Darlington Partners Capital Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Darlington Partners Capital Management, LP reported 14 stock positions worth $2.7 billion. Its top holding was Tko (TKO) at 14.6% of the portfolio, followed by Salesforce (CRM, 12.8%) and Warner Music Class A (WMG, 12.0%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 3 and reduced 4. The biggest buy was a new position in Lineage (LINE) and the biggest sale Americold Realty Trust (COLD, shares −57%).

Most Recent 13F
Q2 2026
Location
GREENBRAE, CA
CIK
0001854440
Portfolio Value
$2.7B (Q4 2024)
SEC Filing
0001854440-25-000002 ↗ filed Feb 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $1.7B Q1 2024 Q2 2024: $2.0B Q2 2024 Q3 2024: $2.5B Q3 2024 Q4 2024: $2.7B $2.7B Q4 2024 Q1 2025: $3.0B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $3.0B Q3 2025 Q4 2025: $2.5B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 14 stocks · $2.7B
TKO Tko Group Holdings Inc. 14.55% 2,740,089 $389.4M No change
CRM Salesforce Inc. 12.83% 1,026,852 $343.3M No change
WMG Warner Music Group Corp. Class A 12.01% 10,370,280 $321.5M Add +16.9%
LPLA LPL Financial Holdings Inc. 11.45% 938,354 $306.4M Reduce -14.7%
LNG Cheniere Energy Inc. 9.80% 1,220,223 $262.2M Reduce -4.6%
FOUR SHIFT4 Payments Inc. Class A 9.73% 2,510,014 $260.5M Add +17.1%
FWONK Liberty Media Corp. Class C 7.77% 2,244,329 $208.0M Add +4.8%
MLNK Meridianlink Inc. 5.22% 6,767,248 $139.7M No change
BX Blackstone Inc. 3.86% 599,227 $103.3M Reduce -49.5%
LINE Lineage Inc. 3.38% 1,545,000 $90.5M New
COLD Americold Realty Trust Inc. 3.29% 4,112,511 $88.0M Reduce -57.1%
ACEL Accel Entertainment Inc. 3.23% 8,098,349 $86.5M No change
FUN Six Flags Entertainment Corp. 2.25% 1,250,750 $60.3M New
AACT.U Ares Acquisition Corp. II 0.62% 1,500,000 $16.6M No change

Portfolio Sells Q3 2024 → Q4 2024
COLD Americold Realty Trust Inc. Reduce -57.1% 3.29% −7.69
BX Blackstone Inc. Reduce -49.5% 3.86% −3.49
OS Onestream Inc. Sold out 0.00% −1.17
LNG Cheniere Energy Inc. Reduce -4.6% 9.80% +0.48
LPLA LPL Financial Holdings Inc. Reduce -14.7% 11.45% +1.09

Portfolio Buys Q3 2024 → Q4 2024
LINE Lineage Inc. New 3.38% +3.38
FUN Six Flags Entertainment Corp. New 2.25% +2.25
FOUR SHIFT4 Payments Inc. Class A Add +17.1% 9.73% +2.05
FWONK Liberty Media Corp. Class C Add +4.8% 7.77% +1.06
WMG Warner Music Group Corp. Class A Add +16.9% 12.01% +0.78

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$2.3BTPG, FOUR, LPLA, TKO, CRM
Q1 2026 10$2.2BTPG, CRM, FOUR, TKO, LPLA
Q4 2025 14$2.5BFOUR, CRM, TPG, TKO, LPLA
Q3 2025 14$3.0BWMG, FOUR, CRM, TPG, TKO
Q2 2025 14$3.1BFOUR, TKO, WMG, LPLA, CRM
Q1 2025 14$3.0BFOUR, WMG, TKO, LPLA, CRM
Q4 2024 14$2.7BTKO, CRM, WMG, LPLA, LNG
Q3 2024 13$2.5BTKO, CRM, WMG, COLD, LPLA
Q2 2024Amended 11$2.0BTKO, CRM, LNG, WMG, COLD
Q1 2024 12$1.7BTKO, CRM, COLD, LPLA, WMG