Darlington Partners Capital Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Darlington Partners Capital Management, LP reported 14 stock positions worth $3.0 billion. Its top holding was SHIFT4 Payments Class A (FOUR) at 13.0% of the portfolio, followed by Warner Music Class A (WMG, 12.6%) and Tko (TKO, 12.4%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 5 and reduced 2. The biggest buy was Six Flags Entertainment (FUN, shares +479%) and the biggest sale an exit from Americold Realty Trust (COLD).
- Most Recent 13F
- Q2 2026
- Location
- GREENBRAE, CA
- CIK
- 0001854440
- Portfolio Value
- $3.0B (Q1 2025)
- SEC Filing
- 0001854440-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $3.0B
| FOUR SHIFT4 Payments Inc. Class A | 13.02% | 4,766,405 | $389.5M | Add +89.9% |
| WMG Warner Music Group Corp. Class A | 12.57% | 11,995,280 | $376.1M | Add +15.7% |
| TKO Tko Group Holdings Inc. | 12.38% | 2,424,880 | $370.5M | Reduce -11.5% |
| LPLA LPL Financial Holdings Inc. | 10.61% | 970,737 | $317.6M | Add +3.5% |
| CRM Salesforce Inc. | 9.21% | 1,026,852 | $275.6M | No change |
| FUN Six Flags Entertainment Corp. | 8.63% | 7,240,000 | $258.3M | Add +478.9% |
| LNG Cheniere Energy Inc. | 7.29% | 943,315 | $218.3M | Reduce -22.7% |
| FWONK Liberty Media Corp. Class C | 6.75% | 2,244,329 | $202.0M | No change |
| LINE Lineage Inc. | 6.57% | 3,352,000 | $196.5M | Add +117.0% |
| MLNK Meridianlink Inc. | 4.19% | 6,767,248 | $125.4M | No change |
| BX Blackstone Inc. | 2.80% | 599,227 | $83.8M | No change |
| OS Onestream Inc. | 2.74% | 3,839,405 | $81.9M | New |
| ACEL Accel Entertainment Inc. | 2.68% | 8,098,349 | $80.3M | No change |
| ARES ACQUISITION CORP II | 0.56% | 1,500,000 | $16.7M | New |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| FUN Six Flags Entertainment Corp. | Add +478.9% | 8.63% | +6.38 |
| FOUR SHIFT4 Payments Inc. Class A | Add +89.9% | 13.02% | +3.28 |
| LINE Lineage Inc. | Add +117.0% | 6.57% | +3.19 |
| OS Onestream Inc. | New | 2.74% | +2.74 |
| ARES ACQUISITION CORP II | New | 0.56% | +0.56 |
| WMG Warner Music Group Corp. Class A | Add +15.7% | 12.57% | +0.55 |
| LPLA LPL Financial Holdings Inc. | Add +3.5% | 10.61% | −0.84 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $2.3B | TPG, FOUR, LPLA, TKO, CRM |
| Q1 2026 | 10 | $2.2B | TPG, CRM, FOUR, TKO, LPLA |
| Q4 2025 | 14 | $2.5B | FOUR, CRM, TPG, TKO, LPLA |
| Q3 2025 | 14 | $3.0B | WMG, FOUR, CRM, TPG, TKO |
| Q2 2025 | 14 | $3.1B | FOUR, TKO, WMG, LPLA, CRM |
| Q1 2025 | 14 | $3.0B | FOUR, WMG, TKO, LPLA, CRM |
| Q4 2024 | 14 | $2.7B | TKO, CRM, WMG, LPLA, LNG |
| Q3 2024 | 13 | $2.5B | TKO, CRM, WMG, COLD, LPLA |
| Q2 2024Amended | 11 | $2.0B | TKO, CRM, LNG, WMG, COLD |
| Q1 2024 | 12 | $1.7B | TKO, CRM, COLD, LPLA, WMG |