What smart money is saying about Southwest Airlines Co.
1 fund in our archive has pitched Southwest Airlines Co., most recently Sound Shore Fund in June 2026.
Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. As of December 31, 2021, the company maintained a consistent fleet of 728 Boeing 737 aircraft. Its extensive route network served 121 different locations, spanning 42 U.S. states, the District of Columbia, and the Commonwealth of Puerto Rico, along with 10 international countries close by. These international destinations include Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. To enhance the passenger journey, Southwest provides in-flight entertainment and internet access on its Wi-Fi-enabled planes. The airline also runs the Rapid Rewards loyalty program, enabling members to accumulate points proportional to the money spent on Southwest's base fares. For customer convenience in travel planning, the company offers a range of digital tools, including its official websites and mobile applications, as well as SWABIZ, a dedicated online booking platform for business clients. Additional services available include EarlyBird Check-In, preferred boarding options, and transportation for pets and unaccompanied minors. The company was founded in 1967 and its corporate headquarters are situated in Dallas, Texas.
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Position history
Between Q1 2026 and Q3 2026, 4 fund letters reported a position in Southwest Airlines Co., with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 1 | 0 | 0 | 1 |
| Q1 2026 | 2 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 4 positions · 1 move
- September 2026
“The outsized move in diesel prices during the quarter contributed to weaker returns in Southwest Airlines and SAIA Inc. – two of the portfolio’s holdings in the Industrials sector.”
Southwest Airlines Co. - HoldsSound Shore FundJune 2026
“Leading airline Southwest Air was also a meaningful contributor this quarter.”
Southwest Airlines Co. - HoldsCambiar SMID FundMarch 2026
“We tried to use the outsized moves in stock prices to our advantage, as names in our research library reached actionable attachment points. Buy/sell activity in the quarter consisted of seven new purchases and six liquidations. Recent additions covered a wide range of industries, from Clorox to Southwest Airlines.”
Southwest Airlines Co. - New positionCambiar Smid Cap fundMarch 2026
“We tried to use the outsized moves in stock prices to our advantage, as names in our research library reached actionable attachment points. Buy/sell activity in the quarter consisted of seven new purchases and six liquidations. Recent additions covered a wide range of industries, from Clorox to Southwest Airlines.”
Southwest Airlines Co.
Also mentioned · 1
These funds discuss Southwest Airlines Co. as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedLegacy Ridge CapitalDecember 2024
“The poor results led to an activist campaign from Carl Icahn at JetBlue, an activist campaign from Elliott at Southwest, and a Chapter 11 filing from Spirit. The message was clear that certain airlines needed to shrink, or at least dramatically slow their growth, exit unprofitable markets, and start moving toward an acceptable return on capital or heads were going to roll. The biggest spoiler of the prior decade’s industry rebirth was Spirit, with their irrational levels of competitive capacity growth. However, this time around CEO Ted Christie said, “the bottom line is, we need to run a smaller airline and get back on better financial footing.” Spirit filed for bankruptcy in November, is expected to exit this quarter, and will shrink meaningfully. But, in my opinion the key change over the past year is the same change that occurred in 2012 when Southwest needed to improve their financial performance. As the 2nd largest domestic carrier with over a 20% market share, and with a reputation as a market disruptor, this was, and is again, a big deal for raising the floor on fares.”
Southwest Airlines Co.
Fund coverage · 1 thesis
- Sound Shore FundJune 2026
Southwest Airlines is improving margins through premiumization and pricing changes, with earnings power seen as attractive relative to historical returns.
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