares 40,000 (-55.6%) Est. Cost — Unrealized —

GOOG ALPHABET INC 0.0%

Value $883K (-90.8%) Shares 2,500 (-92.6%) Est. Cost — Unrealized —

BILL BILL HOLDINGS INC 0.2%

Value $7.232M (-52.8%) Shares 200,000 (-50.0%) Est. Cost — Unrealized —

AAL AMERICAN AIRLINES GROUP INC 0.4%

Value $18.07M (+34.6%) Shares 1,000,000 (-20.0%) Est. Cost — Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 0.1%

Value $2.063M (-68.0%) Shares 911,001 (-34.9%) Est. Cost — Unrealized —

JBLU JETBLUE AIRWAYS CORP 0.6%

Value $22.92M (+16.3%) Shares 4,000,000 (-10.3%) Est. Cost — Unrealized —

RYAAY RYANAIR HOLDINGS PLC 0.5%

Value $22.02M (+10.4%) Shares 340,000 (-1.4%) Est. Cost — Unrealized —

GOOG ALPHABET INC 0.2%

Value $8.904M (-12.8%) Shares 25,200 (-29.2%) Est. Cost — Unrealized —

SCHW SCHWAB CHARLES CORP 0.6%

Value $22.61M (-5.0%) Shares 245,000 (-3.3%) Est. Cost — Unrealized —

DAL DELTA AIR LINES INC 0.0%

Value $983K (-17.8%) Shares 10,500 (-41.7%) Est. Cost — Unrealized —

TFC TRUIST FINL CORP 0.0%

Value $498K (-27.7%) Shares 10,000 (-33.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LUV	SOUTHWEST AIRLS CO	4,905,756 (-6.0%)	$252M (+28.6%)	6.3%	—	—	COM	844741108
EXPE	EXPEDIA GROUP INC	1,895,847 (-2.9%)	$485M (+7.6%)	12.0%	—	—	COM NEW	30212P303
SKYW	SKYWEST INC	54,881 (-84.7%)	$5.451M (-83.4%)	0.1%	—	—	COM	830879102
LYFT	LYFT INC	1,605,000 (-48.7%)	$23.45M (-43.7%)	0.6%	—	—	CL A COM	55087P104
CPA	COPA HOLDINGS SA	20,115 (-87.2%)	$3.129M (-82.5%)	0.1%	—	—	CL A	P31076105
MAR	MARRIOTT INTL INC NEW	40,000 (-55.6%)	$14.82M (-49.6%)	0.4%	—	—	CL A	571903202
GOOG	ALPHABET INC	2,500 (-92.6%)	$883K (-90.8%)	0.0%	—	—	PUT	02079K107
BILL	BILL HOLDINGS INC	200,000 (-50.0%)	$7.232M (-52.8%)	0.2%	—	—	COM	090043100
AAL	AMERICAN AIRLINES GROUP INC	1,000,000 (-20.0%)	$18.07M (+34.6%)	0.4%	—	—	COM	02376R102
HTZ	HERTZ GLOBAL HLDGS INC	911,001 (-34.9%)	$2.063M (-68.0%)	0.1%	—	—	COM NEW	42806J700
JBLU	JETBLUE AIRWAYS CORP	4,000,000 (-10.3%)	$22.92M (+16.3%)	0.6%	—	—	COM	477143101
RYAAY	RYANAIR HOLDINGS PLC	340,000 (-1.4%)	$22.02M (+10.4%)	0.5%	—	—	SPONSORED ADR	783513203
GOOG	ALPHABET INC	25,200 (-29.2%)	$8.904M (-12.8%)	0.2%	—	—	CAP STK CL C	02079K107
SCHW	SCHWAB CHARLES CORP	245,000 (-3.3%)	$22.61M (-5.0%)	0.6%	—	—	COM	808513105
DAL	DELTA AIR LINES INC	10,500 (-41.7%)	$983K (-17.8%)	0.0%	—	—	PUT	247361702
TFC	TRUIST FINL CORP	10,000 (-33.3%)	$498K (-27.7%)	0.0%	—	—	COM	89832Q109

