Darlington Partners Capital Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Darlington Partners Capital Management, LP reported 14 stock positions worth $3.0 billion. Its top holding was Warner Music Class A (WMG) at 13.8% of the portfolio, followed by SHIFT4 Payments Class A (FOUR, 13.2%) and Salesforce (CRM, 10.0%). Compared with Q2 2025, it added to 3 and reduced 2. The biggest buy was Lineage (LINE, shares +46%) and the biggest sale Tko (TKO, shares −39%).

Most Recent 13F
Q2 2026
Location
GREENBRAE, CA
CIK
0001854440
Portfolio Value
$3.0B (Q3 2025)
SEC Filing
0001854440-25-000012 ↗ filed Nov 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 Q4 2024 Q1 2025: $3.0B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $3.0B $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 · $3.0B
WMG Warner Music Group Corp. Class A 13.79% 11,995,280 $408.6M No change
FOUR SHIFT4 Payments Inc. Class A 13.25% 5,071,725 $392.6M Add +2.1%
CRM Salesforce Inc. 10.01% 1,251,852 $296.7M Add +21.9%
TPG TPG Inc. 9.56% 4,930,047 $283.2M No change
TKO Tko Group Holdings Inc. 9.20% 1,350,367 $272.7M Reduce -39.3%
LPLA LPL Financial Holdings Inc. 8.82% 785,737 $261.4M No change
LINE Lineage Inc. 6.69% 5,132,810 $198.3M Add +45.5%
FUN Six Flags Entertainment Corp. 6.67% 8,700,000 $197.7M No change
FWONK Liberty Media Corp. Class C 4.51% 1,279,329 $133.6M No change
MLNK Meridianlink Inc. 4.41% 6,558,899 $130.7M Reduce -3.1%
LNG Cheniere Energy Inc. 4.21% 530,815 $124.7M No change
BX Blackstone Inc. 3.46% 599,227 $102.4M No change
ACEL Accel Entertainment Inc. 3.03% 8,098,349 $89.6M No change
OS Onestream Inc. 2.39% 3,839,405 $70.8M No change

Portfolio Sells Q2 2025 → Q3 2025
TKO Tko Group Holdings Inc. Reduce -39.3% 9.20% −3.68
MLNK Meridianlink Inc. Reduce -3.1% 4.41% +0.92

Portfolio Buys Q2 2025 → Q3 2025
LINE Lineage Inc. Add +45.5% 6.69% +1.81
CRM Salesforce Inc. Add +21.9% 10.01% +1.10
FOUR SHIFT4 Payments Inc. Class A Add +2.1% 13.25% −2.42

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