DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP
Long book
$2.23B
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+7.1%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filingsDARLINGTON PARTNERS CAPITAL MANAGEMENT, LP is a concentrated fundamental stock-picker, running a $2.23B US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TPG INC, SALESFORCE INC, SHIFT4 PAYMENTS INC-CLASS A, TKO GROUP HOLDINGS INC, LPL FINANCIAL HOLDINGS INC.
Over the last 9 quarters its long book ran on average 4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.5%
Q2 2024
+7.0%
Q3 2024
+12.2%
Q4 2024
-4.4%
Q1 2025
+5.0%
Q2 2025
-3.4%
Q3 2025
-4.6%
Q4 2025
-17.2%
Q1 2026
+7.1%
Sector allocation
Services media 47%
Financials 30%
Technology 24%
Long book by quarter
What does DARLINGTON PARTNERS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TPG TPG INC | Financials | 9.0M | $364.6M | 16.4% | +82.6% |
| CRM SALESFORCE INC | Technology | 1.6M | $291.6M | 13.1% | +24.8% |
| FOUR SHIFT4 PAYMENTS INC-CLASS A | Services media | 6.6M | $287.6M | 12.9% | +18.0% |
| TKO TKO GROUP HOLDINGS INC | Services media | 1.4M | $272.3M | 12.2% | Held |
| LPLA LPL FINANCIAL HOLDINGS INC | Financials | 893.0K | $268.6M | 12.1% | +14.0% |
| GLBE GLOBAL-E ONLINE LTD | Technology | 7.0M | $214.8M | 9.6% | +85.1% |
| WMG WARNER MUSIC GROUP CORP-CL A | Services media | 7.6M | $192.9M | 8.7% | +13.5% |
| FUN SIX FLAGS ENTERTAINMENT CORP | Services media | 8.7M | $154.4M | 6.9% | +67.3% |
| ACEL ACCEL ENTERTAINMENT INC | Services media | 8.1M | $88.4M | 4.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $2.23B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 14 | $2.50B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 14 | $2.96B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 14 | $3.14B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $2.99B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $2.68B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 13 | $2.47B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Sep 10, 2024 | 11 | $2.04B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $2.04B | SEC ↗ | |
| Q1 2024 | 13F-HR | May 15, 2024 | 13 | $1.74B | canonical | SEC ↗ |
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