Unchanged Positions (16)

DAL DELTA AIR LINES INC 8.1%

Value $326M Shares 3,482,745 Est. Cost — Unrealized —

SYF SYNCHRONY FINANCIAL 14.4%

Value $579M Shares 7,612,137 Est. Cost — Unrealized —

ALGT ALLEGIANT TRAVEL CO 2.5%

Value $99.33M Shares 844,632 Est. Cost — Unrealized —

WEX WEX INC 7.9%

Value $318M Shares 2,254,984 Est. Cost — Unrealized —

ALK ALASKA AIR GROUP INC 2.0%

Value $82.46M Shares 1,579,636 Est. Cost — Unrealized —

H HYATT HOTELS CORP 1.6%

Value $65.61M Shares 338,500 Est. Cost — Unrealized —

ABNB AIRBNB INC 2.7%

Value $107M Shares 750,000 Est. Cost — Unrealized —

TRIP TRIPADVISOR INC 1.4%

Value $55.83M Shares 4,072,054 Est. Cost — Unrealized —

RJET REPUBLIC AWYS HLDGS INC 0.3%

Value $10.65M Shares 506,844 Est. Cost — Unrealized —

CARS CARS COM INC 0.1%

Value $2.695M Shares 246,299 Est. Cost — Unrealized —

C CITIGROUP INC 0.0%

Value $1.4M Shares 10,000 Est. Cost — Unrealized —

C CITIGROUP INC 0.0%

Value $1.4M Shares 10,000 Est. Cost — Unrealized —

CART MAPLEBEAR INC 0.0%

Value $963K Shares 20,336 Est. Cost — Unrealized —

TCOM TRIP COM GROUP LTD 0.0%

Value $539K Shares 13,523 Est. Cost — Unrealized —

NXT NEXTPOWER INC 0.0%

Value $206K Shares 1,726 Est. Cost — Unrealized —

CARG CARGURUS INC 0.0%

Value $354K Shares 10,376 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DAL	DELTA AIR LINES INC	3,482,745	$326M	8.1%	—	—	COM NEW	247361702
SYF	SYNCHRONY FINANCIAL	7,612,137	$579M	14.4%	—	—	COM	87165B103
ALGT	ALLEGIANT TRAVEL CO	844,632	$99.33M	2.5%	—	—	COM	01748X102
WEX	WEX INC	2,254,984	$318M	7.9%	—	—	COM	96208T104
ALK	ALASKA AIR GROUP INC	1,579,636	$82.46M	2.0%	—	—	COM	011659109
H	HYATT HOTELS CORP	338,500	$65.61M	1.6%	—	—	COM CL A	448579102
ABNB	AIRBNB INC	750,000	$107M	2.7%	—	—	COM CL A	009066101
TRIP	TRIPADVISOR INC	4,072,054	$55.83M	1.4%	—	—	COM	896945201
RJET	REPUBLIC AWYS HLDGS INC	506,844	$10.65M	0.3%	—	—	COM SHS	590479408
CARS	CARS COM INC	246,299	$2.695M	0.1%	—	—	COM	14575E105
C	CITIGROUP INC	10,000	$1.4M	0.0%	—	—	PUT	172967424
C	CITIGROUP INC	10,000	$1.4M	0.0%	—	—	COM NEW	172967424
CART	MAPLEBEAR INC	20,336	$963K	0.0%	—	—	COM	565394103
TCOM	TRIP COM GROUP LTD	13,523	$539K	0.0%	—	—	ADS	89677Q107
NXT	NEXTPOWER INC	1,726	$206K	0.0%	—	—	CLASS A COM	65290E101
CARG	CARGURUS INC	10,376	$354K	0.0%	—	—	COM CL A	141788109