Darsana Capital Partners LP
Long book
$4.70B
Q1 2026
Positions
14
Top-10 weight
86%
concentration
Last quarter
+1.6%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsDarsana Capital Partners LP is a concentrated fundamental stock-picker, running a $4.70B US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ECHOSTAR CORP-A, GUIDEWIRE SOFTWARE INC, NEW YORK TIMES CO-A, SOTERA HEALTH CO, LIBERTY MEDIA CORP-FORMULA-C.
Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of the S&P 500, beating the index in 6 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
+0.4%
Q2 2024
+12.4%
Q3 2024
-4.6%
Q4 2024
+0.1%
Q1 2025
+11.3%
Q2 2025
+19.9%
Q3 2025
+7.8%
Q4 2025
-4.3%
Q1 2026
+1.6%
Sector allocation
Communications 27%
Technology 18%
Healthcare 15%
Other 13%
Services media 12%
Consumer discretionary 10%
Financials 5%
Long book by quarter
What does Darsana Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ECHO ECHOSTAR CORP-A | Communications | 7.0M | $819.5M | 17.4% | Held |
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 4.0M | $598.2M | 12.7% | +60.0% |
| NYT NEW YORK TIMES CO-A | Other | 5.0M | $421.9M | 9.0% | -34.2% |
| SHC SOTERA HEALTH CO | Healthcare | 26.0M | $372.8M | 7.9% | Held |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 4.3M | $365.6M | 7.8% | +19.4% |
| HCA HCA HEALTHCARE INC | Healthcare | 750.0K | $354.9M | 7.6% | -25.0% |
| WMG WARNER MUSIC GROUP CORP-CL A | Services media | 11.8M | $302.6M | 6.4% | +48.1% |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 1.4M | $272.6M | 5.8% | +175.0% |
| EFX EQUIFAX INC | Services media | 1.5M | $270.1M | 5.8% | +50.0% |
| VRT VERTIV HOLDINGS CO-A | Technology | 1.0M | $250.6M | 5.3% | -33.3% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 2.3M | $211.5M | 4.5% | Held |
| SGI SOMNIGROUP INTERNATIONAL INC | Other | 2.7M | $196.3M | 4.2% | -11.5% |
| WING WINGSTOP INC | Consumer discretionary | 1.3M | $193.7M | 4.1% | +25.0% |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 850.0K | $66.4M | 1.4% | +4.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 14 | $4.70B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 16 | $5.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 14 | $4.25B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 14 | $3.50B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $3.44B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $3.29B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $4.06B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 14 | $3.66B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 13 | $3.11B | canonical | SEC ↗ |
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