DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP

CIK

1854440

Location

GREENBRAE, CA

Portfolio Value

Mid $2,698,671,411

Diversification

Diversified

Filing Date

Global Rank

#984 / 7,976 ▼ 80

Top Industry

Entertainment 25.2%

3Y Alpha vs SPY

-13.0%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

16 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+25.4%

SPY

+76.3%

Annualised alpha

-13.0%

Max drawdown

−32.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

12 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

15.1%

−1.8 pts

Top 5

61.3%

−0.8 pts

Top 10

94.1%

+0.4 pts

HHI

1,029

Diversified−24

Portfolio Trend

16 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Technology	28.2%	$760,000,673	3
Communication Services	25.2%	$681,279,355	2
Financial Services	24.0%	$647,015,974	3
Consumer Cyclical	10.6%	$287,312,723	2
Real Estate	7.3%	$198,331,778	1
Energy	4.6%	$124,730,908	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
LINE	Lineage, Inc.	+1,605,810	5,132,810	$198,331,778
CRM	Salesforce, Inc.	+225,000	1,251,852	$296,688,924
FOUR	Shift4 Payments, Inc.	+105,320	5,071,725	$392,551,515
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
TKO	TKO Group Holdings, Inc.	−874,513	1,350,367	$272,720,119
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

12 positions · $2,698,671,411 total · as of Sep 30, 2025

All sectors Communication Services Consumer Cyclical Energy Financial Services Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMG	Warner Music Group Corp. Communication Services	Held	11,995,280	0	$408,559,236	+25.0%	15.14%
FOUR	Shift4 Payments, Inc. Technology	Added	5,071,725	+105,320	$392,551,515	−20.2%	14.55%
CRM	Salesforce, Inc. Technology	Added	1,251,852	+225,000	$296,688,924	+6.0%	10.99%
TPG	TPG Inc. Financial Services	Held	4,930,047	0	$283,231,200	+9.5%	10.50%
TKO	TKO Group Holdings, Inc. Communication Services	Reduced	1,350,367	-874,513	$272,720,119	−32.6%	10.11%
LPLA	LPL Financial Holdings Inc. Financial Services	Held	785,737	0	$261,406,842	−11.3%	9.69%
LINE	Lineage, Inc. Real Estate	Added	5,132,810	+1,605,810	$198,331,778	+29.2%	7.35%
FUN	Six Flags Entertainment Corporation/NEW Consumer Cyclical	Reduced	8,700,000	-8,700,000	$197,664,000	−62.7%	7.32%
LNG	Cheniere Energy, Inc. Energy	Held	530,815	0	$124,730,908	−3.5%	4.62%
BX	Blackstone Inc. Financial Services	Held	599,227	0	$102,377,932	+14.2%	3.79%
ACEL	Accel Entertainment, Inc. Consumer Cyclical	Held	8,098,349	0	$89,648,723	−5.9%	3.32%
OS	OneStream, Inc. Technology	Held	3,839,405	0	$70,760,234	−34.9%	2.62%