Stocks/Funds/CIK 1854440

DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP

long-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1854440
Assets
$2.23B
-25.6% YoY
Holdings
10
Lifetime alpha vs market
-6.20% annual
Average hold time
2.6 yr
median 2.3 yr

Quarterly history

Cum return +18% vs S&P +52% · α -34% lifetimeAUM $2.2B · peak $3.1BFlow $177M (+7%)2021-122022-092023-062024-032024-122025-092026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+8.54%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.44%
steady accumulation
Rally response
-7.67%
trims into rallies
when a holding rises +10%+

Top positions · 10

Ticker$ value% portYoYHold time
TPGTPG Inc.$365M16.4%-11.3%1.0 yr
CRMSalesforce, Inc.$292M13.1%-30.2%3.5 yr
FOURShift4 Payments, Inc.$288M12.9%-46.5%1.8 yr
TKOTKO Group Holdings, Inc.$272M12.2%+33.8%2.8 yr
LPLALPL Financial Holdings I$269M12.1%-7.7%4.5 yr
GLBEGlobal-e Online Ltd.$215M9.6%-13.5%0.5 yr
WMGWarner Music Group Corp.$193M8.7%-16.4%4.5 yr
$154M6.9%1.5 yr
LINELineage, Inc.$91M4.1%-41.8%1.5 yr
ACELAccel Entertainment, Inc$88M4.0%+10.0%4.5 yr

Portfolio composition (YoY)

Industry mix
Entertainment20.9%-4.1pp$465M
Asset Management16.4%+13.6pp$365M
Software - Application13.1%-3.0pp$292M
Software - Infrastructure12.9%-0.1pp$288M
Financial - Capital Markets12.1%+1.5pp$269M
Specialty Retail9.6%$215M
Unknown6.9%-9.0pp$154M
REIT - Industrial4.1%-2.5pp$91M
Gambling, Resorts & Casinos4.0%+1.3pp$88M
Country
US83.4%-0.6pp
IL9.6%
Unknown6.9%-9.0pp
Top 5: 66.7% · Top 10: 100.0% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
TKO$371M+0.12B33.8%
ACEL$80M+0.01B10.0%
LPLA$318M-0.02B-7.7%
WMG$376M-0.06B-16.4%
LINE$197M-0.08B-41.8%

Losers

TickerPrev $PnLYoY %
FOUR$389M-0.18B-46.5%
CRM$276M-0.08B-30.2%
LINE$197M-0.08B-41.8%
WMG$376M-0.06B-16.4%
LPLA$318M-0.02B-7.7%

Top buys this quarter · 8

TPG TPG Inc.+$165M
GLBE Global-e Online Ltd.+$99M
CRM Salesforce, Inc.+$292M
FOUR Shift4 Payments, Inc.+$288M
LINE Lineage, Inc.+$38M
LPLA LPL Financial Holdings Inc.+$269M
WMG Warner Music Group Corp.+$193M
+$0M

Top sells this quarter · 4

LNG Cheniere Energy, Inc.exit$151M
OS OneStream, Inc. Class A Commonexit$92M
BX Blackstone Inc.exit$69M
exit$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$2.23B10-15.97%+17.59%-33.56%+0.18B
2025-12-31$2.50B14-2.03%+17.72%-19.75%-0.41B
2025-09-30$2.96B14+10.58%+17.52%-6.94%-0.09B
2025-06-30$3.14B14+22.17%+14.94%+7.23%-0.08B
2025-03-31$2.99B14+16.13%+8.30%+7.82%+0.44B
2024-12-31$2.68B14+25.68%+24.89%+0.79%-0.06B
2024-09-30$2.47B13+25.23%+36.04%-10.80%+0.20B
2024-06-30$2.11B12+23.61%+24.49%-0.88%+0.33B
2024-03-31$1.74B13+26.93%+29.62%-2.69%-0.06B
2023-12-31$1.74B16+29.28%+26.18%+3.11%-0.05B
2023-09-30$1.62B15+23.85%+21.57%+2.28%+0.08B
2023-06-30$1.46B15+17.56%+19.42%-1.86%+0.06B
2023-03-31$1.33B18-4.89%-7.82%+2.93%+0.18B
2022-12-31$1.10B19+5.66%+7.56%-1.90%-0.18B
2022-09-30$1.21B33+0.68%-4.93%+5.60%-0.09B
2022-06-30$1.29B33-15.11%-16.11%+1.00%-0.02B