Darlington Partners Capital Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Darlington Partners Capital Management, LP reported 14 stock positions worth $3.1 billion. Its top holding was SHIFT4 Payments Class A (FOUR) at 15.7% of the portfolio, followed by Tko (TKO, 12.9%) and Warner Music Class A (WMG, 10.4%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 3 and reduced 4. The biggest buy was a new position in TPG (TPG) and the biggest sale Cheniere Energy (LNG, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- GREENBRAE, CA
- CIK
- 0001854440
- Portfolio Value
- $3.1B (Q2 2025)
- SEC Filing
- 0001854440-25-000011 ↗ filed Aug 14, 2025
Holdings Value
Holdings 14 stocks · $3.1B
| FOUR SHIFT4 Payments Inc. Class A | 15.67% | 4,966,405 | $492.2M | Add +4.2% |
| TKO Tko Group Holdings Inc. | 12.89% | 2,224,880 | $404.8M | Reduce -8.3% |
| WMG Warner Music Group Corp. Class A | 10.40% | 11,995,280 | $326.8M | No change |
| LPLA LPL Financial Holdings Inc. | 9.38% | 785,737 | $294.6M | Reduce -19.1% |
| CRM Salesforce Inc. | 8.91% | 1,026,852 | $280.0M | No change |
| FUN Six Flags Entertainment Corp. | 8.43% | 8,700,000 | $264.7M | Add +20.2% |
| TPG TPG Inc. | 8.23% | 4,930,047 | $258.6M | New |
| LINE Lineage Inc. | 4.89% | 3,527,000 | $153.5M | Add +5.2% |
| FWONK Liberty Media Corp. Class C | 4.26% | 1,279,329 | $133.7M | Reduce -43.0% |
| LNG Cheniere Energy Inc. | 4.11% | 530,815 | $129.3M | Reduce -43.7% |
| MLNK Meridianlink Inc. | 3.50% | 6,767,248 | $109.8M | No change |
| OS Onestream Inc. | 3.46% | 3,839,405 | $108.7M | No change |
| ACEL Accel Entertainment Inc. | 3.03% | 8,098,349 | $95.3M | No change |
| BX Blackstone Inc. | 2.85% | 599,227 | $89.6M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| LNG Cheniere Energy Inc. | Reduce -43.7% | 4.11% | −3.18 |
| FWONK Liberty Media Corp. Class C | Reduce -43.0% | 4.26% | −2.50 |
| LPLA LPL Financial Holdings Inc. | Reduce -19.1% | 9.38% | −1.23 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −0.56 |
| TKO Tko Group Holdings Inc. | Reduce -8.3% | 12.89% | +0.50 |
Portfolio Buys Q1 2025 → Q2 2025
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 |